Morning Brief

What to watch today: Futures lower ahead of jobs report and White House prepares to reject inquiry


U.S. stock futures were pointing to a lower Friday open, but that could change depending on what this morning's September jobs report shows. Stocks staged a notable comeback Thursday, with the Dow wiping out a 335-point deficit to finish higher, but the Dow and S&P 500 are nonetheless still on track for their biggest weekly decline in two months. The Dow, S&P 500 and Nasdaq are all on track for a third straight weekly decline. (CNBC)

On today's economic calendar, the September employment report is out at 8:30 a.m. ET, along with the August trade deficit. No earnings reports are on the calendar for today. (CNBC)

It's a busy day for Fed appearances. CNBC's Steve Liesman will interview Boston Fed President Eric Rosengren on the "Fast Money Halftime Report" at noon ET. Fed Chairman Jerome Powell, Fed Governor Lael Brainard and Fed Vice Chairman Randal Quarles all appear at a Washington DC event titled "Fed Listens." Atlanta Fed President Raphael Bostic and Minneapolis Fed President Neel Kashkari also have public appearances today.


The White House is preparing to formally object to Democrats' impeachment inquiry into President Donald Trump as soon as today, saying it won't cooperate with the probe because it was initiated without a vote of the House. Nancy Pelosi said House was beginning the formal inquiry but didn't seek the consent of the full chamber, as was done for impeachment investigations into former Presidents Richard Nixon and Bill Clinton. (AP)

* Trump says China should investigate the Bidens, doubles down on Ukraine probe (CNBC)
* IRS whistleblower said to report Treasury political appointee might have tried to interfere in audit of Trump or Pence (Washington Post)

U.S. Energy Secretary Rick Perry is expected to announce his resignation next month, Politico reported. Perry's travels to Ukraine have entangled him in the impeachment inquiry engulfing the Trump administration, though he reportedly had been planning the departure for several months.

Text messages given to Congress show U.S. ambassadors working to persuade Ukraine to publicly commit to investigating Trump's political opponents and explicitly linking the inquiry to whether Ukraine's president would be granted an official White House visit. House Dems released the messages that were turned over by former U.S. envoy to Ukraine Kurt Volker. (NBC News)

Former Vice President Joe Biden announced his campaign raised $15 million in the third quarter this year for his bid to win the 2020 Democratic nomination for president. Bernie Sanders raised $25 million and Pete Buttigieg raised $19.1 million in the last quarter. Elizabeth Warren has not yet released her fundraising numbers. (CNBC)

Bernie Sanders will be participating in the next Democratic presidential debate on Oct. 15 in Ohio, the senator's campaign told CNBC. Sanders is recovering from a procedure for an artery blockage and was still being treated in a Las Vegas hospital as of yesterday. (CNBC)

* Facebook's Zuckerberg sympathizes with Bernie Sanders's take on billionaires: 'No one deserves to have that much money' (CNBC)

Trump signed an executive order he said would improve private Medicare plans for seniors, slamming Dems for what he described as putting health care "under threat" with "Medicare for All" proposals. Trump, offering few details on the order, spent most of his speech attacking the health policies of 2020 Democratic presidential contenders. (CNBC)

Both sides of the abortion debate are waiting to see if the Supreme Court adds new disputes over state abortion regulations to its election-year docket. The court is expected to announce today new cases it will consider in the term that begins next week. (AP)

Hong Kong leader Carrie Lam today invoked emergency powers and banned face masks, saying the order goes into effect tomorrow. Tensions in the city hit new highs after police shot a protester on Tuesday, amid mass demonstrations on China's National Day. (CNBC)

BP (BP) chief executive Bob Dudley will step down from his current role at the end of March next year. Dudley, who has worked with BP for 40 years and held the position of CEO for almost a decade, will be replaced by BP's current upstream chief executive, Bernard Looney. (CNBC)

The U.S. and the U.K. have signed a first-of-its-kind agreement that will allow law enforcement agencies in the countries to access data from tech companies more quickly in criminal investigations. The pact will allow U.K. authorities to go directly to companies like Facebook, Google or Twitter for electronic evidence in cases related to serious crimes. (CNBC)

Samsung said today it's ended the production of smartphones in its last factory in China, after having moved a large share of production to Vietnam. Samsung's market share in China has dwindled to near insignificance as competitors like Huawei and Xiaomi got the upper hand. (AP)

The number of cases of a deadly vaping illness continues to rise "at a brisk pace" with 18 confirmed deaths and more than 1,000 cases throughout the U.S. Of the 578 cases where doctors know what patients were using, roughly 78% of the patients said they vaped THC, the active ingredient in marijuana. (CNBC)

* Altria launches Iqos tobacco device in US, and the timing couldn't be better (CNBC)


Apple (AAPL) is increasing production of its iPhone 11 models by about 10%, approximately eight million units, according to Japan's Nikkei news service. Sources say a recent jump in iPhone orders is focused on the least expensive of the new models.

HP Inc. (HPQ) will cut up to 16% of its workforce, or up to 9,000 workers. The computer and printer maker will accomplish those reductions through a combination of employee departures and voluntary early retirement, with annual cost savings of about $1 billion by the end of fiscal 2022.

Costco (COST) reported better-than-expected adjusted quarterly profit, though revenue and comparable store sales fell below estimates, as the warehouse retailer joined rivals in cutting prices to defend market share.

Five Below (FIVE) was rated "outperform" in new coverage at William Blair, which thinks the discount retailer offers a "fun, differentiated" shopping experience for kids, teens, and their parents.

Etsy (ETSY) was rated "buy" in new coverage at Nomura Instinet, which praises the online crafts marketplace operator's execution and pricing strategy.


The predictions for the Batman spinoff "Joker," which profiles a version of DC Comics' villain Joker, have been all over the map, with some foreseeing the flick taking in just $50 million during its opening weekend while others expecting more than twice that amount. Critics are concerned the film could unintentionally portray Joker as a heroic figure. (CNBC)