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Oil prices are back above $50 per barrel and it looks like the Dow could extend a winning rally that began last week.

Here are 4 tips for today's trading. This will help you decide where you should invest and what to look for:

1. Market overview

U.S. stock futures are sitting around the levels where they closed on Thursday while global markets rally.

European markets are all up in early trading, boosted by mining and energy companies.

Germany's DAX index is rising 1% Friday.

Asian markets ended the session with gains.

Minutes from the September meeting of the Federal Reserve came out Thursday afternoon, revealing the Fed was worried about the impact of the slowing global economy when considering whether to raise interest rates.

These minutes pushed the dollar down and gave a boost to commodities.

Crude oil futures are now trading around $50.40 per share.

2. Stock market movers

Alcoa, Gap, Glencore: Shares in Alcoa (AA) look set to drop by 4% at the open after the company reported a disappointing set of earnings on Thursday evening.

Investors were unimpressed by a 5-week sales report from Gap (GPS) and shares are dipping by about 6% in extended trading.

The battered mining giant Glencore (GLCNF) announced Friday it will cut its zinc production by a third. The cutback will see the world's zinc output drop by 4%. Investors responded by bidding shares up by 8% in London. Glencore's shares have more than halved this year as investors worry about low commodity prices.

3. Listening to Lima

Hot shots from the International Monetary Fund and the World Bank have converged for a big annual meeting in Peru's capital city. Investors are paying very close attention.

"Sideline commentary from global policymakers ... may disrupt otherwise quiet consolidation into the end of the week," said Ilya Spivak, currency strategist at DailyFX.

On Thursday evening, the IMF's managing director Christine Lagarde called China's economic slowdown "healthy", saying it was the result of much-needed reforms.

The IMF had downgraded its world growth forecast earlier this week.

The meeting concludes Saturday.

4. Thursday market recap

Markets were up Thursday. The Dow Jones industrial average rose 0.8%, the S&P 500 climbed 0.9% and the Nasdaq added 0.4%.

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1. U.S. stocks opened lower on Thursday ahead of the minutes of the Federal Reserve's September meeting that investors are counting on to provide insight into the Fed's thinking on interest rates.

The Dow Jones industrial average fell 19.01 points, or 0.11 percent, to 16,893.28. The S&P 500 lost 4.51 points, or 0.23 percent, to 1,991.32 and the Nasdaq composite index dropped 16.20 points, or 0.34 percent, to 4,774.95.

2. The number of Americans filing new applications for jobless benefits fell more than expected to near a 42-year low last week, pointing to ongoing tightening in the labor market despite the recent slowdown in hiring.

The data released on Thursday provides an upbeat check on the health of the labor market after last week's monthly employment report increased doubts the Federal Reserve would raise interest rates by the end of this year.

3. U.S. holiday season sales will increase by 3.7 percent in 2015, marking slightly slower growth than last year as consumers fret about a potential government shutdown and sluggish income growth, the leading retail industry group said on Thursday.

The National Retail Federation (NRF) forecast sales from November to December 2015 at $630.5 billion, excluding autos, gas and restaurant sales. The growth rate would be significantly higher than the 10-year average of 2.5 percent, though slower than the 4.1 percent increase in 2014, the NRF said.

4. The dollar pared losses against the other major currencies on Wednesday, easing off a three-week trough after data showed that the number of people who filed for unemployment assistance in the U.S. fell more than expected last week.

The dollar was steady against the yen, with USD/JPY at 119.93.

The Department of Labor said the number of individuals filing for initial jobless benefits in the week ending October 3 fell by 13,000 to 263,000 from the previous week’s downwardly revised total of 276,000.

5. Oil prices held steady after surrendering early gains on Thursday, as an unexpectedly large rise in U.S. inventory levels dented some of the recent optimism that the oversupply plaguing the market could soon vanish.

U.S. crude stocks rose by 3.1 million barrels to 461 million last week as refineries cut output and idled capacity. Analysts had expected a rise of 2.2 million barrels.

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Thursday could be a very interesting day. There's a lot going on in the markets.

Here are 4 tips for today's trading. This will help you decide where you should invest and what to look for:

1. M&A on my mind

Two powerful Chinese Internet startups -- essentially the Yelp and Groupon of China -- have joined forces in a deal that is reported to be worth $15 billion.

The firms -- Meituan and Dianping -- said Thursday that they would jointly establish a new company. Meituan and Dianping are backed by tech giants Alibaba (BABA, Tech30) and Tencent (TCEHY).

In the U.S., Dell and data-storage firm EMC (EMC) are reportedly in discussions about a business combination. Shares in EMC surged by about 8% in extended trading after the merger chatter began.

And in Europe, investors are still waiting for more news on whether AB InBev (BUD) and SABMiller (SBMRY) will merge.

2. Market overview

U.S. stock futures are sinking and the overall market mood is muted.

European markets are mixed in early trading. Asian markets also ended with mixed results.

In China, stock markets reopened after an extended holiday and the key indexes rose by 3% to 4%.

"The Chinese equity market re-opened and bounced, but not as much as some hoped," noted Kit Juckes, a global strategist at Societe Generale.

3. Market movers

Deutsche Bank, Fiat Chrysler: Shares in Deutsche Bank (DB) are swinging wildly between losses and gains in Germany after the bank revealed it will book a nearly $7 billion loss in the third quarter for a write down related to its corporate banking unit.

Shares in Fiat Chrysler (FCAU) are rallying by about 4% in Europe after the United Auto Workers union said it reached a tentative agreement with the automaker. This could avert a strike by 40,000 workers.

4. Earnings and economics

Domino's Pizza (DPUKY) will report quarterly earnings before the opening bell. Then after markets close, investors will hear from Alcoa (AA) and Ruby Tuesday (RT).

On the economic front, the Federal Reserve's Open Market Committee will post the minutes from its September meeting at 2 p.m. ET. Investors will parse through these notes for more information about the Fed's plans for a future rate hike.

In Germany, there was some disconcerting data showing a 5% slump in exports between August and July. That's the biggest monthly decline in exports since January 2009. It's also worth noting that this is before the Volkswagen scandal emerged in September.

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What is it? It's a detailed record of the FOMC's most recent meeting, providing in-depth insights into the economic and financial conditions that influenced their vote on where to set interest rates.

When? At 2:00pm Eastern Time. 

Trading Tip: If the announcement will hint towards higher interest rates, you can expect the USD to rise.

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What is it? As head of the central bank, which controls short term interest rates, he has more influence over the nation's currency value than any other person. Traders scrutinize his public engagements as they are often used to drop subtle clues regarding future monetary policy.

When? At 2:00pm Eastern Time.

Trading Tip: If the announcement will hint towards higher interest rates, you can expect the GBP to rise.

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What is it? Although it's generally viewed as a lagging indicator, the number of unemployed people is an important signal of overall economic health because consumer spending is highly correlated with labor-market conditions. Unemployment is also a major consideration for those steering the country's monetary policy.

When? At 8:30am Eastern Time.

Trading Tip: If the actual number is lower than the forecast, you can expect the USD to rise.

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