5 things to know before the stock market opens on Friday - MSN Money

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1. Stock futures regain lost ground after better-than-expected U.S. jobs report

U.S. stock futures regained lost ground Friday morning after the government reported that the number of payrolls had risen by a better-than-expected 1.763 million in July. Economists polled by Dow Jones had projected 1.264 million new jobs. The unemployment rate fell from 11.1% to 10.2%, also better than Dow Jones estimates. After the report, Dow Jones Industrial Average futures neared breakeven after moderate losses earlier in the premarket. S&P 500 and Nasdaq 100 futures were down fractionally. The major stock indexes entered Friday's session riding strong weekly gains. The Dow and Nasdaq were up more than 3% for the week and the S&P 500 has gained 2.4%.

© Provided by CNBC

2. Trump signs executive orders banning U.S. transactions with WeChat and TikTok parent companies

President Donald Trump signed executive orders Thursday night banning U.S. companies from doing business with Tencent and ByteDance, respective parent companies of WeChat and TikTok. The ban will take effect in 45 days. "The United States must take aggressive action against the owners of TikTok to protect our national security," Trump said in one executive order. In the other order, Trump said WeChat "automatically captures vast swaths of information from its users. This data collection threatens to allow the Chinese Communist Party access to Americans' personal and proprietary information." Tencent's Hong Kong-listed shares dropped 5% over night.

© Provided by CNBC US President Donald Trump speaks to the press in the Brady Briefing Room of the White House in Washington, DC, on July 28, 2020.

3. Uber shares slide on bigger-than-expected quarterly loss

Uber Technologies dropped more than 2% in the premarket after the ride-hailing giant posted a bigger loss for the previous quarter than analysts expected. The company reported a loss of $1.02 per share. Analysts polled by Refinitiv expected a loss of 86 cents per share. Gross bookings for rides also missed analyst forecasts, though that was partially offset by better-than-expected Uber Eats bookings during the Covid crisis.

© Provided by CNBC Dara Khosrowshahi, CEO of Uber, appears on CNBC's Squawk Box at the 2020 World Economic Forum in Davos, Switzerland on Jan,. 22nd, 2020.

4. Bernie Sanders proposes big one-time tax on billionaires

Sen. Bernie Sanders, I-Vt., introduced a bill that would require billionaires to pay a one-time 60% tax on the wealth gains made between March 18, 2020, and Jan. 1, 2021. Funds from that tax would be used to pay for out-of-pocked health-care expenses for Americans over a one-year period. Amazon CEO Jeff Bezos would be required to pay more than $42 billion in taxes under this bill, while Tesla's Elon Musk would have to pay over $27 billion.

© Provided by CNBC Democratic presidential hopeful Vermont Senator Bernie Sanders participates in the 11th Democratic Party 2020 presidential debate in a CNN Washington Bureau studio in Washington, DC on March 15, 2020.

5. China says exports unexpectedly rose in July

China reported a 7.2% increase in exports thanks in large part to strong demand for medical supplies due to the coronavirus pandemic. Economists polled by Reuters expected exports to fall by 0.2%. However, Martin Rasmussen of Capital Economics said the upside to Chinese exports growth may be bounded by limited demand for pandemic-related products.

© Provided by CNBC Excavators are concentrated on the wharf for export. Lianyungang, Jiangsu Province, China, May 5, 2020.

Video: It'd be unprecedented and very odd for the U.S. Treasury to get a cut of TikTok sale: CFRA (CNBC)

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5 things to know before the stock market opens on Friday - MSN Money
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