| What to watch today: Futures steady, Tesla deliveries fall short, and Trump hits EU with tariffs | | |  | THU, OCT 03, 2019 | | | | AS OF THU, OCT 03, 2019 • 06:51 ET | | Dow Jones Fut | | 26,078.62 | | Current: | 26,062.00 | | Change: | 77.00 | | Impl. Open: | 16.38 | | | S&P 500 Fut | | 2,887.61 | | Current: | 2,890.25 | | Change: | 9.75 | | Impl. Open: | 1.84 | | | NASDAQ 100 Fut | | 7,550.79 | | Current: | 7,579.00 | | Change: | 32.75 | | Impl. Open: | 11.21 | | | Russell 2000 Mini | | 1,479.63 | | Current: | 1,480.70 | | Change: | 3.90 | | Impl. Open: | -.03 | | | U.S. stock futures were steady as Wall Street comes off a tumultuous two days that has seen the Dow drop more than 800 points and the major averages slide to their lowest levels since late August. The S&P 500 is coming its first back-to-back drops of 1% or more this year, and the Dow, S&P and Nasdaq have all fallen this past week. The Dow is on track for its largest week of loss since the final week of May, and the S&P 500 could post its biggest weekly decline since the week ending Aug. 2. (CNBC) | | | | On today's economic calendar, the Labor Department issues its weekly look at initial jobless claims at 8:30 a.m. ET. The Institute for Supply Management is out with its nonmanufacturing index, its measure of the U.S. services economy, at 10 a.m. ET. At the same time, the government is out with August factory orders, seen coming in unchanged after rising 1.4% in July. (CNBC) | | | | It's a busy day for Fed speakers, with five events on the calendar featuring talks by Chicago Fed President Charles Evans, Fed Governor Randal Quarles, Cleveland Fed President Loretta Mester, Dallas Fed President Robert Kaplan and Fed Governor Richard Clarida. | | | Beverage and snack giant PepsiCo (PEP) and sprits producer Constellation Brands (STZ) are out with earnings this morning, while warehouse retailer Costco (COST) will issue its quarterly numbers after today's closing bell.
* PepsiCo stock jumps 3% on earnings and revenue beat (CNBC)
Shares of Bed Bath & Beyond (BBBY) were down about 4% in premarket trading. The retailer reported fiscal second-quarter profits that beat analyst estimates but fell short on revenue and same-store sales. The company added it "has made substantial progress toward identifying a permanent CEO." (CNBC) | The head of a leading House committee said he plans to issue a subpoena tomorrow to the White House for documents related to Ukraine as part of an ongoing impeachment inquiry into President Donald Trump. The planned subpoena comes on the heels of other House committee demands for related documents to Mike Pompeo and Rudy Giuliani. (CNBC)
Trump reportedly involved Vice President Mike Pence in efforts to pressure the Ukranian president to solicit information that he hoped would be damaging to his 2020 rival former Vice President Joe Biden. The Washington Post reported that officials close to Pence said he was unaware of Trump's efforts to press his Ukrainian counterpart. | | | | British Prime Minister Boris Johnson brings his new Brexit plan to Parliament today, a day after he presented it to the European Union and received a guarded response. Johnson is expected in the House of Commons to explain the eleventh-hour plan to U.K. lawmakers. (AP) | | | | Short-term home rental company Airbnb is set to hire Morgan Stanley (MS) and Goldman Sachs (GS) as joint lead advisers on its planned stock market flotation next year. Airbnb is reportedly leaning toward going public through a direct listing, rather than an initial public offering. (Reuters) | | | | GoPro (GPRO) cut its sales forecast for the second half of 2019, due to production delays for a new line of high definition cameras. GoPro said its Hero8 Black cameras would ship in the fourth-quarter instead of the third-quarter. Shares were dropping about 15% in the premarket. The company already had a stock market value of less than $800 million. In 2014, shortly after its IPO, the company had a market value of over $10 billion. (Reuters) | | | | Kroger (KR) is laying off hundreds of employees across the family of grocery stores it owns, CNBC reported. Shares of Kroger are down nearly 9% year-to-date, as it faces heightened competition from discount grocers Aldi and Lidl, as well as Walmart (WMT) and Albertsons. | | | | Doctors researching the cause of a sudden respiratory illness that's killed at least 16 people in the U.S. since July say a mix of "toxic chemical fumes," not oils as previously expected, may be what's making patients sick. The vaping illness outbreak has now spread to 46 states and one territory and sickened more than 805 people since April. (CNBC) | | E-Trade Financial (ETFC) joined rivals Charles Schwab (SCHW) and TD Ameritrade (AMTD) in eliminating commissions for online trades for U.S.-listed stocks, options and exchange traded funds. | | | | Uber Technologies (UBER) launched a new app called Uber Works, intended to match temporary workers with businesses trying to fill shifts. The app will only be available in Chicago for now. | | | | Blackstone (BX) is buying a 65% stake in Great Wolf Resorts, the largest operator of indoor water parks in North America. Blackstone and current owner Centerbridge Partners will form a joint venture to own Great Wolf. | | | | BlackRock (BLK) and China internet company Tencent Holdings have held talks over the past year, according to the Wall Street Journal. The paper said the asset management firm has been exploring ways to strengthen its presence in China. | | | | Clorox (CLX) cut its fiscal 2020 earnings outlook, due to revised assumptions about foreign exchange rates. The consumer products maker is also projecting slightly lower gross margins compared to its prior guidance, and lowered its sales outlook as well. | | | | Alphabet's (GOOGL) price target was raised to $1,600 per share from $1,475 at Deutsche Bank, which cites more confidence surrounding Google Cloud. | | | | United Technologies (UTX) was rated "outperform" in new coverage at Credit Suisse, which points to "significant and durable value" in each of the conglomerate's business segments. | | Rome is trying to become more environmentally friendly by offering free metro tickets to travelers who re-cycle plastic bottles using machines set up in three of the Italian capital's stations. The initiative, which was launched in July, has proved so popular that 350,000 bottles have been recycled. (Reuters) | |  | | |
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