Stock futures are slightly higher this morning as investors look towards the release of the December jobs number. Dow futures are currently up 25 points to 12,356. Nasdaq 100 futures are trying to follow suit, up nearly a point to 2,350. The S&P 500 futures are adding a point to half to 1,274.60.

The US market is currently in a battle with two conflicting data points. On one hand the recent economic data has been showing signs that the US is finally pulling out of the economic malaise. Then on the other hand you have Europe. The crisis there seems to be deepening with no real solutions in sight. If the EU was to breakup the ripple of effects would almost certainly send the US back into recession.

The economic data calendar today is dominated by the release of the non-farm payroll data for December. Consensus expectations have the US adding 150,000 jobs in December. The unemployment rate is expected to tick back up as people are more optimistic about the job outlook and return to the labor pool.

In Europe, stocks are trying to rebound after yesterday’s sharp sell-off. The banking heavy Stoxx 600 index is up nearly half a percent after dropping one percent yesterday. Worries about the the continent’s banking sector persists with UniCredit selling off again today. Shares of the Italian bank have been mauled in recent days as investors question the bank’s ability to remain solvent.

Asian shares sold off overnight due to increased sovereign debt worries coming out of Europe. The Shanghai index did buck the overall trend in the region. The index closed up after setting a 34-month low.

Commodity prices are seeing a boost thanks to renewed saber rattling by Iran. Oil prices are trending higher after the country said it would hold another series of war games around the Strait of Hormuz. Currently crude oil is up 49 cents and is maintaining a firm grip above $100 a barrel.

Stocks to watch today include Yahoo! Inc. (NASDAQ:YHOO), Microsoft Corporation (NASDAQ:MSFT), Bank of America Corp. (NYSE:BAC), Krispy Kreme Doughnuts (NYSE:KKD), Boston Scientific Corporation (NYSE:BSX) and Sirius XM Radio Inc. (NASDAQ:SIRI)

Yahoo! Inc. (NASDAQ:YHOO) is up 1.92% in pre market trading at $15.94. YHOO closed yesterday down about 1% and the stock has lost about $0.75 a share since Wednesday. News of Yahoo’s new CEO did little to excite investors as the stock has continued to go lower. The company has a market cap of 19.40 billion.

Microsoft Corporation (NASDAQ:MSFT) is up slightly in pre market trading at $27.70. MSFT finished Thursday up more than 1% at $27.68. MSFT trades 50.26 million shares a day on average. MSFT has been in a steady uptrend since Tuesday and has jumped more than $1.50 a share since then. The company has a market cap of 232.85 billion.

Bank of America Corp. (NYSE:BAC) is down 1.27% in pre market at $6.23. BAC was on fire yesterday as it jumped up 8.61% and closed at $6.31. BAC has traded 109 thousand shares this morning and trades 250.70 million shares on average every day. Depending on how the overall market reacts today, BAC could see a bit of selling as day traders take profits from yesterday’s really. The company has a market cap of 63.96 billion.

Krispy Kreme Doughnuts (NYSE:KKD) is up 0.93% in pre market trading at $6.48. KKD closed yesterday up nearly 1% at $6.42. The stock trades 530 thousand shares a day on average. The company has a market cap of 437.10 million.

Boston Scientific Corporation (NYSE:BSX) is up 8.61% in pre market trading at $5.80. BSX closed yesterday up slightly at 5.34. The stock averages nearly 17 million shares a day in volume. BSX has had some major buying by one of their directors lately as Ernest Mario bought $1.6 million worth of stock late last year. The company has a market cap of 7.91 billion.

Sirius XM Radio Inc. (NASDAQ:SIRI) closed yesterday up 11.48% at $2.04. SIRI jumped following news the added 1.7 million new subscribers in 2011. SIRI trades 43.57 million shares on average every day. The company has a market cap of 7.65 billion.