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Morning Brief

Volatility is back! Dow futures swing deep into the red

Key Points


Dow futures were falling in early trading, as market gyrations make their return. The Dow surged nearly 240 points on Monday, a huge turnaround from depressed premarket trading, as a Fed governor advised "prudence" with regards to interest rates. (CNBC)

Oil prices were sharply lower this morning, after the IEA's latest forecast sees global demand growth slowing at a faster pace than first thought and it taking "a while longer" for the market to rebalance. U.S. crude was higher Monday, the fifth gain in the latest six sessions.

Goldman Sachs has trimmed to 25 percent the odds of a Fed interest rate hike next week, noting the absence of a clear indication that the central bank's policymaking group was set to tighten. Goldman sees an increased 40 percent chance of a Fed move in December. (CNBC)

JPMorgan (JPM) chief Jamie Dimon said the timing is right for a Fed rate hike, with the U.S. economy humming along. Responding a question after a speech in Washington, Dimon said he'd "love to be president" but it's "too hard and too late" to run. (USA Today)

Hillary Clinton's national lead over Donald Trump continues to narrow. Clinton now leads Trump 48 percent to 44 percent, a decline of 2 points since last week, according to the latest NBC News|SurveyMonkey weekly tracking poll.

As Trump was criticizing Clinton for calling "half" of his supporters "a basket of deplorables," an attendee at the campaign rally violently confronted protesters last night. The unidentified man was allowed to remain for the rest of the event. (NBC News)

Clinton said she didn't reveal her pneumonia diagnosis earlier because she didn't "think it was going to be that big a deal." Clinton also vowed to release this week additional medical records. (NBC News)

The EU's ruling that Apple (AAPL) owes Ireland $14.6 billion in back levies underscores the need for urgent U.S. tax reform, Treasury Secretary Jack Lew wrote in an op-ed. Lew addresses the CNBC-Institutional Investor Delivering Alpha conference at 8:20 a.m. ET.

In the wake of the $190 million settlement by Wells Fargo (WFC) over charges employees opened fee-generating accounts for unsuspecting customers, the executive who oversaw this group retired over the summer and reportedly walked away with $124.6 million. (NY Times)

Wells Fargo has told some employees to stop cross-selling products to customers, while the GOP-led Senate Banking Committee said it plans a hearing into the bank's sales practices and wants to question CEO John Stumpf. (WSJ)

Berkshire Hathaway and its Applied Underwriters unit has been sued by a New York bicycle courier company over an alleged illegal scheme to cheat employers buying worker compensation policies. (Reuters)

Weight Watchers International (WTW) said Oprah Winfrey is going to help the diet company find a new leader, after the CEO resigned following three years at the helm. About a year ago, Oprah bought a 10 percent stake in Weight Watchers. (Reuters)

General Motors (GM) said Chevy's 2017 Bolt EV electric car has an EPA estimated range of 238 miles on a full charge, with a starting price of $37,000 before the $7,500 federal tax rebate is applied. (CNBC)

Boeing (BA) is forecasting Chinese airlines are likely to purchase 6,810 planes worth $1 trillion over the next two decades, a 7.6 percent increase from last year's estimate, as the carrier caters to robust growth in domestic and overseas tourism. (Reuters)

Samsung and LG were accused of agreeing not to poach each other's U.S. employees, according to a U.S. civil lawsuit filed last week. The case is similar to one against Apple, Google, and other tech companies, which settled last year for $415 million. (Reuters)

Apple (AAPL) launches its iOS 10 mobile operating system for download today. And the reviews are in for the iPhone 7 and 7 plus, which goes on sale in stores Friday. Walt Mossberg at the Verge likes the device but misses the headphone jack.

Starting this coming Monday, Twitter (TWTR) is cutting down on which types of content count towards its 140-character limit. Media attachments, such as images, GIFs, and videos, and quoted tweets will be exempt, giving users more flexibility. (The Verge)

Instagram, the photo-sharing app owned by Facebook (FB), has launched a new keyword tool designed to monitor potentially offensive comments. Users can input words they consider offensive or inappropriate and want hidden from posts. (Reuters)

Crazy Eddie's prices were "in-SANE!" And so was his fall from grace. Eddie Antar, whose electronics retail chain was once as much a part of the New York landscape as pizza slices and the ubiquitous yellow cab, has died. He was 68. (USA Today)


Small-business optimism declined in August, with the outlook for the next six months lower as well, according to the latest NFIB survey. A record 38 percent of respondents blamed politics as a factor holding them back from expanding.

The Treasury releases the August federal budget statement at 2 p.m. ET. A deficit of $107 billion is expected, after a $64 billion shortfall in July.


Freeport-McMoran (FCX) has struck a deal to sell Gulf of Mexico assets to Anadarko Petroleum (APC) for $2 billion. The mining and energy company will use the proceeds to help pay down debt.

NRG Energy (NRG) won a bankruptcy auction for SunEdison's wind and solar projects in Texas and other states. A court filing indicates that NRG won the auction with a bid of $144 million.

Intersil (ISIL) has agreed to be purchased by Japanese chipmaker Renesas Electronics for about $3.2 billion. Published reports in Japan last month had indicated that Renesas was interested in Intersil.

Nvidia (NVDA) unveiled its latest artificial intelligence computer to power Baidu's (BIDU) self-driving car technology. The two firms had announced an autonomous vehicle partnership earlier this month.


Two men were arrested last night after crashing disgraced Olympic swimmer Ryan Lochte's live debut on ABC's "Dancing With the Stars." The incident didn't appear on camera. (NBC News)

The NCAA is relocating seven previously awarded championship events from North Carolina due to the state's controversial bathroom law. The changes include the March Madness games in Greensboro. (USA Today)

San Francisco backup quarterback Colin Kaepernick continued his protest against social injustice. During the game, the 49ers crushed the Los Angeles Rams at home 28-0. (USA Today)