Markets to Watch Today

Crude Oil: November Crude Oil continued to rise in overnight trading, following yesterday’s gain of 73 cents. News that OPEC will be making its first output cut since 2004 has the November Crude Oil contract trading up $1.35 at $60.76 a barrel in pre-market trading.

Wheat: Wheat futures traded higher in overnight trading, continuing yesterday’s late-day rally. Yesterday, CBOT December Wheat futures gained 25 ½ cents, to settle at $4.68 a bushel. The near limit-up move came in a late-day surge, as analysts used an Egyptian purchase of Soft Red Wheat and fund buying as the catalyst for the up-move. December CBOT Wheat futures ended the overnight session trading up 1 cent at $4.66 a bushel.

S&P 500: December S&P futures traded flat to slightly lower leading up to the market opening. The only data released this morning was initial jobless claims, which carries much less weight than the unemployment number due out tomorrow. Traders remain cautious entering the trading day, after seeing the Dow Jones reach all-time highs in yesterday’s trading. December S&P futures were trading at 1357.80, down 0.50 going into the opening bell.