Morning Brief

Wall Street giving thanks to record highs

Key Points

IN THE NEWS TODAY

For the second straight day, the Dow, S&P 500, Nasdaq, and Russell 2000 were coming off record closes. Today marks the last full trading day of the week, with U.S. stocks closed tomorrow for Thanksgiving, and the market scheduled for an abbreviated trading day on Friday. (CNBC)

The Dow's close above 19,000 for the first time could signal further gains, based on historical market data. Over the past 30 years, the Dow not only trends higher, but beats the broader S&P 500 along the way, according to analytics tool Kensho. (CNBC)

Shares of Eli Lilly (LLY) were tanking about 15 percent in premarket trading, after an experimental drug from the company failed to slow the loss of cognitive ability in patients with mild Alzheimer's disease.

The dollar index hovered near last week's 13-and-a-half-year high this morning, taking a somewhat of a breather after surging on expectations U.S. interest rates would rise further than earlier anticipated due to prospects of increased fiscal stimulus under Donald Trump. (Reuters)

Oil was drifting this morning, with OPEC ready to debate a production cut of 4 percent to 4.5 percent for all of its members except Libya and Nigeria next week. But success hinges on an agreement from Iraq and Iran, which were far from certain to give full backing. (Reuters)


South Carolina Gov. Nikki Haley has accepted Donald Trump's offer to be ambassador to the United Nations, a source familiar with the transition process confirmed to NBC News.

Trump is leaning toward asking Mitt Romney to be his secretary of state, but an internal tug of war between Romney supporters and those urging the selection of Rudy Giuliani was delaying the decision. (WSJ)

Trump was close to picking Ben Carson, the retired neurosurgeon who ran against the president-elect in the primary, as secretary of housing and urban development. Meanwhile, Trump arrived in Palm Beach last night to spend Thanksgiving at his Mar-a-Lago estate. (NY Times)

In an interview with New York Times reporters and editors, Trump said he does not intend to press an investigation of Hillary Clinton over emails. He also said he's keeping an open mind on whether to pull out of the Paris climate change accord.

Trump indicates he's unlikely to disentangle himself from his business empire as fully as he previously suggested, raising questions about potential conflicts of interest while president. (WSJ)

For someone who backed Hillary Clinton, Warren Buffett has done just fine since Trump's win. The multibillionaire head of Berkshire Hathaway has seen his investment portfolio explode by $11 billion since Election Day. (CNBC)

A federal judge has blocked an Obama administration rule to extend mandatory overtime pay to more than 4 million workers from taking effect, imperiling one of the outgoing president's signature initiatives for boosting wages. (Reuters)

The Twitter account of the social media service's CEO Jack Dorsey was accidentally suspended for a brief time last night, before coming back online. Dorsey's account was reinstated about 9:15 p.m. ET, but with a significantly reduced follower count. (CNBC)

Facebook (FB) is developing a censorship tool aimed at persuading China to allow the social network to re-enter the market. Facebook has been banned in China for the past seven years. (NY Times)

Amazon (AMZN) could be impacted by a pilots strike at ABX Air, an express cargo airline that carries packages for Amazon and DHL Express. About 250 union pilots went on strike Tuesday. (Reuters)

Apple (AAPL) has captured a record 91 percent share of profits in the global smartphone industry in the third quarter, according to new research, despite grappling will falling iPhone sales. (CNBC)

Hewlett Packard Enterprise (HPE) slightly beat estimates with quarterly earnings, but slightly missed on revenue. HPE warned on outlook. Marking a year as separate companies, HP Inc. (HPQ) matched on earnings and beat on revenue. (CNBC)

Hewlett Packard Enterprise CEO Meg Whitman joins CNBC's "Squawk on the Street" at 9 a.m. ET to run down the numbers.


BY THE NUMBERS

The Fed issues the minutes from its November meeting, at which central bankers left interest rates unchanged, while continuing to acknowledge that the case for a move was getting stronger. The market gives more than 90 percent odds of a December hike.

The pre-Thanksgiving session brings a bounty of economic reports, including weekly jobless claims data and October durable goods at 8:30 a.m. ET; the University of Michigan's final November consumer sentiment reading and October new home sales at 10 a.m. ET.

A post-election spike in mortgage rates may have pushed concerned potential home buyers off the fence before rates move even higher. A rush on home purchase mortgages fueled total application volume up 5.5 percent last week, Mortgage Bankers Association.

The Department of Energy is out with its oil and gasoline inventory report at 10:30 a.m. ET. Additionally, the DOE releases its weekly natural gas inventory report at 12 p.m. ET, a day early due to tomorrow's Thanksgiving holiday.



STOCKS TO WATCH

Urban Outfitters (URBN) reported quarterly earnings, revenue, and same store sales that were below expectations, hurt by higher markdowns and slowing sales at its Anthropologie unit. The stock was off about 11 percent in the premarket.

GameStop (GME) beat estimates with quarterly earnings, with revenue essentially matching expectations. The video game retailer also delivered disappointing holiday season and current quarter forecasts, as game players largely switch to downloads.

Madison Square Garden (MSG) reported a credit card breach for the Garden itself as well of several of its other venues, including Radio City Music Hall and the Beacon Theater in New York.

Alphabet's (GOOGL) Google was near a tax settlement with the Indonesian government, reportedly ready to agree to pay back taxes and fines and to a new calculation of profits earned in the country.