What Did the Stock Market Do Friday, November 6?

Happy Friday! Welcome to the end of the trading week, where the U.S. presidential election is still sharply in focus. Former Vice President Joe Biden has pulled ahead in Georgia and Pennsylvania, and maintains his lead in Arizona and Nevada. What will happen as officials continue count the ballots? And when will a network next call a state? Those are some of the top questions investors likely have in the stock market today.

Latest Updates:

Stocks Close Friday Out in the Red
7 Earnings Reports to Watch Next Week
Farfetch Stock Pops on Alibaba Investment
Pelosi, McConnell Face Off Over Stimulus Funds
IPO Watch: What the Kuaishou IPO Means for Investors

Stocks Close Friday Out in the Red

[Friday, November 6, 4:03 pm]
Contributed by Sarah Smith

The S&P 500 closed lower by 0.03%
The Dow Jones Industrial Average closed lower by 0.24%
The Nasdaq Composite closed higher by 0.04%
The Russell 2000 closed lower by 0.7%
Gold closed higher by 0.29% to $1,952.40
Bitcoin (CCC:BTC) closed lower by 1.2% to $15,482.97

7 Earnings Reports to Watch Next Week

[Friday, November 6, 3:28 pm]
Contributed by Sarah Smith

Third-quarter earnings season is likely far from mind this week with all attention turned to the U.S. presidential race. However, as InvestorPlace contributor Vince Martin highlighted today, a handful of major companies will release reports next week. These are the seven you should watch:

Canopy Growth (NYSE:CGC)
McDonald’s (NYSE:MCD)
Rocket Companies (NYSE:RKT)
Disney (NYSE:DIS)
Applied Materials (NASDAQ:AMAT)
Cisco Systems (NASDAQ:CSCO)
DraftKings (NASDAQ:DKNG)

Farfetch Stock Pops on Alibaba Investment

[Friday, November 6, 3:08 pm]
Contributed by Sarah Smith

Just days after rumors emerged about Farfetch (NYSE:FTCH), shares of the luxury goods retailer are popping higher. Why? Alibaba (NYSE:BABA) and Richemont have agreed to invest $1.1 billion into the company to further break into the Chinese luxury market. How will the deal work? Alibaba will include Farfetch shopping channels into its various e-commerce platforms, gaining access to a wide selection of top luxury goods. Importantly, this news has also triggered a rally in BABA stock, which has been struggling in recent days after delaying its Ant Group IPO.

Do you like the way this sounds? InvestorPlace Markets Analyst Luke Lango does. He recently wrote that Farfetch is on track to reach $120 per share.

Pelosi, McConnell Face Off Over Stimulus Funds

[Friday, November 6, 2:53 pm]
Contributed by Sarah Smith

Sen. Majority Leader Mitch McConnell and House Speaker Nancy Pelosi are once again duking it out over a novel coronavirus stimulus package. In the background, the ongoing presidential election and an updated unemployment rate are informing the argument. According to McConnell, news that the unemployment rate lowered to 6.9% suggests a lower-dollar stimulus bill is appropriate. According to Pelosi, the slow nature of recovery combined with the worsening coronavirus situation necessitate something more encompassing.

Why does this matter? There is still so much uncertainty regarding the election. If former Vice President Joe Biden pulls through, a larger stimulus bill could be a guarantee. However, a few key Senate races remain undecided, and could remain that way for much longer. This means that we will likely see more back-and-forth stimulus negotiations in the coming days and weeks.

IPO Watch: What the Kuaishou IPO Means for Investors

[Friday, November 6, 2:25 pm]
Contributed by Sarah Smith

Initial public offerings have slowed way down this week with the U.S. presidential election underway. However, news from Kuaishou, a Chinese short-form video and livestreaming platform, has investors around the world excited. The company filed to come public on the Hong Kong Stock Exchange in an IPO that could raise $5 billion. Importantly, it is a rival to TikTok and the second-largest short-form video platform in the world. Here is what investors need to know:

This is yet another tech-focused IPO bypassing U.S. exchanges for Hong Kong. Ant Group — which has since delayed its public debut — made waves with its similar plans.
Many experts think the high-profile IPO by Kuaishou sets the stage for short-form video platforms. If the demand is this high, could Snap (NYSE:SNAP) and Facebook (NASDAQ:FB) see more meaningful contributions from their TikTok-rivaling features?
We also know that this is a particularly good time for short-form video. The novel coronavirus has prompted more content creators to get creative and wildly boosted the popularity of TikTok. This means the Kuaishou IPO could be coming at just the right moment.
Kuaishou also has the backing of some big names, including Tencent (OTCMKTS:TCEHY), Alibaba (NYSE:BABA) and Baidu (NASDAQ:BIDU).
Importantly, TikTok parent ByteDance is also eyeing an IPO that would give it an $18 billion valuation. The U.S. TikTok business continues to navigate a messy legal situation with President Donald Trump, Oracle (NYSE:ORCL) and Walmart (NYSE:WMT).

If the hype around the Kuaishou IPO stays strong, expect for U.S. investors to find alternate routes in. Ahead of the Ant Group IPO, many were looking to the Renaissance International IPO ETF (NYSEARCA:IPO). Does that exchange-traded fund hold similar appeal here?

Humanigen Stock Spikes 8% on Covid-19 Data

[Friday, November 6, 2:03 pm]
Contributed by Sarah Smith

Humanigen (NASDAQ:HGEN) is rallying 8% in the stock market today on news that its novel coronavirus treatment is generating positive results. Specifically, interim data from its Phase 3 trial suggest that its lenzilumab drug greatly improves patient recovery. Lenzilumab focuses on coronavirus-induced cytokine storms, severe immune responses to the virus that come with their own set of risks. Early Phase 3 results show that lenzilumab produces 37% more recoveries than the current standard of care.

Why does this matter? While many pharmaceutical and biotech companies are working to develop treatments specifically for the respiratory nature of the coronavirus, there are so many other symptoms to treat. Companies like Humanigen that promise to help continue to earn investor enthusiasm.

S&P 500 Scrapes Into Slightly Positive Territory

[Friday, November 6, 1:48 pm]
Contributed by Sarah Smith

Here are where things stand in the stock market today:

The S&P 500 is up 0.01%
The Dow Jones Industrial Average is down 0.24%
The Nasdaq Composite is up 0.16%
The Russell 2000 is down 0.52%
Gold is up 0.27% to $1,952
Bitcoin (CCC:BTC) is down 1.28% to $15,470.56

3 Stocks to Watch in Midday Trading Friday

[Friday, November 6, 1:42 pm]
Contributed by Sarah Smith

All eyes remain on Pennsylvania, Georgia, Nevada and Arizona as they report remaining ballots. No more outlets have called the race — or even an individual state. Meanwhile, the major indices remain in a slump after a long week of rallies.

Are you looking for something to watch other than the electoral map? In midday trading, here are three stocks that stand out.

Square (NYSE:SQ): This company, along with its fintech peers, has been performing well amid the novel coronavirus. More consumers have turned to contactless payment solutions, and Square has also benefited from facilitating small business loans and direct payments as part of the federal CARES Act. Today, SQ is a trending ticker thanks to its third-quarter earnings report. The company reported earnings per share of 34 cents on revenue of $3.03 billion. For more on SQ stock, read the InvestorPlace.com brief here.
The Trade Desk (NASDAQ:TTD): Like Square, programmatic advertising specialist The Trade Desk is rocketing higher (27%) on Q3 earnings. The company reported earnings per share of $1.36 on revenue of $216.1 million, beat Wall Street estimates. Importantly, The Trade Desk is a testament to innovation and disruption. After advertisers pulled back spending amid the pandemic, TTD has seen growth. Why? Marketers are embracing its programmatic advertising solutions to create more data-driven campaigns in uncertain times. For more on TTD stock, read the InvestorPlace.com brief here.
Peloton (NASDAQ:PTON): At-home fitness leader Peloton released its report for the fiscal first quarter of 2021, and investors are sending PTON stock down. Why? Despite beating estimates for revenue and EPS, executives disclosed that Peloton faces supply constraints. Investors are worried about its ability to scale up to meet demand, but do not let the panic Friday disturb you. As a second wave of the coronavirus accelerates, the market will soon be rushing to keep their stay-at-home portfolio fit with Peloton shares. Read more about this PTON stock catalyst here.

Apple Stock Slips Despite Product Preorders

[Friday, November 6, 10:40 am]
Contributed by Sarah Smith

Apple (NASDAQ:AAPL) stock is down along with the market this morning, but investors should pay close attention. The consumer tech leader just opened preorders for its last two iPhone 12 models, the iPhone 12 Pro Max and the iPhone 12 Mini. Leading up to its iPhone launch event, many industry insiders were particularly excited for the mini, as it offers a lower-cost way to participate in this upgrade cycle. Preorder volume could be a big catalyst for Apple, and once election uncertainties subside, we could see shares swing much higher.

The Major Indices Slump to Kick Off Friday

[Friday, November 6, 9:41 am]
Contributed by Sarah Smith

The S&P 500 opened lower by 0.03%
The Dow Jones Industrial Average opened lower by 0.04%
The Nasdaq Composite opened lower by 0.2%
The Russell 2000 opened higher by 2.78%
Gold opened higher by 0.5% to $1,956.50
Bitcoin (CCC:BTC) opened lower by 1.22% to $15,480.19

Unemployment Rate Falls to 6.9%

[Friday, November 6, 9:10 am]
Contributed by Sarah Smith

The U.S. Department of Labor shared early Friday morning that the unemployment rate has fallen from 7.9% to 6.9%. This comes as the U.S. economy added back 638,000 jobs in the month of October. While it is overall good news, many investors are looking for a stronger sign of recovery.

What should you watch? As Courtenay Brown wrote for Axios, all eyes are on the presidential race. No matter who ends up in the White House, driving the U.S. out of this novel coronavirus slump is incredibly important.

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