Morning Brief

Dow futures down triple digits on Wall Street ahead of key jobs report

Key Points


Stock futures were lower this morning, possibly extending losses for what's certain to be the first down week for the Dow and S&P 500 in 11 weeks. Ahead of today's anticipated drop, the Dow is on track for its worst week in five months. (CNBC)

The marquee economic event of the day is, of course, the January employment report, due out at 8:30 a.m. ET. Consensus forecasts call for 177,000 new non-farm jobs during the month, with the unemployment rate remaining steady at 4.1 percent. (CNBC)

* 5 things to watch in the January jobs report (WSJ)

Dow components Exxon Mobil (XOM), Chevron (CVX) and Merck (MRK) lead this morning's list of corporate earnings, with Clorox (CLX), Phillips 66 (PSX) and Sprint (S) also scheduled to report. There are no earnings reports scheduled after today's closing bell. (CNBC)

Apple (AAPL) stock was modestly higher higher premarket despite not shipping as many iPhones, iPads, or Mac computers as analysts had anticipated in the last quarter. It also gave a current quarter forecast that fell below consensus estimates. (CNBC)

* Tim Cook speaks with CNBC's Josh Lipton and Jim Cramer (CNBC)
* Cramer tackles Facebook, Apple, Amazon and Alphabet earnings (CNBC)

More than $100 billion was wiped off the global cryptocurrency market today amid concerns over tighter regulation and worries that the price of bitcoin was manipulated on an exchange. Bitcoin, ethereum and ripple saw their prices tank. (CNBC)

* Bitcoin price drops below $8,000 for first time since Nov. 24 (CNBC)


A Republican memo alleging anti-Trump bias at the FBI and Justice Department could be released today, the White House said. The White House will leave it to lawmakers to release the memo if President Donald Trump decides to declassify it. (CNBC)

* With memo, Nunes now seen as hero of the hard right (NY Times)

Trump, in an apparently joking manner, suggested that there could be a "phase two" of tax cuts coming down the pike. House Ways and Means Committee Chairman Kevin Brady told reporters later there could be improvements the tax code. (CNBC)

GOP lawmakers and the White House are reportedly discussing a gas tax hike to help fund Trump's $1.5 trillion infrastructure plan. It's likely to face opposition from other Republicans reluctant to increase taxes on the middle class. (Axios)

The Trump administration is not ready to sign off on CVS Health's (CVS) $69 billion deal to acquire Aetna (AET). The Justice Department has asked the two companies to provide additional information, extending the waiting period on the deal. (CNBC)

Fidel Castro Diaz-Balart, the eldest son of late Cuban revolutionary leader Fidel Castro, committed suicide after being treated for months for depression. He was also known as Little Fidel, because of how much he looked like his father. (Reuters)

U.S. automaker Ford (F) is having a hard time keeping up with demand for its updated high-end Lincoln Navigators. A vast majority of Lincon buyers opted for the highest trim levels, which can run for around $100,000. (CNBC)

STOCKS TO WATCH (AMZN) beat estimates on the top and bottom lines with its latest earnings, and its profit of nearly $2 billion for the fourth quarter was the largest in its history. Amazon saw millions of new customers sign up for its "Prime" program, and it also saw a bottom line benefit from the new tax law.

Alphabet (GOOGL) reported adjusted quarterly profit of $9.70 per share, falling 28 cents shy of estimates, although the Google parent's revenue did beat forecasts. Its core advertising business did continue to perform strongly during the quarter. Separately, the company named current director and former Stanford University president John Hennessy as its chairman, replacing Eric Schmidt.

Amgen (AMGN) came up 14 cents shy of Street forecasts with adjusted quarterly profit of $2.89 per share, while the biotech giant's revenue was slightly short of forecasts. Amgen was hurt in part by a significant decline in sales of its popular rheumatoid arthritis drug Enbrel.

Visa (V) reported adjusted quarterly profit of $1.08 per share, nine cents above estimates, while revenue was slightly above forecasts amid a boost in holiday season transactions. The payments network operator also authorized a new $7.5 billion share buyback program.

GoPro (GPRO) lost an adjusted 30 cents per share for its latest quarter, wider than the 11 cent loss anticipated by Wall Street analysts. The high-definition camera maker also saw revenue fall below forecasts on falling demand for its products.


Justin Timberlake, who is performing Sunday's Super Bowl LII halftime show, told reporters that his two-year-old son will never play football. The pop singer said he would support his son if he chose sports, but added: "right now we're working on our manners." (ESPN)

The National Football League's core audience is losing interest rapidly, a Wall Street Journal/NBC News poll found. Fans are following the sport less closely, the poll found, even among key demographics such as young men.

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