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US stock futures rally as country focuses on Irma

Key Points


Even as affected regions try to deal with the impact of Hurricane Irma, Wall Street was taking on a far more positive tone this morning. Global stock indexes and U.S. stock futures were rallying strongly, and it's possible the Dow, S&P 500, and Nasdaq could all wipe out their September deficits at the open. (CNBC)

*Stocks this week: Three things to watch as Irma rips through Florida (CNBC)

There is no economic data on the schedule, although there will be plenty of assessment of how badly Hurricanes Irma and Harvey will impact the economy. Goldman Sachs has already estimated that Harvey will shave one percent off third quarter GDP, with damage from Irma yet to be calculated. (CNBC)


Hurricane Irma continued to hammer Florida early this morning but the storm was losing strength. Irma, once ranked as one of the most powerful hurricanes recorded in the Atlantic, was about 60 miles north of Tampa, Florida, carrying maximum sustained winds of 75 miles per hour. (CNBC)

*In Pictures: Irma pummels South Florida (CNBC)
*Richard Branson reveals devastation of hurricane-hit private island (CNBC)

Irma knocked out power to nearly 4 million homes and businesses after making landfall in Florida on Sunday, threatening millions more as it crept up the state's west coast. Full restoration of service could take weeks, local electric utilities said. (Reuters)

*Irma grounds thousands of flights on four continents (CNBC)
*Irma topples a Miami construction crane, and floods parts of the city (CNBC)
*Irma threatens Florida's bustling tourism industry (Reuters)

As Hurricane Irma punished Florida over the weekend, Georgia was the next state in the monster storm's sights. Irma could hit southwestern Georgia by this afternoon and could dump up to 20 inches in the southeast, according to the National Weather Service. (CNBC)

*Deadly Irma exits the Caribbean as Hurricane Jose turns north (CNBC)

GOP Rep. Kevin Brady, chairman of the House Ways and Means Committee, is floating several proposals intended to provide relief for those suffering from the devastating storms. Chief among them is a measure to allow affected residents to access their 401(k) retirement savings without paying a penalty. (CNBC)

Insurers are scrambling to find inspectors in Texas and Florida after fierce hurricanes battered the states one after the other, causing tens of billions of dollars' worth of property damage in less than two weeks. (Reuters)


The U.N. Security Council is set to vote today on a watered-down U.S.-drafted resolution to impose new sanctions on North Korea over its latest nuclear test, diplomats said, but it was unclear whether China and Russia would support it. (Reuters)

North Korea warned today the United States would pay a "due price" for spearheading a U.N. Security Council resolution against its latest nuclear test, as Washington presses for a vote on a draft resolution imposing more sanctions on Pyongyang. (Reuters)

The dollar rose this morning on relief that North Korea did not conduct a further missile test at the weekend when it celebrated its founding anniversary. A weakening of Irma over the United States also tempered demand for safer assets. (Reuters)

President Donald Trump is preparing to preside over his first 9/11 commemoration in office and will be joined by first lady Melania Trump. The Trumps plan to observe a moment of silence at the White House this morning at about the time the first plane struck one of the Twin Towers 16 years ago. (AP)

President Trump's former chief strategist, Steve Bannon, who left the White House in August, declared war on "60 Minutes" Sunday against the GOP congressional leadership. He called on Gary Cohn, Trump's economic adviser, to resign, and outlined his views on issues ranging from immigration to trade. (Washington Post)

Trump has led a quiet rise of a socially conservative agenda. The administration opened the door to allowing more firearms on federal lands. It scrapped references to "LGBTQ youth" from the description of a program for victims of sex trafficking. And it eliminated funding to international groups that provide abortion. (NY Times)

Facebook says it is willing to spend as much as $1 billion to cultivate original shows for its platform, according to the Wall Street Journal. The figure, which could fluctuate based on the success of Facebook's programming, covers potential spending through 2018.

It looks like Apple is about to launch its top-tier phone tomorrow as the iPhone X, if the latest leaked firmware is accurate, according to the Verge. Up until now, most have been calling it the iPhone 8. Nonetheless, everyone will find out on Tuesday. (The Verge)

*Why Apple's iPhone release could take down the market (CNBC Trading Nation)
*Apple tests customer loyalty with $1,000 iPhone (Financial Times)


Equifax (EFX) is unlikely to be able to cover the costs of its massive data breach through insurance, according to a Bloomberg report.

Johnson & Johnson's (JNJ) Janssen pharmaceutical unit will discontinue development of hepatitis C treatments, given the number of effective therapies already in the marketplace.

Teva named Kare Schultz as its new CEO, ending a search for a permanent chief executive that began in February. Schultz had been president and CEO at Danish drug maker H. Lundbeck.

Alphabet's (GOOGL) Google unit will appeal a proposed 2.2 billion euro fine by European regulators for alleged monopoly abuse, according to the Telegraph newspaper. Google is expected to file its appeal today.

Bristol-Myers Squibb (BMY) saw positive results in research involving its immunotherapy drug Opdivo, according to researchers. The drug was found to be better and safer than Bristol's older treatment Yervoy.


NASA leveraged its fleet of domestic and international satellites orbiting in space to help track the lineup of hurricanes that gathered steam and headed towards the U.S. over the weekend. The images are staggering both because of the technology required to obtain them and the size and scope of the storms they depict. (CNBC's Make It)