10 things before the opening bell

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1. Oil is rebounding strongly this morning. OPEC and its allies, including Russia, indicated after a meeting on Thursday that although they're going ahead with a planned supply increase next month, they're willing to adjust it if the Omicron variant poses a bigger threat to demand.

The group said it had considered a range of options, from freezing the quota altogether to a smaller supply rise. After that, oil went on a wild ride on Thursday.

Global benchmark Brent fell by as much as 4.5% after the decision, before snapping back sharply. It's around 3% higher this morning, above $71 a barrel.

That said, it's well off October's multiyear highs above $85. But it's also a full 45% above where it was this time last year.

So far, even the prospect of a new variant won't offer much respite to anyone filling the tank of their car right now.

2. US stock futures are drifting lower. The spread of Omicron across the country, and tighter travel rules are keeping investors nervous ahead of November's monthly employment report later on. Here's what's happening on the markets.

3. The stock market may have had a stellar run, but this fund wants to help investors secure even stronger returns. Will Rhind's ETF tracks half of the S&P 500, excluding 250 "losers," and it has beaten the benchmark index by 14%. He breaks down his style here — and explains why it works better during a bear market.

4. Earnings on deck: Dole and Bank of Montreal are reporting.

5. The S&P 500 may be down since Omicron was identified, but the latest dip is very buyable. ​​JPMorgan's Marko Kolanovic says this period could be seen as a buying opportunity, as the pandemic nears its end. "Omicron could be a catalyst for rotation from growth to value," he said.

6. Grab shares slumped during their first day of trading in the US. The ride-hailing giant made headlines for its blockbuster $40 billion blank-check merger earlier this year, making it the biggest Southeast Asian company to debut on Wall Street. Shares of the Singapore-based firm tumbled as low as 23% Thursday.

7. Charlie Munger says markets are crazier now than during the dotcom bubble. Warren Buffett's deputy praised China's crackdown, and said he wouldn't want anyone in his family to marry a crypto investor. Here's why he's still down on digital.

8. Trading app Public says its customers get better pricing without PFOF. It abandoned the practice earlier this year, not long after the first round of meme-stock madness. Public says it's beating competitors on most pricing metrics without using the controversial practice.

9. As bitcoin wavers in recent weeks, many are still calling a near-term rally to new highs. Jordan Fried, CEO of Immutable Holdings, believes bitcoin could hit $120,000 in the first quarter of 2022. The 32-year-old thinks altcoins will sky-rocket in lockstep. He explains why, and gives his top five crypto picks.

10. Bitcoin bears are also emerging. For investing veteran Louis Navellier, bitcoin is in a bubble — one that will burst once the Federal Reserve winds down asset purchases. At that point, he says bitcoin could dive to $10,000. He gives the rationale behind his bearish take here.

Compiled by Isabelle Lee. Feedback? Tips? Email ilee@insider.com or tweet @isabelletanlee.