5 things to know before the stock market opens Friday

Business

1. Stock futures mixed after S&P 500’s record close

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., October 20, 2021.
Brendan McDermid | Reuters

U.S. stock futures were mixed Friday, with tech stocks under pressure and the 10-year Treasury yield trading at May highs above 1.68%. The S&P 500 on Thursday closed at a record and extended its run of winning sessions to seven. The Nasdaq, which also advanced, was about 1% away from its Sept. 7 record close. The Dow Jones Industrial Average closed lower for the first time in three sessions. However, the 30-stock average still remained just shy of its mid-August record close. Dow stock Honeywell initially dropped more than 3% in Friday’s premarket after delivering third-quarter revenue below expectations. But shares paired most of those losses.

2. Intel shares sink on revenue miss, outlook warning

Intel’s logo is pictured during preparations at the CeBit computer fair.
Fabian Bimmer | Reuters

Dow stock Intel shed 10% in Friday’s premarket, the morning after the company reported weaker-than-expected revenue in the third quarter. The chipmaker also blamed industry-wide component shortage for its PC chip business shrinking 2%. Intel warned its gross margin and free cash flow would decline to a lower level over the next 2 to 3 years as it invests in research and development and builds new chip factories.

3. Snap shares plunge after slowdown in online ads

The Snapchat application on a smartphone arranged in Saint Thomas, Virgin Islands, U.S., on Friday, Jan. 29, 2021.
Gabby Jones | Bloomberg | Getty Images

Social media stocks sank in the premarket, led lower by Snap‘s 20% plunge on a quarterly revenue miss after its advertising business was disrupted by privacy changes Apple introduced earlier this year. Snap also warned late Thursday that global supply chain interruptions and labor shortages reduce the “short-term appetite to generate additional customer demand through advertising.” Shares of Facebook and Twitter dropped 3% and 4% respectively, as investors worried about the online ad business.

4. CDC clears Moderna, J&J boosters and mix and match

A person receives the Moderna Covid-19 vaccine at the American Bank Center in Corpus Christi, Texas, U.S., on Thursday, Feb. 11, 2021.
Go Nakumura | Bloomberg | Getty Images

The Centers for Disease Control and Prevention on Thursday cleared booster shots of the Moderna and Johnson & Johnson Covid-19 vaccines. Moderna was approved for elderly people and at-risk adults six months after their second shots. That’s in line with Pfizer‘s booster authorization last month. The CDC endorsed a J&J booster for everyone 18 and older who received the initial shot at least two months ago. The agency also gave people the freedom to mix and match any of these three vaccines approved for use in the U.S.

5. Biden says corporate tax hikes unlikely in spending bill

US President Joe Biden (R) greets attendees during a commercial break of a CNN town hall at Baltimore Center Stage in Baltimore, Maryland on October 21, 2021.
Nicholas Kamm | AFP | Getty Images

President Joe Biden said Thursday he was close to striking a deal to pass major infrastructure and social spending measures, with just a handful of issues still under debate, after weeks of intraparty bickering among fellow Democrats. Biden also said corporate tax rates are unlikely to be hiked in a spending bill. Instead, he said a separate minimum corporate tax proposal could fund the social programs. Negotiations now center around four or five issues, Biden said, declining to give further details.

— Reuters contributed to this report. Follow all the market action like a pro on CNBC Pro. Get the latest on the pandemic with CNBC’s coronavirus coverage.

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