Stocks sell-off; Saudi conference; Harley-Davidson earnings

1. Markets drop: US futures were pointin...

Posted: Oct 23, 2018 10:35 AM
Updated: Oct 23, 2018 10:35 AM

1. Markets drop: US futures were pointing lower on Tuesday as investors around the world sold stocks.

European stocks dropped in early trade, with several major indexes touching their lowest levels in over a year. Asian markets ended the session sharply lower after posting strong gains on Monday.

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"A 2.5% fall in the Shanghai Composite index today, after two days of strong gains, rather sums markets up," said Societe Generale analyst Kit Juckes. "The tide ... is going out, but there are days when the wind, and the mood, go in the opposite direction."

The downturn started late Monday. The Dow Jones industrial average closed down 0.5% and the S&P 500 dropped 0.4%. The Nasdaq bucked the trend to gain 0.3%.

2. Saudi conference: Saudi Arabia's big investment conference started Tuesday without some of its VIPs.

Dozens of top business leaders from around the world have pulled out of the Future Investment Initiative over the killing of dissident journalist Jamal Khashoggi at the Saudi consulate in Istanbul earlier this month.

The exodus of executives — including the CEOs of JPMorgan Chase (JPM), Uber and Siemens (SIEGY) — has taken the shine off the showcase event hosted by Saudi Crown Prince Mohammed bin Salman.

Saudi Arabia has rejected suggestions that it may restrict global oil supply in response to international pressure over Khashoggi's death. US oil futures were trading 1% lower at $68.70 per barrel on Tuesday.

3. Tariff trouble: Harley-Davidson (HOG) and Caterpillar (CAT) will report results before the opening bell.

Both companies have been hurt by President Donald Trump's trade policy. Harley-Davidson was hit by EU tariffs in retaliation for US steel and aluminum taxes and its shares are down 18.3% so far this year.

Caterpillar has suffered even more, as investors worry about how the heavy equipment maker will cope with the tariffs. Its stock is down almost 24% since January.

4. Earnings and economics: 3M (MMM), JetBlue Airways (JBLU), Lockheed Martin (LMT), McDonald's (MCD), Verizon (VZ) and Xerox (XRX) are also set to release earnings before the open.

Capital One (COF), iRobot (IRBT), Noodles & Co (NDLS), Six Flags (SIX) and Texas Instruments (TXN) will follow after the close.

Johnson & Johnson (JNJ) offered to buy Japanese cosmetics company Ci:z Holdings on Tuesday. It is offering 230 billion yen ($2.1 billion) for the roughly 80% of Ci:z Holdings it doesn't already own.

Bank of England Governor Mark Carney will speak at a conference in Toronto at 11:20 a.m. ET. Investors will be watching for comments on Brexit.

5. Coming this week:
Tuesday — 3M (MMM), JetBlue (JBLU), Six Flags (SIX), McDonald's (MCD), Sprint (S), Las Vegas Sands (LVS), Caterpillar (CAT), CA Technologies (CA), Lockheed Martin (LMT), Verizon (VZ), Harley-Davidson (HOG) earnings
Wednesday — Aflac (AFL), Build-A-Bear (BBW), Allegiant Travel (ALGT), AT&T (T), Baidu (BIDU), Boeing (BA), Callaway Golf (ELY), Xerox (XRX), Visa (V), Ford (F), Microsoft (MSFT), SiriusXM (SIRI), Whirlpool (WHR), Wynn (WYNN) earnings
Thursday — Alphabet (GOOGL), Amazon (AMZN), Altria (MO), Ally Financial (ALLY), American Airlines (AAL), Alaska Air Group (ALK), Southwest (LUV), AK Steel (AKS), Spirit (SAVE), Dunkin' Brands (DNKN), Boyd Gaming (BYD), Stanley Black & Decker (SWK), Sherwin-Williams (SHW), Merck & Co. (MRK), Hershey (HSY), GrubHub (GRUB), Snap Inc. (SNAP) earnings
Friday — Colgate-Palmovie (C) and Charter Communications (CHTR) earnings

Mississippi Coronavirus Cases

Data is updated nightly.

Confirmed Cases: 31257

Reported Deaths: 1114
CountyConfirmedDeaths
Hinds253640
DeSoto162016
Madison131434
Jones112849
Neshoba99271
Rankin95112
Harrison93311
Lauderdale91079
Forrest87842
Scott77315
Jackson63816
Copiah60715
Washington5919
Leake57819
Holmes55741
Lee55219
Wayne54513
Oktibbeha54126
Warren51618
Yazoo5136
Lowndes49413
Leflore49151
Grenada4905
Lincoln46634
Lamar4657
Pike44112
Monroe40330
Sunflower4008
Lafayette3934
Attala36123
Covington3595
Panola3526
Bolivar34014
Newton3399
Simpson3233
Adams31318
Pontotoc2926
Tate28810
Marion28411
Chickasaw27918
Claiborne27910
Noxubee2678
Winston2666
Jasper2636
Pearl River25732
Clay25111
Marshall2343
Smith21811
Union2109
Clarke20724
Walthall2045
Coahoma2016
Kemper17914
Lawrence1782
Yalobusha1737
Carroll16611
Humphreys1509
Tallahatchie1374
Itawamba1368
Montgomery1352
Calhoun1324
Tippah13111
Hancock13013
Webster12710
Jefferson Davis1124
Jefferson1083
Prentiss1083
Greene1058
Tunica1053
Wilkinson949
Amite912
George893
Tishomingo831
Quitman780
Choctaw744
Alcorn712
Perry674
Stone651
Franklin452
Benton380
Sharkey380
Issaquena91
Unassigned00

Alabama Coronavirus Cases

Confirmed Cases: 45263

Reported Deaths: 1007
CountyConfirmedDeaths
Jefferson5410152
Montgomery4158103
Mobile4129134
Tuscaloosa232142
Marshall172410
Madison14917
Lee141137
Shelby133423
Morgan11215
Walker97824
Elmore94314
Franklin89814
Baldwin8949
Dallas8919
Etowah75013
DeKalb7375
Chambers64227
Butler63428
Autauga61012
Tallapoosa60569
Russell5650
Houston5074
Unassigned50323
Limestone5010
Lauderdale4966
Lowndes47221
Cullman4594
Pike4375
Colbert4086
St. Clair4022
Escambia3966
Coffee3812
Calhoun3765
Covington3707
Bullock36910
Barbour3532
Talladega3177
Hale31421
Marengo31211
Dale2990
Wilcox2948
Sumter28512
Jackson2842
Clarke2776
Winston2633
Chilton2522
Blount2431
Monroe2392
Pickens2366
Marion23313
Conecuh2107
Randolph2099
Macon1999
Choctaw19512
Bibb1941
Greene1868
Perry1791
Henry1363
Crenshaw1253
Washington1117
Lawrence1100
Cherokee1027
Geneva830
Lamar781
Fayette711
Clay692
Coosa591
Cleburne381
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