Morning Brief

What to watch today: Fed's rate decision, Apple earnings, and Boeing testimony continues

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BY THE NUMBERS

U.S. stock futures were little changed ahead of the Federal Reserve's interest rate decision and policy statement this afternoon, following a losing day for the major averages Tuesday. The S&P 500 did set another intraday record high earlier in the session before closing lower, and both the S&P 500 and Nasdaq saw four-day win streaks come to an end. With two trading days left in October, both the S&P 500 and Nasdaq remain on track for their largest monthly gains since June. (CNBC)

The Fed is set to cut its benchmark interest rate today for a third time this year to help sustain the U.S. economic expansion in the face of widespread trade tensions and slower global growth. But the Fed's policymakers will likely frustrate anyone who is hoping for a clear signal about what they may do next, economists say. (AP)

Ahead of the 2 p.m. ET release of the Fed decision and Fed Chairman Jerome Powell's news conference a half hour later, investors get ADP's October report on private sector employment at 8:15 a.m. ET and the government's first look at third-quarter GDP figures at 8:30 a.m. ET. (CNBC)

Shares of General Electric (GE) rose more than 6% in the premarket as the industrial conglomerate raised its 2019 forecast after reporting third-quarter earnings and revenue that topped analyst expectations. Among the companies reporting profits after-the-bell today are Apple (AAPL), Facebook (FB), Starbucks (SBUX) and Lyft (LYFT). (CNBC)

Shares of Mattel (MAT) jumped about 18% in premarket trading after the toymaker posted better-than-expected earnings for the third quarter and announced it would be hiring a new chief financial officer. Mattel also said auditors had completed their investigation into allegations that the company had made accounting errors in historical periods. (CNBC)

IN THE NEWS TODAY

Senate Minority Leader Chuck Schumer said he worries President Donald Trump will shut down the federal government to divert attention from the House's impeachment probe. Funding will lapse on Nov. 21 if Congress cannot pass a spending plan and get Trump's signature on it. (CNBC)

* House Democrats release resolution outlining impeachment probe process (CNBC)

National security advisor John Bolton warned in June that Trump's personal attorney Rudy Giuliani may pose an obstacle to improving Washington's relations with Ukraine, according to testimony expected today from a State Department official. (WSJ)

George Papadopoulos, a former Trump campaign aide who was a key figure in the FBI's Russia probe, filed paperwork to run for the U.S. House seat being vacated by Democrat Katie Hill. She announced her resignation Sunday amid an ethics probe into allegations she had an inappropriate relationship with a staff member. (AP)

* Cash-strapped Biden campaign and top donors look to beef up fundraising (CNBC)

The U.S. and 22 other countries at the United Nations pushed China to stop detaining ethnic Uighurs and other Muslims, prompting China's UN envoy to warn it was not "helpful" for trade talks between Beijing and Washington. China has been widely condemned for setting up complexes in remote Xinjiang that it describes as "vocational training centers." (CNBC)

Boeing (BA) CEO Dennis Muilenburg is back on Capital Hill today, appearing before a House panel on the company's troubled 737 Max plane and whether aviation safety needs greater oversight. Muilenburg took a remorseful tone on the Senate side Tuesday, recognizing mistakes with the grounded plane implicated in two deadly crashes. (CNBC)

Fiat Chrysler confirmed today it's in talks with French rival PSA Peugeot, its second bid this year to reshape the global auto industry that is facing huge challenges with the transition to electric and autonomous vehicles. The deal would create one of the world's leading automakers worth about $50 billion. (AP)

Juul Chief Executive K.C. Crosthwaite has replaced the company's CFO amid a management shake-up at the embattled e-cigarette maker. Several top executives have left the company, including Chief Administrative Officer Ashley Gould and newcomers Craig Brommers, chief marketing officer, and David Foster, SVP of advanced technologies. (CNBC)

AT&T's (T) WarnerMedia said its HBO Max streaming service will launch in the U.S. in May of 2020 and cost $14.99 a month. HBO Max is one of the newest additions to an extremely crowded streaming market that will soon include Disney+ and Comcast's Peacock. (CNBC)

* HBO Max lands exclusive streaming rights to 'South Park' (CNBC)
* 'Game of Thrones' prequel pilot not picked up by HBO (CNBC)

The NCAA is embracing "change" and starting the process of allowing student-athletes to profit off of their name, image and likeness. The group's top governing board voted unanimously to allow college athletes to be compensated, though the NCAA's three divisions must still craft their own rules and detail the specifics. (CNBC)

STOCKS TO WATCH

Johnson & Johnson (JNJ) said its testing found no asbestos in its Johnson's Baby Powder. That testing included a single bottle that the FDA had said contained trace amounts of asbestos, prompting J&J to recall a lot of 33,000 bottles earlier this month.

Amgen's (AMGN) adjusted quarterly profit and revenue came in above Wall Street's forecasts. The biotech company also raised its full-year guidance, amid strong sales of its biosimilar drugs.

Mondelez International (MDLZ) reported better-than-expected adjusted quarterly profit and revenue. The snack maker raised its full-year outlook, as sales volume increases across its major markets.

Advanced Micro Devices (AMD) reported adjusted earnings in line with Street forecasts, while revenue was slightly below estimates. The chip maker did report better-than-expected results for its data center business.

Sony (SNE) reported its best ever second-quarter profit, driven by strong sales of its image sensors. That helped offset a drop in earnings from Sony's gaming division.

Edison International's (EIX) Southern California Edison unit said its equipment will likely be found to have been associated with a 2018 California wildfire that damaged more than 1,000 home in Los Angeles and Ventura counties.

WATERCOOLER

Nationals' pitcher Stephen Strasburg delivered eight strong innings in Game 6 of the World Series with Washington on the ropes. Adam Eaton, Juan Soto and Anthony Rendon all contributed home runs in the 7-2 victory that forces a Game 7 against the Houston Astros in the best of four series. (NBC Sports)