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First Trust Advisors chief economist Brian Wesbury discusses the bipartisan rescue plan being considered by Congress.
US equity futures indicate higher open as traders wait for the biggest economic report of the month.
The major futures indices suggest a rise of 0.4% when the Friday trading session begins on Wall Street.
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The November jobs report is expected to show a continued slowdown in the number of workers added to the payroll.
Economists polled by data provider Refinitiv predict that employers created 469,000 jobs in November, up from 638,000 in October. It would be a fifth consecutive month of diminishing gains.
The unemployment rate is expected to decline by one tenth of a percentage point to 6.8%.
THE EMPLOYMENT REPORT WILL SHOW THE NUMBER OF PANDEMICS RESULTING FROM THE HIRING
At the same time, the Commerce Department will release the US trade balance for October. The deficit is expected to widen to $ 64.8 billion from $ 63.9 billion in September.
Later this morning, Commerce will also release factory orders for October. They are expected to rise by 0.8% after rising 1.1% the previous month:
STOCK MARKET SEES CORONAVIRUS RELIEF, VACCINE, DIVIDED GOVERNMENT: FORMER NYSE CEO
Asian stock markets followed Wall Street’s decline on Friday after Pfizer cut the number of doses of a predicted coronavirus vaccine it could ship this year.
Tokyo’s Nikkei 225 fell 0.2%, Hong Kong’s Hang Seng fell 0.4% and China’s Shanghai Composite fell 0.1%.
In Europe, London’s FTSE rose 0.7%, Germany’s DAX was little changed, and France’s CAC gained 0.4%.
The Wall Street S&P 500 benchmark closed Thursday down 0.1%, short of a new record. The Dow Jones Industrial Average gained 0.3% to 29,969.52. The Nasdaq composite added 0.2% to 12,377.18.
| Teleprinter | security | Latest | Change | % Change |
|---|---|---|---|---|
| I: DJI | MEDIUM DOW JONES | 29969.52 | +85.73 | + 0.29% |
| SP500 | S&P 500 | 3666.72 | -2.29 | -0.06% |
| I: COMP | NASDAQ COMPOSITE INDEX | 12377.181515 | +27.82 | + 0.23% |
Investors are hopeful that one or more coronavirus vaccines may be available next year despite the challenges of manufacturing and distributing billions of doses that must be kept frozen.
Investors were encouraged by signs that Democrats and Republicans in Washington could move beyond their bitter partisanship to agree on an economic aid package.
PELOSI AND SCHUMER SUPPORT $ 908B CORONAVIRUS RELIEF OFFER AS A BASIS FOR NEGOTIATIONS
House Speaker Nancy Pelosi and Senate Majority Leader Mitch McConnell spoke on Thursday after Pelosi signaled his willingness to make major concessions. President-elect Joe Biden urged Congress on Wednesday to pass a relief bill now, with more help coming next year.
An industry group reported Thursday that U.S. service industries increased in November, but the pace slowed for a second month.
The latest unemployment claims figures from the Labor Ministry show 712,000 workers asked for help last week, about three times the level before the crisis. Still, it is well below the peak of nearly 7 million at the end of March, when states first implemented lockdown measures to curb the spread of COVID-19.
Economists surveyed by Refinitiv predicted 775,000 new claims. It marked a decrease from the revised upward figure of 787,000 a week ago.
Oil prices rose slightly after OPEC and allied countries, including Russia, agreed on Thursday to increase oil production by 500,000 barrels per day from January. They cut production earlier to support prices as the pandemic and controls on business and travel reduced demand.
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Benchmark US crude gained 77 cents to $ 46.41 a barrel in electronic trading on the New York Mercantile Exchange. The contract rose 36 cents Thursday to $ 45.64 a barrel.
Brent, used to price international oils, was 81 cents higher at $ 49.52 a barrel in London. It added 46 cents the previous session to $ 48.71 a barrel.
The Associated Press contributed to this report.
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