In the pre-market on Friday, U.S. index futures show a mixed performance. Investors are carefully assessing the recent tougher statements from Jerome Powell, the Federal Reserve Chairman, along with a thorough analysis of quarterly financial reports from companies.

At 5:56 AM, Dow Jones futures (DOWI:DJI) rose by 37 points, or 0.11%. S&P 500 futures fell by 0.02%, and Nasdaq-100 futures declined by 0.18%. The yield on the 10-year Treasury bonds was at 4.644%.

In the commodities market, December West Texas Intermediate crude oil rose by 0.87% to $76.40 per barrel. January Brent crude oil increased by 0.90% to near $80.74 per barrel. Iron ore with a 62% concentration, traded on the Dalian Exchange, rose by 2.56%, quoted at $131.66 per ton.

On the economic agenda for Friday, investors await speeches from Lorie Logan, President of the Dallas Fed, at 07:30 AM, and Raphael Bostic, President of the Atlanta Fed, at 09:00 AM. The University of Michigan Consumer Sentiment, projected at 63.70 points for November, will be released at 10:00 AM. Baker Hughes will report the weekly rig count at 13:00 PM.

In Asian markets, there was a widespread decline influenced by concerns about rising interest rates in the U.S. Additionally, in China, property developer Country Garden plans to restructure significant offshore debt by the end of the year.

In Europe, the UK economy avoided a recession in the third quarter, with stable performance and industrial production exceeding expectations. A speech by Christine Lagarde, President of the European Central Bank, is scheduled for 07:30 AM.

On Thursday, the Nasdaq and S&P 500 ended their long winning streaks. The Dow Jones dropped by 220.33 points (0.65%), the S&P 500 declined by 35.43 points (0.81%), and the Nasdaq fell by 128.97 points (0.94%). The drop followed a 30-year bond auction with below-average demand and comments from Jerome Powell on monetary policy. Airline, pharmaceutical, and biotechnology sectors also saw declines, while telecommunications company Infinera (NASDAQ: INFN) stocks rose.

The Federal Reserve Chairman has been signaling the possibility of further interest rate hikes since September, causing market unrest with his recently more assertive tone. Contrary to expectations of an end to the interest rate hiking cycle, Powell indicated that rates may continue to rise. This is reflected in the increase of more than 1 basis point in the ten-year note, a key indicator in the global market.

In the corporate earnings front for Friday, investors will be watching for reports from Silver Spike (NASDAQ:SSIC), Algonquin Power (NYSE:AQN), AlgloGold Ashanti (NYSE:AU), Hudson (NASDAQ:HSON), AirSculp (NASDAQ:AIRS), Creative Realities (NASDAQ:CREX), among others.

Wall Street Corporate Highlights for Today

Apple (NASDAQ:AAPL) – Apple has agreed to pay $25 million to settle charges by the U.S. Department of Justice of illegally favoring immigrant workers over American citizens and green card holders for certain jobs. The settlement involves civil fines and compensation for affected workers. Apple has committed to align its recruitment practices and train employees on anti-discrimination laws.

Alphabet (NASDAQ:GOOGL) – Google’s experimental chatbot, Bard, may develop another product with two billion users, said a director at the Reuters NEXT conference in New York. Bard represents Alphabet’s ambition in AI and faces increasing competition in the virtual assistant sector.

Meta Platforms (NASDAQ:META) – Meta Platforms has closed a deal with Tencent Holdings to sell a new low-cost virtual reality (VR) headset in China, aiming to re-enter the market where Facebook and Instagram are blocked. Tencent will be the exclusive seller of Meta’s headsets in China starting in 2024. This deal enables Meta to compete in the Chinese market, primarily against Bytedance, the creator of the VR headset Pico. Meta plans to use cheaper lenses than those in the Quest 3 in this new model, which will also be sold in other markets.

Verizon (NYSE:VZ), Netflix (NASDAQ:NFLX), Warner Bros Discovery (NASDAQ:WBD) – Verizon plans to offer ad-supported versions of Netflix and Warner Bros Discovery’s Max for about $10 per month, instead of $17. The discounted bundle is expected to be announced in the coming weeks, with revenue shared between the companies.

TKO Group Holdings (NYSE:TKO) – Vince McMahon, CEO of TKO Group Holdings, plans to sell approximately $700 million in shares (about 25% of his stake in TKO) in the combined UFC and WWE company. This move may signal his eventual exit from WWE and TKO.

PDD Holdings (NASDAQ:PDD), JD.com (NASDAQ:JD), Alibaba (NYSE:BABA) – The intense price war among Chinese e-commerce retailers on “Singles’ Day” exposes weakness in domestic consumption and raises concerns about the slowdown in the world’s second-largest economy as consumer confidence wavers.

Groupon (NASDAQ:GRPN) – Groupon shares fell more than 31% in pre-market trading after announcing a new rights offering and challenging business conditions. The $80 million offering will allow the purchase of shares at $11.30 each. Third-quarter revenue fell to $126.5 million, with a net loss of $41.4 million. Additionally, Eric Lefkofsky, co-founder, will leave the company’s board.

Diageo (NYSE:DEO) – Diageo, the maker of Johnnie Walker, projects a drop in operating profit in the first half of the fiscal year due to weak performance in Latin America and the Caribbean. Its shares fell 13.6% in pre-market trading on Friday. The company faces lower consumption and a demand for more affordable products in the region.

UnitedHealth (NYSE:UNH) – UnitedHealth, through its pharmaceutical benefits management unit Optum Rx, announced the inclusion of eight insulin products on its reimbursement list, limiting consumer spending to $35 or less. Starting on January 1, these products, including short-acting and rapid-acting insulins, will have preferred status, ensuring lower prices.

Walgreens Boots Alliance (NASDAQ:WBA) – Walgreens further reduced its stake in Cencora (formerly AmerisourceBergen Corp) by selling approximately $674 million worth of shares. With this sale, Walgreens now owns about 15% of the drug distributor, using the proceeds to reduce debt. Walgreens remains the largest shareholder of Cencora.

Novo Nordisk (NYSE:NVO) – Novo Nordisk will invest over $6 billion in its production unit in Denmark to meet the growing global demand for the weight loss treatment Wegovy. This includes increasing the capacity for GLP-1 products like semaglutide, the primary ingredient in Wegovy and the diabetes treatment Ozempic. The expansion in Kalundborg will boost manufacturing and packaging capacity, with completion expected between 2025 and 2029.

Eli Lilly (NYSE:LLY) – Eli Lilly has not yet received approval in the UK for the Mounjaro injection device, its treatment for obesity and diabetes, despite approval of the medication. The company aims to secure sustainable supply and awaits final approval from the NHS.

Goldman Sachs (NYSE:GS) – Goldman Sachs is developing twelve projects involving generative artificial intelligence, including coding via English commands and document creation, according to an executive at the Reuters NEXT conference. These projects do not have direct customer interaction due to financial sector regulations.

BlackRock (NYSE:BLK) – BlackRock has registered an ethereum trust, indicating interest in a related ETF. The iShares Ethereum Trust was registered in Delaware, with Nasdaq proposing its listing. This follows the creation of a bitcoin trust by BlackRock, targeting cryptocurrency ETFs.

Moody’s (NYSE:MCO) – The banking sector still faces risks, including reflation, if banks do not adequately anticipate interest rate movements, said Ana Arsov of Moody’s at Reuters Next. The sector in the US has been hit by the decline of Silicon Valley Bank and concerns about regional and midsize banks, leading to downgrades by Moody’s. Arsov emphasized the importance of banks adjusting their portfolios to deal with interest rates and potential losses.

Polestar Automotive (NASDAQ:PSNY) – Israeli startup StoreDot has partnered with Polestar to integrate its fast-charging batteries, which recharge nearly fully in 10 minutes, into Polestar vehicles. Cars with this technology are expected on the roads by 2027.

Fisker (NYSE:FSR) – US electric vehicle startup Fisker is in talks with five automakers to expand production. CEO Henrik Fisker plans to launch two new models by 2025, requiring additional capacity beyond the partnership with Foxconn in Ohio.

Nio (NYSE:NIO) – Chinese automaker Nio is considering entering the North American market in 2025, according to Ganesh Iyer, CEO of Nio USA. Speaking at the Reuters Events Automotive USA 2023 conference, Iyer highlighted the search for partnerships and the need to build infrastructure in North America to offer an immersive experience to users.

Tesla (NASDAQ:TSLA) – Tesla is expanding its operations to South America, registering Tesla Chile and hiring employees for new operations in the country. The Santiago-based company may open branches in other cities and countries. This will be Tesla’s first direct commercial operation in South America.

Earnings

The Trade Desk (NASDAQ:TTD) – Shares fell 27.5% in pre-market trading on Friday due to an unfavorable outlook for the current quarter. The company projected revenue of $580 million in the fourth quarter, below the LSEG analysts’ estimate of $610 million. However, the company exceeded third-quarter adjusted profit and revenue expectations.

Unity Software (NYSE:U) – The video game software development company saw a 14.1% decline in pre-market trading on Friday due to below-expected results in the third quarter, with revenue of $544 million, below the LSEG consensus estimate of $554 million, and no future projections.

Synaptics (NASDAQ:SYNA) – The computer hardware company reported first-quarter fiscal results that exceeded Wall Street’s forecasts. Synaptics announced an adjusted earnings per share of 52 cents, with revenues reaching $238 million. Analysts had estimated earnings of 40 cents per share and revenues of $233 million, as reported by LSEG.

Plug Power (NASDAQ:PLUG) – Plug Power recorded a loss of $283.5 million in the third quarter, or 47 cents per share, causing shares to drop 29% in pre-market trading. The company faces supply challenges and reported revenues of $199 million, below the expected $220 million.

Capri Holdings (NYSE:CPRI) – The luxury fashion group reported mixed results in the second fiscal quarter. Capri reported adjusted earnings of $1.87 per share and revenue of $1.29 billion, surpassing analysts’ estimates of $1.52 per share but falling short of revenue expectations of $1.34 billion. CEO John D. Idol attributed the underperformance to macroeconomic factors and challenges associated with e-commerce expansion.

Wynn Resorts (NASDAQ:WYNN) – Wynn Resorts saw its shares decline by 4.8% in pre-market trading on Friday after releasing third-quarter financial results. Wynn Resorts reported earnings per share of $0.99 for the third quarter, $0.25 better than analysts’ estimates of $0.74. Quarterly revenue was $1.67 billion, exceeding the consensus estimate of $1.58 billion. Although the company achieved its profit and revenue targets, it reported a revenue decline at Encore Boston Harbor compared to the previous year.

Canopy Growth (NASDAQ:CGC) – Cannabis producer Canopy Growth reported a reduced adjusted loss in the second quarter due to cost-cutting measures. The company, facing liquidity issues, has taken steps to become profitable, including layoffs, exiting international markets, closing stores, and divesting from the Canadian retail sector. Canopy’s adjusted loss was reduced to $8.62 million, with a 21% drop in net revenue.

Illumina (NASDAQ:ILMN) – Illumina experienced a more than 8% decline in pre-market trading after the biotechnology company lowered its full-year adjusted profit outlook to a range of 60 cents to 70 cents per share, contrasting with analysts’ expectations of 80 cents per share, according to LSEG. While exceeding expectations for adjusted earnings per share in the third quarter, revenues fell short of analysts’ estimates.

Doximity (NYSE:DOCS) – Doximity announced that its board has authorized the repurchase of up to $70 million in common shares over the next 12 months. The online platform for healthcare professionals reported earnings per share of $0.22 in the third quarter, surpassing analysts’ estimate of $0.17. Revenue was $113.6 million, above the forecast of $109.05 million. For fiscal year 2024, Doximity expects revenues between $460 million and $472 million, compared to an expectation of $458.7 million.