Jake Novak's Morning Business Briefing, 12/4

STOCKS/ECONOMY

-Stock futures are higher after Thursday's 86-point gain for the Dow, similar 0.2 percent rise for the Nasdaq, and a less than 0.1 percent retreat for the S&P 500. We get the November jobs report later this morning. 

-The U.S. economy is expected to have added 440,000 jobs, compared to 638,000 new jobs added in October as hiring is believed to be slowing down due to increased COVID-19 infection reports. 

-The yield on the 10-year Treasury Bond is at 0.93 percent, with the 2-year yield 78 basis points behind at 0.15 percent.

-Gold is at the $1,844 per ounce level. Bitcoin is at the $18,900 level. 

-Asian markets were mixed today, with Hong Kong's Hang Seng index rising 0.4 percent, Japan's Nikkei falling 0.2 percent, and Shanghai's Shenzhen composite gaining 0.1 percent.

OIL/ENERGY

-U.S. crude prices are up 1 percent to the $46 a barrel level. This comes as OPEC and Russia agreed on a compromise to continue some cuts to production to deal with the COVID-caused hit to demand. 

-Gasoline prices are at $2.16 a gallon, national average. 

CORONAVIRUS LATEST

-Senate Majority Leader Mitch McConnell and House Speaker Nancy Pelosi continue their negotiations for a COVID-19 stimulus bill. McConnell says he sees "hopeful signs" that a deal can be reached before the end of the year. 

-Much of Thursday's stock rally was erased in the final hour of trading when Pfizer announced that it may cut its promised number of COVID-19 vaccine deliveries because of supply chain problems. Pfizer shares are down 1 percent after they closed down 2 percent Thursday.  

-Israel and Moderna have just made a deal to increase the amount of Moderna's COVID-19 vaccine deliveries to Israel to 6 million. Moderna shares are up 1 percent in the premarket after gaining 10 percent Thursday. 

-Uber is asking the CDC to designate its ride-hail and delivery drivers as essential workers entitled to early Covid-19 vaccine distribution. Uber shares are up 1 percent in the premarket after falling 1 percent Thursday. 

CHINA TENSIONS

-The U.S. is in talks with Huawei’s chief finance officer, Meng Wanzhou, about a deal that could see her released back to China from her two-year-long detention in Canada. The deal would require her to admit to wrongdoing in the case against her on charges she helped Huawei evade economic sanctions against Iran. 

-The Trump administration has added China’s top chipmaker, SMIC, and oil giant CNOOC to a blacklist sanctioning Chinese companies accused of illegally working with the Chinese military. 

-A Chinese dissident has targeted three American corporations, (Nike, Apple, and Coca-Cola), after a report alleged that they lobbied the U.S. Congress to weaken a bill banning imports made using forced labor in China’s Xinjiang province.

MOVIE MADNESS

-AT&T's WarnerMedia says it will release its entire 2021 slate of films directly on HBO Max at the same time they hit theaters. Shares of cinema chains fell on the news, but are recovering somewhat this morning. AMC Entertainment shares are up 6 percent in the premarket after dropping 16 percent Thursday. Cinemark shares are also up 6 percent in the premarket after falling 22 percent Thursday.

IPO NEWS

-Food delivery startup DoorDash is upping its estimates and now says it expects to raise up to $3.14 billion in its initial public offering. That would value the company at about $36 billion, compared to $32 billion in DoorDash's estimates from just three days ago. 

FACEBOOK VISA CASE

-The Justice Department is suing Facebook, accusing the social-media company of illegally reserving high-paying jobs for immigrant workers it was sponsoring for permanent residence and failing to adequately search for U.S. hires. Facebook shares are flat in the premarket after falling 2 percent Thursday.