Here are five things you must know for Friday, Nov. 2:

1. -- Stocks Rally on Thaw in U.S.-China Trade War

U.S. stock futures traded higher on Friday, Nov. 2, and global stocks rallied as investors cheered news of a potential thaw in the U.S.-China trade war, shrugged off a disappointing outlook from Apple Inc. (AAPL - Get Report) , and awaited the U.S. jobs report for October.

A phone call between Donald Trump and Chinese President Xi Jinping on Thursday, Nov. 1, as well as statements from Washington and Beijing, suggested the two sides could be moving closer toward a trade compromise when the pair meet later this month at the G-20 Summit in Argentina. Trump said that discussions were "moving along nicely" while Xi told state television that the two sides should "promote a plan that both can accept to reach a consensus on the China-U.S. trade issue."

Contracts tied to the Dow Jones Industrial Average jumped 250 points, futures for the S&P 500 rose 20.40 points, and Nasdaq futures rose 10.25 points.

The economic calendar in the U.S. on Friday includes the Nonfarm Payrolls for October at 8:30 a.m. ET. Economists surveyed by FactSet expect the U.S. to have added 190,000 jobs to payrolls last month, higher than September's 134,000 jobs, which were impacted by Hurricane Florence. The unemployment rate is forecast to remain at 3.7% in October. Hourly earnings are predicted to rise 3.1% year over year in October.

The calendar also includes the Trade Deficit for September at 8:30 a.m., and Factory Orders for September at 10 a.m.

2. -- Apple Falls After Its Revenue Outlook Disappoints

Apple fell 5.7% in premarket trading on Friday after the iPhone maker's fiscal fourth-quarter earnings and revenue topped Wall Street estimates but its outlook for fiscal first-quarter revenue disappointed.

Apple earned $2.91 a share in the fourth quarter, beating estimates of $2.78. Revenue in the quarter was $62.9 billion vs. forecasts of $61.46 billion.

The tech giant sold 46.9 million iPhones in the quarter, just shy of consensus forecasts of 47 million.

For the current quarter, Apple said it expects revenue of $89 billion to $93 billion. Analysts were calling for sales of $92.94 billion. Apple cited slowing emerging market growth and a stronger U.S. dollar as factors affecting the weaker-than-expected outlook.

Shares also took a hit after after Chief Financial Officer Luca Maestri stated on the earnings call Thursday that Apple plans to end its historical practice of breaking out iPhone, iPad and Mac unit volumes.

"Overall, it was another strong quarter for the largest publicly traded company in the world. The iPhone, which we view as "the razor" delivered impressive sales totals, and the Services revenue stream, or "the razor blade" continued its momentum," said Jim Cramer and Action Alerts PLUS team, which holds Apple in its portfolio. "We draw these comparisons to Apple's hardware /services because we think a more accurate portrayal of how the stock should be valued is that of a consumer-packaged goods company, and we are hard-pressed to find one that matches these grow rates."

3. -- Starbucks Rises as U.S. Same-Store Sales Jump 4%

Starbucks Corp. (SBUX - Get Report)  jumped 9.2% in premarket trading after both fiscal fourth-quarter earnings and revenue topped expectations.

The coffee giant posted adjusted earnings of 62 cents a share, beating Wall Street's estimates of 60 cents. Revenue was $6.3 billion, beating expectations of $6.27 billion. 

"Starbucks record Q4 performance reflected meaningful improvement in virtually every critical operating metric compared to Q3," said CEO Kevin Johnson. He added, "We are executing against a clear growth agenda, with a focus on our long-term growth markets of the U.S. and China."

Global comparable sales rose 3% in the quarter, while U.S. same-store sales jumped 4%, better than expected. Sales in China rose 1% from a year earlier - in the previous quarter sales in China dipped 2%. The performance in China was notable given concerns over Chinese growth.

Starbucks said the average ticket during the quarter rose 5%.

Starbucks guided for full-year 2019 adjusted profit of $2.61 to $2.66 a share, but said global comparable-sales growth for 2019 could come in at the lower end of current guidance for growth of 3% to 5%.

4. -- Alibaba, Exxon and Chevron Report Earnings on Friday

Alibaba Group Holding Ltd.'s  (BABA - Get Report)  fiscal second-quarter net income rose 13% to 20.03 billion yuan, or 6.78 yuan a share. The stock rose nearly 6% in premarket trading.

Newell Brands Inc. (NWL - Get Report) reported third-quarter adjusted earnings of 81 cents a share, beating estimates of 65 cents, and the company raised its adjusted earnings outlook for 2018. Shares rose 5.4% in premarket trading.

Earnings reports are also expected Friday from Exxon Mobil Corp. (XOM - Get Report)  and Chevron Corp. (CVX - Get Report)  .

5. -- Kraft Heinz Slumps on Profit Miss

A roundup of earnings reports from Thursday:

Kraft Heinz Co. (KHC - Get Report) slumped 7.9% in premarket trading on Friday after third-quarter adjusted earnings of 78 cents a share missed Wall Street's expectations by 3 cents. Revenue at the food company was $6.38 billion vs. expectations of $6.31 billion.

CBS Corp. (CBS - Get Report)  earned $1.24 a share on an adjusted basis in the third quarter, 2 cents above estimates. Revenue at the media company rose 3% to $3.26 billion; analysts expected revenue of $3.25 billion. The stock fell 2.2% in premarket trading on Friday.

GoPro Inc. (GPRO - Get Report) sank 14.2% after the action camera maker forecast fourth-quarter revenue of between $360 million to $380 million, below analysts' estimates of about $393 million. For the third quarter, GoPro posted an adjusted loss of 4 cents a share, narrower than analysts' estimates that called for a loss of 6 cents. Third-quarter revenue declined 13.3% to $285.9 million.

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