My top 10 things to watch Friday, Nov. 8
1. The Wall Street rally on Donald Trump’s election victory was taking a breather Friday morning. The S&P 500 and Dow Jones Industrial Average, on pace for their best weeks in a year, were poised for muted opens. The Nasdaq was set to open down. The Federal Reserve cut interest rates by a quarter point Thursday afternoon, and Chairman Jerome Powell said he feels good about the U.S. economy. Powell also said he’s going nowhere under Trump.
2. Bank of America downgraded Rivian to a neutral rating from buy, expressing worries that regulatory credits for electric vehicle makers could be at risk in a second Trump administration. In its earnings report Thursday, Rivian said sales of those credits to other automakers will help the company achieve positive gross profit in the fourth quarter.
3. Molson Coors reported a good quarter, and in response Wells Fargo double-upgraded the stock to a buy-equivalent rating from an underweight sell. Was it that good? Is beer back? It’s been a struggling category for a while now. Corona and Modelo, imported to the U.S. by Club name Constellation Brands, have been among the few bright spots.
