5 things to know before the stock market opens Friday
1. Dow could wipe out weekly losses
U.S. stock futures were indicating a nearly 100-point rise in the Dow Jones Industrial Average, which would erase the weekly losses for blue chips if it were to hold through the close of trading. However, the S&P 500 and Nasdaq appear likely to post declines for the second straight week, unless the market were to really take off.
2. Scandal-plagued Wells Fargo names BNY Mellon's chief as its new CEO
Wells Fargo on Friday named Charles Scharf as its new chief executive officer and president, effective Oct. 21. Shares of Wells Fargo were moving higher in premarket trading. Scharf was chairman and CEO of Bank of New York Mellon. BNY Mellon shares were under pressure. Scharf replaces former Tim Sloan at Wells Fargo, who resigned as CEO in March. The scandal-plagued bank has struggled for months to find a candidate willing to take the top position.
3. Micron warns on China trade
Shares of Micron Technology were losing about 6% in the premarket after the chipmaker issued an earnings warning, saying it's "mindful" of economic and trade uncertainty. In its fiscal fourth quarter, Micron reported better-than-expected profit and revenue.
Perhaps there will be some trade certainty soon. Talks between the U.S. and China are set to resume Oct. 10-11 in Washington, three people close to the situation told CNBC. But heading into next month's negotiations, President Donald Trump reaffirmed in Tuesday's U.N. speech that he won't accept a "bad deal" with China.
4. Wall Street Democratic donors may sit out 2020 race
Some Democratic donors on Wall Street and in Big Business have told CNBC they are preparing to sit out the presidential fundraising cycle, or even back Trump, if Sen. Elizabeth Warren were to win the party's nomination. Warren, an outspoken critic of big banks and corporations, has been gaining momentum against Democratic presidential frontrunner Joe Biden, who was Barack Obama's vice president.
5. Another IPO is pulled
In a surprise move, Hollywood talent agency Endeavor pulled its IPO just before it was set to price, signaling a possibly softer market for other initial offerings, after a disappointing debut by Peloton Interactive on Thursday. WeWork delayed its IPO last week. Peloton's 11% tumble on its debut was the second worst of the year for an IPO after SmileDirectClub's 27.5% first-day plunge.
— Reuters contributed to this report.