Morning Brief

What to watch today: Dow enters week on high, White House to issue Huawei reprieve

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BY THE NUMBERS

U.S. stock futures were pointing higher Monday morning as market players remained focused on U.S.-China trade talks. The Chinese Vice Premier spoke with the U.S. Treasury Secretary and Trade Representative over the phone on Saturday. According to the Chinese Ministry of Commerce, both sides had "constructive" talks regarding each other's trade concerns.

The Dow on Friday soared above 28,000 for the first time, ending the week at 28,004, with a gain of 1.2% for the week. The S&P 500 ended the week up 0.9% at 3,120. However, Treasury yields backed off recent highs. The 10-year Treasury, after hitting a high yield of 1.97% the week earlier, was at 1.83% Friday.

On today's economic calendar, we'll be seeing the business leaders survey at 8:30 a.m. and the NAHB survey at 10 a.m. Cleveland Fed President Loretta Mester is slated to speak at noon, and TIC data is released at 4 p.m. No earnings reports are out today. (CNBC)

IN THE NEWS TODAY

The House impeachment hearings are entering a crucial second week as Democrats are set to hear from eight additional witnesses about President Donald Trump's dealings with Ukraine. Three State Department officials have already testified about their concerns as Trump pushed Ukraine to investigate Democrats and withheld military aid from the country. (AP)

The impeachment inquiry has created the first rift between Trump and Secretary of State Mike Pompeo, the Cabinet member who has been his closet ally, NBC News reported. Trump has reportedly fumed for weeks that Pompeo is responsible for hiring State Department officials whose congressional testimony threatens to bring down his presidency.

* Trump attacks Pence aide as 'Never Trumper' after she said Ukraine call was 'inappropriate' (CNBC)

The Democrats' historically large presidential field is getting even larger. Former Gov. Deval Patrick joined the race late last week, and New York billionaire Michael Bloomberg is likely to follow in the coming days. Bloomberg yesterday apologized for his history of supporting the stop-and-frisk strategy during his tenure.

The White House is set to issue a 90-day extension of a license today allowing U.S. companies to continue doing business with China's Huawei. The Chinese tech giant was blacklisted in May over national security concerns, though the U.S. has allowed it to purchase some American-made goods to minimize disruption for its customers. (Reuters)

* Huawei chairman says US blacklist has 'limited' impact on company (CNBC)
* TikTok looking at ways to shake off its ties to China (WSJ)

Hong Kong police using tear gas and rubber bullets fought off protesters today as they tried to break through a police cordon that is trapping hundreds of them on a university campus. For days, protesters have fortified the campus to keep police from getting in. Cornered by authorities, they were trying to get out. (AP)

Saudi Aramco is worth up to $1.7 trillion at the price range set by the oil giant, below the $2 trillion sought by Saudi's crown prince but putting it in the running to become the world's biggest IPO. Aramco is the world's most profitable company with a planned dividend of $75 billion next year, more than five times larger than the payout by Apple (AAPL). (Reuters)

Emirates has ordered 50 Airbus A350 jets, worth $16 billion. The announcement of the order comes after an underwhelming first day for the Middle East's flagship aerospace expo, with only two jets sold on Sunday. (CNBC)

* Airbus says it doesn't benefit from Boeing grounding: 'It's not good for competitors' (CNBC)

WeWork is reportedly preparing to cut at least 4,000 jobs in a bid to achieve financial stability and those layoffs could be announced as early as this week. Last week, WeWork told investors it lost $1.25 billion on revenue of $934 million in the third quarter — losses were up more than 150% from the same period a year ago. (CNBC)

Four people were killed and six more wounded when "unknown suspects" sneaked into a backyard filled with people at a party in central California and fired into the crowd, police said. No one is in custody in connection with the shooting. Police said there was no immediate indication that the victims knew the shooter or shooters. (AP)

STOCKS TO WATCH

HP's (HPQ) board of directors rejected a proposal from Xerox (XRX) to acquire the company, because the offer is not in the best interest of shareholders and would undervalue HP.

Ford Motor (F) is touting its all-electric Mustang Mach-E as a performance SUV that will redefine the automaker's lineup and expand the iconic pony car name to a new generation of car buyers.

WATERCOOLER

"Ford v Ferrari" raked in an estimated $31 million debut at the box office in a No. 1 finish that counted as a win for big-budget originality. "Charlie's Angels" opened below expectations with $8.6 million domestically and $19.3 million overseas, according to studio estimates. (AP)