The S&P 500 futures have stumbled 21 points, or 0.8%, below fair value, as energy stocks weigh on what will be a shortened trading day for Wall Street. The stock market will close at 1:00 PM ET, and the bond market will close at 2:00 PM ET today.
WTI crude has taken another sharp movement lower, down 6.9% to $50.87/bbl to extend its recent decline to its lowest level since October 2017. A continued increase in U.S. supply, which has outpaced demand for crude, has contributed to crude's fall, despite oil producers reportedly looking to cut production. Exxon Mobil (XOM 75.83, -1.73, -2.2%) and Chevron (CVX 114.55, -3.02, -2.6%) both show notable losses in pre-market trading.
Today is also Black Friday, the day after Thanksgiving Day, which means attention will focus on retailers, as consumers crowd stores for the sales-driven holiday shopping event. Though retailers don't report on the official Black Friday numbers, the media and retail analysts will pay heed to the foot traffic and holiday deals.
In other corporate news, Rockwell Collins (COL 139.97, +10.29) has spiked 7.9% after Chinese authorities have approved its acquisition by United Tech (UTX 124.89, -0.82, -0.6%) for $140/share in cash and stock.
Separately, U.S. Treasuries have ticked higher, pushing yields lower. The benchmark 10-yr yield is down two basis points to 3.04%. Meanwhile, the U.S. Dollar Index is up 0.1% to 96.84.
There is no notable economic data on the calendar today.