Here are the key news, trends, and analysis investors need to start their trading day:
1. Stock futures mixed before the employment report
Trader on the New York Stock Exchange.
U.S. President Joe Biden (left) wears a protective mask while speaking with Senator Shelley Moore Capito, a Republican from West Virginia, in the Oval Office of the White House in Washington, DC, the United States, on Thursday, Jan.
TJ Kirkpatrick | Bloomberg | Getty Images
US companies observe infrastructure talks between President Joe Biden and Senator Shelley Moore Capito, the GOP negotiator. They want to meet again on Friday. At their meeting on Wednesday, as part of a compromise, Biden proposed a minimum 15% tax on businesses to pay for a smaller infrastructure package of $ 1 trillion.
2. Employment growth in May is expected to break April’s balance sheet
A General Motors assembly worker loads engine block castings onto the assembly line at the GM Romulus Powertrain plant in Romulus, Michigan, the United States, August 21, 2019.
Rebecca Cook | Reuters
Economists forecast employment growth last month will more than double the pace of advance in April, with hiring accelerating in pandemic-hit sectors such as retail stores and restaurants. The economy is expected to add 671,000 non-agricultural payrolls by May. The country’s unemployment rate drops to 5.9%. The average hourly wage is expected to increase by 0.2% month on month. The employment report is set to set the stage for the June Federal Reserve meeting and other taper talks.
3. AMC boss advocates selling more shares in a YouTube interview
Chairman / CEO of AMC Entertainment Inc. Adam Aron speaks on stage at the Will Rogers Pioneer of the Year Dinner 2018 at Caesars Palace during CinemaCon, the official convention of the National Association of Theater Owners, on April 25, 2018 in Las Vegas, Nevada .
Alberto E. Rodriguez | Getty Images
AMC Entertainment’s shares fell 4% in the premarket on Friday, in a wild, Reddit-fueled week of trading that saw shares nearly double on Wednesday and then fall nearly 18% on Thursday. CEO Adam Aron sat down with Trey Collins, the host of Trey’s Trades channel on YouTube, on Thursday evening. Many of the channel’s subscribers are AMC investors. After two separate stock sales this week that raised approximately $ 800 million in cash, Aron urged shareholders to support a new plan to issue an additional 25 million shares. Aron reiterated that AMC is looking at a number of acquisition opportunities.
4. Bitcoin falls after Elon Musk tweeted a breakup meme
Bitcoin fell nearly 5% to around $ 36,700 on Friday morning, hours after Tesla CEO Elon Musk tweeted a meme depicting a couple breaking up using a bitcoin hashtag and broken heart emoji. Other cryptocurrencies, including Ether and Dogecoin, also fell. In May, Musk said Tesla would no longer accept Bitcoin as a payment method due to concerns about energy consumption.
5. Bill Ackmans SPAC confirms talks to acquire 10% of Universal Music
Bill Ackman, Founder and CEO of Pershing Square Capital Management.
Adam Jeffery | CNBC
Pershing Square Tontine Holdings, the special purpose vehicle owned by billionaire investor Bill Ackman, confirmed on Friday that it is in talks to buy 10% of Universal Music Group for approximately $ 4 billion. The transaction would be worth approximately $ 42 billion to Universal Music. The holding company said the transaction would not result in a merger and Universal Music would conduct a scheduled listing on Euronext Amsterdam in the third quarter of 2021.
– The Associated Press contributed to this report. Track all market activity like a pro CNBC Pro. Find out about the pandemic with CNBC’s coronavirus coverage.