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Corporate earnings the next hurdle for Wall Street

IN THE NEWS TODAY

U.S. stock futures were under pressure this morning, with Europe and Asia in the red. The Dow snapped a seven-session winning streak on Tuesday, as the focus on Wall Street shifts to earnings season. Analysts expect a 4.8 percent decline in S&P 500 profits. (CNBC)

Bank of America (BAC) and Wells Fargo (WFC) are out with quarterly profits this morning, following JPMorgan's (JPM) disappointing results after the bell Tuesday. Netflix (NFLX) leads this afternoon's reports. (CNBC)

Intel (INTC) late Tuesday reported earnings and revenue that beat expectations. Strength in its data center and mobile device chip businesses more than offset weak demand in its PC segment. (CNBC)

Russia is not to blame for a global glut in oil that's caused prices to slump over the last 16 months, said the country's energy minister, blaming U.S. shale oil producers and OPEC. (CNBC)

Chinese consumer prices eased in September while producer prices remained firmly in deflation, fanning speculation of additional monetary easing to shore up demand in the world's second largest economy. (CNBC)

Hillary Clinton, seeking to halt the momentum of challenger Bernie Sanders, aggressively questioned his values, positions, and voting history last night at the first Democratic presidential debate. (NY Times)

Apple (AAPL) could face up to $862 million in damages after a federal jury found the iPhone maker used technology owned by the University of Wisconsin without permission in chips found in many of its most popular devices. (Reuters)

Actions by Goldman Sachs (GS) as an adviser to Malaysia's troubled sovereign wealth fund are reportedly being examined by U.S. authorities. Five countries are currently probing the heavily-indebted fund. (WSJ)

The SEC is said to be preparing to file civil charges against Mondelez (MDLZ), in connection with a long-running investigation of payments the snack food giant's Cadbury unit made in India. (WSJ)

Wal-Mart CEO Doug McMillon told CNBC the retailing giant's investments in its associates, stores, and e-commerce capabilities are starting to pay off.

Despite being one of the oldest names in the car business, General Motors (GM) is "among the leaders" in the development of self-driving cars along with Silicon Valley's best, CEO Mary Barra said. (USA Today)

Toyota (TM) hopes to sell more than 30,000 fuel cell vehicles annually around or after 2020. The automaker also said the latest version of its Prius hybrid would be 20 percent more fuel efficient. (Reuters)

BY THE NUMBERS

The U.S. economy likely would not support an interest rate hike this year without signs inflation and wages are increasing, Fed Governor Daniel Tarullo told CNBC.

Investors get a double dose of economic reports at 8:30 a.m. ET, with retail sales and producer prices for September both released. At 10 a.m. ET, it's August business inventories. At 10:30 a.m. ET, weekly oil and gasoline inventories are out. And at 2 p.m. ET, the Fed issues its Beige Book, a region-by-region assessment of growth.

Mortgage applications plummeted 27.6 percent last week, according to the Mortgage Bankers Association, following the prior week's 25.5 percent surge, just ahead of the implementation of new home loan disclosure rules.

Payment processor First Data, the largest IPO of the year, is slated to price after the bell. Meanwhile, grocer Albertsons is also set to price its offering this afternoon.

But luxury retailer Neiman Marcus has pushed back its planned IPO to next year, according to Reuters. Stock market jitters have reportedly prompted the hold.


STOCKS TO WATCH

Delta (DAL) reported adjusted quarterly profit of $1.74 per share, beating estimates by 3 cents, with revenue very slightly above expectations. Delta's bottom line was helped by the drop in oil prices.

CSX (CSX) reported quarterly profit of 50 cents per share, 2 cents above estimates, with revenue essentially in line. The rail operator is being hit by falling coal freight business, but cost cuts and lower fuel prices helped the bottom line.

Dollar General (DG) plans to cut approximately 255 jobs, effective immediately, after the discount retailer completed a review of its cost structure.

Dish Network (DISH) has asked the FCC to block the proposed merger of Charter (CHTR) and Time Warner Cable (TWC). The satellite TV operator said the combined company would have too much power in the broadband segment.

Diageo (DEO) sold the majority of its US and UK wine operations to Australia's Treasury Wine Estates for $552 million.

EMC (EMC) would pay Dell a breakup fee of up to $2.5 billion, if it backs out of the deal to be acquired by Dell because of a better offer.

BHP Billiton (BHP) plans to sell about $3 billion in bonds this week, as it tests the market for commodity-related investments.

WATERCOOLER

The Chicago Cubs eliminated the St. Louis Cardinals last night and advanced to the NLCS. Meanwhile, the ALCS matchup will be decided today. (NY Times)

Eating a 30-pound burrito and drinking one margarita are the only things standing between you and owning 10 percent of a Brooklyn restaurant. (CNBC)