- Reuters/Nguyen Huy Kham
Here is what you need to know.
Trump made a huge move that could blow up Obamacare. President Donald Trump on Thursday evening announced that he would end the Affordable Care Act’s cost-sharing reduction payments, a move that could wreck the law’s individual insurance exchanges and send healthcare costs soaring for many Americans.
China’s trade surplus narrows. Imports grew by 18.7% year-over-year in US dollar terms while exports climbed by 8.1%, causing China’s trade surplus to narrow to $28.47 billion in September from $41.99 billion in August.
Stock traders should fear Friday the 13th – especially in October. The S&P 500 has fallen 0.54%, on average, during the 12 stock market sessions that have fallen on Friday the 13th in October, data compiled by LPL Financial’s Ryan Detrick shows.
Snap hits a three-month high. Shares rallied 3.35% to $16.51 on Thursday, making for their best close since July 10.
Samsung’s CEO steps down. The resignation of Samsung’s chairman and CEO, Kwon Oh-hyun, was surprising, as he was expected to take on a bigger role following the jailing of the group scion Jay Y. Lee, Reuters says.
Kobe Steel will pay back its customers. The Japanese steelmaker on Friday said it would pay back customers who were affected by its fabrication of data for its products, Reuters reports.
A star stock picker at Fidelity has reportedly been fired. Gavin Baker was fired after he was accused of sexually harassing a junior female staffer, The Wall Street Journal says, citing an attorney for the staffer and people familiar with the situation.
Stock markets around the world trade mixed. Japan’s Nikkei (+0.96%) led the gains in Asia, and Britain’s FTSE (-0.18%) trails in Europe. The S&P 500 is set to open little changed near 2,552.
Earnings reports trickle out. Bank of America reports ahead of the opening bell.
US economic data picks up. CPI and retail sales will be announced at 8:30 a.m. ET before University of Michigan consumer confidence is released at 10 a.m. ET. The US 10-year yield is up 1 basis point at 2.33%.