BY THE NUMBERS
U.S. stock futures were flat and the 10-year Treasury yield rose after the government's monthly employment report was a huge disappointment. The S&P 500 and Nasdaq saw record high closes Thursday as weekly initial jobless claims hit their lowest levels since the early days of the Covid pandemic in March 2020. The Dow broke a three-day losing streak, ending 0.5% away from its latest record close last month. Ahead of Friday's open, the Dow was flat for the week, while the S&P 500 and Nasdaq were higher for the week. (CNBC)
The economy only created 235,000 new nonfarm jobs in August, the Labor Department said Friday, a huge miss compared to estimates of 720,000. The nation's unemployment rate dropped to 5.2% from 5.4%, in line with estimates. The report provides critical guidance for the Federal Reserve in its process of deciding when to begin trimming its bond purchases. Speaking at the central bank's annual economic summit last week, Fed Chairman Jerome Powell said he would still like to see more progress in the labor market before tapering. (CNBC)
Netflix (NFLX) share rise in Friday's premarket after gaining ground in 14 of the past 15 sessions and hitting an all-time high in Thursday's session.
Bitcoin traded back above $50,000 on Friday after briefly topping that level late last month. The world's largest cryptocurrency hit an all-time high over $64,000 in April but sold off heavily in June and July, even dipping for a time below $30,000. But since mid-July, bitcoin has been rising steadily. Ether, the second largest digital coin, traded just below $4,000 on Friday. Ether surged past that level in May to an all-time high nearly $4,200. The total global crypto market, 40% of which is bitcoin, is valued at nearly $2.3 trillion, according to CoinMarketCap.
IN THE NEWS TODAY
President Joe Biden is set to visit Louisiana on Friday to survey damage left behind after Hurricane Ida crashed ashore. The storm has killed at least 13 people in the Gulf Coast region and at least 46 in the Northeast. The remnants of Ida dumped devastating rain across five states, including New York and New Jersey, on Wednesday and early Thursday. The highest death toll was in New Jersey, where at least 23 people died, many of whom drowned after their vehicles were caught in flash floods. (AP)
The new Covid variant "mu" is not an immediate threat to the United States, according to federal health officials. "We don't consider it an immediate threat right now," White House chief medical advisor Dr. Anthony Fauci said at Thursday's press briefing. "We're paying attention to it, we take everything like that seriously." (CNBC)
* Fauci says he wouldn't be surprised if Covid vaccines require another shot (CNBC)
* Alaska Airlines to give vaccinated employees $200, stops short of mandate (CNBC)
Sen. Joe Manchin of West Virginia is urging his Democratic Party leaders to "pause" their consideration of a massive $3.5 trillion spending bill. Democrats aim to approve the measure, which would invest in climate policy and social programs, in the coming weeks without Republican support. While voting last month to advance the $3.5 trillion budget resolution, Manchin and Democratic Arizona Sen. Kyrsten Sinema signaled they would oppose the final bill unless the price tag was cut. (CNBC)
Former President Donald Trump held a series of private meetings this summer at his golf course in New Jersey with loyalists, people opposed to Covid mask and vaccine mandates, and conspiracy theorists who continue to push false claims that the 2020 election was rigged in favor of Joe Biden. CNBC learned of the meetings through reviewing social media posts.
* 'QAnon shaman' Jacob Chansley, face of Jan. 6 Trump Capitol riot, will plead guilty (CNBC)
STOCKS TO WATCH
Didi Global (DIDI) rallied 4% in the premarket following a Bloomberg report that Beijing was considering taking a stake in the ride-hailing company and possibly bringing it under state control. It's unclear what size stake Beijing would consider taking in the company.
MongoDB (MDB) lost 24 cents per share for its latest quarter, narrower than the 39 cent loss that analysts anticipated. The database platform company also reported better-than-expected revenue and gave upbeat current-quarter revenue guidance. Shares soared 13.5% in premarket action.
PagerDuty (PD) shares surged 14.5% in the premarket, after reporting a loss and revenue that beat consensus. The provider of digital operations management solutions reported an adjusted loss of 13 cents per share for its latest quarter, 2 cents narrower than expected, while issuing a strong current-quarter revenue outlook.
Hewlett Packard Enterprise (HPE) came in 5 cents ahead of estimates with adjusted quarterly earnings of 47 cents per share, while revenue was essentially in line with analyst forecasts. The company's business continues to get a boost from the pandemic-driven move to digital operations.
Western Digital (WDC) shares added about 2% in the premarket, following a published report in Japan saying memory chip maker Kioxia favors a planned initial public offering over a possible merger with Western Digital. The two sides had reportedly been in advanced talks to merge in a deal worth $20 billion or more.
DocuSign (DOCU) beat estimates by 7 cents with adjusted quarterly earnings of 47 cents per share and revenue that topped Street forecasts. The provider of electronic signature technology also raised its full-year guidance for total revenue, subscription revenue and billings.
Broadcom (AVGO) reported adjusted quarterly earnings of $6.96 per share, 8 cents above estimates, with revenue slightly above consensus. Broadcom also issued an upbeat current-quarter outlook as it continues to see strong demand in the 5G mobile market.
fuboTV (FUBO) shares jumped 4.5% in premarket trading after it received approval from Arizona regulators to offer mobile wagering in the state. Arizona is the second state to allow the sports programming streaming service to offer such betting, following a recent approval in Iowa.
Marvel's newest hero arrives in theaters this weekend. Due out exclusively in theaters Friday, Disney's (DIS) "Shang-Chi and the Legend of the Ten Rings" centers on Shang-Chi, a valet at a ritzy hotel, who goes by Shaun, an Americanized version of his name. He's the son of Wenwu, a centuries-old conqueror, crime lord and wielder of the legendary 10 rings. (CNBC)