Morning Brief

Wall Street looks to close out a tough week in the green

Key Points


U.S. stock futures were higher this morning after the Dow and S&P 500 on Thursday broke two-day losing streaks with modest gains. The Nasdaq logged its fourth positive session in the past five. (CNBC)

Despite Wall Street's rebound from Wednesday's nosedive on Trump concerns, the S&P 500 and Nasdaq were still on track for their worst weeks in five. The Dow was poised for its biggest slide in nearly two months. (CNBC)

Oil prices were higher this morning, on track for a second week of gains on growing expectations that international crude exporters will extend output cuts to reduce a persistent glut in inventories. (Reuters)

Bitcoin remained higher in early trading after breaking through the $1,900 level for the first time ever today. Traders attribute the cryptocurrency's recent spike higher in part to political uncertainty. (CNBC)

Global investors were anxious to see where the stock market in Brazil opens today after its worst session since 2008 on an emerging scandal involving the country's recently installed president. (CNBC)

The week ends with no U.S. economic data on the calendar, although St. Louis Fed President James Bullard speaks at 9:15 a.m. ET and San Francisco Fed President John Williams speaks at 1:40 p.m. ET. (CNBC Trading Nation)


Trying to put a week of controversies behind him, President Donald Trump leaves this afternoon for his first foreign trip since taking office. Trump visits Saudi Arabia, Israel, Belgium and Italy. (Reuters)

Trump's son-in-law and advisor Jared Kushner personally asked the CEO of Lockheed Martin (LMT) to lower the price of a radar system so Saudi Arabia could afford to include it in an arms deal. (NY Times)

At an afternoon news conference, Trump said he respects the appointment of a special counsel in the FBI's Russia investigation, but said "the entire thing has been a witch hunt." (NY Times)

Vice President Mike Pence has reportedly been kept in the dark about former National Security Advisor Mike Flynn's alleged wrongdoing, in what would be the second time, despite the White House's alleged knowledge of them. (NBC News)

James Comey, who was fired last week as FBI director, is said to have been dismayed by President Trump's attempts to build a personal relationship with him in the midst of the Russia investigation. (NY Times)

President Trump next week will propose the U.S. can balance the federal budget over 10 years with substantial cuts to safety-net programs such as food stamps and other anti-poverty efforts, combined with a tax and regulatory overhaul aimed at boosting economic growth rate. (WSJ)

Lines are long as the polls are open in Iran's presidential election today, in which Hassan Rouhani is seeking a second term. Rouhani, a moderate cleric, negotiated the landmark nuclear deal with the U.S. and other world powers in 2015. (BBC News)

Owners of nearly 16 million vehicles with potentially defective Takata air bags are eligible for financial assistance in getting their vehicles fixed and up to $500 in compensation under the terms of a new consumer settlement with several automakers.

Leon Cooperman's Omega Advisors has settled with the SEC for $4.9 million over insider trading charges. The hedge fund admitted to no wrongdoing and chairman and CEO Cooperman won't be barred or suspended from the industry. (CNBC)

Uber has threatened to fire Anthony Levandowski, the top engineer from its self-driving car unit, who's at the center of the company's legal battle with Google parent Alphabet (GOOGL). (WSJ)

Shares of Dynegy (DYN) were soaring about 20 percent in premarket trading after a report that Vistra Energy (VST) made a takeover bid for its debt-burdened rival power producer. (WSJ)

The CFO of T-Mobile (TMUS) said the wireless carrier would benefit from a combination with rival Sprint (S). He did not rule out possible combinations with NBCUniversal parent Comcast (CMCSA) or Charter (CHTR). (Reuters)

IBM (IBM), a pioneer of remote work, is giving thousands of its work-from-home employees in the U.S. a choice this week: Abandon your off-site workspaces and relocate to a regional office, or leave the company. (WSJ)

Facebook (FB) has struck a deal with Major League Baseball to stream 20 Friday night games this season, starting with tonight's matchup between the Colorado Rockies and Cincinnati Reds. (Variety)

After nearly 150 years, the iconic Ringling Bros. and Barnum & Bailey Circus prepares to take its final bow before a sold-out crowd at Nassau Coliseum in the suburbs of New York City on Sunday. (NBC News)


Deere (DE) earned an adjusted $2.14 per share for its latest quarter, easily beating estimates of $1.68. Revenue was slightly below forecasts, but Deere raised its revenue and sales forecast for the year based on improving market conditions.

Campbell Soup (CPB) reported adjusted quarterly profit of 59 cents per share, 5 cents short of estimate, while revenue fell short as well with Campbell citing difficult industry conditions. Campbell also cut its sales outlook for the year but did raise the lower end of its earnings forecast.

Foot Locker (FL) fell 2 cents short of estimates with quarterly profit of $1.36 per share. Revenue also fell short of Street projections, and a same-store sales increases of 0.5 percent was below forecasts of a 1.5 percent increase.

In what's been a tough earnings season for retailers, Gap (GPS) beat expectations on quarterly profit and revenue. The company behind the Gap, Old Navy, and Banana Republic brands also boosted forward guidance.

Ross Stores (ROST) beat estimates by 2 cents with quarterly profit of 82 cents per share, while the discount retailer's revenue also beat forecasts. Ross also reported upbeat comparable store sales, and raised its full-year forecast. (CRM) reported adjusted quarterly profit of 28 cents per share, 2 cents above estimates, while revenue was slightly above forecasts as well. Salesforce also raised its full year revenue guidance due to strong demand for its cloud-based business software.

Autodesk (ADSK) lost 16 cents per share for its latest quarter, but that loss was smaller than the 24 cents expected by analysts. The design software maker also saw revenue beat estimates, with the company seeing strong increases in subscription numbers.

Applied Materials (AMAT) came in 3 cents above estimates with adjusted quarterly earnings of 79 cents per share, and its revenue was slightly above forecasts. The maker of semiconductor manufacturing equipment has posted record profits for four consecutive quarters.

McKesson (MCK) reported adjusted quarterly profit of $3.39 per share, compared to estimates of $3 per share, although the drug distributor saw revenue come in below forecasts. McKesson's results were boosted by results in pharmaceutical distribution and services.

Johnson & Johnson (JNJ) unit Janssen is suing to block a copy of its rheumatoid arthritis drug Remicade from being sold in the US. The copy is made by South Korea's Samsung Bioepis Co.

Mallinckrodt (MNK) and Express Scripts (ESRX) came under fire from short seller Jim Chanos at SkyBridge Capital's SALT Conference in Las Vegas, with Chanos slamming the alliance between the two for helping keep drug prices high.


A painting by Haitian-American artist Jean-Michel Basquiat sold for a record $110.5 million at Sotheby's New York City. The 1982 piece, called "Untitled," features a black skull on top of a colorful background. (CNBC)