Markets uncertain ahead of midterms | China's Xi talks up 'free trade' | Lelisa Desisa wins NYC Marathon

BY THE NUMBERS

Futures were slightly higher this morning as investors awaited tomorrow's Election Day results. Stocks fell Friday, breaking a three-day win streak for the Dow, S&P 500, and Nasdaq. The S&P 500 managed to register its largest weekly gain in nearly eight months. (CNBC)

* David Stockman believes the 40% market downturn he's long predicted has finally arrived (CNBC)

* Paul Tudor Jones: Rising rates typically cause bear markets, but it's not at the tipping point yet (CNBC)

The only economic report of note today is the Institute For Supply Management's October nonmanufacturing index, its measure of the U.S. services economy. The index is expected to drop to 59.5 from September's 61.6. (CNBC)

Ferrari (RACE) and SeaWorld Entertainment (SEAS) are among the handful of companies scheduled to report quarterly earnings this morning. After-the-bell reports include Marriott (MAR), Mylan (MYL) and Pandora Media (P). (CNBC)

IN THE NEWS TODAY

President Donald Trump and former President Barack Obama offered sharply different views on the country's problems over the weekend. But they agreed on the high stakes for voters in the final hours of a tight campaign. (Reuters)

* Three ways the US midterm elections will affect world politics (CNBC)

Tuesday's midterm elections, in which some tightly contested races hang in the balance, could have big implications for some key provisions of "Obamacare." Medicaid expansion is on the ballot in three states this year. (CNBC)

For the third time since Trump was elected, Chinese President Xi Jinping took to the global stage today to repeat his rhetoric against protectionism and promote his country as an advocate for international openness and cooperation. (CNBC)

* US-China trade talks will 'go on for some time,' Nobel Prize winner says (CNBC)

In an interview with Axios that aired on Sunday, Trump said said his administration is looking into antitrust violations against Amazon (AMZN), Facebook (FB) and Google parent Alphabet (GOOGL).

Iran said today it would defy the reimposition of more U.S. sanctions, condemning as "economic war" Washington's attempt to curb Tehran's missile and nuclear programs and weaken its influence in the Middle East. (Reuters)

Demand for Apple's (AAPL) iPhone XR appears to be disappointing, according to a report in Japan's Nikkei newspaper. The paper quotes sources as saying Apple has told suppliers Foxconn and Pegatron to stop preparing additional production lines.

Amazon (AMZN) will drop the company's minimum purchase amount for free shipping for the holiday season. The minimum for customers who are not members of the retail giant's Prime program is normally $25. (CNBC)

* Amazon reportedly eyes Northern VA as its 2nd headquarters; Dallas and NYC said to be in the mix (CNBC)

General Electric (GE) will pay ousted CEO John Flannery $4.25 million in severance pay over the next year, and will keep his eligibility for equity awards that depend on the company's long-term performance. (WSJ)

STOCKS TO WATCH

Berkshire Hathaway (BRKB) beat estimates on both the top and bottom lines in its third-quarter earnings report, with operating profit nearly doubling on better-than-expected insurance results and lower taxes. Berkshire also bought back $928 million in stock during the quarter, its first buyback since 2012.

Teva Pharmaceutical (TEVA) was upgraded to "overweight" from "equal-weight" at Morgan Stanley, which feels that the drug maker's financials will improve. Morgan Stanley also increased its price target for the stock to $27 per share from $20.

Fiat Chrysler (FCAU) was upgraded to "buy" from "sell" at Societe Generale, which points to the liquidity boost for the automaker from the sale of its Magneti Marelli parts unit.

MGM Resorts (MGM) has hired advisors to examine the possibility of merging with Caesars Entertainment (CZR), according to the New York Post.

Under Armour (UAA) was upgraded to "overweight" from "neutral" at Piper Jaffray, which feels the athletic apparel maker's sales opportunity is underappreciated by investors. It maintains that view even after the stock jumped following the company's quarterly earnings.

Chevron (CVX) was upgraded to "outperform" from "neutral" at Credit Suisse, which calls the stock's valuation and the energy giant's free cash flow "compelling." The firm said Chevron is continuing to execute on its "already superior growth outlook."

WATERCOOLER

Lelisa Desisa, 28, of Ethiopia overtook the defending champion, Geoffrey Kamworor of Kenya, in the New York City Marathon this weekend. It was a miles-long dogfight through the 26.2-mile course. (NY Times)

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