Here are five things you must know for Friday, Nov. 9:
1. -- Stocks Lower as Fed Remains on Course to Raise Rates
U.S. stock futures declined on Friday, Nov. 9, and global shares traded lower as the Federal Reserve's signals on interest rates have put the brakes on this month's global equity market rally.
The central bank held borrowing costs at their current level Thursday, Nov. 8 -- at least until next month, when the Fed is widely expected to hike the benchmark U.S. interest rate for the fourth time this year. The Fed also is likely to boost rates at least two more times in 2019, according to experts.
The moves Thursday by the Fed sent benchmark 2-year Treasury note yields to their highest since June 2008 and helped the dollar rebound firmly on foreign exchange markets.
"Equities across Asia are in red (Friday) as the Fed, as expected, is utterly unwavering on policy and suggested as plainly as can be that they remain on course to raise interest in December," said Stephen Innes, head of Asia-Pacific trading at Oanda. "The equity selloff should be a common thread into weeks-end in both European and U.S. markets."
Contracts tied to the Dow Jones Industrial Average fell 113 points, futures for the S&P 500 declined 14.50 points, and Nasdaq futures slumped 57.50 points.
Stocks ended mixed on Thursday, Nov. 8, after the Fed left interest rates unchanged. The Dow finished slightly higher while the S&P 500 closed lower, snapping a three-day winning streak.
The economic calendar in the U.S. on Friday includes the Producer Price Index for October at 10 a.m. ET, and Consumer Sentiment for November at 10 a.m.
2. -- Walt Disney Rises as Profit Beats Forecasts
Walt Disney Co. (DIS) rose 1.8% in premarket trading on Friday after fiscal fourth-quarter earnings topped Wall Street estimates, and the media giant said its planned streaming service, which launches next year, would include original content such as a "Star Wars" prequel and a live-action "Marvel" series.
"Our Disney-branded service, which we're officially calling Disney+, will be in the U.S. market late next year, offering a rich array of original Disney, Pixar, Marvel, Star Wars and National Geographic content, along with unprecedented access to our incredible library of film and television content, including all of our new theatrical releases starting with the 2019 slate," said CEO Bob Iger in a statement.
Disney posted adjusted earnings in the quarter of $1.48 a share, topping forecasts of $1.34. Revenue of $14.3 billion beat forecasts of $13.7 billion.
Disney said revenue from its media networks rose 9% to $5.96 billion, while parks and resorts revenue also jumped 9% to $5.07 billion.
"Overall, we viewed the quarter as clean earnings beat," said Jim Cramer and the team at Action Alerts PLUS, which holds Disney in its portfolio. "If we were to nitpick, we would point out that TV viewership is still working against the company's favor, but management has mitigated this risk through its initiatives that aggregate its content and go directly to the consumer."
3.-- Activision Tumbles on Earnings Miss, Decline in Monthly Active Users
Activision Blizzard Inc. (ATVI) tumbled 11.1% in premarket trading Friday after third-quarter earnings at the video game publisher missed analysts' expectations, and active users fell for a third straight quarter.
Adjusted profit in the quarter was 42 cents a share, below Wall Street forecasts of 50 cents. Net revenue in the quarter fell 6.6% to $1.51 billion.
The owner of the "Call of Duty" franchise reported 345 million monthly active users in the third quarter, down from 352 million in the second quarter.
The company said it expects adjusted earnings in the fourth quarter of $1.27 a share, below estimates of $1.31, the average of estimates compiled by Bloomberg.
4. -- Judge Blocks Construction of Keystone Pipeline
U.S. District Judge Brian Morris issued an order Thursday blocking construction of the $8 billion Keystone XL Pipeline until further environmental analysis is conducted, the Great Falls Tribune reported.
The decision came as TransCanada Corp. (TRP) was preparing to build the first stages of oil pipeline in northern Montana.
Environmental groups that sued TransCanada and the U.S. Department of State in federal court in Great Falls called the decision to overturn the Trump administration-issued permit a landmark ruling.
5. -- FDA to Crack Down on E-Cigarettes
The Food and Drug Administration plans to crack down on e-cigarette products that target kids with candy and fruit flavors after finding that vaping among middle-schoolers and high-school students has soared in the past year, The Washington Post reported.
FDA Commissioner Scott Gottlieb likely will announce a ban on the sale of flavored e-cigarettes in convenience stores and gas stations as early as next week, the Washington Post reported. Strict age verification rules also are likely.
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