Trump enthusiasm wanes; Chinese shopping spree; Nvidia stock surges

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1. Trump enthusiasm wanes: The Dow Jones industrial average is stalling after hitting a record high on Thursday. The all-time high was fueled by expectations that President-elect Donald Trump would pursue business-friendly policies when he's in the White House.

But the initial enthusiasm appears to be waning.

The tech-heavy Nasdaq index is slipping further into the red in premarket trading, after declining by 0.8% on Thursday. The S&P 500 is also looking soft.

It's a mixed picture on global markets, too. Some European markets are pushing up in early trading while others are firmly in negative territory. It's the same story in Asia. The Hang Seng index in Hong Kong and India's Sensex index were under pressure.

In commodities, gold and oil prices are also slipping.

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2. Singles Day in China: People are shopping till they drop in China to celebrate Singles Day, a huge annual online retail festival hosted by Alibaba (BABA).

The tech giant has already broken last year's record of 91 billion yuan in sales ($13.4 billion), more than Black Friday and Cyber Monday combined.

Sales rocketed above $1 billion within the first five minutes, Alibaba said. Watch out for any reaction in its shares.

3. Stock market movers -- Nvidia, Nordstrom, Disney: Shares in tech firm Nvidia (NVDA) and retailer Nordstrom (JWN) were rising premarket after both companies reported better-than-expected earnings on Thursday after the bell.

Disney (DIS) stock is also rising a bit after the company's management issued a sunny outlook.

Meanwhile, JC Penney (JCP) is set to release earnings before the open Friday.

4. Economics: Federal Reserve vice chair Stanley Fischer is speaking Friday. It's unlikely he'll comment on the U.S. election, but he may give some guidance on the possibility of a December rate hike.

Meanwhile, the University of Michigan consumer sentiment report for November is set for release at 10 a.m. ET.

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5. Coming this week:
Friday - J C Penney (JCP) earnings, Singles Day wraps up in China