What to watch today: Wall Street set to rise on continued hopes for more coronavirus stimulus

BY THE NUMBERS

Wall Street was set to open higher Monday, with Nasdaq futures up strongly after the tech-heavy index soared almost 4.6% last week for its best weekly performance since July. Friday's gains also capped a 3.8% weekly advance for the S&P 500, also its best week in three months. The Dow jumped nearly 3.3% last week for its best weekly gain since August. (CNBC)

Stocks have been supported recently by hopes for additional coronavirus stimulus. The White House on Friday increased its offer to $1.8 trillion, nearly double its original proposal in late summer and only $400 billion short of the most recent Democratic bill. The administration's latest overture was criticized by Democrats and Republicans on Capitol Hill. (CNBC)

* Mnuchin, Meadows call for separate vote on PPP funding for small businesses (CNBC)

In the week ahead, major banks report earnings in the first wave of quarterly results from corporate America. Tuesday brings J.P. Morgan Chase and Citigroup. Goldman Sachs, Bank of America and Wells Fargo are out Wednesday, with Morgan Stanley on Thursday. (CNBC)

* Third-quarter earnings season kicks off this week and results should be much better than expected (CNBC)

The two-day Amazon Prime Day sales event begins at 3 a.m. ET on Tuesday. Retailers with brick-and-mortar locations, including Walmart, Target and Best Buy, will try to divert dollars from Amazon (AMZN) by offering their own deals and fulfilling orders quickly through curbside and in-store pickup. (CNBC)

Also Tuesday, Apple is set to reveal this year's new iPhones. Delayed a month due to coronavirus disruptions, the lineup is expected to include the first major exterior redesign since 2017, when Apple released the iPhone X with facial recognition. (CNBC)

* U.S. judge rules Apple could bar Epic Games's 'Fortnite' from App Store (Reuters)
* Feds, states may target Google's Chrome browser for breakup (Politico)

IN THE NEWS TODAY

The Supreme Court confirmation hearing for Amy Coney Barrett begins Monday and is expected to run through Thursday. Senate Judiciary Committee Chairman Lindsey Graham, R-S.C., expects the panel to approve the 48-year-old federal appeals judge next week, giving Senate Majority Leader Mitch McConnell enough time to bring the nomination to the Senate floor before the Nov. 3 election. (CNBC)

Looking to close Joe Biden's national polling lead just 22 days before the election, President Donald Trump will try to put his bout of Covid-19 behind him when he returns to the campaign trail. The president on Monday begins a three-week sprint with a rally in swing state Florida. (Reuters)

Trump, who was released from the hospital last week after being treated there for three days, claimed on Sunday that he's fully recovered and no longer infectious. However, he did not say directly whether he had tested negative. Speaking from the Truman Balcony at the White House on Saturday, the president urged hundreds of largely Black and Latino supporters to help get out the vote. (CNBC)

* Fauci says comments in Trump ad taken 'out of context' and used 'without my permission' (CNBC)

U.K.-based AstraZeneca has been awarded $486 million from the U.S. government to develop and secure supplies of up to 100,000 doses of its Covid-19 antibody cocktail, which is similar to the Regeneron Pharmaceuticals' treatment given to Trump. U.S. drug companies Regeneron and Eli Lilly have applied to the FDA for emergency use authorizations of their antibody courses. (Reuters)

* Virus that causes Covid-19 can survive for 28 days on common surfaces, research says (CNBC)
* U.K. set to impose controversial local shutdowns as coronavirus spreads rapidly (CNBC)

Mallinckrodt (MNK) filed for bankruptcy protection Monday, saddled with lawsuits alleging it fueled the U.S. opioid epidemic and after it lost a court battle to avoid paying higher rebates to state Medicaid programs for its top-selling drug. (Reuters)

Richard Branson's Virgin Orbit is looking to raise up to $200 million in a funding round that could value the satellite-launch business at around $1 billion, according to The Wall Street Journal. The fundraising comes as the British billionaire's travel-to-finance empire and the wider commercial space industry have been hit hard by the coronavirus pandemic.

STOCKS TO WATCH

Cloud communications platform provider Twilio (TWLO) on Monday announced a deal to buy customer data platform provider Segment for $3.2 billion in Twilio shares. The deal is expected to close during the fourth quarter. Twilio shares rose about 6% in premarket trading.

Levi Strauss (LEVI) – The jeans and apparel maker was upgraded to "overweight" from "equal-weight" at Morgan Stanley, which makes note of management's quick response to a difficult retail environment as well as strong revenue growth.

The Jain Foundation sold 7,000 Class B Berkshire Hathaway (BRK.B) shares on Sept. 30, according to an SEC filing. The sale reduces the foundation's Berkshire holdings to 185,095 class B shares. The foundation is run by Berkshire Vice Chairman Ajit Jain.

Berkshire portfolio manager Ted Weschler disclosed a 5.89% stake in department store chain Dillard's (DDS), according to an SEC filing. The shares are not a Berkshire investment; they are held in a trust for the benefit of Weschler's family members.

General Motors (GM) reported a 12% increase in China sales during the July through September quarter, the first quarterly sales increase reported by GM in China in 2 years.

WATERCOOLER

The dynamic duo of LeBron James and Anthony Davis lifted the Los Angeles Lakers to the franchise's 17th title last night, bringing down the curtain on the most unusual season in NBA history, marked by playing all games in the resumed, shorter season in Florida's coronavirus bubble. (NBC News)

— Correction: This story has been updated to reflect that Amazon Prime Day is a two-day event that begins at 3 a.m. ET on Tuesday.