Here are the five things you need to know about Friday’s trading

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Here are the key events taking place on Friday that could impact trading.

GAP INC.: Shares rose 7% in extended trading after the retailer beat Wall Street estimates for quarterly sales and posted a profit.

Results were helped by steady demand for its formal clothing and dresses even as decades-high inflation squeezes consumer spending.

The company expects fourth-quarter net sales to be down in mid-single digits, compared with analysts' expectations of a 0.6% decline, according to Refinitiv IBES data.

AMAZON CEO SAYS LAYOFFS WILL CONTINUE IN 2023

Exterior of Gap location (Gap)

Gap's third-quarter net sales rose 2.5% to $4.04 billion, topping analysts' estimates of $3.80 billion.

The company posted net income of $282 million, or 77 cents per share, for the quarter ended Oct. 29, compared with a net loss of $152 million, or 40 cents, a year earlier.

WILLIAMS-SONOMA: Shares fell more than 6% in extended trading quarterly results missed expectations.

The retailer reported fiscal third-quarter net income of $251.7 million, or $3.72 per share.

Night view of facade of Williams Sonoma store in San Ramon, California. (Photo by Smith Collection/Gado/Getty Images / Getty Images)

The results missed Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of $3.78 per share.

The seller of cookware and home furnishings posted revenue of $2.19 billion in the period, exceeding Street forecasts. Seven analysts surveyed by Zacks expected $2.16 billion.

MORE EARNINGS: A busy week of retail earnings wraps up Friday with two specialty names – sneaker seller Foot Locker and apparel retailer Buckle – reporting ahead of the opening bell. 

95% of the S&P 500 (478 companies) have reported 3Q numbers, and the results are mostly ahead of expectations:

AFFORDABILITY SQUEEZING HOMEBUYERS’ WALLETS 

A key housing report to wrap up a busy week of economic data…

EXISTING HOME SALES: The National Association of Realtors is expected to say that sales of previously owned homes tumbled 7.0% in October to a seasonally adjusted annual rate of 4.38 million units. 

That would be the ninth straight monthly drop, the most on record.

The report follows other data this week showing a housing market under great pressure from rising mortgage rates, inflation, and high home prices.

ELIZABETH HOLMES SET TO LEARN HOW LONG SHE FACES BEHIND BARS

ELIZABETH HOLMES: The Theranos founder can expect a lengthy term behind bars at her sentencing hearing Friday.

Holmes faces up to 20 years in prison after being convicted on three felony counts of wire fraud and one felony count of conspiracy to commit fraud.

Elizabeth Holmes, Theranos CEO (David Orrell/CNBC/NBCU Photo Bank/NBCUniversal via Getty Images / Getty Images)

Her attorneys are asking that she serve no more than 18 months if she is incarcerated at all, arguing that the high-profile case has ruined the former Silicon Valley darling's reputation, saying she poses no threat to the public and noting that she has no prior criminal history.

Prosecutors are asking that Holmes serve 15 years in prison for duping investors out of hundreds of millions of dollars.