Crude oil rallies on geopolitical risk.

Stocks trade lower across the board, with Nasdaq futures leading the pullback as major indices slip. U.S.-China trade talks resume in Washington, delivering an immediate extension of the existing trade truce into January. Crude oil surges past $94 following a strike in the Strait of Hormuz and elevated geopolitical risk in the Middle East, overshadowing inventory data. The data calendar focuses on the 7-Year Treasury note auction, earnings reports from Costco and Tamboran Resources, U.S. durable goods orders and University of Michigan sentiment.