5 Things to Know Before the Stock Market Opens

• December jobs report expected to show 73,000 jobs added with unemployment falling to 4.5%, as the labor market has weakened significantly to just 17,000 jobs per month average between May and November
• Supreme Court could rule on Trump tariff case with outcomes ranging from complete strike-down to allowing tariffs to remain, while companies like Costco have filed lawsuits demanding refunds on tariffs already paid
• General Motors announced $6 billion in fourth-quarter impairment charges as it shifts away from EVs, following Ford's similar pivot with $19.5 billion in charges through 2027

Market Summary: Key Pre-Market Developments

Market Overview

Stock futures opened slightly higher Friday, with Dow and S&P 500 futures up 0.1% and Nasdaq futures gaining 0.2%. Major indexes are on track for weekly gains. WTI crude rose nearly 1% to $58.25/barrel, gold increased 0.4% to $4,480/ounce, while Bitcoin declined to $90,300 for its fourth consecutive day of losses. The 10-year Treasury yield held steady at 4.18%.

December Jobs Report

The Bureau of Labor Statistics' employment report (8:30 AM ET) is expected to show 73,000 jobs added in December, up from November. The unemployment rate is forecast to decline to 4.5% from 4.6% (the highest in four years). The labor market has significantly weakened, with job growth averaging just 17,000 monthly between May-November, compared to 147,000 monthly in the 12 months before Trump's April tariff announcement. ADP reported private payrolls increased by only 41,000 in December, below expectations.

Supreme Court Tariff Ruling

Investors await a potential Supreme Court decision (10:00 AM ET) on the Trump administration's tariffs imposed via national emergency declaration. The ruling could range from striking down tariffs entirely to narrowing their scope or upholding them. Companies including Costco have filed lawsuits seeking refunds for paid tariffs.

Corporate Developments

Glencore-Rio Tinto: The mining giants have restarted merger talks that would create the world's largest mining company. Rio Tinto has until February 5 to announce acquisition intentions. Previous 2024 talks collapsed over valuation and coal mine concerns.

General Motors: Expected to take $6 billion in Q4 2025 impairment charges as it pivots away from EVs, following Ford's similar $19.5 billion charge announcement through 2027.