Morning Brief

S&P 500 looks to avoid its longest losing streak in nearly 2 years


U.S. stock futures were mixed this morning, meaning the S&P 500 may not be ready to end its four-day losing streak. The S&P has not posted a losing streak of five days or longer in nearly two years. The Dow isn't faring much better. (CNBC)

The yield on the benchmark 10-year Treasury was higher this morning, around 3.23 percent. Markets around the world continue to watch bond markets this week as U.S. yields extend gains. (CNBC)

On the data front, the Labor Department is out with September producer price index this morning at 8:30 a.m. ET. The Commerce Department releases August wholesale trade numbers at 10 a.m. ET. (CNBC)

Weekly mortgage applications fall 1.7% as home loan rates move above 5% (CNBC)

Chicago Fed President Charles Evans and Atlanta Fed President Raphael Bostic both speak today. Bostic is a voting member of the central bank's policymaking committee this year. Evans is not. (CNBC)

President Donald Trump said he does not like the Fed's decision to continue to hike interest rates. He also said the U.S. economy does not have an inflation problem and the central bank is moving too quickly. (CNBC)

* Cramer admits he's getting 'a little cautious' about the Fed's effect on the economy (CNBC)


Hurricane Michael intensified into an extremely dangerous Category 4 storm. It's expected to strengthen further before making landfall sometime today in the Florida Panhandle or the Florida Big Bend area. (Reuters)

CNBC has learned Dina Powell, a Goldman Sachs (GS) executive and former deputy national security advisor to President Trump, has had discussions about possibly succeeding Nikki Haley as U.S. ambassador to the U.N.

Trump is expected to sign two bills today that ban "gag order" clauses in contracts between pharmacies and insurance companies or pharmacy benefit managers. The two bills were passed by Congress last month. (NBC News)

Income test under Trump proposal places tougher hurdles for families to get green cards (NBC News)

While he personally won't be up for re-election until 2020, the president is expected to hold midterm election rallies in Erie, Pennsylvania today, Lebanon, Ohio on Friday, and Richmond, Kentucky on Saturday. (Politico)

A judge in Missouri issued a ruling yesterday prohibiting election authorities from requiring voters to present a photo identification card in order to cast a ballot. The move blocks key parts of the state's voter ID law. (Axios)

SoftBank Group is in discussions to take a majority stake in WeWork, and the investment could total between $15 billion and $20 billion. SoftBank's Vision Fund already owns nearly 20 percent of WeWork. (WSJ)

Sears Holdings (SHLD) has contacted banks in recent days to arrange the financing necessary to file for bankruptcy after 125 years in business, people familiar with the situation tell CNBC. However, a bankruptcy is not yet definite.

Amazon's (AMZN) Web services unit has signed new cloud deals worth a total of $1 billion with business software maker SAP (SAP) and cybersecurity software maker Symantec (SYMC), according to a Bloomberg report.

Home insurer Travelers to sell discounted home-security devices on Amazon (WSJ)

Alphabet's (GOOGL) Google announced its new Pixel 3 phones, and a few other gadgets, including the Pixel Slate tablet and Google Home Hub, a $149 device like the Google Home smart speaker but with a built-in screen. (CNBC)

Hedge fund manager Bill Ackman has revealed $900 million bet on Starbucks (SBUX), predicting shares could double in three years. Ackman also owns stakes in Chipotle (CMG) and Burger King-parent International Brands.


International Paper (IP) announced a 5.3 percent increase in its quarterly dividend, bring it to 50 cents per share from 47-1/2 cents. The company also announced a new $2 billion share repurchase program.

Nio (NIO) shares are getting a boost after major Tesla (TSLA) investor Baillie Gifford took an 11 percent stake in the China-based electric car maker.

Procter & Gamble (PG) received an exemption from the 25 percent tariffs imposed on imported steel from Japan and Sweden that is used in the company's Gillette and Venus razor blades.

Nelson Peltz's Trian Fund Management (PPG) took a stake in paint maker PPG Industries (PPG). Trian owns seven million shares in PPG, worth about $690 million and representing a 2.9 percent stake.

Daniel Loeb's Third Point raised its stake in Campbell Soup (CPB) to nearly seven percent from 5.7 percent, according to an SEC filing.

McDonald's (MCD) was upgraded to "buy" from "neutral" at Guggenheim Securities in a valuation call, with a price target of $200 per share.


Snapchat (SNAP) is releasing roughly a dozen serialized original shows, including scripted series and docuseries. The new shows, also called Snap Originals, are being produced by the creators of some of TV's biggest hits. (Axios)