5 Things to Watch Before the Market Opens Friday

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Stock futures are holding steady this morning as investors gear up for a pivotal day of economic data and potential Supreme Court decisions. The S&P 500 closed yesterday with minimal change, indicating a cautious market sentiment ahead of key events.

Here are five critical factors shaping the trading landscape:

## 1. The Crucial Jobs Report

The highly anticipated December jobs report is due this morning, offering a critical snapshot of the U.S. economy’s health and providing vital clues for the Federal Reserve’s future interest rate policy.

Key insights from economists polled by Dow Jones suggest nonfarm payrolls likely increased by 73,000 in December, with the unemployment rate projected to edge down to 4.5%. This follows a recent positive signal from Challenger, Gray & Christmas, which reported that announced layoffs hit a 17-month low in December. Consumer sentiment also appears to be on an upward trajectory, with a New York Federal Reserve survey indicating improving overall outlooks despite lingering labor market concerns. Following the data release, National Economic Council Director Kevin Hassett is scheduled to join CNBC’s “Squawk on the Street” to offer his perspective.

## 2. Supreme Court’s Tariff Verdict Looms

Beyond the labor market data, the Supreme Court may also deliver a significant ruling today on the legality of President Trump’s tariff policies. The potential implications for the economy are substantial. Reports suggest the court’s decision might not be a simple yes or no. It could grant the administration more limited powers, potentially leading to partial refunds of previously imposed tariffs. Regardless of the outcome, the administration has signaled its intent to pursue similar trade measures through alternative channels if the Supreme Court rules against the current policy. Meanwhile, data released yesterday indicated a notable impact from existing duties, with the U.S. trade deficit shrinking by 39% in October—its lowest level since 2009—according to the Commerce Department.

## 3. Geopolitical Shifts and Resource Strategies

President Trump announced this morning the cancellation of a second wave of military actions against Venezuela, stating that the U.S. and Venezuela are “working well together.” This development follows a Senate vote yesterday to block further military strikes, signaling a potential shift in foreign policy. President Trump is slated to meet with leading oil industry executives this afternoon to discuss the situation in Venezuela, particularly in the wake of recent events and the removal of President Nicolás Maduro. Representatives from major energy companies, including Exxon, ConocoPhillips, Shell, and Chevron, are expected to attend the White House meeting.

In parallel, the U.S. government is reportedly evaluating investments in critical mineral mining projects in Greenland operated by Amaroq. This exploration of Greenland’s mineral wealth comes as President Trump has previously expressed interest in acquiring the territory, a proposition that could involve significant financial commitments.

## 4. Luxury Retailer’s Financial Strain

Saks Global is reportedly facing considerable financial challenges, struggling to secure up to $1 billion in financing as it explores a potential Chapter 11 bankruptcy filing. Sources indicate that investors are hesitant to provide crucial debtor-in-possession financing due to concerns about the company’s long-term viability and ability to repay debt. This reluctance puts the future of the 159-year-old luxury retailer, which also owns Neiman Marcus and Bergdorf Goodman, at a critical juncture. Without adequate financing, the possibility of liquidation increases significantly.

## 5. Automaker’s Strategic Adjustments and EV Outlook

General Motors announced yesterday that it will record $7.1 billion in special charges for the fourth quarter of 2025. A significant portion of these charges, approximately $6 billion, is attributed to adjustments in its electric vehicle (EV) strategy amid softening consumer demand. An additional $1.1 billion is linked to restructuring a joint venture in China. These charges will impact GM’s net income but are not expected to affect its adjusted financial results. This announcement comes ahead of the automaker’s earnings report later this month, following a strong performance in the past year. The significant charges underscore the ongoing strategic pivots within the automotive industry as it navigates the complex transition to electrification and evolving global market dynamics.