The daily business briefing: November 6, 2020

Stock futures fall after post-election rally, Uber shares fall after revenue misses expectations, and more 

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1. Stock futures fall after post-election rally

U.S. stock index futures pulled back early Friday as wrangling continued over the presidential vote count. On Thursday, U.S. stocks closed with big gains, extending a post-election rally as Democrat Joe Biden appeared close to winning the presidential race and Republicans appeared likely to retain control of the Senate, signaling possible gridlock in Washington. The Dow Jones Industrial Average and the S&P 500 jumped by 2 percent. The tech-heavy Nasdaq shot up by 2.6 percent. The S&P 500 has now risen by 7.4 percent this week, more than making up for last week's 5.6 percent loss. The Dow is up by 7.1 percent this week. Both indexes are on track for their best week since April. "I think we're getting closer to clarity," says J.J. Kinahan, chief market strategist for TD Ameritrade.

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Harold Maass, The Week US

Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.