U.S. stock futures opened down Sunday following the release of the latest jobs report on Friday.
Analysts were watching the November jobs report closely because of its influence on the Federal Reserve's decision on whether raise interest rates or not. The U.S. economy added 211,000 jobs in November, keeping the national unemployment rate stable at 5%. That's more likely the central bank will decide to raise rates during its meeting Dec. 15 - 16.
On Friday, the S&P 500 was up 1.8%, the Dow Jones Industrial Average added 2% and the Nasdaq gained 1.8%.
Also making news Friday was OPEC's bi-annual meeting in Vienna. The oil cartel decided to raise its oil production ceiling to 31.5 million barrels per day from its previous cap of 30 million barrels. A global supply glut is responsible for crude prices more than halving over the past 18 months as OPEC looks to maintain market share by upping production in the face of increased output from U.S. shale operations.
Ahead of his keynote speech at The Deal Economy: Predictions and Perspectives for 2016 on Thursday in New York City, TheStreet's Jim Cramer commented on the state of wider market saying, "I think we are stuck in an era where we are beginning to recognize that we have too many stocks, too many public companies, too many companies that don't warrant our attention or our investment in."
Some of the companies that Cramer believes warrant attention include Action Alerts PLUS holding Facebook (FB), Amazon (AMZN) and Netflix (NFLX).
"Right now the single most relevant television programming is the un-DVR-able ESPN and it has lost an astounding 7 million viewers in the last two years and the cord cutting is snowballing. Netflix is in the opposite trajectory," Cramer said of Netflix.
In separate news, Chipotle (CMG) said that the latest E. Coli outbreak would cut into the company's near-term sales and profit, according to the Wall Street Journal. E. coli infections in Maryland, Illinois and Pennsylvania brings the total of people stricken by the disease to 52 across nine states. Chipotle shares were down as much as 6.2% in after-hours trading on Friday.
In automotive news, Ford (F) is recalling as many as 451,865 vehicles, including over 411,000 in the U.S. due to customer reports of fuel odors and leaks in the company's 2010 Fusion models. The company said that it was not aware of any injuries or fatalities related to the defective vehicles.
In entertainment news, the latest "The Hunger Games" film led the weekend box office for the third consecutive week, taking in another $18.6 million and bringing its North American box-office total to $227 million.
Separately, Barron's cover story this weekend highlighted its analysts' top 10 stock picks for 2016. Some of the stocks mentioned in the article include Action Alerts PLUS holdings Apple (AAPL), Electronic Arts (EA) and CVS Health (CVS).
"In 2016, we expect that the broad U.S. stock market will fare better, if not shine. The S&P 500 looks fully priced at 17.5 times projected 2015 earnings, and, during the past two quarters, earnings declined slightly versus a year earlier. But that is due to a crash in oil profits. Excluding energy, earnings are rising at a 5% clip. Assuming similar growth next year, with a steady price/earnings ratio and 2% in dividends, stock investors could end up with a total return in the high-single digits," Barron's Jack Hough said.