Business

5 things to know before the stock market opens on Friday, December 3rd

Here are the most important news, trends and analysis that investors need to start their trading day:

1. Stock futures rise a day after the big rally on Wall Street

Traders work on the New York Stock Exchange (NYSE) on December 2, 2021 in New York.

Spencer Platt | Getty Images

US stock index futures were higher on Friday after the Labor Department released its November data ahead of the bell, showing a slowdown in job growth and a big miss to expectations. But at the same time, the country’s unemployment rate fell much more than expected. Investors are comparing projected job numbers to rising Covid omicron cases in an attempt to see if the Federal Reserve will actually accelerate the cut in its monthly bond purchases.

The Dow Jones Industrial Average rose 617 points on Thursday, or 1.8%, despite a rise in omicron cases reported in the US. The first case in the US, which was reported the day before, changed the target from a 520 point gain to a 460 point loss. The Dow fell more than 1.8% on Tuesday after a short break on Monday. Blue-chip stocks fell 2.5% in a shortened shopping and entertainment session last Friday after the discovery of an omicron in South Africa.

In premarket Friday, DocuSign shares fell more than 30% in the morning after the release of weak forecasts. Tesla shares rallied slightly as CEO Elon Musk took advantage of additional options, bringing its recent share sales to $ 10.9 billion. Didi Global’s shares tumbled about 10% after a Chinese passenger call company announced plans to delist it from the New York Stock Exchange and instead go for a Hong Kong listing. The stock is down more than 45% from its July IPO price.

2. There is not enough job growth in November, the unemployment rate is really falling

Job fair signage can be seen on 5th Avenue following the publication of the New York City job report on September 3, 2021.

Andrew Kelly | Reuters

3. The FDA is preparing to quickly test omicron vaccines and drugs, according to the WSJ.

Vials and medical syringe displayed in front of the FDA logo. FDA finds COVID-19 vaccine.

Pavel Gonchar | LightRocket | Getty Images

The FDA is preparing to rapidly review omicron-specific vaccines and treatments if needed. according to The Wall Street Journalwith reference to people familiar with the matter. The magazine also reports that the agency met with drug manufacturers to determine what data would be required for a quick assessment. Pfizer and Moderna executives told CNBC on November 29 that it will take about a couple of weeks to gather enough data to determine what effect omicron mutations have on the effectiveness of current vaccines.

4. Five US states, including New York and California, have confirmed omicron cases.

A sign outside the hospital advertises COVID-19 testing on November 19, 2021 in New York City.

Spencer Platt | Getty Images

5. Biden is expected to sign the short-term government spending bill.

US President Joe Biden speaks on supply chain issues at the Southern Court Auditorium at the Eisenhower Administration Building near the White House in Washington, DC on December 1, 2021.

Mandel Ngan | AFP | Getty Images


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