Wall Street set to for a positive open ahead of November jobs report

Wall Street

All eyes on November jobs report

U.S. stock futures were trading higher early Friday, implying the S&P 500 could bounce back after ending the previous session slightly lower following reports that Pfizer (NYSE: PFE) was facing supply-chain challenges that would hamper its Covid-19 vaccine distribution.

Market participants are focused on today’s November payroll report, which is likely to show U.S. employers added 440,000 new jobs last month, down from the 638,000 in October according to economists polled by Dow Jones.

The report, due to be released by the Labor Department at 8:30 a.m. ET, is further expected to show unemployment rate dropped to 6.7% from 6.9%.

By 6:30 a.m. ET, the blue-chip Dow gained 111.5 points, or 0.37% to 30,043.5. The S&P 500 futures rose 9.62 points, or 0.26% to 3,674.12 while the tech-heavy Nasdaq 100 futures were up 40.25 points, or 0.32% to 12,502.5.

DoorDash lifts IPO price target to $90-$95, seeks to raise up to $3.14 billion

DoorDash has upped the proposed price range for its initial public offering at $90-$95 per share, up from its earlier target of $75 and $85 per share.

The food delivery startup now expects to raise up to $3.14 billion in the offering, according to its filing with the U.S. Securities and Exchange Commission (SEC) early Friday.

DoorDash intends to list its shares under the ticker “DASH” under the New York Stock Exchange this month.

The company and rivals Grubhub, Postmates and Uber Eats have benefited from an increase in demand for food delivery services because of widespread Covid-19 restrictions.

Warner Bros to release its entire slate of 2021 movies simultaneously on HBO Max

AT&T (NYSE: T)’s Warner Bros announced Thursday it would release all its 2021 movies simultaneously in theaters and on its HBO Max streaming platform, the most major move yet made by a major studio as the Covid-19 pandemic continued to move Hollywood’s focus away from movie theaters and toward in-house streaming services.

The move will allow fans to watch movies such as The Matrix 4, Dune,  The Suicide Squad, In the Heights, Space Jam: A New Legacy, Judas and the Black Messiah and the film adaptation of In The Heights on HBO Max at the same time as their cinema release.

WarnerMedia also said it is offering a 22% discount to HBO Max subscribers who prepay for six months at $69.99 (about $11.66 a month compared to the normal $14.99 monthly price).

The offer special price runs from Dec. 3, 2020, to Jan. 15, 2021, available to new and returning HBO Max subscribers.