Friday the 13th could be a lucky day for Wall Street, following Monday's record closes for the S&P 500 and Nasdaq. U.S. stock futures were jumping on optimism generated by a potential phase one China trade deal, and a lessening of Brexit-related uncertainty following the U.K. election results. Thursday's trade deal-related rally pushed all the major averages into positive territory for both the week and the month, with the S&P 500 poised to post a third straight week of gains. The S&P Financials sector closed at a record high Thursday, its first since May 2007. (CNBC)
The Trump administration has reached a phase one trade deal with China in principle, pending approval from President Donald Trump, CNBC reported. The White House has offered to scrap Sunday's upcoming duties and slash some existing tariffs in half. However, Eunice Yoon, CNBC's correspondent in China, reports that she's hearing from a government source there that Chinese leaders are reluctant on the deal because of the firm farm purchase targets.
Stocks in London were leading European markets higher as U.K. Prime Minister Boris Johnson retains power with a thumping majority after his Conservative Party secured its best election result since 1987. At victory celebrations in central London, Johnson told an audience that the country will now leave the EU on Jan. 31. (CNBC)
On today's U.S. economic calendar, the government is out with retail sales for November at 8:30 a.m. ET. November figures on import and export prices are released at the same time. At 10 a.m. ET, the October report on business inventories is released. No earnings reports are scheduled for today. (CNBC)
IN THE NEWS TODAY
The House Judiciary Committee abruptly postponed a historic vote late last night on articles of impeachment against Trump, shutting down a nearly 14-hour session that dragged with partisanship but had been expected to end with the formal charges being sent to the full House for a vote next week. Approval of the two charges against the president is still expected today in the committee. (AP)
Congressional negotiators reached a tentative deal in principle to fund the government as the deadline to avoid a shutdown draws nearer. Top lawmakers have a preliminary agreement on 12 appropriations bills to keep the government running past Dec. 20. The bills now go to Trump for his approval. (CNBC)
The Federal Trade Commission is reportedly considering seeking a preliminary injunction against Facebook (FB) over antitrust concerns, sending shares down. The injunction would reportedly seek to block Facebook from enforcing policies around how its apps interact and could keep the company from pushing forward with its plans to integrate its three messaging services. (CNBC)
California power producer PG&E Corp (PCG) said late last night that it has filed for an amended reorganization plan, adding that it remains on track to getting the plan confirmed before a June 2020 deadline to exit bankruptcy. It comes less than a week after the company said it reached a $13.5 billion settlement with victims of some of the most devastating wildfires in California's modern history. (Reuters)
Lawyers for several women who claim fallen film producer Harvey Weinstein sexually abused them harshly criticized a proposed settlement of legal claims against The Weinstein Companies, saying the deal offers far too little money to victims, far too much cash to Weinstein's attorneys and possibly could financially benefit Weinstein himself. (CNBC)
Microsoft (MSFT) pulled the wraps off its new console, the Xbox Series X, charging ahead of Sony in debuting next-generation gaming hardware. Microsoft didn't disclose a price but said the Xbox Series X will go on sale in the holidays next year. (CNBC)
A New Zealand military team recovered six bodies today from the volcanic island that fatally erupted earlier this week, as doctors worked to save badly burned survivors. An eight-person bomb disposal squad set off before dawn and spent four hours on White Island, which experts said could erupt again. (Reuters)
STOCKS TO WATCH
Oracle (ORCL) beat estimates by 2 cents with adjusted quarterly profit of 90 cents per share, but the business software giant's revenue fell short of Wall Street estimates and its current quarter earnings outlook falls largely below Wall Street forecasts. Separately, Chairman Larry Ellison said the company has no plans to appoint a second CEO following the October death of co-CEO Mark Hurd.
Adobe (ADBE) reported adjusted quarterly profit of $2.29 per share, 3 cents above estimates, with the software company's revenue slightly above forecasts as well. Investors were encouraged by Adobe's ability to maintain a revenue growth rate above 20%.
Costco (COST) came in 1 cent ahead of estimates with adjusted quarterly profit of $1.73 per share. However, the warehouse retailer saw revenue come in below forecasts due to a slowdown in e-commerce growth.
Broadcom (AVGO) retorted better-than-expected adjusted quarterly profit and revenue in its latest quarter. The chipmaker said it was benefiting from strong demand for 5G-related chips as well as software unit growth.
Sarepta Therapeutics (SRPT) received an early FDA approval for its second treatment for Duchenne muscular dystrophy. Sarepta will still need to conduct a trial to confirm the drug's benefits, which it said it expects to conclude by 2024.
Tapestry (TPR) said Kate Spade CEO Anna Bakst will depart at the end of 2019, after less than two years on the job. Same-store sales at the handbag maker have been falling since Kate Spade was acquired by Tapestry, then known as Coach, in 2017.
American Airlines (AAL) took Boeing's (BA) grounded 737 Max jet off its schedules through April 6.
The founder of Bonobos, Andy Dunn, is leaving Walmart (WMT), roughly two years after the company acquired the money-losing online apparel retailer and he joined Walmart to help grow its e-commerce operations.
WATERCOOLER
German Chancellor Angela Merkel has been named the world's most powerful woman for the ninth year running in a wide-ranging list intended to celebrate the 100 most influential females of this year. Forbes' 2019 edition of its World's Most Powerful Women, marked a return for the German leader, who has made 14 appearances in the list's 16-year history. (CNBC Make It)
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