U.S. stock futures were pointing to a decline for the Dow Jones Industrial Average on Friday morning. But that could change when the government releases its monthly employment report for September at 8:30 a.m. ET, an hour before the opening bell on Wall Street. The Dow staged a major comeback Thursday, wiping out a 335-point decline to close higher by 122 points. However, that gain only made a small dent in the two-session plunge on Tuesday and Wednesday, which saw blue chips sink more than 800 points. The Dow, S&P 500 and Nasdaq were all on track for a third straight weekly decline.
Economists expect the government's jobs report to show a September nonfarm payrolls increase of 145,000 with the unemployment rate holding steady at 50-year lows of 3.7%. However, two economic reports released earlier this week point to a slowdown in job growth. The Institute for Supply Manufacturing's sentiment measures for manufacturing and services came in well below expectations. More importantly, as CNBC's Jeff Cox wrote, they fueled concern that the U.S. is heading either for a significant slowdown or even a recession.
The White House is preparing to formally object, as soon as Friday, to the House impeachment inquiry into President Donald Trump, saying it won't cooperate with the probe because it was initiated without an actual House vote. Last week, House Speaker Nancy Pelosi said the Democratic-controlled House was beginning the formal inquiry. But she did not seek the consent of the full House, as was done for impeachment investigations into former Presidents Richard Nixon and Bill Clinton.
Joe Biden said his campaign raised $15 million in the third quarter for his bid to win the 2020 Democratic presidential nomination. The former vice president's fundraising was short of Sen. Bernie Sanders' $25 million and Mayor Pete Buttigieg's $19.1 million Q3 haul. Sen. Elizabeth Warren has not released her third-quarter numbers yet. Biden narrowly remains the frontrunner with 26.2% support, according to the Real Clear Politics polling average. Warren is less than 2 points behind in second place. Sanders polls with 16.8 support in third. Buttigieg was in a distant fourth with just 5.5% support
Credit Karma, known for offering consumers access to free credit scores, is jumping into the high-yield savings game. The company said it will start offering consumers the option to open a high-yield savings account and manage their funds through its app and website. Credit Karma's new savings option, which will not charge any fees and does not require a minimum deposit to open, is set to offer an annual percentage yield of 2.03%. That's over 22 times the average rate of 0.09% for savings accounts nationwide, according to the FDIC.
— Associated Press contributed to this report.