5 Things to Know Before the Stock Market Opens

Stock futures are rising Monday as the market looks to open the holiday-shortened trading week on a positive note; gold and silver prices hit record highs early this morning; crude oil prices are surging as the U.S. Coast Guard is reportedly pursuing another Venezuelan oil tanker; Tesla CEO Elon Musk's 2018 pay package has been reinstated by the Delaware Supreme Court; and fintech software maker Clearwater Analytics will be taken private in a deal worth over $8 billion. Here's what you need to know today.

Stocks Futures Rise to Kick Off Holiday-Shortened Trading Week

Stock futures are pointing to a higher open at the start of a trading week that will be abbreviated due to the Christmas holiday. Futures tied to the benchmark S&P and the tech-focused Nasdaq were recently up 0.4% and 0.7%, respectively, as tech stocks gained ground, while Dow Jones Industrial Average futures tacked on 0.1%. The major indexes are coming off of two consecutive days of big gains, fueled by a rally in tech stocks following a recent slump amid concerns about a possible AI bubble. Bitcoin was trading at $90,100 this morning, up from a low over the weekend below $88,000. Crude oil futures and gold futures jumped more than 2% and 1%, respectively. (See more below) The yield on the 10-year Treasury note was at 4.17%, up from 4.15% at Friday's close.

Gold and Silver Prices Hit Record Highs

The prices of precious metals jumped to record highs this morning amid hopes that the Federal Reserve could be in a position to continue cutting rates next year. Gold futures surged above $4,400 an ounce for the first time and were trading at $4,445 recently, up 1.3% from Friday's close. Silver futures were up 2.2% at $69 an ounce. Inflation data released last Thursday came in cooler than expected, and Fed officials will be looking for more signs of easing inflationary pressure as they weigh the possibility of rate cuts in the coming months. The price of gold has surged nearly 70% since the start of this year, while silver has more than doubled. The precious metals are typically seen as safe investments when things like inflation, trade tensions or the potential for global conflict create uncertainty that can make stocks and other investments more volatile.

Coast Guard Reportedly Pursuing Another Venezuelan Oil Tanker

Oil futures are sharply higher Monday morning as the the U.S. is reportedly ramping up its pressure campaign on Venezuelan oil. The Wall Street Journal reported late Sunday that the Coast Guard was pursuing another oil tanker shipping oil out of the South American country. The Trump administration has already seized two tankers from Venezuela in recent weeks, saying that the tankers were operating under a false flag to conceal their true country of origin. The tanker currently being pursued by the Coast Guard is part of a "dark fleet" of oil tankers that have previously been sanctioned by the U.S. or one of its allies, but are still operating with a false flag, the Journal reported. The seizure of the tankers is helping to drive crude oil prices higher, as anything that can limit the supply of oil on the market can send prices higher. WTI futures, the U.S. crude oil benchmark, were up 2.1% at $57.70 per barrel in recent trading.

Delaware Supreme Court Overrules Lower Court That Axed Musk Pay Package

Tesla (TSLA) has won its yearslong legal battle over CEO Elon Musk's 2018 pay package, with the Delaware Supreme Court saying late Friday that a lower court decision revoking the package was incorrect. Tesla gave Musk the package in 2018, made up of potential stock awards that were valued at $2.3 billion and have since grown as Tesla's stock price has surged, making the package worth about $139 billion, per The Wall Street Journal. The Delaware Court of Chancery previously ruled in favor of a shareholder that said the package was invalid because it was created and granted with too much influence from Musk. The EV maker has said an ambitious pay plan is needed to keep Musk's attention at Tesla over his other companies, which is why it recently gave him a new shareholder-approved deal that could put Musk on track to eventually become a trillionaire. Tesla shares were up more than 1% ahead of the opening bell.

Clearwater Analytics Pops on Deal To Be Taken Private

Shares of Clearwater Analytics (CWAN) jumped Monday morning after the company announced an $8.4 billion deal to be acquired and taken private by an investor group led by private equity firms Permira and Warburg Pincus. Clearwater shareholders will get $24.55 per share, a premium of about 10% from the stock's $22.25 closing price on Friday and 47% compared to Nov. 10, just before shares started to surge following reports of a potential deal. Clearwater, a maker of financial services software, said the deal includes a "go-shop" period where it will be able to entertain any other offers for the next month, and that the deal is expected to close in the first half of next year if no other deal is made. Clearwater shares were up 8.5% at $24.15 in recent premarket trading.

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