Here are five things to know for Friday, November 6:
1. – Stock Futures as Lower Election Rally Aces
Stock futures declined on Friday after giving some gains from the post-election rally later this week as the vote count for the White House continued and Wall Street awaited the jobs report for October.
Contracts related to the Dow Jones Industrial Average fell 222 points, S&P 500 futures down 33 points and Nasdaq futures fell 142 points.
Tech stocks rose as the stock rose on Thursday, as the results of Tuesday’s US elections suggested that corporate tax hikes and stricter regulations had decreased.
After Thursday’s gain, the S&P 500 was leading for its best week since April. The tech-heavy Nasdaq 100 has jumped more than 9% this week.
The Federal Reserve on Thursday kept interest rates near zero and reiterated its pledge to use its “full range of instruments” to support the US economy in this challenging time.
Fed Chairman Jerome Powell insisted that if we could get more fiscal support from Congress, the US would “have a stronger recovery.”
Powell also said that the path of recovery for the world’s largest economy will depend largely on the course of the coronavirus epidemic. Earlier this week, the US became the first country after 100,000 virus infections in a single day.
Joe Biden is heading toward vote counting for Tuesday’s US presidential election, presumably just one more state needed to secure the 270 Electoral College votes needed to claim victory. Early Friday, reports said he took the lead in Georgia. President Donald Trump has questioned the legality of the vote totals.
Friday’s session was mostly mixed in Asian stocks, while European stocks fell.
To read more on Asian markets:
China’s semiconductors: the latest US exports may create hurdles to seize control
2. – US expects 580,000 jobs in October
The economic calendar in the US includes an official US jobs report for October at 8:30 on Friday. Economists surveyed by FactSet expected 580,000 jobs to be added to the payroll in the US last month, down from 661,000 in September.
The unemployment rate is expected to fall from 7.9% to 7.7%.
CVS Health (Cvs) – Get Report Expected third quarter earnings to be stronger than expected and offset its full-year profit outlook as pharmacy sales and an improvement in store traffic boosted its top and bottom lines.
The company also said that longtime CEO Larry Merlo would retire in February and be replaced by Karen Lynch, who currently runs the Aita Healthcare unit.
ViacomCBS is expected to report on Friday also (VIACA) – Get Report, Alanco Animal Health (Velocity) – Get Report, Cottie (COTY) – Get Report, Dish network (Dish) – Get Report, EW Scripps (SSP) – Get Report And Hershey (HSY) – Get Report.
Jim Cramer holds CVS Health Action Alert Plus Member Club. Should Jim Cramer be cautious before buying or selling stocks? Learn more now
3. – Lack of Peloton Tumbles on Warning of Supply
Peloton interactive (PTON) – Get Report The stock slid to profit in the fiscal first quarter but the linked-fitness company was plunging after potential supply issues as demand for its products increased during the coronovirus epidemic.
The stock fell 6.36% to $ 118.58 in Friday trading.
For the quarter ended September 30, the peloton reported net income of 20 cents per share, compared with a loss of $ 1.29 per share per year. Revenue rose to $ 757.9 million from $ 228 million.
Analysts were expecting earnings of 11 cents on revenue of $ 735.2 million.
However, the peloton said that it would “be operating under supply shortages for the future” given the unprecedented epidemic-driven demand for its products and that it “will continue for the foreseeable future.”
The company said in a note to shareholders, “As we rapidly expand our organization to meet the exceptional demand for our products, we realize that some of our members have received our products or requested support Has faced delays in completion. ”
4. Uber’s Ride-Share Business Still Hurting But Its Sees Growth
Uber (UBER) – Get Report Prepaid trading declined after massive losses were reported as its ride-sharing business suffered from the effects of the coronavirus epidemic and economic shutdown.
The company reported a third-quarter loss of $ 1.09 billion, down from a loss of $ 1.16 billion a year earlier. Revenue declined 18% to $ 3.13 billion in the quarter.
Uber said Gross Mobility Booking, its main ride-share business, fell by 53% to $ 5.9 billion a year earlier, but improved from a 75% drop in the previous quarter.
Delivery booking, tied to Uber’s Eats services, was a bright spot, jumping 134% to $ 8.55 billion.
Uber’s chief financial officer, Nelson Chai, said the company was confident that it could reach adjusted Ebitda profitability by the end of 2021.
The stock fell 3.36% to $ 40.55 in prepaid trading.
5. – Roku Surprise posts third-quarter profit
Roku (Roku) – Get Report The shares gained momentum after the streaming platform company reported third-quarter profit.
Roku reported earnings of 9 cents on revenue of $ 452 million, a 73% year-over-year increase. Analysts were expecting Roku to post a loss of 40 cents on revenue of $ 367.8 million.
Roku added 2.9 million active accounts this quarter, taking the total to 46 million, up 43% from a year earlier.
“As the ongoing Covey-19 epidemic continued to pace the shift away from traditional linear and pay TV viewing, we continued to invest in competitive differentiation and execute well,” Rocco said in a statement.
Roku shares were moving 3.97% for $ 234 in Procure Trading.
Roku’s CFO talked about his firm’s strong hardware and video advertising development