Morning Brief

What to watch today: Wall Street set to rise at open, but not enough to erase weekly losses

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BY THE NUMBERS

Dow futures pointed to a gain at Friday's open as Wall Street monitors coronavirus stimulus talks and contemplates how the final presidential debate may influence undecided voters. Quarterly earnings reports and FDA approval of Gilead Sciences' antiviral remdesivir are also in the mix for investors. The Dow, S&P 500 and Nasdaq all advanced Thursday but not enough to pull them out of negative territory for the week. (CNBC)

* 10-year Treasury yield rises for a 7th straight day to four-month high (CNBC)
* Bitcoin hits its highest level since 2018 (CNBC)

Dow stock American Express fell about 3% in the premarket after the credit card giant on Friday reported a nearly 40% drop in third-quarter adjusted earnings to a lower-than-expected $1.30 per share. Revenue, which dropped 20% to $8.8 billion, actually beat estimates. (Reuters)

Shares of Intel, also a Dow component, dropped 9% in Friday's premarket, the morning after the company showed new weakness in its data center business in the third quarter. Per-share adjusted earnings fell 22% to $1.11, matching estimates. Revenue, which dropped 4% to $18.33 billion, beat expectations. (CNBC)

IN THE NEWS TODAY

The final debate between President Donald Trump and Democrat Joe Biden, in stark contrast to their first affair, was much calmer and more focused on their policy differences. Less than two weeks before the Nov. 3 election, the two candidates still went after each other Thursday night on the coronavirus, climate change, their personal finances and health care. (CNBC)

* Key moments from the final Trump-Biden presidential debate (CNBC)
* GOP pollster says Trump won the final debate but Biden ‘won the war’ (CNBC)
* Biden holds edge in swing states while national lead slightly shrinks (CNBC)
* Wisconsin’s Kenosha County shows why hoping for a last-minute shake-up could be perilous for Trump (CNBC)
* Trump campaign ad about U.S. comeback features footage from Russia, Slovenia (CNBC)

Shares of Gilead Sciences (GILD) jumped 6% in Friday's premarket, one day after the Food and Drug Administration approved remdesivir as the first treatment in the U.S. for the coronavirus. In May, the FDA granted the antiviral drug an emergency use authorization. Remdesivir was among the treatments that Trump received after testing positive for Covid-19 earlier this month. (CNBC)

* FDA opens private Covid vaccine meetings to the public in bid to gain trust (CNBC)
* We asked 20 medical experts with kids about their pandemic Halloween plans. Here’s what they said (CNBC)

Shares of Walmart (WMT) were little changed in the premarket after the company filed a lawsuit against the federal government, seeking clarity on the roles and legal responsibilities of pharmacists and pharmacies in filling opioid prescriptions. Walmart said certain officials in the Justice Department are threatening to sue the retail giant, claiming pharmacists should have refused to fill valid opioid prescriptions. (Reuters)

Shares of Uber (UBER) and Lyft (LYFT) were under pressure in premarket trading after a California appeals court ruled that companies must comply with a preliminary injunction requiring them to stop classifying drivers as independent contractors. The order, however, won't take effect right away and a state ballot measure could still undermine the entire case. (CNBC)

STOCKS TO WATCH

Mattel (MAT) beat expectations on the top and bottom lines for the third quarter. Mattel reported profit of 95 cents a share and $1.63 billion in revenue. Analysts surveyed by Refinitiv expected 39 cents a share in earnings and $1.46 billion in revenue.

Seagate Technology (STX), a data storage company, reported weaker-than-expected revenue for its third quarter. Seagate posted earnings of 93 cents per share on $2.31 billion of revenue. Analysts surveyed by Refinitiv were looking for 88 cents per share and $2.34 billion of revenue. The company also raised its dividend and buyback program.

Capital One Financial (COF) beat revenue expectations for its third quarter. Capital One had $7.38 billion in revenue, while analysts surveyed by Refinitiv projected $6.68 billion. The company's non-interest income rose nearly 50% year over year.

Bloomin' Brands (BLMN) reported a smaller-than-expected loss for the third quarter, saying its takeout business remained strong even as inside dining reopened. The Outback Steakhouse owner reported a loss of 12 cents per share and $771.3 million of revenue, which also best expectations.