Pre-Market Report – Friday 5 December: US markets drift, SPI up 20 | Energy in focus

• US markets mixed: S&P 500 and Nasdaq finished narrowly higher for the week, with small caps outperforming; leadership came from AI enablers, banks, brokers, machinery and select retail, while consumer defensives and cyclicals lagged.
• Rates, FX & commodities: US Treasury yields rose 3–5bp with the curve flattening; the US dollar strengthened, gold gained 0.3%, Bitcoin fell 1.1%, and WTI crude rose 1.2%.
• Market tone: Trading lacked clear macro direction as investors focused on company-specific news (Micro > Macro) ahead of key AI earnings events, the final Federal Reserve FOMC meeting, and lighter seasonal volumes.
• Key company moves: Meta surged on reports of 30% metaverse budget cuts; Dollar General beat and raised, while Kroger and Costco disappointed; mixed reactions across tech and retail earnings.
• Economic data & Fed outlook: Jobless claims hit the lowest level since 2022, but annual layoff announcements are the highest since 2020; markets are pricing ~90% chance of a 25bp Fed rate cut at the upcoming meeting.

SPI up 20 - Energy stocks in focus.

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