Good morning. S&P futures are around unchanged heading into the Open, moving off their session lows earlier this morning. Russell and Dow futures are higher. There was more news this morning on Venezuela and crude markets, as well as some earnings updates to digest. Food names Albertsons and Cal-Maine (see what I did there?) are flat to higher in the pre-market. Industrial supplier MSC and uniform provider UniFirst are trading lower. Yields were slightly lower before the data and ticked down a bit more after the release. The US Dollar Index is slightly lower.

The macro calendar picks up today. The ADP employment report showed private employment rose 41k in December, rebounding from November’s 29k decline. Gains were seen in all sizes of business, with mid-sized establishments leading the way. Notably, small businesses saw a gain of 9k after losing 120k last month, while large business added a modest 2k compared to last month’s 39k increase. Manufacturing jobs declined 5k while Education and Health rose 39k and leisure/hospitality added 24k. More labor data will hit the tape after the open, with the JOLTS report at 10am, along with ISM services and Factory Orders.

President Trump, followed by reporting from CNBC, disclosed that Venezuela will turn over 30-50 million barrels of sanctioned oil to the US, to be sold at market prices, with proceeds kept in the US until the Venezuelan government is deemed stable and secure. Brent crude is flat, just off its lows while nat gas is bouncing a little bit. Metals are sharply lower as the complex gives back some recent gains. Commodity index rebalances (Bloomberg BCOM in particular) begins tomorrow and is likely impacting price action. Crypto is lower, with Bitcoin and Ethereum down ~2%.