1. Wall Street set to rise, but not enough to erase weekly losses
Dow futures pointed to a 100 point gain at Friday's open as Wall Street monitors coronavirus stimulus talks and contemplates how the final presidential debate may influence undecided voters. Quarterly earnings reports and FDA approval of Gilead Sciences' antiviral remdesivir are also in the mix for investors. The Dow Jones Industrial Average closed Thursday up 152 points, or 0.5%, higher. The S&P 500 and Nasdaq also advanced. However, those gains were not enough to pull the three benchmarks out of negative territory for the week.
Dow stock American Express rose in premarket trading after closing up 3.3% ahead of Friday's third-quarter earnings release. The credit card giant is expected to report a nearly 35% drop in per-share profit to $1.35 on an almost 22% revenue decline to $8.62 billion.
Shares of Intel, also a Dow component, dropped 8% in Friday's premarket, the morning after the company showed new weakness in its data center business in the third quarter. Per-share adjusted earnings fell 22% to $1.11, matching estimates. Revenue, which dropped 4% to $18.33 billion, beat expectations.
2. Debate focuses on coronavirus, climate change, personal finances and health care
The final debate between President Donald Trump and Democrat Joe Biden, in stark contrast to their first affair, was much calmer and more focused on their policy differences. Less than two weeks before the Nov. 3 election, the two candidates still went after each other Thursday night on the coronavirus, climate change, their personal finances and health care.
- Trump defended his response to the coronavirus, while Biden warned that the U.S. is headed for a Covid-19 "dark winter" and the president has no plan to stop the spread of the virus.
- Biden said he would "transition" away from oil in favor of renewable energy, a comment that drew a sharp rebuke from Trump.
- Trump claimed Biden made money from Russia, China and Ukraine, an allegation the former vice president strongly denied, before calling out Trump for failing to release his income tax returns.
- If the Supreme Court rules the Affordable Care Act unconstitutional, Biden said, his next move would be to "pass Obamacare with a public option: Bidencare."
3. FDA approves remdesivir to treat Covid as FDA lays vaccine process bare
Shares of Gilead Sciences jumped 6% in Friday's premarket, one day after the Food and Drug Administration approved remdesivir as the first treatment in the U.S. for the coronavirus. In May, the FDA granted the antiviral drug an emergency use authorization. Remdesivir was among the treatments that Trump received after testing positive for Covid-19 earlier this month.
The FDA took an unusual step Thursday and opened to the public a routine meeting with a Covid-19 advisory group of outside researchers and physicians. The group is weighing in on the process for approving coronavirus vaccines as the agency battles public concerns about its safety and political pressure from the Trump administration.
4. Walmart files a preemptive lawsuit against the government over opioids
Shares of Walmart fell slightly in the premarket after the company filed a lawsuit against the federal government, seeking clarity on the roles and legal responsibilities of pharmacists and pharmacies in filling opioid prescriptions. Walmart said certain officials in the Justice Department are threatening to sue the retail giant, claiming pharmacists should have refused to fill valid opioid prescriptions. On Wednesday, a West Virginia court ruled that Walmart must turn over information about federal and state investigations into its opioid-related practices to hospitals suing the company for allegedly contributing to the epidemic.
5. California appeals court hands Uber and Lyft a setback in case to reclassify workers
Shares of Uber and Lyft were under pressure in premarket trading after a California appeals court ruled that companies must comply with a preliminary injunction requiring them to stop classifying drivers as independent contractors. The order, however, won't take effect right away and a state ballot measure could still undermine the entire case. Uber and Lyft have said they would have to temporarily suspend service in California if they were forced to classify their drivers as employees.
— The Associated Press and Reuters contributed to this report.
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October 23, 2020 at 05:27PM
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5 things to know before the stock market opens Friday - CNBC
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