Dow futures, down more than 400 points earlier Friday, pointed to a sharp decline at Wall Street's open as Apple (AAPL) 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 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. (CNBC)
Two Dow stocks reported earnings Friday morning: Honeywell (HON) and Chevron (CVX). Honeywell shares fell 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. (CNBC)
* Exxon reports third straight quarter of losses with revenue down nearly 30% (CNBC)
* Exxon announces U.S. job cuts, global workforce could see 15% reduction (CNBC)
On Friday's economic calendar, the Chicago purchasing managers index is out at 9:45 a.m. ET, with economists expecting a decline to 57.9 for October from 62.4 in September. The University of Michigan releases its final October consumer sentiment index, which is expected to remain at 81.2, the same level registered in the mid-month reading. (CNBC)
Shares of Apple, Amazon and Facebook were lower in the premarket after they reported quarterly results late Thursday.
* 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 (AMZN) 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 (FB) warned of a "significant amount of uncertainty" for the coming year. The social media giant did exceed estimates on third-quarter earnings and revenue.
Tech's big winner: Shares of Alphabet (GOOGL) surged over 6% in the premarket after the Google parent crushed expectations for third-quarter earnings and revenue. It saw strong advertising growth.
The big loser: Shares of Twitter (TWTR) plunged 15%, premarket, after the company posted its slowest quarterly user growth since late 2017. Twitter did beat estimates for 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. (CNBC)
Moderna (MRNA) is prepping for the global launch of its potential coronavirus vaccine, already taking in $1.1 billion in deposits from governments, the biotech firm said Thursday in its third-quarter earnings report. Moderna said it's in ongoing talks with the World Health Organization-backed COVAX initiative on a tiered pricing proposal for its potential vaccine. (CNBC
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 (CNBC)
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. (AP)
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 with some swing states close. (AP & CNBC)
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. (CNBC)
Delta Air Lines (DAL) and the union that represents its pilots have reached a preliminary cost-cutting agreement that would avoid furloughs until Jan. 1, 2022. The agreement, which still needs approval from Delta's about 13,000 pilots, would reduce monthly minimum guaranteed hours by 5% and give partial pay of 30 hours a month to the pilots who received furlough notices. (CNBC)
Starbucks (SBUX) beat estimates by 20 cents a share, with quarterly earnings of 51 cents per share. The coffee chain's revenue also came in above estimates and Starbucks forecast a return to sales growth in 2021, citing a faster than expected return by customers to its stores.
Shake Shack (SHAK) lost 11 cents per share for its latest quarter, smaller than the 21 cents a share loss that analysts were expecting. The restaurant chain's revenue was also better than expected, and although same-restaurant sales tumbled nearly 32%, that drop was smaller than anticipated.
Under Armour (UAA) earned 26 cents per share for its latest quarter, well above the consensus estimate of 3 cents a share. Revenue was above analysts' forecasts as well. It also forecast full-year revenue above consensus estimates, on growing demand for home and outdoor workout apparel.
Skechers (SKX) earned 53 cents per share for its latest quarter, 17 cents a share above estimates. The footwear maker's revenue above estimates as well. Skechers did not provide a financial outlook due to pandemic-related uncertainty.
Colgate-Palmolive (CL) maker beat estimates by 9 cents a share, with quarterly earnings of 79 cents per share. Revenue was also above estimates and Colgate said it expected net sales and organic sales to be up in the mid-single digit range for the full year.
Newell Brands (NWL), a consumer products company, beat consensus estimates by 40 cents a share, with quarterly profit of 84 cents per share. The company behind such brands as Yankee Candle and Elmer's Glue also said it expected flat-to-single-digit core sales growth for the current quarter.
Activision Blizzard (ATVI) reported quarterly earnings of 71 cents per share, 6 cents a share above estimates. The videogame maker's revenue also topped Wall Street projections. Activision gave an upbeat holiday season forecast, with a new "Call of Duty" game set for release in mid-November.'
New York City's 45 movie theaters make up 40% of the metro-area's ticket sales. And so far, only one of them has reopened. In another look at the rough ride for U.S. theaters, the New York region accounts for 7.4% of the total domestic movie box office take. (CNBC)