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Morning Brief

Wall Street seeks to extend rally

Key Points


Futures are pointing to a higher open, following Friday gains that saw the S&P 500 and Nasdaq set all-time closing highs. The Nasdaq's record high was its first in over a year, capping an impressive run which has seen it go without back-to-back declines since late June. (CNBC)

Major Asian indexes closed higher on Monday, shrugging off weaker-than-expected Chinese trade data that showed a 4.4-percent decline in exports and a 12.5-percent slump in imports in U.S. dollar terms, compared with last year. (CNBC)

Oil prices are higher on reports a handful of OPEC members are once again advocating a production freeze. The measure failed in April after top exporter Saudi Arabia dropped its support. (Reuters)

Wal-Mart (WMT) will announce its purchase of online retailer today, according to Recode. The Wall Street Journal had reported last week that a deal was close and that the price was likely to be about $3 billion. (Recode)

Republican presidential nominee Donald Trump will further outline his economic blueprint in a speech in Detroit today. His Democratic rival, Hillary Clinton, follows suit with her own speech on the economy on Thursday. (CNBC)

Voters trust Trump and Clinton to an equal degree on taxes and the economy, but Clinton now has an 8 percentage point lead nationally, according to a new ABC News/Washington Post poll. That contrasts with a Reuters/Ipsos poll that shows Clinton's lead narrowing to less than 3 points. (WaPo/Reuters)

Japanese Emperor Akihito suggested he wishes to abdicate in a rare address to the nation, saying he is concerned his age and physical condition will not allow him to fulfill his duties. (AP)

A hunt is underway for an American and Australian kidnapped by gunmen in Kabul, Afghanistan, Afghan authorities said Monday. The two are believed to be affiliated with Kabul University. (Reuters)

At least 45 people were killed and dozens more injured on Monday when a suicide bombing ripped through a crowd of mostly lawyers and journalists at a hospital in Quetta, Pakistan. Many victims were mourners of a prominent lawyer who'd been assassinated earlier on Monday. (Reuters)

Thais voted to approve a military-backed Constitution on Sunday, paving the way for a democratically elected government to take over Thailand as early as December, following more than two years of junta rule. (Reuters)

A series of robberies and assaults have cast a shadow over sporting events at the Olympics in Rio de Janeiro. Victims of crime have included Portugal's education minister and a top Brazilian security official. (Reuters)

Among the highlights in Rio, Michael Phelps took his 19th gold medal as the U.S. swimming team won the men's 4x100m freestyle relay. On the tennis court, Venus and Serena Williams suffered their first-ever loss in Olympics doubles matches, falling to a Czech duo. (NBC News)

The Russian Paralympic team became the latest contingent from the country to be punished over the nation's doping scandal. The International Paralympic Committee on Sunday suspended all Russian athletes from the 2016 games in September. (NBC News)

Delta Air Lines (DAL) is suffering a nationwide computer system outage that has grounded all its flights. (NBC News)'s (AMZN) Japan offices were raided by antitrust regulators, according to the Nikkei business daily. The paper said Amazon Japan is suspected of pressuring retailers to give it more favorable terms than they offer on other online retail sites. (CNBC)

Gawker Media Group is in early talks with former pro wrestler Hulk Hogan, over the settlement of a $140 million privacy invasion judgment that has forced the online news company into bankruptcy, The Wall Street Journal reported. (CNBC)


There are no economic reports of note, but there are a few corporate earnings reports to watch.

Quarterly numbers will be out this morning from Allergan (AGN), Dean Foods (DF), Sotheby's (BID), and Tyson Foods (TSN). After-the-bell earnings reports today include News Corp. (NWSA), Bojangles (BOJA), Computer Sciences (CSC), Hertz (HTZ), International Flavors (IFF), Microchip Technology (MCHP), and WebMD (WBMD).


Berkshire Hathaway (BRK, BRKB) reported quarterly profit of $3,042 per class A share, above estimates of $2,910.80, though the Warren Buffet-controlled company's revenue did fall short of Street projections. Berkshire's overall results were helped by investment gains.

Novartis (NVS) released results from a clinical trial of its new asthma pill which showed promising results. The pill — the first new one for asthma in decades — could be filed for regulatory approval by 2019, according to the company.

Alphabet (GOOGL) lost executive Chris Urmson from its Google unit's self-driving car project. Urmson did not specify what he would be doing next after seven and a half years on the project, but said he was "ready for a fresh challenge."

Time Warner's (TWX) Warner Brothers unit has sold the commercial TV rights to the eight "Harry Potter" movies to Comcast's (CMCSA) NBCUniversal, which will air primarily on the USA and SyFy channels.

Mattress Firm (MFRM) will be bought by African retailer Steinhoff International for $2.4 billion or $64 per share. That's more than double the mattress retailer's Friday closing price of $29.74.


Warner Brothers' "Suicide Squad" overcame a bevy of poor reviews to become the first August release to score a $100 million-plus U.S. debut. The $135.1 million haul for the DC Comics adaptation dislodged Marvel Studios' "Guardians of the Galaxy" as the top August opening. (CNBC)

The average cost to attend Alex Rodriguez's final pro baseball game this Friday skyrocketed more than 500 percent to about $450 shortly after the long-time Yankee announced his retirement, according to TiqIQ. The average cost later eased back to about $350. (CNBC)