US stock futures remained stable on Friday as investors prepared for critical economic indicators, including the monthly jobs report and a potential Supreme Court ruling on President Trump’s tariffs. Early trading showed little change in contracts for the Dow Jones Industrial Average, S&P 500, and Nasdaq 100, following a mixed performance in the previous session where the technology sector faced declining interest.
Market participants are closely monitoring two key developments: the release of the December nonfarm payrolls report and the possibility of a Supreme Court ruling regarding the legality of Trump’s “Liberation Day” tariffs. The nonfarm payrolls data is particularly significant this month due to recent disruptions caused by a federal shutdown that delayed the November report and canceled the October figures. The labor market has been showing mixed signals, increasing anticipation for clarity from the upcoming report.
Economists predict a payroll growth of around 70,000 jobs, with the unemployment rate expected to slightly decrease to 4.5%. This data will be crucial for the Federal Reserve as it approaches its next interest rate decision scheduled for less than three weeks from now.
In addition to employment figures, Wall Street is poised for a significant ruling from the Supreme Court, which has designated Friday for announcing opinions. This ruling will determine whether Trump legally invoked emergency powers when implementing tariffs globally. The outcome has the potential to reshape US economic strategy and affect global trade dynamics significantly.
Investors are also evaluating Trump’s directive for Freddie Mac and Fannie Mae to purchase $200 billion in mortgage-backed securities. This initiative aims to lower mortgage rates and tackle growing affordability issues, although specifics of the plan remain vague.
In terms of market performance, all three major indices appear set to finish the first full week of 2026 with gains. The S&P 500 has seen an uptick of nearly 1%, while the Dow and Nasdaq Composite have risen approximately 1.8% and 1.1%, respectively.
In other news, shares of Glencore surged over 8% following reports of discussions with Rio Tinto about potentially merging some or all of their operations. This potential deal, which follows failed talks a year earlier, could create the world’s largest mining company with a combined valuation exceeding $200 billion. Conversely, Rio Tinto’s stock dropped more than 2% after the companies confirmed the discussions.
Additionally, Taiwan Semiconductor Manufacturing Company (TSMC) reported better-than-expected revenue for the fourth quarter, marking a 20% increase compared to the previous year. Meanwhile, oil prices are on track for a weekly gain, influenced by developments concerning Iran and Venezuela. Lastly, xAI reported a quarterly loss of $1.46 billion, raising eyebrows in the tech sector.
