U.S. stock futures cut their gains on Friday after the government issued December jobs growth below expectations. Thursday saw record closes for the Dow Jones Industrial Average, S&P 500 and Nasdaq. Before the release of the jobs report, the Dow had been indicated to go above 29,000 for the first time ever at Friday's open on Wall Street. As of Thursday's close, the Dow and S&P 500 were tracking for over 1% gains for the week, and the Nasdaq was riding a weekly increase of 2%.
The U.S. economy created 145,000 nonfarm jobs in December, according to Friday's employment report from the Labor Department. Economists had expected growth of 160,000 new positions last month. The nation's unemployment rate held steady at half-century lows of 3.5%, as expected. Average hourly earnings rose by 2.9%, which was below the 3.1% projection. December marked the first time that wage gains were below 3% on a year-over-year basis since July 2018.
Shares of Dow stock Boeing were under some pressure in Friday's premarket trading after the embattled aircraft giant released a trove of internal communications that showed employees boasting about bullying regulators to approve the now-grounded 737 Max without requiring pilots to undergo simulator training. In messages from April 2017, one Boeing employee told another: "This airplane is designed by clowns who in turn are supervised by monkeys."
The House passed a resolution to curb President Donald Trump's war powers against Iran, which retaliated this week for the U.S. killing last week of a top Iranian general. The Democratic-held House approved the nonbinding measure by a 224-194 vote, mostly along party lines. However, three Republicans and an independent did vote for it, while eight Democrats did vote against it. While nearly all Republicans have expressed support for taking out Iranian Gen. Qasem Soleimani, a few GOP lawmakers criticized the Trump administration after being briefed on the operation.
House Speaker Nancy Pelosi is saying she will not rush to deliver two articles of impeachment against the president to the Senate. The decision to delay sending the articles is part of a strategy aimed at forcing concessions out of Senate Majority Leader Mitch McConnell on rules for the trial. Trump said he would support witnesses testifying in his upcoming Senate impeachment trial, as long as it meant his legal team could summon House Intelligence Committee Chairman Adam Schiff, former Vice President Joe Biden and his son Hunter Biden, and the anonymous whistleblower whose 2019 complaint sparked the impeachment probe in the first place.