Wall Street poised for increases to start the week. The top equity benchmarks, which closed at fresh records Friday, were expected to open higher on Monday, as JPMorgan Chase, Wells Fargo and other financial institutions prepare to release financial results this week. Citigroup kicked off earnings season for the big banks with better-than-expected results. Citigroup reported 2Q profit of $1.95 per share topping the estimate for $1.80. On an adjusted basis, EPS came in at $1.83. Revenue increased 2 percent to $18.8 billion.
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Boeing Max jet clearance timeline uncertain as carriers extend cancellations. The grounding of the beleaguered fleet could reportedly continue into 2020, as federal regulators scrutinize a software update from the Chicago-manufacturer intended to fix the issues that led to the two fatal crashes. The news is poised to weigh on Boeing shares which are lower in pre-market trading. Meanwhile, United Airlines and American Airlines both extended the potential for cancellations to early November.
Huawei to cut jobs as U.S. sales ban weighs on Chinese telecommunications giant. The company is planning to eliminate hundreds of jobs from Futurewei Technologies, Huawei’s research and development subsidiary in the U.S. While President Trump previously said he would lift the sales ban imposed on the firm to restart trade talks with China, the entity remains on the black-list. The Commerce Department will approve waivers based upon national security considerations, according to Secretary Wilbur Ross.
Tropical Storm Barry hits U.S. crude oil production. The storm, which made landfall on Saturday, reduced crude oil production in the Gulf of Mexico by 70 percent and cut natural gas production by 62 percent. Gasoline prices could rise as a result of the storm, after increasing two cents on average nationwide from earlier this month.
U.S. drugmaker Gilead Sciences to grow investment in Belgian-Dutch biotech firm. The $5.1 billion deal with Galapagos will increase the Foster City, California-based company’s stake to 22 percent. The funds will be used to speed research and development efforts.
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