10 things you need to know before the opening bell (SPY, SPX, QQQ, DIA, DIS, BABA, JWN, JCP)
Reuters/Joshua Roberts
Here is what you need to know.
Stocks hit all-time highs on Thursday. The Dow Jones Industrial Average gained 1.2% on Thursday to finish at 18,807.88, its highest close on record. The benchmark index has gained more than 500 points, or 2.6%, since Donald Trump was elected president.
The US Treasury market is closed. Friday's closing for Veterans Day comes after yields at the long end of the curve have surged by more 40 basis points off Tuesday night's low following the election of Trump.
The Bank of Korea kept policy on hold. The central bank held its key interest rate unchanged at 1.25%, as expected. "Looking at the Korean economy, exports have continued their trend of decline while the improvements in domestic demand activities appear to have weakened a bit," the BOK said in its statement. The Korean won ended Friday down 1.3% at 1,164.66 per dollar.
The British pound is at its highest level since the "flash crash." The currency is up 0.7% at 1.26236, its highest level since the October 6 "flash crash," but remains 15% below its pre-Brexit level.
Alibaba is having a huge Singles' Day. The online retailer broke last year's record of $14.3 billion worth of sales and there are still six hours to go, South China Morning Post reports.
ESPN is crushing Disney. Disney earned an adjusted $1.10 a share on revenue of $13.1 billion, both short of estimates, amid a drop in advertising revenue at ESPN.
Nordstrom beats. The retailer beat on the top and bottom lines, earning an adjusted $0.84 a share on revenue of $3.54 billion. The results capped off a strong Thursday for the retail space as Kohl's, Macy's, and Ralph Lauren also topped estimates.
J.C. Penney reports. On an extremely light day for earnings, the retailer is expected to announce a loss of $0.21 a share on revenue of $2.95 billion.
Stock markets around the world trade mixed. China's Shanghai Composite (+0.8%) was among the overnight leaders, while Spain's IBEX (-1.6%) is a laggard in Europe.
US economic data is light. University of Michigan consumer confidence will be announced at 10 a.m. ET, and the Baker Hughes rig count is due out at 1 p.m. ET.