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U.S. stock futures rose Friday, one day after the Nasdaq closed at a record high. The Dow Jones Industrial Average and S&P 500 also closed Thursday at records. Both benchmarks were tracking for weekly gains despite Monday’s sharp drops, the first negative starts to a new year since 2016. The Nasdaq was also solidly higher for the week as Wall Street powered higher over the past two days despite Wednesday’s deadly siege at the U.S. Capitol and its fallout.
Bitcoin, which topped $40,000 on Thursday for the first time ever, passed $41,000 on Friday. The world’s largest cryptocurrency has been up more than 30% in the first days of 2021 and 400% over the past 12 months. The value of the entire crypto market, which is made up of bitcoin and other digital coins, topped $1 trillion Thursday for the first time.
Tesla shares marched higher in Friday’s premarket after rising 10 sessions in a row, surpassing Facebook in market value, and making CEO Elon Musk the world’s richest person. Thursday’s increase in Tesla’s share price pushed Musk past Amazon‘s Jeff Bezos, who had been the richest person since 2017.
A pedestrian wearing a protective mask walks past a closed restaurant as snow falls in New York, on Thursday, Dec. 17, 2020.
Angus Mordant | Bloomberg | Getty Images
The pace of job growth likely slowed dramatically and could even be negative in December, as the coronavirus spread rapidly across the U.S. Economists expect to see a gain of 50,000 jobs, down from 245,000 nonfarm payrolls additions in November. The Labor Department’s monthly employment report is out at 8:30 a.m. ET, and the stock market could react more to a positive surprise than a negative one. The 10-year Treasury yield remained above 1% early Friday ahead of that report.
President Donald Trump late Thursday admitted — for the first time in his own words, despite vowing never to concede — that a “new administration will be inaugurated” on Jan. 20. In a nearly three-minute video, posted after his Twitter lockout ended, Trump did not mention President-elect Joe Biden by name. It came a day after the outgoing president sparked the riot that saw a mob breach the U.S. Capitol in protest of the election.
Speaker of the House Nancy Pelosi (D-CA) and Senate Minority Leader Chuck Schumer (D-NY) speak after a press conference on Capitol Hill on December 20, 2020 in Washington, DC.
Tasos Katopodis | Getty Images
Senate Democratic Leader Chuck Schumer and House Speaker Nancy Pelosi are calling for Trump’s removal, accusing him of inciting “insurrection.” Schumer said that if Vice President Mike Pence and the Cabinet do not move to invoke the 25th Amendment, Congress should reconvene to impeach Trump.
Pelosi said Congress “may be prepared” to impeach Trump if executive branch officials do not act.
Treasury Secretary Steven Mnuchin and Secretary of State Mike Pompeo were among the Cabinet secretaries who discussed the possibility of invoking the 25th Amendment to remove Trump, three sources told CNBC. They determined the process of elevating Pence to the presidency could take more than a week, diluting its effects.
The U.S. had its first day of over 4,000 deaths from Covid-19. In the single worst day of the pandemic Thursday, 4,085 people died from the virus. The latest coronavirus surge iaw record seven-day averages of new daily infections and deaths running at 228,497 and 2,764, respectively. As of Thursday, the number of people hospitalized with Covid fell slightly from Wednesday’s record high levels.
A doctor holds an ampoule of the Corona vaccine from Biontech and Pfizer between his fingers in the pharmacy of the University Hospital Tübingen (UKT).
Sebastian Gollnow | picture alliance | Getty Images
A coronavirus vaccine developed by U.S.-based Pfizer and Germany’s BioNTech appears to be effective against a key mutation in the more infectious variants of the coronavirus discovered in the U.K. and South Africa. The research by Pfizer has not been peer reviewed. The World Health Organization said last month that health authorities were “urgently investigating” whether the virus mutation affects vaccine performance.
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