| What to watch today: Wall Street set to start week lower as oil hits 7-year highs | | |  | MON, OCT 11, 2021 | | | | AS OF MON, OCT 11, 2021 • 08:01 ET | | Dow Jones Fut | | 34,746.25 | | Current: | 34,535.00 | | Change: | -91.00 | | Impl. Open: | -82.25 | | | S&P 500 Fut | | 4,391.34 | | Current: | 4,361.75 | | Change: | -20.50 | | Impl. Open: | -20.59 | | | NASDAQ 100 Fut | | 14,820.75 | | Current: | 14,689.50 | | Change: | -118.75 | | Impl. Open: | -119.25 | | | Russell 2000 Mini | | 2,233.09 | | Current: | 2,221.80 | | Change: | -7.30 | | Impl. Open: | -8.29 | | | This week, major banks kick off their third-quarter earnings. JPMorgan Chase, Goldman Sachs, Bank of America, Morgan Stanley, Wells Fargo and Citigroup are scheduled to report results beginning Wednesday. Analysts estimate an earnings growth rate of 27.6% for the S&P 500 for the third quarter, which would be the third-highest growth rate since 2010. (CNBC) | | Southwest Airlines (LUV) canceled more than 1,800 flights this weekend, disrupting the travel plans of thousands of customers and stranding flight crews. Southwest canceled 349 flights, 9% of its schedule, on Monday, according FlightAware. On Saturday, union officials said Southwest's decision this week to join its rivals in requiring Covid vaccines for workers is contributing to distractions for aviators. (CNBC) | | | | Facebook (FB), following damning testimony that its platforms harm children, will be introducing several features including prompting teens to take a break using its photo sharing app Instagram, and "nudging" teens if they are repeatedly looking at the same content that's not conducive to their well-being. (AP) | | | | China-based electric vehicle maker Xpeng (XPEV) said it's has surpassed 100,000 cars produced, coming six years after the company launched. Chinese rival Nio (NIO) reached that goal in April. For comparison, Elon Musk's Tesla (TSLA) took 12 years from its launch in 2003 to produce 100,000 vehicles. (CNBC) | | | | Three U.S.-based economists, David Card, Joshua D. Angrist and Guido W. Imbens, have been awarded the Nobel economics prize. Card was recognized for his contributions to labor economics, while Angrist and Imbens won the award for their contributions to the analysis of causal relationships. (CNBC) | | | | "No Time to Die" tallied an estimated $56 million during its domestic opening weekend, the fourth-best debut of any James Bond film in the franchise's nearly 60-year history. Globally, the film has garnered $313.3 million since its international release two weeks ago. (CNBC) |  | Robinhood (HOOD) fell 2% in premarket action, following a Securities and Exchange Commission filing that detailed the risks of increased regulation of cryptocurrency trading as well as possible new rules surrounding payment for order flow. | | | | SoFi Technologies (SOFI) rallied 3% in premarket action after Morgan Stanley initiated coverage with an "overweight" rating, calling it a "powerful revenue growth story" as it gains market share in the consumer finance space. | | | | Apple (AAPL) asked a judge to delay changes to its App Store that would require it to allow developers to bypass Apple's in-app payment system. The changes stemmed from the case involving "Fortnite" creator Epic Games and is scheduled to go into effect Dec. 9, but Apple is asking that its appeal be allowed to play out first. | | | | Starbucks (SBUX) added 1% in the premarket after Deutsche Bank upgraded the stock to "buy" from "hold," citing "incredible" U.S. momentum and the prospect of sustained unit growth in China. | | | | Aspen Technology (AZPN) announced a deal to merge with two of Emerson Electric's (EMR) software businesses in a deal worth approximately $11 billion. Aspen Technology had been up nearly 13% over the past two sessions since reports of talks between the two companies first surfaced. | | | | Workers at Deere & Co. (DE) represented by the United Auto Workers Union rejected a tentative contract agreement. Union members said they want bigger raises and benefits than those proposed in the rejected six-year deal, based on strong profits for Deere. | | | | ConocoPhillips (COP) was downgraded to "neutral" from "buy" at Goldman Sachs, which cited valuation for the move. The stock has gained 88% this year and was up another 1.2% in the premarket. | | | | Steel and iron producer Cleveland-Cliffs (CLF) shares gained 2% in premarket trading after it announced the acquisition of iron scrap processor Ferrous Processing and Trading for about $775 million. | | After a 30-month gap, the Boston Marathon returns Monday with the 125th running of the world's oldest annual marathon. This year's race was delayed six months from its traditional running on the third Monday in April. For the first time since the inaugural event in 1897, the race was canceled and run virtually last year due to the pandemic. (USA Today) | | |
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