Here are the most important news items that investors need to start their trading day:
1. Rocky start
Stocks have so far notched a rocky start to December, with the Dow Jones Industrial Average and S&P 500 off 0.35% and 0.2%, respectively, for the first full trading week of the month. A losing result by end of trading on Friday would snap five-week winning streaks for both indexes. The Nasdaq Composite is up 0.2% and on pace for its sixth straight week of gains. Follow live market updates.
2. Hot jobs
It's been a big week for jobs data, with readouts on private payrolls, jobless claims and job openings all out in recent days. But Friday is the main event, with Labor Department data on nonfarm payrolls revealing 199,000 adds in November, more than in October, as well as wage growth and declining unemployment. All of that suggests a still-hot labor market, while some earlier reports this week hinted at softening.
3. Patent push
The Biden administration on Thursday unveiled a new framework for boosting access and lowering prices for certain medications. While the benefits sound pretty straightforward, the policy is not without its controversy. It leans on what are called march-in rights, which would allow the federal government to seize patents covering drugs that were developed with taxpayer funds and which aren't "reasonably" accessible to the public. The idea is to share the patents with other pharmaceutical companies, introduce competitive generics and bring down prices. Drugmakers, however, argue increased competition would reduce revenue and reinvestments in developing their pipelines.
4. Open question
Regulators in the U.K. have opened an initial review of Microsoft's investment into ChatGPT-creator OpenAI — the first major watchdog to tackle questions of competition over the relationship. The Competition and Markets Authority is looking into whether Microsoft's $10 billion investment in OpenAI created a "relevant merger situation" in which Microsoft has defacto control. Microsoft President and Vice Chair Brad Smith said in a statement that the yearslong relationship has "fostered more AI innovation and competition, while preserving independence for both companies."
5. Grub-scription
Amazon is testing a Prime-exclusive grocery subscription in the latest blending of its logistics empire and supermarket offerings. Amazon Prime members in Denver, Sacramento and Columbus will have the option to pay $9.99 per month for unlimited grocery deliveries from Whole Foods and Amazon Fresh (as long as they spend at least $35 on the order) as well as 30-minute pickup on orders of any size. It marks another tweak to the fresh food side of Amazon's business, as costs rise and fewer Americans rely on at-home delivery the way they did during the Covid pandemic. "We're always experimenting with features to make shopping easier, faster, and more affordable, and we look forward to hearing how members who take advantage of this offer respond," said Tony Hoggett, who leads Amazon's physical stores business, in a statement.
– CNBC's Tanaya Macheel, Jeff Cox, Annika Kim Constantino, Ryan Browne and Annie Palmer contributed to this report.
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