US futures rose on Friday, on the back of corporate earnings and the upcoming release of manufacturing and services data at 9:45am EST.

The White House and Democratic leaders are continuing negotiations over a nearly $2 trillion coronavirus-relief package, which many view as crucial to maintaining an economic recovery during the pandemic.

However, with the market likely to lack direction ahead of the election, participants are focusing instead on earnings and economic reports for a clearer picture of the outlook and pace of a global economic recovery.

Ahead, in today's economic calendar, Friday includes; Manufacturing and Services PMI data for October at 9:45am EST.

In earnings; American Express (AXP), Cleveland-Cliffs (CLF), Bloomin' Brands (BLMN) and Goodyear Tire & Rubber (GT) will all report today.

TODAY'S TOP HEADLINES
Politics: Donald Trump And Joe Biden Clash Over Covid. (The WSJ)
Trump and Biden offered starkly differing views of the administration’s handling of the pandemic in the final debate before the election.

ECONOMIC CALENDAR
Today's Economical Announcements.
09:45AM - ★★☆ - Manufacturing PMI (Oct) (Previous: 53.2)
09:45AM - ★★☆ - Services PMI (Oct) (Previous: 54.6)

STOCKS IN THE SPOTLIGHT
Pre-Market Movers & News Related Stocks.
Intel (INTC): [EARNINGS] Reported third-quarter earnings of $1.11 per share, in line with estimates. Revenue was higher than expected at $18.33 billion, while analysts surveyed by Refinitiv expected $18.25 billion. The company’s Data Center Group, however, saw revenue decline by 7% and miss expectations.

Mattel (MAT): [EARNINGS] Beat expectations on the top and bottom lines for the third quarter. Mattel reported profit of 95 cents a share and $1.63 billion in revenue. Analysts surveyed by Refinitiv expected 39 cents a share in earnings and $1.46 billion in revenue.

Capital One Financial (COF): [EARNINGS] Beat revenue expectations for its third quarter. Capital One had $7.38 billion in revenue, while analysts surveyed by Refinitiv projected $6.68 billion. The company’s non-interest income rose nearly 50% year over year.

Gilead Sciences (GILD): [NEWS] The Food and Drug Administration approved Gilead’s antiviral drug remdesivir as a treatment for the coronavirus. The drug had previously been authorized for emergency use.

Fastly (FSLY): [DOWNGRADE] Piper Sandler downgraded the stock to “underweight” from “neutral,” citing concern about slowing business from TikTok, which is one of Fastly’s biggest clients.

Seagate Technology (STX): [EARNINGS] Reported weaker-than-expected revenue for its third quarter. Seagate posted earnings of 93 cents per share on $2.31 billion of revenue. Analysts surveyed by Refinitiv were looking for 88 cents per share and $2.34 billion of revenue. The company also raised its dividend and buyback program.

Shake Shack (SHAK): [RATING] Oppenheimer initiated coverage of the restaurant chain at “outperform.” The firm said in a note that Shake Shack’s U.S. footprint could grow to three times its current size.

American Express (AXP): [EARNINGS] Reported smaller-than-expected earnings despite beating revenue projections. American Express earned $1.30 per share on $8.75 billion of revenue for the third quarter. Analysts surveyed by Refiniv expected $1.35 in earnings per share and $8.62 billion of revenue.

Bloomin’ Brands (BLMN): [EARNINGS] Reported a smaller-than-expected loss for the third quarter and said that its takeout business remained strong even as inside dining reopened. The company reported a loss of 12 cents per share and $771.3 million of revenue. Analysts surveyed by Refinitiv expected a loss of 33 cents per share and $750.6 million of revenue.

MOMENTUM STOCKS
GAINERS: ALGN, HA, CNX, SNAP, SNOW
DECLINERS: TAL, FAF, TSCO, UNP

TODAY'S IPOs
Foghorn Therapeutics (FHTX) (Price: 16) (Est. Vol: $120.0M)

WE WILL SHOW YOU THE WAY!