Here are the most important news, trends and analysis that investors need to start their trading day:
1. Wall Street looks higher ahead of the vacancy report, after more records.
Traders on the NYSE
US stock futures were stable on Friday ahead of the latest employment report from the Labor Department at 8:30 am ET. On Thursday, the S&P 500 closed at a record high for the fifth straight session, extending its winning streak to six trading days. The Nasdaq also closed at a record high in five straight sessions, posting a winning streak of nine trading days. The Dow Jones Industrial Average fell slightly on Thursday, ending its last streak in four sessions and a successful streak in five. All three benchmarks tracked strong weekly gains as investors embraced the Federal Reserve’s downsizing plan for massive Covid-era bond purchases and took comfort in the central bank’s patient stance on interest rate hikes.
2. In October, hiring is expected to rise, as well as wages.
A Now Hiring sign hangs outside the entrance to the Winn-Dixie supermarket on September 21, 2021 in Hallandale, Florida.
Joe Radl | Getty Images
Economists expect 450,000 nonfarm jobs were added last month, projecting hiring growth as new Covid cases decline and the economy improves. This will be sharply above the disappointing 194,000 in September. The country’s unemployment rate is expected to fall to 4.7% in October. Hourly wages are expected to rise 4.9% year over year. This will be higher than the 4.6% growth in September. Wage inflation will be closely monitored to see if it remains high. On Wednesday, the Fed said it continues to view inflation as temporary. However, higher wages could lead to higher rates earlier than expected. The futures market estimates the first Fed rate hike in July.
3. Pfizer Says Its Covid HIV Pills Reduce The Risk Of Serious Illness.
People walk in front of a Pfizer sign at Pfizer World Headquarters on March 23, 2021 in New York. The Food and Drug Administration (FDA) says Pfizer’s coronavirus vaccine can be stored in conventional freezers for up to two weeks, rather than at very cold temperatures.
SEE Press | Corbis News | Getty Images
Pfizer said on Friday that its oral Covid pills, administered in combination with a widely used HIV medication, reduced the risk of hospitalization or death by 89% in high-risk adults exposed to the coronavirus. The company’s shares jumped 11% in the premarket. The Pfizer nominee is now the second antiviral pill after Merck’s and has been shown to be highly effective in treating Covid at the first sign of illness. Merck shares fell 9% premarket.
If approved by US regulators, these pills are likely to be a game changer in the ongoing global fight against the pandemic. Pfizer plans to submit its data to the FDA “as soon as possible.” The antiviral pill, manufactured by Merck and Ridgeback Biotherapeutics, was approved by the UK drug regulator on Thursday. Later this month, US regulators installed evaluate Merck’s request for an emergency use of Covid.
4. Peloton shares are falling on slower sales growth and larger quarterly losses.
Exercise Equipment and Apparel for Sale at the Peloton Interactive Inc. showroom. in Dedham, Massachusetts, USA, Wednesday, February 3, 2021.
Adam Glanzman | Bloomberg | Getty Images
Stock Peloton shares fell more than 30% in premarket Friday morning after the connected exercise equipment maker reported weaker sales growth and higher-than-expected losses in the first quarter of the fiscal year. Peloton cut its fiscal full year forecasts due to declining demand, ongoing supply chain problems and competition from other home fitness options and people returning to gyms such as Planet Fitness. At the end of the three-month period, Peloton had 2.49 million fitness-connected subscribers, up 87% from a year earlier. Connected Fitness subscribers are those who own a Peloton bike or treadmill and also pay a monthly fee to access the company’s digital workout content.
US President Joe Biden and House Speaker Nancy Pelosi leave after meeting with the Democratic faction at the US Capitol in Washington, D.C., October 28, 2021.
Nicholas Camm | AFP | Getty Images
Democrats in the house be on the brink promoting President Joe Biden’s $ 1.85 trillion domestic policy package and steadily increasing social and climate spending, along with a separate $ 1 trillion infrastructure bill that has already been passed in a bipartisan Senate vote. The House of Representatives canceled the vote late Thursday, but hoped to pass the bills on Friday. House Speaker Nancy Pelosi, Calif., Worked at the Capitol at night trying to garner support. The non-partisan Joint Tax Committee said Thursday that its initial analysis of the larger bill showed it would generate $ 1.48 trillion in revenue over a decade and is unlikely to increase the deficit in the long run.
– The Associated Press contributed to this report. Follow all market activities like a pro. CNBC Pro… Get the latest news on the pandemic with CNBC Coronavirus Coverage…