US Futures Rebound as Markets Await Pivotal Q4 GDP Growth Data

The pre-market activity on Friday reflects a classic recalibration as Wall Street prepares for one of the most significant economic data points of the quarter: the Q4 GDP report. After a period of volatility where investors grappled with mixed earnings and shifting interest rate expectations, the GDP print serves as a definitive scorecard for the U.S. economy's health. The slight uptick in Dow and S&P 500 futures suggests a cautious optimism that the "Goldilocks" scenario—growth that is strong enough to avoid recession but not so hot as to reignite inflation—remains intact.

The focus on GDP comes at a critical juncture for the Federal Reserve. If the data shows a robust expansion, it may provide the central bank with more leeway to maintain higher rates for longer, a prospect that has historically pressured growth-oriented sectors. Conversely, a significant miss could revive fears of a slowdown, though it might also accelerate the timeline for potential rate cuts. This tension is currently the primary driver of price action in the SPDR S&P 500 ETF Trust (SPY), which remains the benchmark for broader market sentiment and a primary vehicle for institutional hedging ahead of major data releases.

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Simultaneously, Candel Therapeutics (CADL) has moved into the spotlight following the pricing of a substantial $100 million public offering.

In the healthcare and biotech sectors, Grail (GRAL) is navigating a complex narrative that underscores the high-stakes nature of clinical development. While the company reported a beat on both top and bottom lines for its fourth-quarter and full-year 2025 results—posting revenue of $43.6 million—the stock is facing significant headwinds from clinical trial data. The landmark NHS-Galleri trial failed to meet its primary endpoint of showing a significant reduction in stage III and IV cancer diagnoses. Although the trial demonstrated a four-fold higher detection rate for certain cancers and increased early-stage detection, the failure to hit the primary mortality-linked metric has introduced uncertainty regarding the long-term regulatory and commercial path for its multi-cancer early detection test.

Simultaneously, Candel Therapeutics (CADL) has moved into the spotlight following the pricing of a substantial $100 million public offering. Priced at $5.45 per share, the capital raise is intended to fund the continued development of its immunotherapy pipeline. While such offerings often lead to short-term price pressure due to shareholder dilution, the successful pricing of a nine-figure round suggests institutional appetite for the company’s underlying technology. This move highlights a broader trend in the biotech space where companies are aggressively shoring up balance sheets while market windows are open, even at the cost of immediate equity value.

As the session opens, the interplay between the headline GDP number and the underlying inflation gauges within the report will be paramount. Investors are no longer just looking for growth; they are looking for quality growth that doesn't come at the cost of price stability. The market's ability to hold these early futures gains will depend heavily on whether the data supports a continued path toward a soft landing. With individual names like Grail and Candel providing idiosyncratic volatility, the broader indices will likely remain tethered to the macro narrative provided by the morning's economic releases, with Copart also remaining in focus as a bellwether for industrial and service-sector health.