5 things to know before the stock market opens Friday, Nov. 5

On Nov 5, 2021

Here are the most important news, trends and analysis that investors need to start their trading day:

1. Wall Street looks higher ahead of jobs report, after more records

Traders on the floor of the NYSE

Source: NYSE

U.S. stock futures were steady Friday, ahead of the Labor Department’s 8:30 a.m. ET release of its latest jobs report. The S&P 500 on Thursday closed at a record for the fifth straight session, extending its winning streak to six trading days. The Nasdaq also closed at a record for five straight sessions, riding a nine-trading day winning streak. The Dow Jones Industrial Average dipped slightly Thursday, ending its latest string of record closes at four sessions and its winning streak at five. All three stock benchmarks were tracking for strong weekly gains as investors took the Federal Reserve’s tapering plan for its massive Covid-era bond buying in stride and found solace in the central bank’s patient stance on raising interest rates.

2. Hiring is expected to have picked up in October, wages too

A Now Hiring sign hangs near the entrance to a Winn-Dixie Supermarket on September 21, 2021 in Hallandale, Florida.

Joe Raedle | Getty Images

Economists expect 450,000 nonfarm jobs were added last month, forecasting a pick up in hiring as new Covid cases receded and the economy improved. That would be up sharply from September’s disappointing 194,000. The nation’s unemployment rate is seen dipping to 4.7% in October. Hourly wages are expected to rise by 4.9% on a year-over-year basis. That would be up from September’s 4.6% advance. Wage inflation will be closely watched to see whether it remains elevated. The Fed said Wednesday it continues to view inflation as transitory. However, stronger wages could make the case for a rate increase sooner than expected. The futures market is pricing in the first Fed rate hike for July.

3. Pfizer says its Covid pill with HIV drug cuts risk of serious illness

People walk in front of Pfizer sign at Pfizer World Headquarters on March 23, 2021 in New York. The Food and Drug Administration (FDA) says Pfizer’s coronavirus vaccine can be stored in normal freezers for two weeks, instead of storage at ultra-cold temperatures.

VIEW press | Corbis News | Getty Images

Pfizer said Friday its oral Covid pill, administered in combination with a widely used HIV drug, cut the risk of hospitalization or death by 89% in high-risk adults who’ve been exposed to the coronavirus. The company’s shares jumped roughly 12% in the premarket. The Pfizer candidate is now the second antiviral pill behind one from Merck to demonstrate strong effectiveness for treating Covid at the first sign of illness. Merck shares fell 9% in the premarket.

If cleared by U.S. health regulators, these pills would likely be game changers in the ongoing global pandemic fight. Pfizer plans to submit its data to the Food and Drug Administration “as soon as possible.” The antiviral pill made by Merck and Ridgeback Biotherapeutics was approved by Britain’s medicines…