Updated from 6:04 a.m. EDT
If you'd like to receive the free "5 Things" newsletter, please register here.
Here are five things you must know for Friday, April 7:
1. -- Oil and gold prices jumped Friday and U.S. stock futures traded lower but were off their worst levels after the U.S. launched missile strikes at a Syrian air base from which a suspected chemical attack originated.
U.S. warships fired about 60 cruise missiles at the al-Shayrat airfield, near Homs, which was identified by the U.S. as the base from which a chemical attack was launched earlier this week.
The missile attack was a reversal for Donald Trump, who had previously warned against involvement in the Syrian war but now said it's in the "vital national security interest" of the United States.
West Texas Intermediate crude oil, the U.S. benchmark, rose 1.1% early Friday to $52.26 a barrel. The increase in oil was accompanied by the dollar's decline against the yen and a rise in the price of gold, which jumped more than 1% to $1,266.40 an ounce, as investors shifted toward defensive assets.
The attack by American destroyers USS Ross and Porter was the first time the U.S. has directly intervened in Syria's long-running civil war.
The targets were "aircraft, hardened aircraft shelters, petroleum and logistical storage, ammunition supply bunkers, air defense systems, and radars," the Pentagon said in a statement.
Russia on Friday labeled the attacks an "aggression" and said they were "a significant blow to Russian-American relations, which were already in a sorry state." A report by the newswire AFP also claimed that Russia had suspended its agreement to communicate with the U.S. to avoid conflicts between the two nations in Syrian airspace.
U.S. Secretary of State Rex Tillerson said the U.S. hadn't discussed the missile strikes with Russia prior to their launch and added that the strike didn't signal a significant change in U.S. policy toward Syria.
Iran joined Russia in condemning the attacks.
2. -- The attacks by the U.S. on the Syrian air base were overshadowing the summit between the U.S. president and his Chinese counterpart, Xi Jinping, and the U.S. jobs report for March that will be released Friday morning.
Trump and Xi kicked off a two-day summit in Florida in what is expected to involve highly charged discussions. Trump appeared lighthearted as he greeted Xi on Thursday evening before the two were to tackle specifics on Friday. Trump has been highly critical of China, accusing the country of currency manipulation and unfair trade practices. Trump had previously proposed a high tariff on U.S. imports of Chinese-made products. North Korea also will presumably be an important topic of conversation.
"It is imperative to watch if U.S. President Trump acts within his protectionist rhetoric or if he eventually shows a more cooperative stance like how he did with his meetings with U.K. Prime Minister Theresa May and Japan Prime Minister Shinzo Abe," said Phillip Futures' Woon Tian Yong. "It is also important to sieve out China's management of its relationship with the United States under Trump, and its positions following the meeting."
As for the U.S. labor market, economists surveyed by FactSet expect the U.S. to have added 180,000 jobs last month and the unemployment rate to remain steady at 4.7%. The nonfarm payrolls report will be released at 8:30 a.m. EST.
The economic calendar in the U.S. on Friday also includes Wholesale Trade for February at 10 a.m., the weekly Baker Hughes Rig Count at 1 p.m., and Consumer Credit for February at 3 p.m.
New York Federal Reserve Bank President William Dudley is scheduled to speak Friday about the state of financial regulation and the potential for reform at Princeton University's Griswold Center for Economic Policy Studies event at the Princeton Club of New York at 12:15 p.m.
(What will move markets this quarter and how should investors position themselves ahead of time? Jim Cramer sat down with four of TheStreet's top columnists recently to get their views. Click here to listen to his latest Trading Strategies roundtable with them and read their advice for stocks, bonds, forex and gold).
3. -- Samsung Electronics (SSNLF) forecast Friday that profit for the January-March quarter would jump 48%, putting the Apple(AAPL) - Get Report rival on track to post record annual earnings as analysts said the driver for the earnings boost was the company's semiconductor business.
Samsung said operating income for the quarter would be 9.9 trillion won ($8.8 billion), compared with 6.7 trillion won a year earlier. Revenue rose 0.4% to 50 trillion won, which was higher than analysts' forecasts.
"The semiconductor business was likely the main driver for earnings," Heungkuk Securities analyst Lee Min-hee told Reuters, adding that sales of mid-to-low tier smartphones also helped the mobile business remain profitable.
Separately, Samsung's de facto leader, Lee Jae-yong, was due to make his first appearance at court later Friday along with four other Samsung executives who also were charged with bribery and embezzlement.
4. -- The U.S. KFC chain of Yum Brands(YUM) - Get Reportplans to curb the use of antibiotics in its chicken supply, Reuters reported, making it the last of the big three chicken restaurants to join the fight against the rise of dangerous antibiotic-resistant bacteria known as superbugs.
KFC, the second-biggest U.S. chicken chain by sales after privately held Chick-fil-A, is giving its U.S. poultry suppliers until the end of 2018 to stop using antibiotics important to human medicine, Reuters reported.
The roughly 14,000 McDonald's(MCD) - Get Report U.S. restaurants last year stopped serving chicken raised with antibiotics considered important to human medicine. Its Chicken McNuggets are a top seller and the change put pressure on the rest of the industry to follow, Reuters noted.
5. -- Twitter(TWTR) - Get Report defied a U.S. government request for records that could identify users behind an account opposed to President Donald Trump, and is challenging that order in court, the Associated Press reported.
The company filed its lawsuit Thursday in a San Francisco federal court against the federal Department of Homeland Security and its Customs and Border Protection office, charging that their efforts to "unmask" the people behind the account violate the First Amendment.
Twitter said its users have a constitutional right to disseminate such "anonymous and pseudonymous political speech." It declined to comment beyond the lawsuit. The Department of Homeland Security also declined to comment.
- Here Is What to Do With Your Money After the Syria Airstrikes
- Syria Airstrikes Spark Global Safe-Haven Pile On
- Raw Video: U.S. Launches Missiles on Syrian Air Base from USS Porter & USS Ross
- Oil's Air Strike Spike Could Lead to Longer-Term Lower Prices
- Market Recon: Oil Momentum Was Rising Even Before Syria Airstrikes