Markets

5 things to know before the stock market opens Friday

1. Dow set to open lower ahead of the government's employment report

A trader works on the floor of the New York Stock Exchange October 18, 2006 in New York City as the Dow Jones Industrial Average passed the 12,000 mark today for the first time in its 110-year history.
Mario Tama | Getty Images

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.

2. Jobs reading is the big number for the market in a week of big numbers

Engines assembled as they make their way through the assembly line at the General Motors (GM) manufacturing plant in Spring Hill, Tennessee, August 22, 2019.
Harrison McClary | Reuters

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.

3. White House is set to formally reject House impeachment inquiry

US President Donald Trump speaks to the press as he departs the White House in Washington, DC, for Florida on October 3, 2019.
Jim Watson | AFP | Getty Images

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.

4. Biden's latest fundraising comes in below Buttigieg's

Democratic presidential candidate and former U.S. Vice President Joe Biden responds to a question from moderator Craig Melvin during a forum held by gun safety organizations the Giffords group and March For Our Lives in Las Vegas, Nevada, October 2, 2019.
Steve Marcus | Reuters

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

5. Credit Karma launches a savings account returning 22 times average

Kenneth Lin, founder and CEO of Credit Karma, on stage during day two of MoneyConf 2018.
Eoin Noonan | Sportsfile | Getty Images

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.

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— Associated Press contributed to this report.