NewsWare’s Trade Talk: Thursday, December 1

S&P Futures have turned higher this morning as traders await a host of economic data releases. The key economic release today is the Personal Income & Outlays for October. A weak reading will increase the expectations for a Fed rate hike of 50 basis points at the next FOMC meeting and could turn the market higher. Oil is trading 1% higher this morning as the European Commission is pushing for a price cap of Russian oil at $60 a barrel.