Top Stories
Top Stories
Morning Brief

Strong Monday rally seen continuing at open on Wall Street

Key Points


U.S. stock futures are pointing to an extension of the strong Monday rally that turned September from negative to positive for the major averages. Monday marked only the second time all year that the Dow, S&P 500 and Nasdaq all finished up one percent or more on the same day. (CNBC)

*Out of the 5 most expensive stocks in the S&P 500, one could be a buy (CNBC Trading Nation)
*Goldman says so many investors are expecting a market correction that means it likely won't happen (CNBC)

Apple (AAPL) shares were higher this morning in premarket trading before it holds its long-anticipated product launch event today beginning at 1 p.m. ET, at which new versions of the iPhone are widely expected to be unveiled. (CNBC)

*Here's what Wall Street expects out of the Apple iPhone event (CNBC)

CNBC-Institutional Investor's Delivering Alpha event takes place today, with presentations set to begin at 8:10 a.m. ET. It features appearances by Treasury Secretary Steven Mnuchin, Avenue Capital CEO Marc Lasry, Omega Advisors Chairman Leon Cooperman, Bridgewater Associates Founder Ray Dalio, Blackstone CEO Steve Schwarzman, DowDupont CEO Edward Breen, Kynikos Associates Managing Partner Jim Chanos, and JPMorgan Chase CEO Jamie Dimon, among others. (CNBC)

*Buy Amazon, short Valeant among the top picks out of last year's Delivering Alpha (CNBC)


Irma weakened to a tropical depression late Monday as officials slowly pieced together the scope of the storm's destructive path across the peninsula. Six deaths in Florida have been blamed on Irma, along with three in Georgia and one in South Carolina. At least 35 people were killed in the Caribbean. (USA Today)

*Hurricane Jose looping in the Bermuda Triangle (Weather Channel)

Parts of the storm-ravaged Florida Keys will allow residents to return this morning to survey damage from Hurricane Irma, which devastated the state with high winds and storm surges that destroyed homes and left millions without power. (Reuters)

*With 7.4 million without power, utility workers get respect (Reuters)
*Disney World, Universal to reopen today after Irma (ABC News)
*Port Tampa Bay to reopen today to fuel tankers (Tampa Patch)

Financial institutions with exposure to U.S. properties hit by hurricanes Harvey and Irma are tempering their loss estimates. Late last week, reports that the vast majority of homeowners hit by Harvey had no flood insurance stoked fears about a wave of foreclosures and substantial losses for heavily exposed banks.

*When Irma turned west 'you could hear a sigh of relief,' Florida insurer says (CNBC)
*Here are some of the records Hurricane Irma set (CNBC)

Florida's agriculture industry took a big hit from Hurricane Irma, with early estimates showing up to 30 percent of some major crops had losses. There are no official reports of damage totals but the value of Florida's citrus last year exceeded $1 billion and sugar cane topped $561 million. (CNBC)


A new plan to repeal and replace major parts of Obamacare is set to be unveiled by two Republican senators. NBC News reports that it had obtained a 23-page summary draft of the bill to be proposed by Lindsey Graham of South Carolina and Bill Cassidy of Louisiana. (NBC News)

Senate leaders are scrambling to come up with a budget deal to clear the way for tax reform. Majority Leader Mitch McConnell and GOP members of the Budget Committee are meeting today with two top Trump administration officials to plot breaking the budget stalemate. (AP)

White House lawyers this summer urged President Trump's son-in-law Jared Kushner step down from his role amid a broadening probe into whether the Trump campaign coordinated with Russians in the 2016 election, the Washington Post finds. (Washington Post)

Leaders of the Senate Finance Committee demanded answers from Equifax about its major data breach, including pressing for more details about three Equifax executives who sold shares after the breach was discovered. (NYT via CNBC)

The United Nations unanimously adopted its strongest sanctions on North Korea. It aims at depriving Pyongyang of more than a billion in annual revenues and boosting pressure on Kim Jong Un's regime after its recent nuclear test. (Financial Times)

China's U.N. Ambassador called on North Korea to "take seriously the expectations and will of the international community" to halt its nuclear and ballistic missile development. He also called on all parties to remain "cool-headed" and not stoke tensions. (Reuters)

Social Finance said late Monday that Chairman and CEO Mike Cagney would step down by the end of the year. In a note to employees, Cagney said that recent litigation brought against the company and "negative press have become a distraction from the company's core mission." (WSJ)

Samsung said pre-orders of its Galaxy Note 8 smartphone exceeded its expectations, as the South Korean company seeks to move beyond last year's safety debacle and braces for Apple's iPhone debut later today. (Financial Times)


Equifax (EFX) is seeing lawsuits pile up related to the massive data beach that may affect as many as 143 million Americans. More than 30 lawsuits have been filed in the US so far, with Equifax shares falling more than 20 percent since the breach was disclosed last Thursday.

21st Century Fox (FOXA) has joined the court challenge against a CBS (CBS) deal to buy Australian TV broadcaster Ten Network Holdings. A private company controlled by Fox Executive Chairman Lachlan Murdoch has challenged the CBS deal in court and wants to revise its own bid.

Amazon (AMZN) saw a 25 percent increase in foot traffic at its Whole Foods grocery chain over the two days following the implementation of price cuts, according to the New York Post.

Western Digital (WDC) may or may not have a deal to buy Toshiba's chip unit, in a long-running takeover process. Published reports in Japan say Toshiba has agreed to sell the unit to a group led by Western Digital for $18.3 billion, but Toshiba has denied the report and said it is continuing to evaluate bids.

Teva Pharmaceutical (TEVA) has agreed to sell its Paragard contraceptive brand to a unit of Cooper Companies (COO) for $1.1 billion in cash.


The widely-anticipated Apple event is today, but almost everything the company is set to announce was leaked to the press over the weekend, including new information on the high-end iPhone X. Here are the spoilers. (CNBC)