Tonight’s Highlights | Gold, Silver, Copper Hit New Highs Together – Strong GDP Data Weighs on U.S. Index Futures

After several days of gains, the major U.S. index futures returned to oscillation mode Tuesday pre-market near all-time highs, slightly weakening after better-than-expected GDP data. Against a backdrop of continued dollar weakness, spot gold, silver, and LME copper all set new all-time highs in recent hours.

 

As of press time, Nasdaq 100 futures (March 2026 contract) are down 0.27%, S&P 500 futures down 0.16%, and Dow futures down 0.16%. After three straight up days, the S&P 500 is back at the 6,900 level — needing just another 23 points to set a new closing record high.

 

(S&P 500 daily chart, source: TradingView)

 

In recent hours, spot gold, silver, and LME copper have all reached new all-time highs. Spot gold is approaching $4,500/oz, spot silver has broken $70/oz, and LME copper has surpassed $12,000/tonne for the first time.

 

Beyond repeatedly cited geopolitical risks, supply-demand dynamics, and speculation, persistent dollar weakness is also supporting commodity gains. Data shows the Dollar Index continued falling Tuesday, down over 9% YTD — nearing the largest annual drop since 2017. Given the Fed’s clearly slower easing pace than peers, options markets widely price further dollar declines next year.

 

Tuesday pre-market also brought the last wave of delayed U.S. economic data before the Christmas holidays.

 

U.S. Q3 GDP annualized came in at 4.3% — significantly above the expected 3.3%; Q3 actual personal consumption expenditures rose 3.5% QoQ — better than the 2.7% forecast; Q3 core PCE price index +2.9% YoY — in line with expectations.

 

Starting Wednesday, Europe and U.S. markets enter Christmas schedules. U.S. stocks will close three hours early Wednesday, be fully closed Thursday, and resume trading Friday.

Other Market News  

Novo Nordisk oral weight-loss drug approved for U.S. market  

 

Danish pharma giant Novo Nordisk up over 8% pre-market Tuesday. After Monday close, the company announced its tablet version of GLP-1 weight-loss drug Wegovy has received U.S. FDA approval, with plans to launch in early January. This is reportedly the first GLP-1 oral weight-loss tablet approved by the FDA.

 

Tesla November Europe sales down nearly 12%  

 

European Automobile Manufacturers’ Association (ACEA) data shows Tesla’s November sales in the EU, EFTA, and UK fell 11.8% YoY to 22,801 units. Tesla’s European market share also dropped from 2.5% a year ago to 2.1%, though improved from October’s dismal 0.6%.

 

Starlink global active users surpass 9 million  

 

Early Tuesday Beijing time, Musk’s satellite internet service Starlink announced global active users have broken the 9 million mark. Statistics show user growth is accelerating — reaching 7 million and 8 million took 79 and 70 days, respectively, but the latest million took just 47 days.

 

Samsung reportedly to capture 70% of iPhone 17 DRAM supply  

 

Reports say Apple will boost Samsung’s share of low-power DRAM for iPhone 17 to 60-70% as memory chip prices surge. Previous generations had more balanced shares with SK Hynix, and Micron with a smaller portion.

 

Trump warship plans continue boosting shipbuilding sector  

 

Driven by President Trump’s Monday disclosure of plans for new frigates and “Trump-class” battleships, named partner Hanwha Ocean rose 12% in Korea Tuesday. U.S. largest military shipbuilder Huntington Ingalls Industries — also likely to win orders — rose 5% Monday to a record high and is up nearly 2% pre-market Tuesday.

 

Amazon’s Zoox recalls autonomous vehicles  

 

The U.S. National Highway Traffic Safety Administration (NHTSA) said Tuesday that Amazon’s autonomous driving unit Zoox is recalling 332 vehicles in the U.S. due to an error in the autonomous driving system (ADS) software that could cause vehicles to enter oncoming lanes or stop when facing traffic, increasing crash risk.