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Futures Rebound To Record High As Crude Spikes Ahead Of Jobs Report

Another day, another record high in the S&P, with S&P futures rising as high as 3,680 and up 0.3% last, as investors await the November payrolls data which is expected to show a +470K print, a sharp slowdown from October’s +638K due to the spike in covid cases and the return of lockdowns (full preview here). The dollar continued to slide, hitting a fresh 2.5 year low, headed for its biggest weekly decline in five, while Treasury yields nudged higher; but the highlight of the session was the sudden short squeeze in oil just before 9pmET which sent Brent to nearly $50, a nine-month high after Thursday’s OPEC+ deal.

Shares of U.S. carriers and cruise lines including American Airlines, Norwegian Cruise Line and Carnival Corp were up between 2% and 3.3% in premarket trade. Pfizer fell 0.8%, extending declines from the previous session when it flagged challenges in supply chain for raw materials used in its COVID-19 vaccine. Oil majors Exxon Mobil Corp and Chevron Corp rose about 1.5% each, boosted by a rise in crude prices as major producers agreed on a compromise on supply.

Despite a late Thursday wobble which sent stocks tumbling after Pfizer warned it was behind schedule on its 2020 vaccine deliveries, futures stabilized and were supported by renewed optimism that a fiscal stimulus bill was imminent as a bipartisan, $908 billion coronavirus aid plan gained momentum in the U.S. Congress after conservative lawmakers expressed their support.

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