Why Did Stocks Drop?

What’s in Today’s Report:

• Why Did Stocks Drop?

Futures are mixed as AI-related stocks attempt to rebound following Thursday’s market selloff.

Economically, EU Retail Sales missed estimates (-0.7% vs. E: -0.1%), while German Industrial Production beat estimates (0.7% vs. E: 0.0%).

Today focus will be on the October Employment Situation Report (E: 62K job adds, 4.2% unemployment rate, 2.9% wage growth), with investors looking for signs of labor market stabilization and easing wage pressures. We also get Consumer Sentiment (E: 47.5) and Consumer Credit (E: $11.5B).

Finally, two Fed members are speaking today: Musalem (9:10 a.m. ET) and Bowman (12:15 p.m. ET). Earnings include BRK.B ($5.91), ENB ($0.36), MRNA ($-1.10), HUM ($-1.03), VST ($2.89), ECHO ($0.02).