A GE AC4400CW diesel-electric locomotive in Union Pacific livery is seen ahead of a possible strike if there is no agreement with railroad workers’ unions as a Metrolink (right) commuter train September 15 at Union Station in Los Angeles, California, arrives , 2022.
Bing Guan | Reuters
Here is the key news investors need to start their trading day:
1. Senate approves rail deal
The Senate passed legislation Thursday to enforce a railroad labor contract and sent the bill to President Joe Biden for signature before a strike deadline. The agreement grants railway workers salary increases, one-off payments and an additional day of paid vacation. But it will not guarantee workers paid sick leave – the unions’ main concern – after the Senate voted against a separate House-approved resolution to include seven days of paid sick leave in the agreement. Biden had pushed for speedy approval of the deal to avoid the economic fallout of a rail workers strike.
2. Jobs announce themselves in advance
A worker wraps a beef sandwich at a Portillo restaurant in Chicago, Illinois, on Tuesday, September 27, 2022.
Christopher Dilts | Bloomberg | Getty Images
The monthly jobs report comes out Friday morning at 8:30 a.m. ET and is expected to show a slowdown in the economy. Dow Jones estimates expect the US to add 200,000 jobs, down from October’s 261,000. Economists also expect the unemployment rate to remain steady at 3.7% and average wage growth to slow month-on-month. The report, which is closely watched each month, is a particular focus this time as the US Federal Reserve looks to ease interest rate hikes to fight inflation.
3. Markets digest data
Traders on the NYSE floor, December 1, 2022.
Source: New York SE
Stocks ended mostly lower on Thursday on mixed economic data: A personal consumption spending report came in slightly better-than-expected, but the ISM Manufacturing Index posted a stronger-than-expected decline. “Taken together, these two dates could point to a soft landing for the US economy as long as growth doesn’t slow much further,” Goldman Sachs’ Chris Hussey said in a statement. The Dow lost nearly 195 points on Thursday and the S&P 500 fell 0.09%. The tech-heavy Nasdaq Composite rose slightly. Follow live market updates here.
4. SCOTUS takes over student debt
Student debt borrowers urge President Biden to cancel student debt during a demonstration outside the White House.
Getty Images | Paul Morigi
The Supreme Court said it will hear arguments in a case against Biden’s plan to forgive some student debt, which would reignite hopes for millions of borrowers. A federal appeals court last month issued an injunction against the plan — which would pay off up to $20,000 in student debt for many — in response to a challenge from six Republican-led states. Hearings are set for February and the plan is on hold in the meantime.
5. Putin open to talks
Russia’s President Vladimir Putin attends a meeting with mothers of Russian soldiers taking part in the Russia-Ukraine conflict ahead of Mother’s Day at the Novo-Ogaryovo state residence outside Moscow, Russia, November 25, 2022.
Alexander Scherbak | Sputnik | Reuters
Russian President Vladimir Putin is ready to hold talks on a possible solution to the war in Ukraine, Kremlin spokesman Dmitry Peskov said. US President Joe Biden said Thursday he was ready to meet with Putin if Putin was ready to end the war, but he gave no confidence that that would happen anytime soon. “I’m ready to talk to Mr. Putin if there really is an interest in him deciding that he’s looking for a way to end the war. He hasn’t done that yet,” Biden said.
– CNBC’s Lori Ann LaRocco, Dan Mangan, Patti Domm, Emma Kinery and Tanaya Macheel contributed to this report.
— Follow broader market action like a pro on CNBC Pro.