5 Things to Know Before the Stock Market Opens

Stock futures are little changed Tuesday morning after three consecutive sessions of solid gains for major indexes; gold and silver are sustaining their rally, with prices of the precious metals hitting record highs for the second day in a row; a handful of economic indicators are due today, including reports on economic growth and consumer confidence; Novo Nordisk stock is surging after the FDA approved a pill version of its popular weight loss drug Wegovy; and shipmaker Huntington Ingalls Industries stock is surging following news that the Trump administration wants to build new battleships. Here's what you need to know today.

Stock Futures Steady After Three Days of Gains

Stock futures are pointing to a muted open this morning as the market looks to extend a rally that has lifted major indexes back near record highs. Futures tied to the Dow Jones Industrial Average, S&P 500 and Nasdaq were down fractionally in recent trading, after posting gains Monday for the third straight session. The Dow enters Tuesday's session 0.7% away from a new closing high, while the S&P 500 is just 0.3% away from its high. Gold futures hit fresh all-time highs, surging above $4,500 an ounce, while WTI crude oil futures ticked higher to $58.05 per barrel and were trading at a two-week high. Bitcoin was at $87,800 recently, after briefly rising above $90,000 on Monday. The yield on the 10-year Treasury note, which affects borrowing costs on all sorts of consumer loans, slipped to 4.15% from 4.17% late yesterday.

Gold, Silver Continue to Hit Record Highs

Precious metals are extending a rally that has sent gold and silver prices to all-time highs. Gold futures were up 1.2% at near $4,520 an ounce recently, while silver futures rose 1.6% to $69.70, with each trading at record levels for the second straight day. Gold and silver have hit a series of record highs this year amid expectations that the Federal Reserve will continue cutting interest rates. A weakening U.S. dollar and geopolitical uncertainty have also contributed to the gains, as investors have sought out assets that are perceived as safe havens. The price of gold has risen 70% year-to-date, while silver has more than doubled.

Third-Quarter GDP, December Consumer Confidence Data Due Today

A slew of economic data is set to be released Tuesday, with a mix of reports that were delayed by the government shutdown and more-current numbers. The report on third-quarter gross domestic product, originally due in October, is due at at 8:30 a.m. ET. Economists expect the GDP report to show that the economy grew at an annualized rate of 3.2%, down from 3.8% in the second quarter but above the average over the last four years of 2.6%. Also due out Tuesday is the Conference Board's consumer confidence survey for December, which will show how Americans felt about the economy heading into the busy holiday shopping season. Durable goods orders for October, another shutdown-delayed report, and a Federal Reserve report on industrial production in November are also both expected today.

Novo Nordisk Stock Pops on FDA Approval of Wegovy Pill

Shares of Novo Nordisk (NVO) are jumping Tuesday after the Danish drugmaker said it has received Food and Drug Administration approval for an oral version of its popular GLP-1 drug Wegovy. Late Monday, the company said the pill version of Wegovy, which caused patients lose about 16.6% of their body weight on average during a clinical trial, will launch in January in the U.S. The weight loss drug industry has seen Novo rival Eli Lilly (LLY) take the lead in sales growth with its Mounjaro and Zepbound, which proved to be more effective in causing weight loss. Eli Lilly and Novo Nordisk have each been racing to get pill versions of the drugs approved, as the companies believe a wider range of people would be open to taking a pill than getting injections. Novo Nordisk's U.S.-listed shares were up 8% in recent premarket trading, while Eli Lilly was down 1%.

Huntington Ingalls Stock Surges on US Plans for New Battleships

Huntington Ingalls Industries (HII) stock is rising ahead of the opening bell after the Trump administration said that it wants to build new battleships. Navy Secretary John Phelan said Friday that the new ship will be based on a previous Huntington Ingalls design, and that the first ships are expected to be completed by 2028. The company said Friday that it has been given the contract to design and manufacture the new ship. President Trump said Monday that the first ship will be called the USS Defiant as part of his effort to revamp the Navy's fleet of ships into a so-called "Golden Fleet," The Wall Street Journal reported. Huntington Ingalls shares were up 4% in premarket trading, following gains of 5% on Monday and 4% on Friday, each day ending at a record high.

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