STOCKS/ECONOMY
-Stock futures are lower after Thursday's 185-point gain for the Dow, similar 0.6 percent gain for the S&P 500, and a 1 percent gain for the Nasdaq. That was another all-time closing high for the Nasdaq and its first close over the 11,000 mark.
-Investors are mostly focusing on the July jobs report due later this morning that's expected to show a new gain of 1.48 million jobs compared to 4.8 million added in June. The big expected drop in jobs gained is due to a number of re-imposed lockdowns due new coronavirus cases in large states like Texas and Florida.
-The yield on the 10-year Treasury bond is at 0.53 percent, with the 2-year yield 42 basis points behind at 0.11 percent.
-Gold remains at an all-time high at the $2,067 per ounce level. Silver is down a bit, but still at the $28 per ounce level. Bitcoin is at the $11,700 level.
-Asian markets closed lower today, led by a 1.6 percent drop for Hong Kong's Hang Seng index. Shanghai's Shenzhen composite fell 1 percent, and Japan's Nikkei dropped 0.4 percent.
OIL/ENERGY
-U.S. crude prices are down, but still at the $41 a barrel level.
-Gasoline prices are at $2.18 a gallon, national average.
CHINA TENSIONS
-President Trump issued an executive order late Thursday banning financial transactions with the Chinese tech firms Tencent and ByteDance. The ban will take effect in 45 days. Tencent is the owner of the messaging ap WeChat and ByteDance owns the social media/video sharing platform TikTok. Tencent shares fell 5 percent in Hong Kong trading today.
-The Trump administration also said Thursday that Chinese companies with shares traded on U.S. stock exchanges should be forced to give up their listings unless they comply with American auditing requirements.
-The Chinese government says its July exports jumped 7.2 percent, due mostly to demand for medical supplies. Imports fell 1.4 percent. Experts had expected almost the complete opposite results, as their estimates called for a drop in exports and a rise in imports.
CORONAVIRUS LATEST
-Both Senate Majority Leader Mitch McConnell and House Speaker Nancy Pelosi say they expect to reach a deal on a new coronavirus relief bill in the "near future." But if they do not reach an agreement by today, President Trump has said he will try to use executive orders to extend eviction moratoriums and jobless benefits.
-In a sign of how COVID-19 tests can often be misleading, Ohio Governor Mike DeWine tested positive for coronavirus Thursday and then hours later tested negative.
EARNINGS SCORECARD
-Uber reported smaller than expected quarterly losses and better than expected revenues, boosted mostly by a surge in demand for Uber Eats food deliveries during the coronavirus lockdown. But overall revenues declined by 29 percent compared to a year ago. Uber shares are down 3 percent in the premarket.
-FOX News and Wall Street Journal parent News Corp reported weaker than expected quarterly revenues and a wider than expected loss. Ad revenue losses during the coronavirus lockdowns were the biggest culprit. News Corp shares are down 4.5 percent year to date.
JakeNovakNews.com