What to watch today: Dow to fall, Boeing CEO on Capitol Hill and Day 1 of Fed meeting


Housing is the focus of today’s economic reports, with the Case-Shiller report on August home prices at 9 a.m ET and the National Association of Realtors’ September pending home sales at 10 a.m. ET. The Conference Board issues its October consumer confidence index at 10 a.m. ET. The Fed kicks off a two-day meeting today, with an interest rate decision and policy statement coming tomorrow at 2 p.m. ET. A third rate cut this year is expected. (CNBC)

Dow components Merck (MRK) and Pfizer (PFE), along with General Motors (GM), highlight this morning’s corporate earnings reports, with AutoNation (AN), Kellogg (K) and Mastercard (MA) also set to report. After-the-bell reports today include Advanced Micro Devices (AMD), Allstate (ALL), Amgen (AMGN), Electronic Arts (EA), Herbalife Nutrition (HLF), Mattel (MAT), Mondelez International (MDLZ), and Yum China (YUMC).

Boeing (BA) CEO Dennis Muilenburg plans to tell lawmakers today that the manufacturer made mistakes with its 737 Max, its best-selling plane that is grounded worldwide after two fatal crashes that killed 346 people. The hearings will be Muilenburg’s first hearings on Capitol Hill since the crashes. (CNBC)

Ride-hailing giant Uber (UBER) announced the formation of a new division called Uber Money to house its efforts, which include a digital wallet and upgraded debit and credit cards. The focus will be expanding Uber’s efforts to give its 4 million-plus drivers and couriers around the world access to a mobile bank account so they can get paid after each ride. (CNBC)

Juul Labs plans to cut about 500 jobs, about 10 to 15% of its workforce, by the end of the year as part of a broader reorganization plan aimed at repairing the company’s relationship with regulators. The e-cigarette giant will also cut its marketing budget and invest in ways to limit underage vaping. (CNBC)

Millions of Californians prepared to be in the dark – some for five days, or longer – as the nation’s largest utility, Pacific Gas & Electric (PCG), said it was switching off power again toda y to prevent powerful winds from damaging its equipment and sparking more fires. (AP)

Alphabet (GOOGL) reported l ower-than-expected profit for the third quarter, though the Google parent’s revenue was slightly above forecasts. The bottom line miss comes as the company reports record quarterly expenses as it invests in areas like cloud computing. On Monday, it was revealed that Alphabet made an offer to acquire Fitbit (FIT), which closed up 30% on the news.

T-Mobile US (TMUS) beat estimates with quarterly earnings, though the mobile service provider’s revenue fell below forecasts. The bottom line results were helped by better-than-expected new subscriber additions.

BP (BP) reported a sharp drop in third-quarter profit amid lower production and weaker oil prices, but its earnings did come in above analyst forecasts.

Marathon Petroleum (MPC) is set to spin off its chain of gasoline stations, and is also mulling a shake-up of its executive leadership, reported the Wall Street Journal. The moves are designed to help appease concerns of activist shareholders including Elliott Management.

The Houston Astros are just one win away from clinching their second World Series title in three years. The Astros face off with the Washington Nationals back in Houston tonight at 8:07 p.m. ET. If the Nationals win, Game 7 will be tomorrow night. (USA Today)

David Benioff and D.B. Weiss, the first-time showrunners who brought “Game of Thrones” to life on HBO, have reportedly walked away from their deal with Disney’s Lucasfilm to launch a “Star Wars” feature film trilogy in 2022. The pair cited their recent $200 million deal with Netflix. (Deadline)