Jobs Friday brings optimism. Stock futures are pointing to gains ahead of the August jobs report, which is due out at 8:30 a.m. ET. The data is expected to show the U.S. economy added 158,000 jobs in August as the unemployment rate held steady at 3.7 percent, according to economists surveyed by Refinitiv. The ADP jobs report on Thursday was better than expected giving traders an optimistic tilt on the U.S. economy. Later on Friday, at 12:30 p.m. ET, traders will tune into a discussion between Fed Chairman Jerome Powell and the head of the Swiss National Bank. Powell’s comments come ahead of the Fed’s Sept. 18 meeting which is expected to bring another rate cut.
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Hurricane Dorian nears North Carolina coast. Hurricane Dorian was downgraded to a Category 1 storm early Friday as it skirted just east of Cape Lookout, North Carolina. The storm, which has maximum sustained winds of 90 miles per hour, is expected to move off the coast later on Friday. Still, the storm-ravaged the Abaco and Grand Bahama islands leaving at least 30 dead and many more missing.
Big tech assault. States to hit Google and Facebook with antitrust probes. Dozens of state attorney generals will next week announce an investigation into the control of personal data by Facebook and Google, The Wall Street Journal reports, citing people familiar with the matter. Shares of both companies were lower ahead of Friday’s opening bell.
Target asks suppliers to pick up the tab for the trade war. The retail giant target sent a letter to its suppliers saying it “will not accept any new cost increases related to tariffs on goods imported from China,” according to The Wall Street Journal. Target said any price increases it received would be passed onto consumers. Target recently boosted its full-year financial outlook, in part, because the U.S. consumer is spending.
Howard Schultz won’t run for president. The former Starbucks CEO Howard Schultz announced Friday he will not run in the 2020 presidential election. Schultz, who was considering running as an independent said in a statement that “not enough people today are willing to consider backing an independent candidate.” Schultz, also known for his pro-social policies in the workplace, now has millions that were intended for his campaign to spend on other causes.