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What to Watch on Friday

Strong results from Meta Platforms (META) and Amazon (AMZN) will lift the indices today. Looming for markets, however, are quarterly results from ExxonMobil (XOM) and Chevron (CVX). Since oil prices trended lower in the fourth quarter, investors have low expectations for those two stocks.

Drug manufacturers Bristol-Myers Squibb (BMY) and Abbvie (ABBV) will influence markets with their results. BMY stock briefly touched a 52-week low on Thursday.

On the economic front, the markets may react to the non-farm payrolls report. Although the FOMC decided earlier this week that it would not cut rates, a strong jobs report would keep rates high. Economists expect jobs to increase by 185,000 positions, based on a poll conducted by Dow Jones. This is an unemployment rate of 3.8%.

As mentioned in previous alerts, the struggling electric vehicle market will send underlying stocks lower. Volvo (VLVLY) dumped Polestar Automotive (PSNY) on Thursday, sending the stock down by 15.67%. Polstar’s loss of its primary funding from Volvo casts its future in doubt.

EV stocks with greater downside risks include Rivian (RIVN), Tesla (TSLA), Fisker (FSR), Nio (NIO), Li Auto (LI), and XPeng (XPEV). Chinese firms Li and XPeng both posted strong January delivery figures on Thursday.

Tesla’s leadership may have doubts after a former heavy metal drummer won a case against the firm. The case resulted in CEO Elon Musk losing his $56 billion pay package.