Morning Brief

What to watch today: Dow to fall, Boeing CEO on Capitol Hill and Day 1 of Fed meeting

BY THE NUMBERS

U.S. stock futures were pointing to a slightly lower Tuesday open for Wall Street, following the first record highs for the S&P 500 since July 26. The S&P 500 is riding its first four-day win streak in three and a half months, while the Nasdaq has four straight gains for the first time in four months. Despite projections for a lower open, a reversal could see the Nasdaq hit record territory as it sits only four points from a record close and about 13 points from an all-time intraday high. (CNBC)

Fed to cut rates again, but other economic concerns are emerging ahead of election: CNBC Survey 

Housing is the focus of today's economic reports, with the Case-Shiller report on August home prices at 9 a.m ET and the National Association of Realtors' September pending home sales at 10 a.m. ET. The Conference Board issues its October consumer confidence index at 10 a.m. ET. The Fed kicks off a two-day meeting today, with an interest rate decision and policy statement coming tomorrow at 2 p.m. ET. A third rate cut this year is expected. (CNBC)

Dow components Merck (MRK) and Pfizer (PFE), along with General Motors (GM), highlight this morning's corporate earnings reports, with AutoNation (AN), Kellogg (K) and Mastercard (MA) also set to report. After-the-bell reports today include Advanced Micro Devices (AMD), Allstate (ALL), Amgen (AMGN), Electronic Arts (EA), Herbalife Nutrition (HLF), Mattel (MAT), Mondelez International (MDLZ), and Yum China (YUMC).

Beyond Meat (BYND) reported its first quarterly profit after-the-bell Monday, topping expectations for earnings and revenue. However, shares came under pressure after the company said it would need to offer more discounts to deal with growing competition. The IPO also lockup expires today. As of Monday's close, the stock was up over 320% from its $25 offering price in May. (CNBC)

Shares of GrubHub (GRUB) plunged more than 30% in premarket trading after the online deliver service matched forecasts with adjusted quarterly profit but saw revenue miss. GrubHub also gave weaker-than-expected current quarter guidance. "We believe online diners are becoming more promiscuous," the CEO wrote in a letter to shareholders. (Reuters)

IN THE NEWS TODAY

Boeing (BA) CEO Dennis Muilenburg plans to tell lawmakers today that the manufacturer made mistakes with its 737 Max, its best-selling plane that is grounded worldwide after two fatal crashes that killed 346 people. The hearings will be Muilenburg's first hearings on Capitol Hill since the crashes. (CNBC)

House Democrats will hold a vote on Thursday to push forward with the impeachment inquiry into President Donald Trump. Less than two weeks earlier, Pelosi had brushed off the calls from Republicans to hold a vote that formally authorized the impeachment probe. (CNBC)

U.S. Army official and White House national security official Alexander Vindman plans today to tell members of Congress conducting an impeachment inquiry that he was on the phone call between Trump and Ukraine's leader in which Trump asked for an investigation into the Bidens, and that he raised concerns about it. (NBC News)

Former U.S. Attorney General Jeff Sessions is exploring the possibility of a run for his old Senate seat in Alabama. It was not immediately clear how close Sessions was to making a decision or the seriousness of the exploration. He has until 5 p.m. Nov. 8 to decide whether to be a last-minute entry into the 2020 race. (AP)

* Bernie Sanders: 'Let's not make people overly nervous' about socialism (CNBC)

Saudi Aramco aims to announce the start of its initial public offering on Sunday, three people with direct knowledge of the matter told Reuters, after delaying the deal earlier this month to give advisers time to secure cornerstone investors. It would be one of the largest ever public offerings, worth upward of $20 billion.

* TikTok owner ByteDance says it has no immediate Hong Kong IPO plans, denies FT report (Reuters)

The U.S. will consider extending certain tariff exclusions on $34 billion of imports from China as the two nations work toward a trade agreement. Nearly 1,000 products were exempted from the July 2018 tariff, and those exclusions are set to expire on Dec. 28. (CNBC)

* China accuses US of 'economic bullying' over equipment ban (AP)

Amazon (AMZN) announced today it will start delivering grocery products within a two-hour window to all Prime members living in the 2,000 regions eligible for the service. That means Prime members, who pay $119 per year in the U.S. for benefits, will now also be able to get free grocery shipments. (CNBC)

* Apple announces AirPods Pro with noise cancellation for $249 (CNBC)

Ride-hailing giant Uber (UBER) announced the formation of a new division called Uber Money to house its efforts, which include a digital wallet and upgraded debit and credit cards. The focus will be expanding Uber's efforts to give its 4 million-plus drivers and couriers around the world access to a mobile bank account so they can get paid after each ride. (CNBC)

Juul Labs plans to cut about 500 jobs, about 10 to 15% of its workforce, by the end of the year as part of a broader reorganization plan aimed at repairing the company's relationship with regulators. The e-cigarette giant will also cut its marketing budget and invest in ways to limit underage vaping. (CNBC)

Millions of Californians prepared to be in the dark — some for five days, or longer — as the nation's largest utility, Pacific Gas & Electric (PCG), said it was switching off power again today to prevent powerful winds from damaging its equipment and sparking more fires. (AP)

STOCKS TO WATCH

Alphabet (GOOGL) reported lower-than-expected profit for the third quarter, though the Google parent's revenue was slightly above forecasts. The bottom line miss comes as the company reports record quarterly expenses as it invests in areas like cloud computing. On Monday, it was revealed that Alphabet made an offer to acquire Fitbit (FIT), which closed up 30% on the news.

T-Mobile US (TMUS) beat estimates with quarterly earnings, though the mobile service provider's revenue fell below forecasts. The bottom line results were helped by better-than-expected new subscriber additions.

BP (BP) reported a sharp drop in third-quarter profit amid lower production and weaker oil prices, but its earnings did come in above analyst forecasts.

Marathon Petroleum (MPC) is set to spin off its chain of gasoline stations, and is also mulling a shake-up of its executive leadership, reported the Wall Street Journal. The moves are designed to help appease concerns of activist shareholders including Elliott Management.

WATERCOOLER

The Houston Astros are just one win away from clinching their second World Series title in three years. The Astros face off with the Washington Nationals back in Houston tonight at 8:07 p.m. ET. If the Nationals win, Game 7 will be tomorrow night. (USA Today)

David Benioff and D.B. Weiss, the first-time showrunners who brought "Game of Thrones" to life on HBO, have reportedly walked away from their deal with Disney's Lucasfilm to launch a "Star Wars" feature film trilogy in 2022. The pair cited their recent $200 million deal with Netflix. (Deadline)