Futures Rebound From Session Lows Ahead Of Long Overdue Jobs Report

Market Overview - Stock futures are lower, with S&P 500 futures down 0.2% and Nasdaq 100 contracts down 0.3%, as traders await delayed jobs data that will influence the Federal Reserve's next move [1] - European equities are little changed, while Treasuries are lower, pushing 10-year yields up 0.5 basis points to 4.175% [1][12] - Bitcoin experienced a drop of more than 1% before recovering above $87,000 [1] Employment Data Expectations - The non-farm payrolls report is expected to show a consensus of 50,000 jobs added for November, with a whisper number of 22,000, and an anticipated unemployment rate increase to 4.5% [2][23] - Bloomberg Economics suggests the US economy could have added as many as 130,000 jobs, indicating a wide range of estimates and uncertainty surrounding the report [2] - The report will also include delayed estimates for October payrolls due to the federal shutdown, adding to the unpredictability of the data [2] Sector Performance - In premarket trading, all major tech stocks (Mag 7) are lower, with declines ranging from 0.1% to 1% [6] - Accenture shares rose 1.9% after an upgrade from Morgan Stanley, citing compelling valuation following a pullback [7] - Cognex shares increased by 3.7% after being upgraded to buy by Goldman Sachs, noting an inflection point in organic growth and margin recovery [7] Investor Sentiment - Fund managers are showing increased confidence in the outlook for 2026, with investor sentiment rising to 7.4 on a scale of 10, the most bullish outcome in four and a half years [8] - Despite cautious market conditions, managers are optimistic about the upcoming year, reflecting a strong sentiment shift [4] Geopolitical Impact - Improved prospects for a peace deal between Ukraine and Russia are affecting equity markets, particularly in the defense sector, where European defense stocks are underperforming [9] - Speculation around a potential ceasefire has led to declines in defense shares, with notable drops in companies like Rheinmetall AG and Leonardo SpA [9]