Jobs report in focus
Wall Street looks set to open lower on Friday as market participants await the September jobs report, which will be released at 8:30 a.m. ET.
The report is expected to offer additional clues on the health of the economy, after ISM report earlier this week showed contraction in the U.S. manufacturing sector.
Economists polled by Refinitiv expect nonfarm payrolls to have risen by 145,000 in September after increasing by 130,000 in August. The unemployment rate is expected to have remained steady at 3.7%. for a fourth straight month.
By 5:27 a.m. ET, the blue-chip Dow futures were down 63.5 points, or 0.24% to 26,116.5. Futures on the S&P 500 declined 7.87 points, or 0.27% to 2,903.88 while those on the tech-heavy Nasdaq 100 dropped 20 points, or 0.26% to 7,638.50.
Apple shares rise after asking suppliers to increase iPhone 11 production
Shares of Apple Inc (NASDAQ: AAPL) were trading higher in premarket hours on Friday, after the tech giant reportedly told suppliers to raise iPhone 11 production by 10% due to stronger-than-expected demand.
The news was first reported by the Nikkei Asian Review, which said the recent demand in Apple’s smartphones is concentrated in the iPhone 11 and the iPhone 11 Pro models.
Apple shares were up 1.49% to $224.10 in morning trade, following the report. The news also sent shares of Apple suppliers higher in Tokyo and Hong Kong.
Attorney General William Barr wants Facebook to halt end-to-end encryption
U.S. Attorney General William Barr and counterparts from the United Kingdom and Australia are asking Facebook (NASDAQ: FB) to halt plans for end-to-end encryption across its messaging platforms, citing terrorism and child exploitation concerns.
In a letter addressed Facebook CEO Mark Zuckerberg and dated Oct. 4, the officials call on the social media giant to give authorities a way to access encrypted messages to fight organized crime, child pornography, and terrorism.
The company intends to implement end-to-end encryption in Instagram Direct and Messenger. WhatsApp, which is owned by Facebook, already uses that protection.
Shares of Facebook were down 0.64% to $178.23 in premarket trade.
Hong Kong invokes anti-mask law
Hong Kong leader Carrie Lam invoked emergency powers on Friday to ban face masks at protests, in a move aimed at clamping down on anti-government demonstrations that have rocked the semi-autonomous Chinese territory for months.
The embattled leader said she took the decision because she could not allow the situation “to get worse and worse.” “The purpose [of the protesters] was to hide their identity and evade the law and they have become more and more daring,” she said.
Violators of the ban face a jail term of up to one year or a fine of $25,000 Hong Kong dollars (USD 3,187). The anti-mask regulation is set to take effect this Saturday.
