Morning Brief

What to watch today: Dow to fall, oil drops after Saudi attack spike, and Fed meeting Day 1


U.S. stock futures pointed to a slightly lower open today as Wall Street turns its attention to the beginning of a two-day meeting of Fed policymakers. Monday's session saw big declines for the Dow, S&P 500, and Nasdaq, following the weekend attack on Saudi oil production facilities that resulted in U.S. crude posting its biggest one-day percentage gain since December of 2008. Oil prices were backing off those lofty levels this morning. (CNBC)

* Treasury yields lower as investors await Fed meeting (CNBC)

Despite the U.S.-China trade war and threat of another economic slowdown, holiday retail sales for 2019 are forecast to increase 4.5% to 5%, exceeding $1.1 trillion. That would be better than the Census Bureau data of sales growth of 3.1% on sales of nearly $1.1 trillion from last November to January. (CNBC)

On today's economic calendar, August industrial production is out at 9:15 a.m. ET. The National Association of Home Builders issues its September sentiment index at 10 a.m. ET. Cracker Barrel (CBRL) is out with quarterly earnings this morning. Adobe (ADBE), Chewy (CHWY), and FedEx (FDX) issue quarterly numbers after today's closing bell. (CNBC)

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Iran will never hold talks with America, the country's Supreme leader said on state television this morning, effectively killing chances for a rapprochement some had anticipated between leaders of both countries during the United Nations General Assembly meetings taking place this week and next. (CNBC)

* Trump says he's in no rush to respond to the attacks on Saudi oil facilities (CNBC)
* Satellite photos show extent of 'surgical' attack damage to Saudi Aramco oil facilities (CNBC)

Chinese officials are expected to be in Washington this week to hold consultations with the U.S. ahead of high-level trade talks in October. It's unclear whether talks begin Wednesday or Thursday, but the meeting comes at the invitation of the U.S. (CNBC)

Hong Kong leader Carrie Lam said today she and her team would begin dialogue sessions with the community next week, while reiterating that violence that has roiled the city over three months of protests must end. Under pressure from Beijing to defuse the public anger, Lam said the dialogue sessions would be as open as possible. (Reuters)

Israeli citizens will vote for the second time in less than six months today, in an election that is widely seen as a de facto confidence vote on Prime Minister Benjamin Netanyahu. The ballot comes at a precarious time for the country's longest serving prime minister as he faces formidable challengers to his reign and possible charges in three corruption cases. (CNBC)

Democrats on the House Judiciary Committee hold their first official hearing in what they are calling an impeachment investigation on President Donald Trump. Corey Lewandowski, Trump's outspoken former campaign manager, is scheduled to appear today to discuss former special counsel Robert Mueller's report. (AP)

* Trump orders two ex-White House aides not to testify (Reuters)

Trump is making a rare visit to California, a Democratic stronghold where he's expected to rake in millions of dollars during a series of reelection fundraisers. The president's today and tomorrow signals that despite the state's decidedly leftward swing, plenty of wealthy Republicans support him. (AP)

After a series of setbacks on the road to an initial public offering, the parent company of real estate start-up WeWork is delaying the move, sources told CNBC Monday. However, no plans have been set on how long it's delayed for, the sources said.

AT&T (T) reportedly pressured employees to create fake DirecTV Now accounts to boost subscriber numbers ahead of its 2018 acquisition of Time Warner, according to a lawsuit that accuses AT&T of misleading investors. The telecomm giant taught employees how to secretly add the product to customers' accounts, the Dallas Morning News reported.

General Motors (GM) and the UAW bargained into the evening Monday, with plans to continue talks today aimed at resolving the strike that's costing the automaker about $90 million per day. Wages and health care have emerged as contentious problems among several unresolved issues. (Detroit Free Press)

Apple (AAPL) challenged a $14 billion tax charge from the European Commission in the EU's second-highest court today, escalating the landmark tax fight between the iPhone maker and EU regulator. In August 2016, the EU ordered Apple to pay back billions in taxes to Ireland. (CNBC)

* Apple's iPhone 11 lineup gives people what they want: cameras, battery and a good price (CNBC)


FedEx (FDX) raises its rates Jan. 6, 2020, although it would not apply holiday season residential surcharges this year. The January increases will be an average 4.9% for deliveries using jets, and 5.9% for ground transport.

Sony (SNE) rejected a proposal by activist hedge fund Third Point that it spin off its image sensor business. Sony called the unit a "crucial growth driver".

SeaWorld Entertainment (SEAS) Chief Executive Officer Gustavo Antorcha is leaving the theme park operator seven months after taking the job. Chief Financial Officer Marc Swanson will serve as interim CEO.

Shopify (SHOP) announced plans to raise money with a stock offering of 1.9 million shares. The e-commerce platform company plans to use the money to strengthen its balance sheet.


All 180 episodes of "Seinfeld" are coming to Netflix (NFLX) after the streaming platform struck a deal with Sony Pictures Television. It's the latest move in the intensifying streaming wars as companies jockey for the rights to popular shows, and is a major comeback for Netflix after the company lost the streaming rights to shows like "Friends" and "The Office." (CNBC)