Morning Brief

Dow, S&P 500 and Nasdaq are poised to cap a positive week with more gains



Futures were higher this morning, giving the S&P 500 an opportunity to rise for a fifth straight session. The S&P 500 has not had a win streak as long as five days since February, when it rose for six days in a row from February 9-16. (CNBC)

The Dow, S&P 500 and Nasdaq are all on track to post weekly gains, after all three fell last week. Thursday's gains pushed the S&P 500 positive for September, joining the Dow, although the Nasdaq is still down 1.2 percent for the month. (CNBC)

* Tepper: Stocks could drop 5% to 20% if trade war worsens (CNBC)
* David Tepper says the bull market is in the late innings and he's sold some stock holdings (CNBC)

The week will end with a flurry of economic numbers, beginning at 8:30 a.m. ET with the release of both August retail sales and import/export prices. At 9:15 a.m., industrial production figures for August will be issued, and at 10 a.m. the University of Michigan's Consumer Sentiment Index is expected. (CNBC)

Dave & Buster's Entertainment (PLAY) will report earnings before today's opening bell, while no companies of note are on today's after-the-bell earnings calendar. (CNBC)


Hurricane Florence, now a category 1, was spreading heavy rain and strong winds into the Carolinas this morning, with landfall expected near the border between North Carolina and South Carolina later today. (The Weather Channel)

* More than 150 in coastal North Carolina city awaiting rescue (USA Today)
* Monster typhoon barrels toward north Philippines, China (AP)

The Senate Judiciary Committee's vote on President Donald Trump's Supreme Court nominee Brett Kavanaugh is now scheduled for next Thursday. His nomination will be considered by the full Senate later in September. (CNBC)

Some American companies, especially those in the automotive business, are getting hurt by new tariffs from both the White House and China, according to a survey released this week by the American Chamber of Commerce. (CNBC)

New York Governor Andrew Cuomo, who is seeking a third term, turned back an aggressive challenge from actress and activist Cynthia Nixon in the race for the Democratic nomination for November's general election. (Reuters)

* 5 takeaways from New York's election results (NY Times)

Democratic Sen. Elizabeth Warren, during a New York Times TimesTalks event, said a crisis like the one that happened in 2008 may not happen again, but she worries about working class Americans. (CNBC)

Trump rejected the official death toll from hurricanes that struck Puerto Rico last fall — and without evidence blamed Democrats for inflating that tally. In August, the Puerto Rican government raised the official death count dramatically to 2,975. (CNBC)

* Ryan disagrees with Trump on death toll (USA Today)

Dozens of explosions, apparently triggered by a natural gas pipeline rupture, rocked three communities near Boston, killing at least one person and injuring 12. The explosions also prompted the evacuation of hundreds. (Reuters)

Goldman Sachs' (GS) incoming CEO David Solomon has another big change in store. He named Stephen Scherr as chief financial officer, replacing Martin Chavez. Solomon also names John Waldron as the bank's president. (CNBC) (AMZN) CEO Jeff Bezos said a decision on where the company will build a second headquarters will be made before the end of the year. He also hinted the new $2 billion philanthropic fund could expand in the future. (CNBC)

* Bezos' $2 billion charity expands his influence (Axios)
* Amazon's Bezos: Big businesses should be scrutinized, not vilified (WSJ)

Elon Musk's SpaceX announced in a tweet that it had signed up the first private passenger seeking to fly around the moon. But the space transportation company provided no timetable or other details about the plan. (WSJ)


Adobe Systems (ADBE) reported adjusted quarterly profit of $1.73 per share, beating estimates by four cents, while the software maker's revenue beat forecasts as well. However, Adobe did give revenue guidance that was merely in line with analyst estimates after topping expectations for nine straight quarters.

L Brands (LB) will close all of its Henri Bendel stores as well as shut down the brand's website in January. The handbag maker has been in business for 123 years and was bought by the Victoria's Secret parent in 1985.

Hasbro (HAS) was added to the "franchise pick" list at Jefferies, which thinks the toy maker's stock could jump by 50 percent over the next 1-2 years. Jefferies said Hasbro has a superior brand and content pipeline that should boost sales and generate strong cash flow.

Dunkin' Brands (DNKN) was downgraded to "sector perform" from "outperform" at RBC Capital, which notes a turnaround for the restaurant chain but adds that this is now reflected in the stock's price.

Coca-Cola (KO) was rated "buy" in new coverage at Guggenheim, which calls the soft drink maker's stock a "best idea." Guggenheim thinks the company's sales and profit will come in above Street projections, thanks in part to Coke's global market leadership in highly profitable carbonated soft drinks.

Bunge (BG) is on watch today following an SEC filing showing that Point72 Asset Management has a 5 percent stake in the agricultural products company.


October should start strong as two releases targeting vastly different audiences will open at the box office for an estimated total of $85 million, according to Variety. One stars a shocking otherworldly being. The other is "Venom."