U.S. stock futures are under pressure ahead of the Wall Street open as December trading begins.

The moves come after a 5-session win streak for equities to wrap up a volatile November. The S&P 500 and Nasdaq-100 last week ripped higher by 3.7% and 4.9%, respectively, while the Dow Jones Industrial Average advanced 3.2%.

Investors will focus on ISM Manufacturing data today along with shopping from consumers on Black Friday. American consumers spent $11.8 billion online on Black Friday, according to data from Adobe Analytics, which was 9.1% above last year.

• Oil (/CL) – Oil prices are up over 1% near $59.30 a barrel as the Caspian Pipeline Consortium halted exports after a major drone attack and U.S.-Venezuela tensions raised concerns about supply, while OPEC+ agreed to leave oil output levels unchanged for the first quarter of 2026. The Organization of the Petroleum Exporting Countries and its allies initially agreed on a pause in early November, slowing a push to regain market share with looming fears of a supply glut.

• Gold (/GC) – Gold prices are up 0.7% near $4280 and hit their highest level in six weeks, driven by investor expectations of a possible U.S. interest rate cut later this month and shifts in Federal Reserve leadership, while silver surged to a record high.

• Bitcoin (/BTC) – The Crypto Future is down almost 6% near 86,000 in premarket trading.

• VIX – The CBOE Volatility Index fell nearly 5% on Friday and settled at 16.35 as stocks rallied for the fifth session in a row. The VIX settled at its lowest closing price in a month on Friday but is up over 10% this morning as stocks are weak.

• U.S. Dollar (/DX) – The dollar is down 0.3% to about 99.1.

• HSBC upgrades Chevron (CVX) to Buy from Hold

• Arete upgrades Unity (U), Take-Two (TTWO) to Buy from Neutral

• BNP Paribas Exane upgrades Toast (TOST) to Outperform from Neutral

• Bernstein downgrades Zscaler (ZS) to Market Perform from Outperform

• Barclays downgrades American Tower (AMT), Crown Castle (CCI) to Equal Weight from Overweight

• HSBC downgrades TotalEnergies (TTE) to Hold from Buy

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