Dow futures, down more than 400 points earlier Friday, pointed to an over 150 point decline at Wall Street's open as Apple and other big technology stocks sank following after-the-bell earnings. Record new daily coronavirus cases in the U.S. also kept a lid on stocks in Friday's premarket, one day after the Dow Jones Industrial Average snapped a four-session losing streak. However, as of Thursday's close, the Dow was approaching 10% correction territory and tracking for weekly declines of 6%, following the Dow's 943 point plunge on Wednesday.
Two Dow stocks reported earnings Friday morning: Honeywell and Chevron. Honeywell shares dipped in the premarket after the industrial giant Friday beat estimates on third-quarter earnings and revenue. Shares of Chevron were steady in the premarket after the U.S. oil giant Friday delivered a third-quarter profit. Analysts had expected a loss. However, revenue missed expectations.
- Apple saw iPhone sales slump 21% in its fiscal fourth quarter, though the normal September launch of new iPhones was delayed into October. Apple beat estimates on earnings and revenue.
- Amazon forecast wide fourth-quarter guidance, factoring in about $4 billion worth of coronavirus costs. Amazon reported better-than-expected third-quarter profit and revenue.
- Facebook warned of a "significant amount of uncertainty" for the coming year. The social media giant did exceed estimates on third-quarter earnings and revenue.
The latest surge in U.S. coronavirus cases is pushing total infections in the nation toward 9 million with at least 228,675 deaths. New daily cases hit a record of 88,521 on Thursday, according to data from Johns Hopkins University. The seven-day average of infections also hit an all-time high of 74,183, a 24% increase from a week ago.
Talks between Democrats and the White House on an addition Covid-19 stimulus package stalled Thursday, five days before the Nov. 3 election. Thursday morning, the government said the economy grew at its fastest pace ever in the third quarter, 33.1%, coming off its worst quarter in history due to the pandemic.
President Donald Trump's final election push includes more huge rallies. He's playing defense Friday in Michigan and Wisconsin while trying to flip Minnesota. Trump's packed rallies are among the nation's biggest events held in defiance of coronavirus crowd restrictions.
Biden continues to hold less frequent, crowd-controlled events. On Friday, he's also in Minnesota as well as Iowa, a state Trump won in 2016. The former vice president has been maintaining his lead in the polls. Unlike four years ago, the gap between the presidential candidates does not seem to be closing in the final days of the race. However, Trump's path to reelection is still possible as swing state polls show several states neck-and-neck.
Walmart has removed guns and ammunition from sales floors in stores where those items had been displayed, citing pockets of "civil unrest" around the U.S. However, the retail giant will continue selling the items. The move comes as Philadelphia has seen days of looting and violent demonstrations following Monday's fatal shooting by police of Walter Wallace Jr., a 27-year-old Black man who officers said had refused repeated orders to drop a knife he was holding. Walmart pulled firearms and ammo from sales floors after the May police killing of George Floyd.
— The Associated Press contributed to this report. Follow all the developments on Wall Street in real-time with CNBC's live markets blog.