U.S. stock futures rose on Friday despite the release of disappointing U.S. jobs data.
Futures on the Dow Jones Industrial Average were up by 120 points, or 0.4%. S&P 500 and Nasdaq 100 futures advanced 0.4% and 0.3%, respectively.
The U.S. economy added 245,000 jobs in November. That’s well below a Dow Jones consensus estimate of 440,000.
Friday’s report comes as the number of coronavirus cases has been rising sharply. The U.S. reported record numbers on Thursday of new infections, single-day deaths and hospitalizations.
On Thursday, the stock market was hit by a report suggesting troubles with Pfizer’s coronavirus vaccine rollout. Major averages swiftly fell to their session lows after Dow Jones reported said Pfizer expects to ship half of the Covid-19 vaccines it originally planned for this year due to supply-chain problems.
Still, Pfizer and BioNtech are on track to roll out 1.3 billion vaccines in 2021 and the 50 million dose shortfall this year will be covered as production ramps up, the report said.
The S&P 500 fell slightly on Thursday, after closing at records two days in a row. The Dow Jones Industrial Average rose about 85 points, supported by a jump in Boeing shares. The Nasdaq Composite eked out a 0.2% gain after hitting an intraday record high.
Elsewhere, investors closely monitored progress toward a stimulus deal as lawmakers make a strong push to break a stalemate over how to boost an economy that continues to be hurt by the pandemic.
House Speaker Nancy Pelosi and Senate Majority Leader Mitch McConnell spoke on the phone Thursday for the first time since at least the presidential election. Pelosi and Senate Minority Leader Chuck Schumer backed a bipartisan $908 billion stimulus package, while McConnell released his own roughly $500 billion plan.
Subscribe to CNBC PRO for exclusive insights and analysis, and live business day programming from around the world.
The rate of job gains have likely slowed in November due to the spike in new coronavirus cases that have led to fresh lockdown restrictions.