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Stock futures fell on Friday, giving back some of their post-Election Day gains as traders await the results of the election and the latest employment report.
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Dow Jones futures fell 180 points, a decline of 0.6%, and the S&P 500 saw a similar decline. The Nasdaq Composite paced the drop, falling 1.1%.
On Thursday, the Dow jumped nearly 2%, while the tech-heavy Nasdaq composite added 2.5% as investors bet on a divided government in which new regulations and corporate taxes may not be as tough as feared. The S&P 500 climbed 1.9%, closing above the 3,500 level.
|I:DJI||DOW JONES AVERAGES||28390.18||+542.52||+1.95%|
|I:COMP||NASDAQ COMPOSITE INDEX||11890.927013||+300.15||+2.59%|
DOW ADDS 542 POINTS, STOCKS ON PACE FOR 2ND BEST ELECTION WEEK EVER
JOBS, JOBS, JOBS
Friday will see the latest employment figures, with the country expected to have added 570,000 jobs in the month of October, down from 661,000 in September.
The unemployment rate is expected to tick down to 7.7% from 7.9%, with more people who lost jobs because of the COVID-19 pandemic returning to work.
Average hourly earnings are expected to tick up 0.2%, with the average workweek remaining flat at 34.7 hours.
ELECTION RESULTS TIGHTEN
As for the election, the odds of a contested result are increasing, with the Trump campaign filing a number of legal actions in hotly fought battlegrounds even as it lags behind Democratic challenger Joe Biden, who has captured 264 Electoral College votes so far, according to Fox News. President Trump has garnered 214 votes.
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Up for grabs are the states of Nevada, Pennsylvania, Georgia and North Carolina, with those results still too close to call.
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EARNINGS ROLL ON
Earnings from some of the world's largest companies will also be in the spotlight, as CVS Health, ViacomCBS, DISH Network and Mylan all report on Friday.
|CVS||CVS HEALTH CORPORATION||61.41||+1.04||+1.72%|
|DISH||DISH NETWORK CORPORATION||27.39||+0.88||+3.32%|
TECH CONTINUES TO SHINE
Shares of T-Mobile and Square are seeing outsized gains after the telecom giant and financial technology company both reported better-than-expected results Thursday.
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T-Mobile shares were up nearly 6% early Friday, while Square, which said revenues came in 50% higher than expectations, was up slightly less than 4%.
Also in the spotlight are Uber, Peloton and Electronic Arts, all of which reported late Thursday evening.
West Texas Intermediate crude oil dipped slightly, to $38.79 a barrel, while gold continued its march upward, closing at $1,945.30 an ounce, the best dollar and percentage gain since April.
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