U.S. stock futures spiked this morning after a draft Brexit deal was struck between the European Union and the U.K. The Dow and S&P 500 are on track for a second straight positive week, with the Nasdaq aiming for a third consecutive weekly gain. All remain positive for October after erasing the month's losses earlier this week, and the Dow managed to barely hold onto the 27,000 level despite its Wednesday drop. (CNBC)
On today's economic calendar, the Labor Department is out with its weekly look at initial jobless claims at 8:30 a.m. ET. At the same time, the government will issue September housing starts and building permits figures, along with the Philadelphia Federal Reserve Manufacturing Index. Industrial production figures for September are released at 9:15 a.m. ET. Also, Fed Governor Michelle Bowman and Chicago Fed President Charles Evans appear at a "Fed Listens" Chicago event this afternoon.
A busy earnings week continues, as Morgan Stanley (MS) and Honeywell (HON) highlight this morning's corporate earnings reports. BB&T (BBT), KeyCorp (KEY), M&T Bank (MTB), Philip Morris (PM), SunTrust Banks (STI), Textron (TXT) and Union Pacific (UNP) are also reporting. E*Trade Financial (ETFC), Intuitive Surgical (ISRG) and WD-40 (WDFC) are scheduled to issue quarterly numbers after today's closing bell.
Shares of Netflix (NFLX) soared nearly 7.9% in extended trading after the company released its third-quarter earnings report. The company reported mixed results, with an earnings beat and a miss on domestic subscriber adds, while revenue slightly missed analysts' expectations. (CNBC)
Negotiators from the U.K. and EU have reached a draft Brexit deal in the eleventh hour of talks and ahead of a crucial EU summit today. The "Withdrawal Agreement" will now be put before EU leaders at their summit today and tomorrow, and then U.K. lawmakers at the weekend. (CNBC)
Maryland Rep. Elijah Cummings died at Johns Hopkins Hospital due to complications from longstanding health challenges, his congressional office said. He was 68. A sharecropper's son, Cummings became the powerful chairman of a U.S. House committee that has investigated President Donald Trump. (CNBC)
Vice President Mike Pence will urge Turkey today to halt its offensive against Kurdish fighters in northeast Syria, a day after Trump threatened heavy sanctions over the operation. Turkey's week-long assault has created a new humanitarian crisis in Syria, with 160,000 civilians taking flight and a security alert over thousands of Islamic State fighters abandoned in Kurdish jails. (Reuters)
* 'Don't be a fool!' Trump letter warned Turkey's Erdogan against Syria offensive (CNBC)
Democratic congressional leaders said they walked out of a White House meeting on Syria after what House Speaker Nancy Pelosi called a Trump "meltdown." After top Democrats left the bipartisan meeting with Trump, Pelosi said the president appeared "shaken up" by a House vote condemning his decision to remove U.S. forces from northern Syria. (CNBC)
China emphasized today that the U.S. must remove tariffs in order for the two countries to reach a final agreement on trade. The two economic giants have been embroiled in a trade dispute for more than a year, with each country applying tariffs on billions of dollars' worth of goods from the other. (CNBC)
General Motors (GM) and union leaders have reached a tentative deal on a new labor contract that could end the United Auto Workers' monthlong strike against the automaker. The deal still needs approval from local union leaders, who will vote whether to approve the deal during a private meeting today in Detroit. (CNBC)
McKesson (MCK), AmerisourceBergen (ABC), Cardinal Health (CAH), Johnson & Johnson (JNJ) and Teva Pharmaceuticals (TEVA) are in discussions with state attorneys general over a potential $22 billion opioid settlement. The possible deal comes days before the start of the first federal trial seeking to hold industries accountable for the epidemic. (CNBC)
WeWork owner, The We Company, has formed a special board committee to consider proposals for a $5 billion financing lifeline from its largest shareholder SoftBank and its main lender J.P. Morgan Chase (JPM), Reuters reported. The office-space sharing company is establishing the committee in an effort to ring-fence its financing deliberations from SoftBank's influence.
Tesla (TSLA) was added to a government list of approved automotive manufacturers, China's industry ministry said today, as it granted the electric-vehicle maker a certificate it needs to start production in the country. The $2 billion factory it is building in the eastern Chinese city of Shanghai is its first car manufacturing site overseas. (Reuters)
IBM (IBM) shares fell after the company issued weaker-than-expected third-quarter revenue. IBM's revenue has now dropped for five straight quarters as growth in the company's cloud business hasn't been able to make up for declining sales in its services, hardware, and financing businesses.
CSX (CSX) came in 7 cents ahead of estimates with quarterly earnings of $1.08 per share, with the railroad operator's revenue in line with Wall Street forecasts. CSX saw lower shipment volumes.
Unilever (UL) reported weaker-than-expected third-quarter sales, with softer demand in India and China. Emerging markets account for about 60% of the consumer products maker's business.
Taiwan Semiconductor (TSM) reported better-than-expected quarterly profit, with the chipmaker seeing its net profit rise 13.5% from a year earlier.
Facebook (FB) fell again in Interbrand's annual Best Global Brands report, dropping to 14th place from 9th. Interbrand, a unit of ad giant Omnicom (OMC), said the estimated value of the Facebook brand fell 12% to $39.9 billion from a year earlier.
Alcoa (AA) is mulling up to $1 billion in asset sales as well as closing production facilities, as aluminum prices fall. The aluminum producer reported a loss of 44 cents per share for the third quarter, wider than the 33 cents a share that Wall Street was expecting, with revenue essentially in line with expectations.
Apple's (AAPL) Apple Pay service is being examined for antitrust concerns by European Union regulators, according to the Financial Times.
Joe Maddon is back under the halo. Maddon agreed to a three-year deal to become the Los Angeles Angels' manager, reuniting the World Series-winning former bench boss of the Chicago Cubs with the organization where he spent the first three decades of his baseball career. (AP)