OPENING BELL:

US pre-market equity index futures point to positive start ahead of Wednesday’s open; adding to previous session gains which saw White House economic adviser, Larry Kudlow, ease trade concerns stating; the upcoming G-20 summit meeting between President Donald Trump and his Chinese counterpart is an opportunity to “turn the page” on the trade war, adding; there is a “good possibility that a deal can be made”.

Having struggled for direction most of the day, Wall Street ended the session with modest gains – investors now keeping an eye on global trade developments.

The S&P 500 closed +0.34% higher, led by advances in Healthcare (+1%), Consumer Staples (+0.89%) and Utilities (+0.75%), which were offset by a slide in the Materials sector (-1.22%).

The Dow and Nasdaq chalked up gains of +0.45% and +0.34% respectively.

Remarks by Federal Reserve vice-chair, Richard Clarida, are also being priced-in, he had noted; the central bank will need to be especially attuned to economic data as it gauges the outlook for short-term interest rates.

On today’s economic data front; GDP and Goods Trade Balance figures are set to be released at 8:30am ET, then New Home Sales and Crude Oil Inventories at 10:00am EST and 10:30am EST respectively, followed by Fed Chairman, Jerome Powell’s, speech at 12:00pm EST.

A number of companies are scheduled to publish their earnings today, including; Tiffany (TIF), Weibo (WB), Dick’s Sporting Goods (DKS), SINA Corporation (SINA), Guess (GES), La-Z-Boy (LZB) and Box (BOX).

TODAY’S TOP HEADLINES:

China & Trade: Trump Could Seek a China Trade Truce at G-20, Despite Tough Talk (The NYT)
President Trump is projecting a steely facade as he prepares for a critical meeting on trade this weekend with President Xi Jinping of China. But behind his tough talk and threats of higher tariffs is a creeping anxiety about the costs of a prolonged trade war on the financial markets and the broader economy.

China, Markets & Retail: American Retailers Squeeze Chinese Suppliers as Tariffs Start to Hurt (The WSJ)
Big American retailers are getting tough with Chinese suppliers as import tariffs bite, cutting orders, negotiating down prices and demanding faster turnarounds.

ECONOMIC CALENDAR:
Today’s Economical Announcements

08:30AM – GDP (QoQ) (Q3) (Previous: 3.5%)
08:30AM – GDP Price Index (QoQ) (Q3) (Previous: 1.4%)
08:30AM – Goods Trade Balance (Oct) (Previous: -76.25B)
10:00AM – New Home Sales (MoM) (Oct) (Previous: -5.5%)
10:00AM – New Home Sales (Oct) (Previous: 553,000)
10:30AM – Crude Oil Inventories (Previous: 4.851M)
12:00PM – Fed Chair Powell Speaks

STOCKS IN THE SPOTLIGHT:
Pre-Market Movers & News Related Stocks.

Tiffany (TIF): [EARNINGS] Matched estimates with quarterly profit of 77 cents per share. Revenue below forecasts.

Salesforce.com (CRM): [EARNINGS] Reported adjusted quarterly profit of 61 cents per share, beating consensus estimates by a penny a share. Revenue beat forecasts.

J.M. Smucker (SJM): [EARNINGS] Reported adjusted quarterly profit of $2.17 per share, 17 cents a share below estimates. Revenue missed forecasts.

Nutanix (NTNX): [EARNINGS] Lost 13 cents per share for its fiscal first quarter, less than half of the 27 cent a share loss that analysts had anticipated. Revenue beat forecasts.

Alaska Air (ALK): [REVIEW] Added to the “Conviction Buy List” at Goldman Sachs, which points to several positive factors for the airline including a favorable 2019 cost outlook.

Amazon.com (AMZN): [NEWS] Amazon has begun selling software that scrutinizes medical records for information that could be used to generate more effective treatment as well as cut costs.

Whirlpool (WHR): [DOWNGRADE] Downgraded from “outperform” to “neutral” at Credit Suisse, which notes that a solid pricing environment for appliances appears to be already reflected in Whirlpool’s stock price.

Dick’s Sporting Goods (DKS): [EARNINGS] Earned 39 cents per share for its latest quarter, 13 cents a share above estimates. Revenue in line with forecasts.

Humana (HUM): [NEWS] The health insurer announced an accelerated $750 million stock repurchase program, and also raised its estimate of membership growth for its individual Medicare Advantage products.

Barnes & Noble (BKS): [NEWS] In a Securities and Exchange Commission filing, Executive Chairman Leonard Riggio said he is evaluating and may participate in a potential sale of the book retailer.

Sleep Number (SNBR): [NEWS] Sleep Number will have to face a defamation lawsuit first filed 11 years ago by rival mattress retailer Mattress Firm.

Teva Pharmaceutical (TEVA): [NEWS] Teva is recalling certain combinations involving its blood pressure drug valsartan in the U.S. That follows the detection of an impurity that could cause cancer, although the FDA said there that Teva had not received any reports of adverse events related to the issue.

Campbell Soup (CPB): [NEWS] Campbell could name food industry veteran Mark Clouse as its next CEO, according to the Wall Street Journal quoting people familiar with the food company’s search.

Delta Air Lines (DAL): [RATING] Rated “positive” in new coverage at Susquehanna Financial.

American Airlines (AAL): [RATING] Rated “positive” in new coverage at Susquehanna Financial.

MOMENTUM STOCKS:

GAINERS: RUN
LOSERS: PZZA, STLD, X

TODAY’S IPOs:

None.