Futures Muted Ahead Of Two Key Events

Group 1: Market Reactions and Economic Indicators - Stock futures are muted as traders await a Supreme Court ruling on Trump's tariffs and December payrolls data, with S&P 500 futures up 0.1% and Nasdaq 100 contracts up 0.2% [1] - Mortgage stocks surged after President Trump announced a directive for the purchase of $200 billion in mortgage bonds, with LoanDepot (LDI) rising 16% and Rocket Companies (RKT) increasing by 5% [1][4] - The December jobs report and other economic indicators are scheduled for release, including October housing starts and University of Michigan sentiment [1][19] Group 2: Corporate News - Rio Tinto is in discussions to acquire Glencore, potentially creating the world's largest mining company with a combined market value exceeding $200 billion [2] - TSMC reported quarterly sales that surpassed estimates, raising expectations for sustained global AI spending in 2026 [2] - General Motors shares fell after announcing an additional $6 billion in charges related to cutbacks in electric vehicle and battery operations [2] Group 3: Stock Movements and Company Performance - Mag 7 stocks showed mixed performance in premarket trading, with Alphabet up 0.8% and Meta down 0.2% [3] - AXT Inc. saw a 14% decline after disappointing fourth-quarter revenue forecasts due to fewer export control permits from China [4] - Revolution Medicines gained 13% following reports of Merck's interest in acquiring the cancer drugmaker [4] Group 4: Economic Outlook and Market Sentiment - The S&P 500's early-year rally has slowed, with a shift away from AI stocks towards a broader range of tech players and sectors [5] - Traders are preparing for significant risk events, including the payrolls data and the Supreme Court ruling, which may impact global equities [6] - The market is anticipating a mixed reaction to the jobs data, with expectations for nonfarm payrolls to be around 70,000, in line with consensus [8][34]