Stock Market Update

The S&P 500 futures currently trade 70 points below fair value. 

Earnings will be a key driver of price action today after a hefty batch of reports before the open. Marathon Petroleum (MPC 181.50, -14.29, -7.3%) trades sharply lower in the pre-market after missing EPS expectations by $0.14 despite beating revenue expectations. 

On the trade front, Treasury Secretary Scott Bessent told CNBC that he will attend the Supreme Court hearing on tariffs tomorrow. In regard to China, Mr. Bessent said President Trump and Chinese President Xi will likely have two meetings next year, and the relationship between the U.S. and China is more even now.