Credit: Shutterstock photoStocks are inching higher before a key jobs report later this hour.
S&P 500 futures are up 0.2 percent, while most of Europe is down about half a percent. Asian markets fell more than 1 percent overnight, following the S&P 500's biggest drop since late September.
Yesterday's 1.44 percent selloff was triggered by a massive short squeeze in the euro, which crushed traders expecting more quantitative easing by the European Central Bank. U.S. Federal Reserve Chair Janet Yellen also indicated that she's likely to raise interest rates on Dec. 16.
Attention now turns to the Labor Department's non-farm payrolls report at 8:30 a.m. ET today, which is expected to show the addition of 185,000 jobs and a 5 percent unemployment rate. A strong number will be viewed as further confirmation of a Fed rate hike.
The other big event this morning is the Organization of Petroleum Exporting Countries meeting in Vienna. Most observers expect the cartel to keep energy production unchanged despite excess supply pushing prices to long-term lows.
In company-specific news, mobile-chip maker Ambarella fell 7 percent on weak guidance. GoPro, one of its top customers, slid 4 percent on the news as well. Ulta Salon and Five Below rallied last night on strong results but haven't traded yet this morning. Avon Products rose 6 percent on reports that it is close to selling its North American business to Cerberus Capital.
Oil and copper rose about 1 percent, while precious metals are little-changed. The dollar is up against most other currencies.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
