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.Want to invest with Marcus Today? Our MT20 portfolio is designed for investors seeking exposure to our strategy while we do the hard work for you. If you’re looking for personal financial advice, our friends at Clime Investment Management can help. Their team of licensed advisers operates across most states, offering tailored financial planning services.  Why not sign up for a free trial? Gain access to expert insights, research, and analysis to become a better investor.