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Stock Futures Rise; Oil Nears $59, Tesla Fulfills Promise | Stock News & Stock Market Analysis

Global stock markets, Black Friday, Tesla and China all helped urged U.S. stock futures higher early Friday as the market geared up for a shortened, post-holiday session.

Futures for the Dow Jones industrial average and the S&P 500 traded 0.2% above fair value. Nasdaq 100 futures added 0.1%, while small caps outpaced, sending Russell 2000 futures ahead 0.4%.

The stock market closes at 1 p.m. ET, its traditional post-Thanksgiving Day schedule. Bond markets will wrap up at 2 p.m. Most federal government offices are closed Friday, with the only notable economic news coming from researcher Markit’s release of its preliminary composite purchasing managers’ index at 9:45 a.m.ET.

Oil prices jumped more than 1%, lifting U.S. benchmark oil well above $58 per barrel — putting it ahead almost 4% in a week. Bloomberg reported early Friday that Russia and the Organization for Petroleum Exporting Countries had outlined a deal that would extend current production limits through 2018. A formal agreement had not yet been reached covering the specifics of the arrangement, the report said, but representatives on both sides agreed to the need for an extension announcement at the Nov. 30 OPEC meeting.

DowDuPont (DWDP) popped 1.3%, General Electric (GE) jumped 1.2%, leading the Dow’s early action.

Consumer products exporters will be in focus on Friday, as investors sort through the potential impact of a sharp cut in import taxes announced by China. A statement from the Ministry of Finance said the country would reduce tariffs from an average 17.3% to 7.7% on a broad range of goods, from pharmaceuticals and alcohol, to baby formula and diapers.

Comcast (CMCSA) surged more than 4% after Buckingham initiated coverage with a buy rating. Comcast has been testing resistance at its 10-week moving average as it builds the floor to a three-month consolidation.

Among top tech names, Apple (AAPL) rose 0.1% and the four FANG stocks traded higher. Tesla (TSLA) added 0.7% after the Wall Street Journal reported the company was powering up the a 100-megawatt battery storage project in South Australia. Tesla chairman Elon Musk had pledged the project, the price of which has been estimated at near $50 million, would be finished within “100 days of the contract signature or it is free.”  Tesla shares have been trading along the bottom of a three-month consolidation for four weeks.

Global markets were a net positive on U.S. premarket action, as benchmarks across Europe and Asia  bounced back from losses on Thursday. Hong Kong’s Hang Seng Index jumped 0.5%. Frankfurt’s DAX rallied 1.1% and the CAC-40 in Paris vaulted 0.7%.

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