What Drove Markets Lower Friday Ahead of Final Election Results

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Stocks were lower in intraday trading on Friday, Nov. 6 following the week's post-election rally as the U.S. added more jobs than expected in October, the vote count for the White House continued and coronavirus cases in the country spiked.

The October Employment Report showed a net gain of 638,000 new jobs, down from 672,000 in September and largely in-line with a wide consensus forecast that narrowed in to around 650,000. The headline jobless rate fell to 6.9%, the report indicated, although that figure might also reflect a larger number of Americans not currently seeking work amid ongoing coronavirus shutdowns in several U.S. states. 

And the race to 270 electoral college votes is still on. 

According to projections from the Associated Press, former Vice President Joe Biden has 264 electoral votes. President Donald Trump has 214 votes. 

And, as of Friday morning, Biden had taken leads in Pennsylvania and Georgia. Other states at play that could impact who is the next President of the United States include Arizona and Nevada. Ballots are still being counted in all four states mentioned.

Art Hogan, chief market strategist at National Securities joined TheStreet to discuss whether the market was feeling pressure from the election winding down or if the rallies that had been taking place all week had finally just run out of steam.

Watch the video above for more.

You can follow Katherine Ross on Twitter at @byKatherineRoss.

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