Morning Brief

S&P 500 is on track to build on its 'perfect week'

Key Points


U.S. stock futures were higher this morning, on track to extend the first perfect week for the S&P 500 in nearly 20 years. The benchmark index closed at a record high every day last week. The Dow also hit a record each day last week, though it had accomplished that feat earlier this year. (CNBC)

* Economists see pickup in business after third-quarter pause (CNBC)
* Cramer's game plan: In the year's biggest earnings week, don't chase stocks (CNBC)

On the earnings calendar today, companies including Arconic (ARNC), Halliburton (HAL), Hasbro (HAS) and T-Mobile U.S. (TMUS) release quarter results before the bell. Whirlpool (WHR), Rambus (RMBS), and Zion Bancorp (ZION) are among the after the bell reports. (CNBC)


Saudi Aramco's plan to take a portion of its business public next year remains on track, the oil giant's chief executive Amin Nasser told CNBC in an exclusive interview. Nasser's comments follow recent reports that the IPO could be delayed into 2019 or shelved in favor of selling private shares to sovereign wealth funds.

* The largest IPO ever doesn't look like a great investment to many (CNBC)
* US pushes Saudi Arabia, Iraq on united front to counter Iran (AP)

Tesla has reportedly made an arrangement with Shanghai's government to built a manufacturing plant in the city's free-trade zone. Tesla will own the factory, rather than partner with a local manufacturer, as it typically the case. (WSJ)

* Consumer Reports rejects Tesla's criticism of its ratings (USA Today)

Some of the biggest names in technology have been lavishing millions on Congress during the third quarter, according to government documents. Google, Facebook, and Twitter are sending lawyers to congressional committees on November 1 to testify about Russian political ad buying on their platforms during the 2016 election. (CNBC)

On Sunday's anniversary of former president Ronald Reagan's 1986 signing a major tax overhaul, Trump wrote in an op-ed that the current GOP reform efforts would again make it "Morning in America," a phrase coined in a Reagan campaign ad. (USA Today)

* Trump urges House GOP to move quickly on budget, tax cuts (AP)
* Ivanka Trump hits the road today to sell tax reform, child tax credit (Axios)
* Senate presses ahead on $36.5 billion disaster relief package (AP)

House Republicans are reportedly considering a plan to sharply reduce the amount of income American workers can save in tax-deferred 401(k) retirement accounts as part of a broad effort to rewrite the tax code. (NY Times)

* But in the meantime, the IRS is actually increasing 401(k) limits (CNBC)

President Donald Trump recognizes Vietnam medic Gary Rose with the Medal of Honor today for heroics in the jungles of Laos in 1970. Over the weekend Sen. John McCain, a POW in Vietnam, mocks Trump's deferment with actually mentioning the president's name. (USA Today)

The U.S government issued a rare public warning that sophisticated hackers are targeting energy and industrial firms, the latest sign that cyber attacks present an increasing threat to the power industry and other public infrastructure. (Reuters)

China's exports to North Korea jumped an annual 20.9 percent in the first three quarters of 2017, customs data showed. From January to September, Asia's largest economy exported $2.55 billion in value to the pariah state. (Reuters)

Japanese Prime Minister Shinzo Abe won a key parliamentary election despite broad unpopularity among voters. A lack of a strong opposition helped his ruling coalition government retain its super majority in the lower house of parliament. (CNBC)

Spotify could be valued at $20 billion when it goes public and eventually be worth $100 billion, according to investment bank GP Bullhound, which advised the streaming music service for a number of years on fundraising. (CNBC)

Jordan Belfort, the infamous penny-stock broker formerly known as the "Wolf of Wall Street," has urged investors to dismiss the current craze of Initial Coin Offerings, calling them the "biggest scam ever." After hitting another record high over the weekend, bitcoin prices were cooling off a bit today. (CNBC)

Fidelity Investments is moving to address long-simmering problems with workplace conduct following allegations of sexual harassment and bullying that led to the ouster of some high-profile employees at the mutual-fund giant. (WSJ)

Last year, Target's (TGT) poor holiday sales led the company to reevaluate its strategy. This year, the discount retailer is relying on a line of home decor from Chip and Joanna Gaines, founders of the Magnolia and stars of their HGTV show "Fixer Upper," to draw shoppers and boost sales. (CNBC)


JPMorgan Chase (JPM) is launching a new smartphone app today that will offer its first ever online bank accounts. The app is called Finn by Chase and lets consumers open a bank account, make payments, and set up savings.

Adobe (ADBE) has unveiled a number of new tech advancements in hopes of blending the experience of walking into a physical bank branch with that of browsing its website or app.

Apple (AAPL) and contract electronics manufacturer Foxconn plan to hold a meeting of executives to discuss production problems with the new iPhone X, according to published reports in Japan.

Cisco Systems (CSCO) is reportedly near a deal to buy telecommunications software maker BroadSoft (BSFT) for close to $2 billion.

Potlatch (PCH) is near a deal to buy lumber competitor Deltic Timber (DEL), according to the Wall Street Journal, at a 7 percent premium to Friday's close.

AstraZeneca (AZN) received FDA approval for a new formulation for its type-2 diabetes treatment Bydureon.


Tyler Perry's comedy sequel "Boo 2! A Madea Halloween" debuted at No. 1 at the domestic box office this weekend with $21.7 million in ticket sales. But other new openers, including "Geostorm," "Only the Brave" and "The Snowman" suffered. (AP)

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