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Earnings, Employment Report in Focus
Tom White
December 03, 2025
U.S. stock futures are slightly higher in premarket trading and extending yesterday’s modest gains. Earnings will be in focus today with Marvell (MRVL) shares up 10% post results but CrowdStrike (CRWD) is down slightly.
The ADP employment report for November, which is set to release at 8:15 a.m. ET, is expected to reflect a relatively stable labor market and further inform the Fed’s rate decision.
The CME Fedwatch Tool has a probability of nearly 90% of a 25 basis point rate cut next week. Investors are also wishing for a December rally after a choppy November as this month is historically a strong one.
Morning Movers
Snapshot (as of 7 AM ET)
Oil (/CL) – Oil prices climbed more than 1% near $59.40 a barrel on Wednesday after Russia said talks with U.S. officials in Moscow failed to reach a compromise on a potential Ukraine peace deal that could have eased sanctions on its oil sector.
Gold (/GC) – Gold prices are up 0.5% near $4240 as traders awaited key U.S. economic indicators to gauge the Federal Reserve’s policy direction, while silver pulled back from a new record high.
Bitcoin (/BTC) – The Crypto Future is extending yesterday’s gains and is up 2% near 93,200 in premarket trading.
VIX – The CBOE Volatility Index fell 3.8% on Tuesday and settled at 16.59 as stocks rose.
U.S. Dollar (/DX) – The dollar is down 0.4% to 98.9.
Biggest Premarket Movers
Symbol | Product | Mark % Change (as of 7 AM ET) |
|---|---|---|
MCHP | Microchip Technology | +2.98% |
BMY | Bristol Myers Squibb | +2.69% |
FCX | Freeport-McMoRan | +2.30% |
ALB | Albemarle | -4.01% |
REGN | Regeneron Pharma | -1.89% |
CRWD | CrowdStrike | -1.33% |
Economic Data
Time | Event |
|---|---|
7:00 AM ET | MBA Mortgage Applications |
8:15 AM ET | ADP Employment Report |
8:30 AM ET | Import/Export Prices - Delayed |
9:15 AM ET | Industrial Production - Delayed |
9:45 AM ET | PMI Composite |
10:00 AM ET | ISM Services Index |
10:30 AM ET | Oil Inventories |
Notable Earnings
Premarket | Postmarket | Premarket Tomorrow | Postmarket Tomorrow |
|---|---|---|---|
DLTR, M, RY, THO, UEC | AI, FIVE, GWRE, NCNO, PVH, CRM, SNOW, PATH | BMO, BF/B, DOOO, DG, DCI, DLTH, GCO, HRL, HOV, KR, SAIC, TD | CHPT, COO, DOCU, HPE, LE, RBRK, IOT, S, TTAN, SPWH, SFIX, ULTA, ZUMZ |
Upgrades/Downgrades
Summit Insights upgrades Marvell (MRVL) to Buy from Hold
Arete upgrades Uber (UBER) to Buy from Neutral
JPMorgan upgrades American Eagle (AEO) to Neutral from Underweight
Morgan Stanley downgrades Regeneron (REGN) to Equal Weight from Overweight
Jefferies downgrades Wayfair (W) to Hold from Buy
JPMorgan downgrades Wendy’s (WEN) to Neutral from Overweight
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