U.S. stock futures are modestly higher in premarket trading after the S&P 500 and Dow Index posted their third losing session, as investors weighed newly released U.S. economic data.

The U.S. Bureau of Labor Statistics released its November job report yesterday, which also included data from October. The report showed the U.S. economy shed 105,000 jobs in October, while the unemployment rate rose to 4.6% — its highest level since September 2021. However, 64,000 jobs were added in November, topping the estimate of 50,000.

Oil prices are spiking today after settling at its lowest closing price in five years on Tuesday. President Donald Trump ordered a blockade of all sanctioned oil tankers entering or leaving Venezuela, escalating pressure on Nicolas Maduro's government by targeting its primary revenue source.

Focus today will be on Retail Sales data for November along with Fedspeak and earnings from Micron (MU) after the close.

Snapshot (as of 7 AM ET)

• Oil (/CL) – Oil prices are up almost 1.7% near $56 after settling at its lowest closing price in 5 years as the focus turns to Venezuela. Prices dropped to the lowest level in nearly five years on Tuesday amid hopes of a peace deal for Ukraine that could pave the way for lifting of sanctions against Russia. However, priced bounced today, after U.S. President Trump ordered a "total and complete" blockade of sanctioned oil tankers linked to Venezuela. The supply outlook aside, markets are also watching data releases for signs of weakening demand in key regions, including China.
• Gold (/GC) – Gold Futures are up 0.3% near $4345 and are just 1% below its record highs despite a rally in the U.S. Dollar today. Gold continues to be supported by dovish Federal Reserve expectations, economic uncertainty and geopolitical tensions.
• Bitcoin (/BTC) – The Crypto Future is down 0.7% near 87,200 in premarket trading.
• VIX – The CBOE Volatility Index was flat on Tuesday and settled at 16.48 as stocks recovered from session lows into the close.
• U.S. Dollar (/DX) – The dollar is up 0.4% to 98.2.

Biggest Premarket Movers (as of 7 AM ET - Mark % Change)

1. Jabil (JBL): +4.21%
2. Albemarle (ALB): +3.91%
3. Micron Tech (MU): +2.81%
4. Cooper Companies (COO): +1.68%
5. Seagate (STX): +1.60%

1. Lennar (LEN): -4.31%
2. Fortinet (FTNT): -1.82%
3. Paramount Skydance (PSKY): -1.81%
4. Warner Bros. Discovery (WBD): -1.56%
5. Lockheed Martin (LMT): -1.27%

Economic Data

• 7:00 AM ET: MBA Mortgage Applications
• 8:15 AM ET: Fed’s Waller Speaks
• 8:30 AM ET: Retail Sales
• 9:05 AM ET: Fed’s Williams Speaks
• 10:00 AM ET: Business Inventories, Atlanta Fed Business Inflation Expectations
• 10:30 AM ET: Oil Inventories
• 12:30 PM ET: Fed’s Bostic Speaks
• 1:00 PM ET: 20-Year Bond Auction

Notable Earnings

• Premarket: ABM, GIS, JBL, SPIR, TTC
• Postmarket: MU, MLKN, WS
• Premarket Tomorrow: ACN, BIRK, KMX, CTAS, DRI, FDS
• Postmarket Tomorrow: BB, FDX, HEI, KBH, NKE, SCS

Upgrades/Downgrades

• Jefferies upgrades Procter & Gamble (PG) to Buy from Hold
• RBC Capital upgrades Airbnb (ABNB) to Outperform from Sector Perform
• Morgan Stanley upgrades Rollins (ROL) to Overweight from Equal Weight
• Jefferies downgrades Constellation Brands (STZ) & Keurig Dr. Pepper (KDP) to Hold from Buy
• JPMorgan downgrades Fortinet (FTNT) to Underweight from Neutral
• Barclays downgrades MGM Resorts (MGM) to Equal Weight from Overweight

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Data contained herein is obtained from what are considered reliable sources. However, its accuracy, completeness, or reliability cannot be guaranteed. All events and times listed are subject to change without notice.