US equity futures exhibited modest gains on Tuesday as traders positioned themselves in anticipation of key labor market reports set to be released this week. The Standard & Poor's 500 and the Dow Jones Industrial Average each increased by 0.1% in premarket trading, with the Nasdaq hovering just below flat.
Most Asian and European exchanges are also showing favorable performance, tracking in the green. All eyes will be on the Job Openings and Labor Turnover Survey for November, which is scheduled to be released at 10 am ET. Following that, the ADP Employment report, the Challenger Job Cut report, and the government’s nonfarm payroll data for December will be disclosed later this week.
These reports are critical for traders as they gauge the strength of the labor market, influencing monetary policy decisions. In addition to these labor reports, Tuesday’s economic calendar is packed with significant releases, including the international trade in goods and services report for December at 8:30 am, succeeded by the Institute for Supply Management's services index at 10 am.
Moreover, Federal Reserve Bank of Richmond President Thomas Barkin will address the market at 8 am, adding further interest to the day's trading activities. As a notable event, US markets are set to close on Thursday in remembrance of former President Jimmy Carter, marking a temporary pause in trading activity.
In recent market developments, GFL Environmental's ($GFL) stock saw a rise of 2.1% following the company's agreement to divest its environmental services business to funds managed by Apollo ($APO) and BC Partners, with the transaction valued at 8 billion Canadian dollars (approximately $5.59 billion).
Shares of Getty Images ($GETY) and Shutterstock (SSTK) also experienced significant gains, increasing by double digits as they announced a $3.7 billion merger of equals. Inari Medical ($NARI) surged 21% after reaching an agreement to be acquired by Stryker ($SYK) for an estimated $4.9 billion. In other earnings news, RPM International ($RPM), Apogee Enterprises ($APOG), and Lindsay ($LNN) are expected to report their latest financial results before market opening.
Later in the day, Cal-Maine Foods ($CALM), AZZ ($AZZ), and AAR ($AIR.US) will disclose their earnings following the market's close. Before the opening bell, Bitcoin slipped 1.6% to $100,549, while West Texas Intermediate crude oil edged up 0.5% to $73.92 per barrel. Yields on 10-year Treasuries rose by 2 basis points to 4.64%, and gold prices increased 0.3% to $2,656 an ounce..