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Morning Brief

Wall Street looks up, with GDP and oil earnings front and center

Key Points


U.S. stock futures were higher this morning, with the S&P 500 and Nasdaq both riding three-session losing streaks. Both were on pace for a third weekly drop in four. The Dow was aiming for a second straight positive week. (CNBC)

Dow components and energy giants Exxon Mobil (XOM) and Chevron (CVX) highlight this morning's list of corporate earnings reports. In another look at the oil market, the weekly rig count is out at 1 p.m. ET. (CNBC)

Amazon was under pressure in premarket trading, after missing estimates with earnings after the bell on Thursday. While quarterly revenue did beat, the online retail giant's holiday season forecast was light. (CNBC)

Google-parent Alphabet (GOOGL) was higher in the premarket, after reporting earnings, revenue, and ad clicks that exceeded expectations. Alphabet also announced a new $7 billion stock buyback. (CNBC)

Baker Hughes (BHI) was higher in premarket trading. General Electric (GE) said it's talking to the oilfield services giant about potential partnerships, but not an outright purchase. (Reuters)

The campaign plane of Donald Trump running-mate Mike Pence slid off the runway at LaGuardia Airport in New York last night. No one was injured. The governor was traveling from Iowa for a fundraiser at Trump Tower. Pence joins CNBC's "Squawk Box" at 8 a.m. ET. (CNBC)

Hillary Clinton entered the final presidential election push with a nearly four times cash advantage over rival Trump. Clinton's campaign committee had about $62 million on hand as of Oct. 20. (CNBC)

Vice President Joe Biden is under consideration for secretary of state if Hillary Clinton wins the White House, according to multiple media outlets. Biden has hammered Trump over statements about Russian President Vladimir Putin. (NBC News)

Putin is accusing American politicians of whipping up hysteria about a mythical Moscow threat, as a ploy to distract voters from their own failings in the run-up to the election. (Reuters)

A Ukrainian group has released hacked emails and other material from the office of one of Putin's top aides that show Russia's fingerprints all over the separatist movement in Ukraine. (NBC News)

Amtrak has agreed to pay up to $265 million in one of the largest rail crash settlements in the United States, for claims related to a deadly high-speed derailment in Philadelphia. (NY Times)

A St. Louis jury has awarded a California woman more than $70 million in her lawsuit alleging that years of using Johnson & Johnson's (JNJ) baby powder caused her cancer. (Reuters)

Novo Nordisk (NVO) cut its long term growth forecast in half, now expecting long-term annual growth of 5 percent. Shares in the world's largest insulin maker were as much as 19 percent lower. (Reuters)

Mylan's (MYL) price hikes on EpiPens have added millions to Defense Department spending since 2008, as the agency covered more prescriptions for the lifesaving allergy shot at near retail prices. (Reuters)

The FCC has finalized groundbreaking new rules that force all internet providers, like Verizon, Comcast and AT&T, to obtain explicit consent from subscribers before selling data about online behavior to third-party marketers. (Recode)

Chipotle Mexican Grill (CMG) is building a defense team of lawyers and bankers to help defend against its second-largest shareholder, billionaire activist investor Bill Ackman. (Reuters)

Tesla (TSLA) is hosting an event today, in tandem with SolarCity (SCTY), as sort of preview of what investors can expect from the companies once they combine into one under the Tesla umbrella. (TechCrunch)

Running enthusiasts rejoice as Apple (AAPL) releases a Nike-themed edition of the Apple Watch today. The tech giant on Thursday announced a new MacBook Pro with a touchscreen row of keys. (USA Today & CNBC)

Twitter's (TWTR) decision to close its video sharing service Vine has been met with regret from one of the founders, just as adult site Pornhub launched a tongue-in-cheek acquisition bid for the platform. (CNBC)


The government releases its first look at third-quarter GDP at 8:30 a.m. ET, with forecasts calling for an annual rate increase of 2.5 percent, well above the 1.4 percent annual growth rate seen in the second quarter.

The University of Michigan is out with its final October consumer sentiment index at 10 a.m. ET, with economists expecting an increase to 88.5 from the 87.9 reading last month.


Amgen (AMGN) beat estimates on both the top and bottom lines, with the biotech giant raising its full-year forecast. Amgen's results were being helped by sales of newer medicines.

Sanofi (SNY) put its European generic drug business up for sale, as well as reporting better than expected quarterly profit and lifting its guidance for the year.

McKesson (MCK) reported adjusted quarterly profit of $2.94 per share, below estimates. The health care services company also posted a revenue miss, and cut full-year outlook.

Stryker (SYK) saw earnings and revenue come in above analyst estimates, with the medical device maker also raising its full-year forecast. Stryker is seeing particular strength in its medical and surgical businesses.

UBS (UBS) saw profit come in below estimates, but the Switzerland-based bank also increased reserves for potential U.S. penalties related to its sales of mortgage-backed securities.

Ab InBev (BUD) cut its full-year guidance, with a fourth straight quarterly decline in Brazilian beer sales a key factor. Brazil is the company's second-largest market.

Expedia (EXPE) missed estimates by 6 cents with adjusted quarterly profit of $2.41 per share, with revenue essentially in line for the online travel services company.


An artificial intelligence system that correctly predicted the last three U.S. presidential elections puts Trump ahead of Clinton in the race to the White House. (CNBC)

Election day also features a vote in California, the state first to legalize medical marijuana 20 years ago, on whether to allow adults 21 years and older to consume cannabis for any reason. (CNBC)

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