Morning Brief

Futures point to extension of Thursday sell-off

Key Points


U.S. stock futures were lower this morning, as uncertainty over a tax reform bill appears to be taking hold on Wall Street. The Dow fell Thursday and was its first in eight sessions. The Dow and S&P 500 are both on track to post their first weekly losses in nine weeks. (CNBC)

* A leading indicator for stocks is breaking down (CNBC's Trading Nation)

Retailer J.C. Penney (JCP) is the most prominent of this morning's scheduled corporate earnings reports, with no companies of note reporting after today's closing bell.

Nvidia (NVDA) was about 4 percent higher premarket after it beat estimates, and the graphics chipmaker's revenue also beat forecasts. Strong demand for gaming and data center chips helped drive Nvidia's results. (CNBC)

The week ends with just one economic report of note, with the University of Michigan issuing its preliminary November reading on consumer sentiment. The index is expected to come in at 100, according to consensus forecast, compared to 100.7 for the final October number. (CNBC)


President Trump pushed for freedom and economic openness in a speech today that portrayed Washington as a more respectful trade partner to Asian nations than China has been. The president also warned against mistreating his country. (CNBC)

* These are the 37 major deals US firms signed with Chinese entities during Trump's visit (CNBC)

The White House today responded to allegations that GOP Senate candidate Roy Moore once pursued a sexual relationship with a 14-year-old girl when Moore was 32. If the allegations are true, Trump believes Moore will "do the right thing and step aside." (CNBC)

* McConnell: Roy Moore should drop Senate bid if teen sex allegations are true (CNBC)

Trump will not have a separate meeting with his Russian counterpart, Vladimir Putin, at the Asia-Pacific Economic Cooperation summit in Vietnam due to scheduling conflicts, the White House said today. (Reuters)

The Senate Republicans' tax plan has key differences from the House GOP's plan and would delay the corporate tax rate cut until 2019, a source told CNBC. Trump wants the reduction to go into effect next year, while a House bill has called for an immediate change.

* Here's what's in the Senate Republican tax plan (CNBC)
* House Republicans advance tax bill, aim to bring it to a vote next week (CNBC)
* More Americans think wealthy, not middle class, will benefit from tax reform (Reuters)

Robert Mueller, investigating Russian meddling in the 2016 U.S. election, is reportedly investigating an alleged plan involving former White House National Security Adviser Mike Flynn to forcibly remove a Muslim cleric living in the U.S. and deliver him to Turkey for millions. (WSJ)

An Arctic blast will bring frigid temperatures and howling winds across the central and eastern U.S. over the next few days. The National Weather Service says, overall, temperatures this weekend will be below normal and resemble temps typically found in January. (USA Today)

HBO says they are removing comedian Louis C.K. from their annual charity telecast after he was accused of sexual misconduct by five women in The New York Times. The comedian's publicist told the Times his client would not answer any questions at this time. (Axios)

The Justice Department pushed back on allegations that it is trying to get AT&T (T) to sell CNN and other properties as part of its plans to acquire Time Warner (TWX). In another strange twist to the deal, AT&T's CEO backed up that account. (CNBC)

Uber lost an appeal at a U.K. employment tribunal today over its treatment of its drivers. It has been forced to quit several countries, such as Denmark and Hungary. Uber has long argued that its drivers are self-employed rather than workers at the firm. (CNBC)

Walt Disney (DIS) has announced that Rian Johnson will craft a new trilogy for the "Star Wars" universe, expanding the director's command over the space saga created by George Lucas. The new films will be separate from the Skywalker saga and introduce new characters. (AP)

Alphabet's (GOOGL) Google unit told U.S. election regulators in a letter seen by Reuters that it "strongly supports" tightening rules on online political advertising as part of efforts to curtail "foreign abuse and influence" in elections.

Twitter (TWTR) CEO Jack Dorsey said that it should not have been possible for one of his employees to deactivate the president's Twitter account. Trump's account was deactivated by a departing employee for 11 minutes earlier this month. (CNBC)


Dow component Walt Disney (DIS) reported an adjusted quarterly profit of $1.07 per share and missing consensus estimates by 5 cents. Revenue also missed forecasts, with results falling at Disney's TV networks and movie studio. Subscribers and ad revenue at ESPN also posted a decline.

Nordstrom (JWN) beat estimates by 4 cents with quarterly profit of 67 cents per share, while the retailer's revenue came in slightly above Street forecasts. However, comparable store sales were down a bigger than expected 0.9 percent, with Nordstrom the latest company to cite the negative impact of hurricanes.

Hertz Global (HTZ) earned an adjusted $1.42 per share for its latest quarter, beating estimates by 7 cents, with the car rental company's revenue marginally above consensus. Hertz did see canceled reservations because of the recent hurricanes, and also warned that it was entering a period of weak demand and increased investment.

Equifax (EFX) reported adjusted quarterly profit of $1.53 per share, 4 cents above expectations, but the credit reporting agency's revenue missed estimates in its first quarterly report since its massive data breach was revealed. Equifax said the breach had caused customers to withhold business and could not estimate how much various expenses related to the breach would cost.

Redfin (RDFN) edged estimates by a penny with adjusted quarterly profit of 12 cents per share, although the residential real estate company's revenue fell below consensus forecasts. Redfin said it saw broad-based market share gains during the quarter amid increasing sales across all its businesses.

Fund operator Third Point increased its stake in Alibaba (BABA) by 2.1 million shares to a total of 6.6 million shares, according to Third Point's latest 13F filing. That makes the China-based e-commerce giant Third Point's largest holding.


Grab your tiara and your pearls, it's time for breakfast at Tiffany's. The famed jeweler opens today in its Fifth Avenue flagship store The Blue Box Café, a dining area that will give patrons the chance to have a breakfast at Tiffany's. (CNBC)

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