Futures
US stock futures point to a modestly higher open. S&P 500 futures are up 0.37%, Dow futures 0.32%, Nasdaq 100 futures 0.19% and Russell 2000 futures 0.2%. That follows a lower close Thursday.
Macro & overnight
Nvidia CEO Jensen Huang stepped down after reported extramarital affairs. The news hit the stock and dragged the major indexes lower Thursday. Nvidia rebounded modestly premarket, with CFO Colette Kress as interim CEO.
Traders price in 100% odds of a Fed rate hike at the Dec. 9 meeting, per CME FedWatch. Treasury yields edged higher.
Oil jumped after President Trump said "We don't need a deal with Iran." That raised worries the US-Iran war could drag on, which pressured stocks.
October's producer price index, a wholesale inflation gauge, is due Friday before the open. Economists expect a rise in the headline number.
Microsoft fell about 3% premarket as engineers worked on server issues behind a widespread Outlook outage. The company reported early signs of stabilization.
Themes
Cybersecurity ▲ median +3.04%: CRWD +3.20%, PANW +3.04%, OKTA +2.54%
Cybersecurity stocks rose together. CrowdStrike (CRWD) gained 3.2%, Palo Alto Networks (PANW) 3.04% and Okta (OKTA) 2.54%. KeyBanc upgraded Palo Alto to overweight, citing accelerating security budgets and consolidation trends.
