Markets Await Jobs Report and Tariff Rulings.

Despite an early dip, futures for the Russell and Crude Oil show resilience while the S&P 500 and Nasdaq face downward pressure. Key economic indicators from Europe reveal a significant drop in U.K. housing prices alongside surprisingly robust factory orders in Germany and a dip in the eurozone unemployment rate. Within the U.S. economy, the latest data paints a picture of shifting fundamentals. Jobless claims arrived stronger than anticipated, while non-farm productivity saw a notable jump. Perhaps most striking is the U.S. trade balance, with the deficit narrowing to its lowest level since 2009. These factors have driven Treasury yields higher across the curve as market expectations for upcoming interest rate adjustments begin to shift. We also await a pivotal Friday featuring the December Nonfarm Payrolls report, which will provide the first clear look at the labor market following recent government disruptions.