1. New Fed chair? President Trump will announce his pick to lead the Federal Reserve at 3 p.m. ET. "I think you'll be extremely impressed by this person," Trump said.
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| Where U.S. stocks are heading | | Dow
Futures | | Nasdaq
Futures | | S&P
Futures | | -19.00 | | -7.00 | | -3.00 | | -0.08% | | -0.11% | | -0.12% | | | |
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| | | Japan | | China | | U.K. | | Nikkei 225 | | Shanghai Composite | | FTSE 100 | | +119.04 | | -12.60 | | +9.97 | | 22,539.12 | | 3,383.31 | | 7,497.93 | | +0.53% | | -0.37% | | +0.13% | | | |
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| | | Biggest Winners | | L Brands Inc | +7.89% | | | | Chesapeake Energy Corp | +2.78% | | | | TechnipFMC PLC | +1.66% | | | | Under Armour Inc | +1.08% | | | Biggest Losers | | HanesBrands Inc | -5.04% | | | | Facebook Inc | -1.09% | | | | Altria Group Inc | -0.80% | | | | American Airlines Group Inc | -0.71% | | | | | | | |
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| News: What you need to know about the markets | | | | | | | Who will run the Fed?; U.K. braces for rate hike; Apple earnings | By Alanna Petroff
Thursday, November 2nd, 5:54am | | | | 1. New Fed chair? President Trump will announce his pick to lead the Federal Reserve at 3 p.m. ET. | | | | "I think you'll be extremely impressed by this person," Trump said. | | | | Two sources have told CNN that Trump is likely to nominate Jerome Powell to lead the central bank. | | | | Powell has been a Fed governor since 2012 and previously served as Treasury official under President George H.W. Bush. | | | | If confirmed, he would replace current chairwoman Janet Yellen when her term expires in February. | | | | Greg Valliere, chief global strategist at Horizon Investments, said Yellen would leave the Fed with a solid track record. | | | | "She'll go out on top, widely praised for engineering an economic recovery and presiding over a historic stock market rally," he said. | | | | 2. U.K. braces for rate hike: The Bank of England is expected to raise interest rates for the first time in a decade. | | | | The decision is expected at 8 a.m. ET. | | | | Economists think the central bank will hike rates by 0.25 percentage points in a bid to control inflation, which has shot up to 3%. | | | | Interest rates are currently at record lows. | | | | Before the Bell newsletter: Key market news. In your inbox. Subscribe now! | | | | 3. Tax reform unveiled: Republican lawmakers are expected to release their tax reform bill Thursday following a delay. | | | | Investors want to see whether the Republicans are able to effectively implement their policies, and get a sense of how any tax changes could impact the wider economy. | | | | 4. Earnings: Alibaba, DowDuPont and Yum! Brands will report earnings ahead of the opening bell. | | | | Apple, Starbucks, CBS and RE/MAX Holdings will follow after the close. | | | | 5. Stock market movers -- Tesla, GoPro: Shares in Tesla look set to drop sharply at the open after the electric automaker reported quarterly results and gave a disappointing outlook for production of its Model 3. | | | | "While we continue to make significant progress each week in fixing Model 3 bottlenecks, the nature of manufacturing challenges ... makes it difficult to predict exactly how long it will take for all bottlenecks to be cleared," the company said in a letter to investors. | | | | Tesla was already facing backlash from its shareholders over its slow production of the mass market Model 3. | | | | GoPro stock is also set for a 10% tumble when trading begins after the company released results on Wednesday. | | | | 6. Global market overview: U.S. stock futures were a bit soft after major indexes touched record highs on Wednesday. | | | | The Dow Jones industrial average, S&P 500 and Nasdaq each hit highs during the trading day before losing steam. | | | | European markets were mixed in early trading on Thursday. Most Asian markets ended the day with losses. | | | | Download CNN MoneyStream for up-to-the-minute market data and news | | | | | | | |
| | | | | | Thursday -- Apple, Starbucks, CBS earnings
Friday -- October jobs report; iPhone X hits stores | | | | | | | |
| Key Market Stats | Latest | Today's Change | | | Oil | $54.37 | +0.07 / +0.13% | | | Gold | $1,276.80 | -0.50 / -0.04% | | | 10-yr | 2.38% | 0.00 / 0.00% | | | Euro | $1.16 | -0.00 / -0.00% | | | |
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