Futures Rise, S&P Set For 8th Gain In 9 Days

Market Overview - US equity futures are rising, with S&P and Nasdaq 100 contracts up about 0.1%, nearing record highs, driven by a leadership rotation away from Big Tech [1] - The small-cap Russell 2000 index is close to a record high, while the Nasdaq 100 remains about 2% below its peak [4] - Bond yields are modestly up, and the USD is unchanged after reversing an earlier drop [1] Employment Data - Challenger job cuts data for November showed a 53% decrease in job cuts to 71,321 from October, but a 24% increase from 57,727 job cuts in the same month last year [1][5] - The ADP report indicated a decline of 32,000 private payrolls in November, primarily affecting small businesses, which saw their largest employment drop since the pandemic [33] Company Performance - Salesforce shares rose 1.9% after exceeding revenue forecasts and indicating strong AI tool adoption [3] - Axogen (AXGN) shares increased by 5% following FDA approval for its Avance nerve graft [3] - Dollar General (DG) shares rose 4% after raising its full-year outlook, indicating success among value-focused retailers [3] - Guidewire (GWRE) shares jumped 5% after reporting better-than-expected first-quarter results and a positive second-quarter revenue forecast [3] - Hormel (HRL) shares increased by 6% after its adjusted EPS forecast beat lowered guidance and consensus [3] - Snowflake (SNOW) shares fell 8% after issuing a forecast for operating margin that fell short of analyst expectations [3] Sector Movements - Tech stocks were steady in pre-market trading, with most Magnificent Seven stocks posting modest gains, except for Apple [3] - Commodities showed mixed results, with oil and base metals mostly higher, while gold and silver lagged [1][13] - Bitcoin rebounded nearly $10,000 from recent lows, trading around $93,000 [1] European Market Insights - Europe's Stoxx 600 index rose by 0.3%, with autos and industrial stocks leading the gains, while utilities and healthcare sectors dipped [9] - Bank of America upgraded several automaker stocks, contributing to gains for Mercedes and Renault [9] Asian Market Insights - Asian stocks rose for a third consecutive day, led by Japan, with the MSCI Asia Pacific Index advancing by 0.9% [10] - Japanese exporters benefited from a slightly weaker yen, while semiconductor shares showed signs of weakness [10]