US equity futures point to a flat open ahead of key payrolls risk, with Asian markets mostly higher and European equities trading firmer. Today focus is on elevated event risk ahead of Friday’s US payrolls report, a potential Supreme Court ruling on IEEPA tariffs as soon as Friday, and the start of Q4 earnings next week led by major banks. Defense stocks outperformed following renewed discussion of a 50% increase in Pentagon spending, reinforcing a broader pro-cyclical rotation away from mega-cap technology. In addition, reports that China may approve limited Nvidia H200 chip imports as early as Q1 are being monitored alongside ongoing rare-earth and export-control tensions, while markets also remain focused on the Fed chair nomination timeline and the US 10-year yield approaching the 4.2% level.

Companies Mentioned: Warner Bros. Discovery, Paramount, Boeing, Strava, Inc.