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5 things to know before the stock market opens January 10, 2020

5 things to know before the stock market opens January 10, 2020
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1. Dow set to trade above 29,000 for first time at open

Traders and financial professionals work on the floor of the New York Stock Exchange at the closing bell on October 30, 2019 in New York City.

Drew Angerer | Getty Images

U.S. stock futures, ahead of the release of the government’s monthly employment report, were higher on Friday after record closes for the Dow Jones Industrial Average, S&P 500 and Nasdaq. The Dow is being indicated to trade above 29,000 for the first time ever at Wall Street’s open. That could, of course, change after the December jobs report comes out at 8:30 a.m. ET. But as of Thursday’s close, the Dow and S&P 500 were tracking for over 1% gains for the week, and the Nasdaq was riding a weekly increase of 2%.

2. December’s jobs report could have some surprises in it

Flextronics International Apple factory employees work on Apple Mac Pro computer assembly in Austin, TX, November 20, 2019.

Tom Brenner | Reuters

Economists expect December’s employment report to show a solid pace of job growth and steady wage gains. Nonfarm payrolls are expected to have increased by 160,000 last month, with steady 3.1% year-over-year wage growth. The unemployment rate is expected to remain unchanged at 3.5%, matching half-century lows. However, economists say both the headline payroll number and wage growth could be above forecasts because the economy has been a bit stronger than expected recently.

3. ‘Designed by clowns who in turn are supervised by monkeys’

Boeing 737 MAX airplanes are parked at Grant County International Airport October 23, 2019 in Moses Lake, Washington. Boeing reported that its profits were down by more than half in the latest quarter.

David Ryder | Getty Images

Shares of Dow stock Boeing were under some pressure in Friday’s premarket trading after the embattled aircraft giant released a trove of internal communications that showed employees boasting about bullying regulators to approve the now-grounded 737 Max without requiring pilots to undergo simulator training. In messages from April 2017, one Boeing employee told another: “This airplane is designed by clowns who in turn are supervised by monkeys.”

4. House passes resolution to limit Trump’s war powers

President Donald Trump announces proposed rollbacks to the National Environmental Policy Act regulations during an event in Roosevelt Room of the White House in Washington, January 9, 2020.

Kevin Lamarque | Reuters

The House passed a resolution to curb President Donald Trump‘s war powers against Iran, which retaliated this week for the U.S. killing last week of a top Iranian general. The Democratic-held House approved the nonbinding measure by a 224-194 vote, mostly along party lines. However, three Republicans and an independent did vote for it, while eight Democrats did vote against it. While nearly all Republicans have expressed support for taking out Iranian Gen. Qasem Soleimani, a few GOP lawmakers criticized the Trump administration after being briefed on the operation.

5. Pelosi: I won’t rush to send impeachment articles

Speaker of the House Nancy Pelosi, D-Calif., meets with reporters following escalation of tensions this week between the U.S. and Iran, Thursday, Jan. 9, 2020, on Capitol Hill in Washington.

J. Scott Applewhite | AP

House Speaker Nancy Pelosi is saying she will not rush to deliver two articles of impeachment against the president to the Senate. The decision to delay sending the articles is part of a strategy aimed at forcing concessions out of Senate Majority Leader Mitch McConnell on rules for the trial. Trump said he would support witnesses testifying in his upcoming Senate impeachment trial, as long as it meant his legal team could summon House Intelligence Committee Chairman Adam Schiff, former Vice President Joe Biden and his son Hunter Biden, and the anonymous whistleblower whose 2019 complaint sparked the impeachment probe in the first place.

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