Morning Brief

What to watch today: Dow to rise, Boeing shares sink and Elizabeth Warren calls out Jamie Dimon

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BY THE NUMBERS

Though Friday's gains were small following the announcement of a phase one China trade deal, market sentiment is decidedly positive. The S&P 500 and Nasdaq are coming off record closing highs, with the S&P 500 chalking up its third straight weekly gain. The Dow, S&P 500 and Nasdaq all have three-day win streaks, with U.S. stock futures pointing to more gains at the Monday open. And with the end of the year approaching, the S&P 500 and Nasdaq continue on pace for their largest yearly gains since 2013. (CNBC)

U.S. Trade Representative Robert Lighthizer said on Sunday the phase one U.S.-China trade deal reached on Friday is "totally done," and it will nearly double U.S. exports to China over the next two years. A critical point of the deal that remains in question is agricultural purchases. (CNBC)

* Mnuchin: US isn't weaponizing the dollar; sanctions are the alternative to war (CNBC)
Phase one U.S.-China trade deal: What Cramer and other pros are saying (CNBC)
China TV network cancels soccer broadcast after player criticizes country's treatment of Muslims (CNBC)
Lighthizer acknowledges USMCA concessions: 'Democrats won the House' (CNBC)

Shares of Boeing (BA) were losing about 3% in the premarket. If not for the Boeing decline, gains in Dow futures would be about double. Boeing reportedly could disclose as early as today a decision on whether further cut or suspend production of the 737 Max amid continued uncertainty about the beleaguered plane's return to service. (CNBC)

On today's U.S. economic calendar, the New York Federal Reserve's Empire State Manufacturing Index is out at 8:30 a.m. ET. The National Association of Home Builders issues its December sentiment index at 10 a.m. ET. No earnings reports of note out are scheduled. (CNBC)

IN THE NEWS TODAY

Congress aims to tackle a string of pivotal votes this week as it rushes to tie up work before the end of the year. A flurry of activity will take place in the House, which plans to vote on whether to impeach President Donald Trump, pass spending bills and move to approve the United States-Mexico-Canada Agreement. (CNBC)

* House Judiciary Committee publishes full impeachment report (CNBC)
* Schumer seeks testimony from Mulvaney, Bolton in expected Senate trial of Trump (Reuters)

American voters are nearly evenly divided over the impeachment of Trump, views that have gone unchanged since last month despite several weeks of long debates and public hearings, according to a new NPR/PBS NewsHour/Marist poll. The poll also found that Biden and Sen. Bernie Sanders are leading the Democratic primary election. (CNBC)

New Jersey Congressman Jeff Van Drew, a Democrat, reportedly told his staff that he'll become a Republican, after having opposed his party's move to impeach Trump. Trump carried Van Drew's district in the 2016 election and Dems in similar districts face a deluge of advertising attacks over impeachment and voters who are divided on the subject. (Reuters)

Sen. Elizabeth Warren took J.P. Morgan (JPM) Chase Chairman CEO Jamie Dimon and the Business Roundtable to task over the business association's August commitment to "redefine" the purpose of a corporation to extend beyond the maximization of shareholder profits. Warren suggested the business association's move to do away with the notion of "shareholder primacy" was inspired by her proposal to rein in the power of big business. (CNBC)

* Warren: The government listens too much 'to rich guys who don't want to pay taxes' (CNBC)

Democratic presidential contender Pete Buttigieg unveiled a new proposal today pledging a "new era for Latinos" including a rollback of a number of Trump's policies. The plan rehashes elements of the "Douglass Plan," or Buttigieg's agenda for the nation's black population, for instance by calling for bigger investments in Latino-owned businesses with a $10 billion fund for minority entrepreneurs. (CNBC)

A senior U.S. diplomat said today that Washington won't accept a year-end deadline set by North Korea to make concessions in stalled nuclear talks and urged Pyongyang to return to a negotiating table immediately. "We are fully aware of the strong potential for North Korea to conduct a major provocation in the days ahead," Stephen Biegun said. (AP)

Hallmark has reversed course on its decision to pull ads depicting same-sex couples from wedding website Zola. The company had removed the commercials from the Hallmark Channel after a conservative group urged the network to not air advertisements featuring brides kissing. (CNBC)

A winter storm barreling across the country's middle section Sunday created dangerous conditions for drivers, with traffic grinding to a halt in some places as authorities reported dozens of crashes. The front is expected to hit the East Coast beginning today. (NBC News)

STOCKS TO WATCH

International Flavors & Fragrances (IFF) will be combined with DuPont's (DD) nutrition business, under a deal struck over the weekend. DuPont shareholders will own 55.4% of the combined company, with IFF's shareholders owning the rest. DuPont will also receive a $7.3 billion cash payment.

Amarin (AMRN) received FDA approval for its Vascepa drug, designed to reduce the incidence of heart attacks and strokes in high-risk patients. Amarin boosted its 2020 financial outlook following news of the approval.

Horizon Therapeutics (HZNP) said an FDA advisory committee voted to recommend approval of a new treatment for thyroid eye disease. The full FDA is expected to issue a decision on the drug by March.

A takeover of Spark Therapeutics (ONCE) by Swiss drugmaker Roche has won clearance from British regulators. The companies are still awaiting U.S. approval for the $4.3 billion deal.

Walt Disney's (DIS) Disney+ streaming service will debut in France in late March, after the company struck a deal with Vivendi's Canal+ platform. It's not known how much Canal+ plans to charge for the service.

Live Nation Entertainment (LYV) will reportedly face legal action from the Justice Department, according to the Wall Street Journal. The paper said the concert promoter will face allegations that it has sought to strong arm concern venues into using its Ticketmaster subsidiary for ticket sales.

PG&E's (PCG) bankruptcy reorganization plan has been rejected by California Gov. Gavin Newsom. The governor said the proposal does not comply with a recently enacted state wildfire law.

WATERCOOLER

Sony's "Jumanji: The Next Level" ousted "Frozen II" from first place at the box office over the weekend. The Jumanji sequel, starring Dwayne Johnson and Kevin Hart,  brought in $60.1 million in the U.S. and Canada. (USA Today)

However, Disney continues to break records at the box office, with "Frozen II" surpassing the $1 billion mark on Saturday, becoming the sixth movie from the studio to do so this year. (CNBC)