OPENING CALL

Stock futures were down on Friday as investors were watching for progress on ending the record-long government shutdown and awaited more earnings.

As a safety measure prompted by the shutdown, transportation officials plan to cut flight traffic at 40 airports by up to 10% starting Friday. That raises the stakes for a potential vote to end the shutdown.

In the absence of official data, markets are placing more importance on private reports.

"With the December Federal Reserve meeting more or less a coin toss which crucially depends on labor market picture, [the] market is overreacting to any hints about the labor market," Jefferies said.

While Fed officials remained divided on the policy path ahead, traders were pricing in a 67% chance of another cut next month, according to the FedWatch tool.

Investors are now awaiting preliminary consumer-sentiment reading for November from the University of Michigan.

Earnings from Constellation Energy, Duke Energy, KKR, Six Flags and Wendy's are expected.

Stocks to Watch

Affirm jumped premarket after quarterly results beat expectations.

Airbnb's profit was dented by a higher tax cost tied to the One Big Beautiful Bill Act. But Airbnb said travelers felt more confident booking vacations, as did Expedia, which raised its annual sales outlook. Both stocks rallied offhours.

Block, the company behind Cash App and Square issued quarterly results that missed Wall Street forecasts. The stock slid 14% before the bell.

DraftKings cut its annual sales outlook. Earlier Thursday the company, which is investing more in prediction markets and expanding to new states, also unveiled a multiyear deal with ESPN . Shares dropped roughly 8.5% premarket.

Monster Beverage's quarterly results topped forecasts, with demand strong for sugar-free beverages. Shares rallied offhours.

Sweetgreen logged an unexpected sales decline as consumers, especially younger ones, slow their spending. Shares fell 12%.

Opendoor said quarterly sales dropped by over one-third, amid a change in strategy since going viral online. Shares skidded by around one-fifth premarket.

Take-Two Interactive Software raised its annual outlook but again delayed the release of "Grand Theft Auto VI." Shares dropped offhours.

Tesla's shareholders approved a $1 trillion pay package for Chief Executive Elon Musk, but gave mixed support to the idea of the carmaker investing in his xAI ventures. The stock rose more than 1% premarket.

Watch For:

Employment Report due (no data during government shutdown), University of Michigan Preliminary Consumer Survey, Canada Labour Force Survey, Fed's Jefferson and Miran to speak; Earnings from Enbridge

Today's Top Headlines/Must Reads:

-This Unlikely Duo Is Developing a Weight-Loss Pill. Big Pharma Is Obsessed.

-Trump's Tariffs Are a Massive Money Grab. That's Why They Are in Trouble.

-Inside Corning's Bold Bid to Revive the U.S. Solar Industry

MARKET WRAPS

Forex:

The dollar recovered slightly from losses in the previous session triggered by weak labor market data.

The euro fell. China's soft trade data Friday were unwelcome news for the currency, ING said.

The euro might have established an important low of $1.1470 this week, but there needs to be more clarity on the slowing U.S. jobs market for a decent rally to unfold, it added.

Sterling fell. The currency could extend its weakness against the euro if upcoming data and the November 26 budget pave the way for further U.K. interest-rate cuts in December, MUFG said.

Bonds:

Treasury yields rose, paring some of Thursday's decline, with the 10-year Treasury yield remaining above the 4% level.

The Treasury's funding strategy was expected to turn increasingly opportunistic and dynamic, taking market structure into account, Julius Baer said.

SEB said the 10-year Treasury yield was expected to decline to 3.80%-3.90% in the coming three to six months, if expectations of sizeable interest-rate cuts by the Fed prevailed.

Energy:

Oil prices rose but were on track for a weekly loss of more than 1%, pressured by concerns over excess supply and signs of weaker crude demand in the U.S.

"Geopolitical disruptions, such as Ukrainian attacks on Russian refineries and renewed U.S. sanctions on Rosneft and Lukoil, have added modest upside risks ," MUFG said.

Metals:

Gold prices rose in early trading after the latest U.S. data showed a surge in October layoffs , boosting expectations for a Fed interest-rate cut in December.

Copper

Copper edged higher. Demand for copper was expected to surge on the rapid buildout of global data centers, ANZ said.

Iron

Iron ore fell. Prices remained under pressure, as high global shipments and accumulating port inventories , paired with falling steel mill profits, were weighing on iron ore demand, Nanhua Futures said.

   TODAY'S TOP HEADLINES 

Blackstone Is Offloading a Flopped $1.8 Billion Investment in Senior Housing

Real-estate giant Blackstone is liquidating a major investment gone wrong: a $1.8 billion wager on senior housing that has saddled the firm with more than $600 million in losses.

It is shaping up to be one of the New York firm's worst investments in recent years. Blackstone has been quietly selling off its portfolio of about 9,000 senior-housing units across the U.S. through a series of one-off transactions, sometimes at losses of more than 70% compared with their purchase price, according to a Wall Street Journal analysis of public records.

Honda Motor Cuts Guidance on Nexperia Chip Shortage

Honda Motor cut its annual earnings forecasts, citing a shortage of chips from Dutch supplier Nexperia, and reported lower first-half net profit due partly to U.S. tariffs.

The Japanese carmaker said Friday that net profit fell 37% from a year earlier to 311.83 billion yen, equivalent to $2.04 billion, for the six months ended September.

Opendoor is an 'AI company,' new CEO says. The stock is still falling after earnings.

Opendoor Technologies Inc., the online real-estate platform whose stock has recently attracted a surge of meme-like attention, will ride the artificial-intelligence wave to profitability, according to its new chief executive.

"We are refounding Opendoor as a software and AI company," CEO Kaz Nejatian said in a statement that accompanied the company's third-quarter results late Thursday. "In my first month as CEO, we've made a decisive break from the past - returning to the office, eliminating reliance on consultants, and launching over a dozen AI-powered products and features that demonstrate our renewed velocity."

Inside Corning's Bold Bid to Revive the U.S. Solar Industry

Just off a rural road in Michigan near a pumpkin stand, workers for industrial company Corning are assembling a one-of-a-kind solar energy plant. The towering gray warehouse complex is the company's largest American operation, even bigger than the Kentucky factory where it makes glass for iPhones and Apple Watches.

The site is abuzz with activity. Even as the walls and roads are being built outside, workers inside are churning out products. Using intense heat and precision cutting tools, they're turning chunky polysilicon rocks into perfect squares the size of hotel waffles. The finished product is as thin as a human hair.

Flight-Cancellation Plans Prompt Scramble Across Travel Industry

Airlines and travelers scrambled to review flight plans after U.S. transportation officials said they would throttle commercial air traffic starting Friday, a move that has heightened pressure on lawmakers and the president to end the government shutdown.

Transportation Secretary Sean Duffy said traffic at 40 major airports would be reduced as much as 10% as a safety measure prompted by the shutdown. He has said that while the country's air-travel system is safe, the reduction is aimed at keeping it that way.

Fed's Williams Expects Central Bank to Return to Asset Purchases Soon

New York Fed President John Williams said that the Federal Reserve could soon return to expanding its securities holdings, a week after the central bank said that it would wind down efforts to shrink its balance sheet on Dec. 1.

The net bond purchases would be the next, long-planned phase of the Fed's approach to matching the levels of cash-like assets available to banks to their needs-not a new effort to stimulate the economy.

World's Food Prices Fell in October on Cheaper Meat, Dairy and Sugar

Global food prices fell in October, driven by lower prices for meat, dairy and sugar, the Food and Agriculture Organization of the United Nations said.

The FAO's food price index, which tracks a basket of staple foods, averaged 126.4 points in October, down from September's revised level of 128.5 points. The gauge is still more than 20% below its March 2022 high reached after Russia's invasion of Ukraine.

China's Exports Unexpectedly Contract

SHANGHAI-China's exports fell in October, with shipments to the U.S. dropping for a seventh straight month, as the growth that has powered the world's second-largest economy this year took an unexpected stumble.

Outbound shipments from China declined 1.1% from a year earlier in October in dollar-denominated terms, compared with an 8.3% increase in September, according to data released Friday by China's customs bureau. Exports to the U.S. fell 25% in October from a year earlier.

Trump Administration Blocks Gunvor Takeover of Russian Oil Assets

Gunvor pulled its offer to buy the international assets of sanctioned Russian oil producer Lukoil after the U.S. Treasury Department said it opposed the deal and called the Swiss commodities trader the "Kremlin's puppet."

The move signals the Trump administration is taking a hard-line approach in its recently launched effort to use economic pressure on Moscow to end the war in Ukraine.

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November 07, 2025 05:59 ET (10:59 GMT)

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