Morning Brief

What to watch today: Dow to fall, Powell on Capitol Hill and public impeachment hearings


U.S. stock futures were pointing to a lower open on Wall Street after the Dow's first unchanged performance in 5 1/2 years, a record close for the Nasdaq and a small S&P 500 gain. The Dow, S&P 500 and Nasdaq still haven't fallen in back-to-back sessions since nearly last month, a streak that will continue today. (CNBC)

Fed Chairman Jerome Powell could wind up being the biggest influence on today's stock activity, as he testifies before Congress at 11 a.m. ET. It comes a day after Trump bashed the Federal Reserve in his speech at the Economic Club of New York City. (CNBC)

* Trump rails on Fed, notes other countries have negative rates: 'Give me some of that money' (CNBC)
* Trump: China cheated America on trade, but he blames US leaders for letting it happen (CNBC)
* Trump says 'it's OK' to meet with dictators if it's good for the US — 'Come on in' (CNBC)

On today's economic calendar, the government releases its October consumer price index at 8:30 a.m. ET. The Treasury releases its October budget statement at 2 p.m. ET. Canada Goose (GOOS) is among the few companies out with quarterly earnings this morning. Dow stock Cisco Systems (CSCO) is out after the bell. (CNBC)


America and the rest of the world will have the chance today to see and hear for themselves for the first time about Trump's actions toward Ukraine and consider whether they are, in fact, impeachable offenses. Two seasoned diplomats, William Taylor and George Kent, will testify in a hearing that will be aired on TV. (AP)

* Trump impeachment hearings open a new front in partisan war zone (CNBC)
* Justice Dept. inspector general invites witnesses to review draft of Russia report (Washington Post)
* Trump talked to Roger Stone about WikiLeaks, Rick Gates says, contradicting the president (CNBC)

Trump will meet today at the White House with Turkish President Recep Tayyip Erdogan as relations between the two NATO allies are at their lowest point in decades, Turkey is facing a Washington backlash over attacks on Kurdish civilians during its incursion into Syria last month. (AP)

Top White House economic advisor Larry Kudlow hinted at a middle-class tax cut as the president searches for an edge in his 2020 reelection bid. While The Washington Post reported that Trump would propose a 15% middle-class tax rate, Kudlow told CNBC that it's "way too soon" to get into specifics of a plan. (CNBC)

Michael Bloomberg, billionaire and former New York City mayor, added his name to the Democratic primary ballot in Arkansas. Bloomberg has not officially said whether he will run in the 2020 race, but has acknowledged he is considering a bid and qualified on Friday for the Alabama ballot. (Reuters)

Alibaba is planning a secondary listing in Hong Kong which is likely to take place in the last week of November and raise approximately $13 billion, CNBC reported. Alibaba got the greenlight from Hong Kong regulators on Tuesday to go ahead with the share sale that's a win for the Hong Kong economy.

Hong Kong anti-government protesters paralyzed parts of the Asian financial hub for a third day today, with some transport links, schools and many businesses closing as police warned of a rise in violence to a deadly level. (Reuters)

Tesla (TSLA) plans to build a 'Gigafactory,' and engineering and design center in Berlin, Germany. Building a factory there could help Tesla avoid the complexities of exporting its cars from the states to Europe, and could help it avoid uncertainty around trade and tariffs. (CNBC)

* Chinese Tesla rival Xpeng raises $400 million from investors such as Xiaomi (CNBC)

Google will become the latest technology company to wade into banking with the search giant set to offer checking accounts next year, according to the Wall Street Journal. The accounts for the project will be run by Citigroup and the Stanford Federal Credit Union, the report said.

Google's "Project Nightingale,' with the country's second-largest health system to collect detailed information on 50 million American patients, sparked a federal inquiry and criticism from patients and lawmakers. (WSJ)

* Here's what's really going on with Google's hospital data-sharing deal (CNBC)

Former HBO CEO Richard Plepler is in advanced talks to create original content for Apple TV+, CNBC has confirmed. The Wall Street Journal first reported that Plepler's company, RLP & Co., is in discussions with Apple (AAPL) about an exclusive production deal. Apple TV+ launched two weeks ago.

* Disney+ suffers technical errors on Tuesday's launch day (CNBC)


Nike (NKE) products will no longer be available for sale on Amazon (AMZN), with Nike saying it had decided to focus on its own direct sales business.

SmileDirectClub (SDC) posted a quarterly loss of 83 cents per share, smaller than the 98 cent loss that Wall Street was expecting. The dental products maker also saw revenue come in better-than-expected, but sees losses continuing this quarter amid increased expenses.

CyberArk Software (CYBR) announced its intention to offer $500 million in convertible debt, subject to market conditions.

United Airlines (UAL) was rated "buy" in new coverage at UBS, which said the carrier had superior cost management compared to its rivals that could support profit margin expansion.

Apple (AAPL) was rated "outperform" in new coverage at RBC Capital, which said Apple has avenues for deeper integration into its customers' lives.


Multi-talented singer and actor John Legend was named People magazine's "sexiest man alive." The 40 year old is married to model Chrissy Teigen and is the first black man to have achieved coveted Emmy, Grammy, Oscar and Tony status for his work on stage and screen. (Reuters)