Morning Brief

What to watch today: Dow to rise, Micron warns on trade and Wells Fargo finally gets a CEO



U.S. stock futures were pointing to a higher Friday open on Wall Street, with the Dow indicating the kind of advance that would be enough to erase weekly losses. However, the S&P 500 and Nasdaq appear likely to post declines for the second straight week, unless the market were to really take off. (CNBC)

Wells Fargo (WFC) named Charles Scharf, chairman and CEO of Bank of New York Mellon, as its new chief executive officer and president, effective Oct. 21. Prior to his role at BNY Mellon, Scharf was CEO of Visa. Scandal-plagued Wells Fargo had been searching for a CEO for six months. (CNBC)

The government reports August durable goods orders and August personal income and spending figures at 8:30 a.m. ET. The University of Michigan's final September consumer sentiment index is out at 10 a.m. ET. Philadelphia Fed President Patrick Harker and Fed Governor Randal Quarles speak today. No major companies report earnings today. (CNBC)

Shares of Micron Technology (MU) were losing about 6% in the premarket after the chipmaker issued an earnings warning, saying it's "mindful" of economic and trade uncertainty. In its fiscal fourth quarter, Micron reported better-than-expected profit and revenue. (Reuters)

* Google's cloud chief says US-China trade war has not affected sales growth (CNBC)

Trade talks between the U.S. and China are set to resume Oct. 10-11 in Washington, D.C., three people close to the situation tell CNBC. In Tuesday's speech to the entire U.N. assembly, President Donald Trump reaffirmed that he will not accept a "bad deal" with China. (CNBC)

* Canada will take a harder stance on China, no matter who wins the next election (CNBC)

Hong Kong prepares for another weekend of pro-democracy protests ahead of China's National Day, which this year celebrates the 70th anniversary of communist rule. In the past four months, demonstrations in the Chinese territory have become increasingly violent. (CNBC)


Democratic presidential frontrunner Joe Biden accused Trump of trying to "hijack an election," in reaction to the whistleblower complaint about Trump asking Ukraine's president to investigate the former vice president's family. (USA Today)

After the whistleblower complaint was declassified and made public Thursday, Rudy Giuliani, Trump's personal lawyer, was angry, telling an Atlantic journalist, "These morons, when this is over, I will be the hero."

* If impeachment inquiry drags on, Democrats risk sparking sympathy for Trump (CNBC)

Democratic donors on Wall Street and in Big Business are preparing to sit out the presidential fundraising cycle, or even back Trump, if Sen. Elizabeth Warren were to win the party's nomination. Warren, an outspoken critic of big banks and corporations, has been gaining momentum against Biden. (CNBC)

* Cramer: Wall Street's fear of Warren presents buying opportunities in the market (CNBC)

In a surprising move, Hollywood talent agency Endeavor pulled its IPO just before it was set to price, signaling a possibly softer market for other initial offerings, after a disappointing debut by Peloton Interactive Thursday. WeWork delayed its IPO last week. (CNBC)

* Here's everything WeWork's new co-CEOs are trying to sell since taking over on Tuesday (CNBC)

General Motors has reinstated health-care benefits for its 48,000 workers who are on strike as contract talks with the United Auto Workers come closer to a tentative deal that would end the work stoppage, which is now in its 12th day. (CNBC)

Meal delivery service DoorDash revealed there was a data breach and information related to 4.9 million customers, delivery executives and restaurants may have been leaked. The data was accessed by an unauthorized third-party service provider on May 4, the company said on a blog post. (CNBC)

Samsung's long-delayed Galaxy Fold smartphone finally goes on sale in the U.S. today. The launch of the Fold was postponed in April after early reviewers complained of problems with the folding display. (USA Today)


Delta Air Lines (DAL) will buy a 20% stake in Latam Airlines Group for $1.9 billion in cash and debt. The investment in South America's biggest airline is Delta's largest since its merger with Northwest Airlines in 2008.

Toyota Motor (TM) will raise its stake in fellow Japanese automaker Subaru to 20% from about 17%. Toyota's investment is worth about $650 million, with Subaru planning to reciprocate by taking a stake in Toyota of approximately the same value.

Vail Resorts (MTN) lost $2.22 per share for its fiscal fourth quarter, smaller than the $2.53 per share loss anticipated by Wall Street. The resort operator's revenue did come in above estimates, and it said it is seeing strong season pass sales for the upcoming ski season.

Las Vegas Sands (LVS) has been added to the S&P 500, effective Oct. 3. The casino operator's stock will replace Nektar Therapeutics (NKTR) in the benchmark index, with Nektar moving to the S&P Midcap 400.


Sparked by the league's determination to emphasize "the integrity of information" it disseminates publicly, the NBA is issuing a new rule requiring teams to verify a player's height and age, ending a quirky tradition of size being a matter of opinion. (NY Times)

The halftime show for Super Bowl LIV is set. Superstars Jennifer Lopez and Shakira will be co-headlining this coming February. They'll be following in the footsteps of Madonna, Beyonce and Lady Gaga, who all performed during the big game in recent years. (USA Today)