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Morning Brief

Wall Street runs into a roadblock after strong rally

Key Points


U.S. stock futures were lower this morning, following the best gains of October for the Dow, S&P 500, and Nasdaq on Monday as well as a record closing high for the Nasdaq 100 index. (CNBC)

Caution may be in evidence as earnings season gets underway, with Alcoa (AA) reporting this morning instead of after the closing bell. Wells Fargo (WFC), Citigroup (C), and JPMorgan report on Friday. (CNBC)

Goldman Sachs said recent comments by Saudi Arabia and Russia point to a greater probability of an oil production cut. But more output elsewhere would reduce the impact of such a move. (CNBC)

With less than four weeks to go before voters head to the polls, analysts at Citi upped the odds of Hillary Clinton winning the presidency from 60 percent to 70 percent, in the wake of the Trump lewd tape fallout. Clinton and Donald Trump both campaign in the battleground state of Florida today. (CNBC

Billionaire hedge fund titan Leon Cooperman tells CNBC he won't enter a deal with regulators to settle insider trading charges and he insisted he has always followed the law.

Apple (AAPL) continued to benefit from Samsung's Galaxy Note 7 fire concerns. The Korean smartphone maker has permanently halted production of the recalled device. (CNBC)

The Supreme Court hears arguments on financial damages Samsung owes Apple for alleged violation of design patents. The court's ruling could define the value of design work. (USA Today)

The CEO of Verizon (VZ) said the company had no plans to walk away from its planned acquisition of Yahoo's (YHOO) core internet assets, but added the $4.8 billion price could be renegotiated. (WSJ)

Twitter (TWTR) executives are said to be continuing deal talks with at least one suitor, the online software company Salesforce (CRM), which has faced pushback from some of its biggest investors over a potential acquisition. (NY Times)

Theranos and its founder, Elizabeth Holmes, have been sued by one of the blood-testing start-up's biggest backers, for allegedly lying to attract nearly $100 million in investment. (WSJ)

Wells Fargo (WFC) managers pushed bankers to sign up customers for potentially costly overdraft protection they didn't always need or realize they were getting, according to current and former employees. (WSJ)


There are no government reports due out today, in a generally quiet day overall for economic data. The National Association of Independent Business reported this morning a drop in small business optimism last month.

Fed-speak continues today, with Minneapolis Fed President Neel Kashkari appearing at a Q&A session on banking regulations at 11 a.m. ET.

Chicago Fed President Charles Evans this morning said he sees benefits of overshooting the central bank's 2 percent inflation target.

Yum Brands (YUM) is meeting with investors and analysts in New York today, as the parent of Pizza Hut, Taco Bell, and KFC gets ready to split off its China business.

Caterpillar (CAT) was upgraded to "buy" from "neutral" at Goldman Sachs, on optimism about further stock gains. The heavy equipment maker was already the Dow's best year-to-date performer with a gain of nearly 30 percent.


Illumina (ILMN) was losing about a quarter of its value in premarket trading, after the genetic analysis firm cut revenue guidance due to a bigger than expected decline in sales of its gene sequencing tools.

UBS (UBS) was among a handful of banks fined over alleged money laundering activities surrounding Malaysian sovereign investment fund 1MDB.

Fiat Chrysler (FCX) and Cummins (CMI) are at odds over the $200 million estimated cost of a recall involving 130,000 Dodge Ram pickup trucks equipped with Cummins-made diesel engines.

CBS (CBS) Chief Executive Officer Leslie Moonves would want autonomy in leading the company if a merger with Viacom (VIAB) were to occur, according to sources quoted by Reuters.


A leading doctor-appointment scheduling app firm wants to make "Unsick Days" the norm in the United States: an extra paid day off for employees to attend to preventative care. (CNBC)