Morning Brief

What to watch today: Jobs Friday, Trump bolts NYC for Florida and Apple TV+ launches


U.S. stock futures were pointing to a rebound at Friday's open ahead of the government's before-the-bell release of its monthly employment report. Thursday's losses ended an otherwise positive October, with the S&P 500 and Nasdaq seeing their best monthly gains since June. The Dow lagged and edged higher by just a half-percent. (CNBC)

The Labor Department issues its October jobs report at 8:30 a.m. ET, with forecasts calling for nonfarm payrolls creation of 75,000 positions last month, which would be less than the 136,000 jobs added in September. The unemployment rate for October is seen edging higher to 3.6%, but that would still be near 50-year lows. (CNBC)

An update on U.S. manufacturing, out at 10 a.m. ET, could provide a much more useful picture of the economy than the employment report, which is expected to see a drag from the General Motors (GM) strike. October ISM manufacturing data is expected to show a contraction for the third straight month. (CNBC)

* Private survey shows China's manufacturing expanded in October, better than expected (CNBC)

Dow stocks Exxon Mobil (XOM) and Chevron (CVX) highlight this morning's corporate earnings reports, with AbbVie (ABBV), AIG (AIG), Colgate-Palmolive (CL), Newell Brands (NWL) and Seagate Technology (STX) also out. There are no major reports after today's closing bell. (CNBC)

Shares of Pinterest (PINS) were falling about 20% in the premarket after the online hobby board service reported late Thursday lower-than-expected quarterly revenue. Pinterest did deliver a penny per-share profit when analysts had predicted a 4-cent loss. (CNBC)

* Arista stock sinks 25% on weak guidance as data center switch maker cites softening business from a cloud 'titan' that many to be Microsoft (CNBC)


Leon Cooperman sent a critical letter to Elizabeth Warren, one of the top Democratic presidential candidates, marking the latest salvo in the war of words between the billionaire investor and the liberal senator who wants to tax the wealthy to pay for a broad social agenda. (CNBC)

Democratic New York Gov. Andrew Cuomo said, "good riddance," after learning that President Donald Trump had filed paperwork to change his permanent residence from New York City, where he was born and lived his entire life, to Palm Beach, Florida, where his Mar-a-Lago resort is located. (NBC News)

When the Democratic-controlled House approved the guidelines for its Trump impeachment inquiry, all but two Democrats voted for it. One independent, who left the Republican Party in July, voted for it. No Republicans backed it. (CNBC)

As the sixth year of Obamacare open enrollment gets underway today, Americans shopping for 2020 health plans will find premiums edging lower for the second straight year, down 4% on average. They'll also find more insurers to choose from in many markets. (CNBC)

Apple TV+ launches today, with just a handful of original programs and a lack of old shows and franchise films. A subscription costs $4.99 per month for usage by up to six family members. It's free for a year for buyers of new Apple (AAPL) devices such as an iPhone or an iPad. (AP)

Adam Neumann, recently ousted as CEO of WeWork, is being accused in a lawsuit by his former chief of staff that he sustained a gender pay gap at the company, smoked pot in front of her and discriminated against her and other women for becoming pregnant and taking maternity leave. (CNBC)

China turned on its 5G networks ahead of schedule on today, as the country looks to push ahead with the next-generation wireless technology at the same time it's engaged in a protracted trade war with the U.S. 5G promises super-fast data speeds that have the ability to support technologies like driverless cars. (CNBC)

* China-backed hackers stole text messages and phone records in push for intelligence (CNBC)

Amgen (AMGN) struck a strategic partnership with China's BeiGene (BGNE), buying a 20% stake for $2.7 billion in cash. BeiGene will market three different Amgen products in the Chinese market and the two companies will split the financial results. (CNBC)

U.S.-based Marriott International (MAR) has sold its St. Regis hotel on Manhattan's Fifth Avenue to a Qatar fund for $310 million. The purchase gives the Persian Gulf nation another luxury hotel to add to its collection. (WSJ)


Las Vegas Sands (LVS) and Wynn Resorts (WYNN) may come under pressure after gaming revenue in Macau fell 3.2% in October. Analysts say there has been a least a small impact on Macau gambling from anti-government protests in Hong Kong.

U.S. Steel (X) lost 21 cents per share for the third quarter, 8 cents less than Wall Street was anticipating. The steel maker's revenue also beat analyst estimates, but the company and its rivals are battling a weaker pricing environment.

El Pollo Loco (LOCO) reported adjusted quarterly profit of 20 cents per share, 2 cents above estimates, with the restaurant operator's revenue also above forecasts. The company said the third quarter started slow, but that momentum picked up in September and is continuing into the current quarter.


Daylight saving time ends and clocks will "fall back" an hour this weekend, giving Americans the feeling of an extra hour in the morning, which could negatively affect their health. (USA Today)