Stock Futures Mixed as Weed Stocks Surge

Futures on the Dow Jones Industrial Average (DJIA) are comfortably higher this morning, looking to extend last session's record highs, while Nasdaq-100 Index (NDX) futures are down triple digits, as investors continue to rotate away from tech and into cyclical stocks. Following a record close, futures on the S&P 500 Index (SPX) are inching into the red. The difference in the Dow and Nasdaq this morning could be Broadcom's (AVGO) good-but-not-good-enough earnings, the latest victim of AI valuation concerns.

Elsewhere, cannabis stocks are buzzing for the first time in a long time, after the Washington Post reported that President Donald Trump plans to reclassify marijuana and ease restrictions. New York-based Tilray Brands (TLRY) is up 35% ahead of the open. 

• The benefits of adding options trading to your portfolio. 
• Valuation concerns dent neocloud stocks. 
• Plus, Lululemon's C-suite shakeup; C upgraded; and Broadcom's earnings move. 

5 Things You Need to Know Today

1. The Cboe Options Exchange saw over 2.2 million call contracts and more than 1.3 million put contracts exchanged on Thursday. The single-session equity put/call ratio remained at 0.59, while the 21-day moving average remained at 0.58.
2. Lululemon Athletica Inc (NASDAQ:LULU) stock is up 9.8% premarket, after the athletic retailer's better-than-expected third-quarter results. Plus, CEO Calvin McDonald announced he was stepping down, while Jefferies upgraded the stock to "hold" from "sell." Year to date, the equity is down 51% heading into today. 
3. Citigroup Inc (NYSE:C) received an upgrade from JPMorgan Securities to "overweight" from "neutral," with a price-target hike to $124 from $107. The stock is up 1.5% in electronic trading, looking to extend last session's 16-year highs. Eyeing its ninth-straight win, the equity is up 58.7% in 2025. 
4. Broadcom Inc (NASDAQ:AVGO) stock is down 6.1% before the bell despite a third-quarter earnings and revenue beat, as AI valuation concerns continue to churn in the wake of margins that disappointed investors. Looking to step away from its recent record highs, AVGO is up 75.2% year to date. 
5. See what's coming up during the last full week of December. 

European Markets Muted Amid Geopolitical Unrest

Markets in Asia enjoyed healthy gains to close out the week, with China’s top leaders finishing an annual economic planning meeting in which they committed to increasing consumption and stabilizing the property sector over the next 12 months. For the session, Hong Kong’s Hang Seng added 1.8%, China’s Shanghai Composite rose 0.4%, South Korea’s Kospi added 1.4%, and Japan’s Nikkei tacked on 1.4%.

European stocks are mostly higher, with traders watching Ukraine-Russia developments. NATO Secretary General Mark Rutte warned Europe to be prepared for war, after Russia denounced Europe’s proposal to use frozen Russian assets to aid Ukraine. Meanwhile, the U.K. economy showed an unexpected contraction in the three months leading to October, with all eyes on more inflation data due out from Germany and France later today. At last glance, London’s FTSE 100 is flat, France’s CAC 40 is 0.4% higher, and Germany’s DAX is up 0.2%.