Wall Street stock futures were pointing to a lower open Friday after the Dow Jones Industrial Average's more than 1,100-point, or 4%, four-session winning streak. The Dow closed Thursday at an all-time high, joining the S&P 500 and Nasdaq in record territory. One week ago to the day, the Dow plunged over 600 points on coronavirus concerns. While the outbreak continued to worsen in China this week, investors were hopeful because there were no signs of an outbreak in the United States. Investors also focused on stronger earnings and upbeat numbers on jobless claims and private payrolls data. The government on Friday said the U.S. economy created 225,000 nonfarm jobs in January. Economists had expected to see growth of 158,000 positions. The unemployment rate ticked up to 3.6% last month for a good reason: The labor force participation rate grew. Average hourly wages increased 0.2%.
Uber shares jumped 6.5% in premarket trading a day after the ride-hailing and logistics company announced a fourth-quarter loss that was narrower than expected and moved up its forecast on a key measure of profitability. Revenue in Q4 of $4.07 billion was basically in line with estimates. Uber CEO Dara Khosrowshahi told CNBC on Friday that the company is looking to "drop 50 cents to 55 cents" of every dollar of revenue growth into achieving profitability. Khosrowshahi also said in a "Squawk Box" interview the coronavirus outbreak "is not material in any way" to Uber's overall portfolio of businesses.
Credit Suisse CEO Tidjane Thiam is stepping down in the wake of a corporate espionage scandal. He'll be replaced by Thomas Gottstein who currently heads the bank's Swiss unit. Thiam's departure follows a drawn-out spying scandal at the bank, after former wealth management boss Iqbal Khan, who was heading to rival UBS, was followed by private contractors in a bid to establish whether he was poaching colleagues and clients. An internal investigation was said to have found "zero evidence" that Thiam was aware of the surveillance.
China increased its confirmed cases to more than 31,000, with 636 deaths there. The death of Wuhan doctor and coronavirus whistleblower Li Wenliang ignited a public outpouring of grief and criticism of the Chinese government on social media. The hashtag #IWantFreedomOfSpeech has been censored on Chinese social media site Weibo. In Japan, an additional 41 people on the Diamond Princess cruise ship, which arrived at a Japanese port earlier this week, have tested positive for the coronavirus. About 3,700 passengers and crew remained under mandatory quarantine for two weeks.
Seven Democratic presidential contenders are preparing for Friday night's debate in New Hampshire. Sen. Bernie Sanders, ex-Mayor Pete Buttigieg, former Vice President Joe Biden, Sens. Elizabeth Warren and Amy Klobuchar, billionaire activist Tom Steyer and New York entrepreneur Andrew Yang take the stage at 8 p.m. ET tonight at St. Anselm College. Billionaire former Mayor Mike Bloomberg might be able to get into the Nevada debate later this month, under new rules from Democratic National Committee. In Iowa, Democratic caucus results are rife with potential errors and inconsistencies that could affect the outcome of the election, according to a review by NBC News.