Here are five things you must know for Friday, Sept. 13:
1. -- Stock Futures Rise, Dow Aims for Eighth Straight Day of Gains
U.S. stock futures were rising Friday with the major benchmarks inching closer to their all-time highs as investors assessed signs of a breakthrough in U.S.-China trade talks and aggressive stimulus from the European Central Bank.
Donald Trump told reporters in Washington that he would "consider" a partial trade agreement with China that would build goodwill toward establishing a more comprehensive pact.
"A lot of people are talking about it, I see a lot of analysts are saying an interim deal - meaning we'll do pieces of it, the easy ones first," Trump said. "But there's no easy or hard. There's a deal or there's not a deal. But it's something we would consider, I guess."
Trump emphasized he would prefer to secure a full trade agreement with China.
But the president's decision to delay tariffs on $250 billion worth of China-made goods for two weeks, China's move to exempt some U.S. goods from further levies and reports of ramped-up purchases of agricultural products by Beijing have combined to suggest October trade talks in Washington could deliver a workable agreement between the world's two biggest economies.
Sentiment also was lifted by the ECB's move on Thursday to cut the rate on its overnight deposit facility to -0.5% and its pledge to resume its quantitative easing program.
Contracts tied to the Dow Jones Industrial Average rose 104 points, futures for the S&P 500 gained 9.30 points, and Nasdaq futures were up 24.50 points.
Stocks finished higher Thursday and the Dow rose for a seventh straight session, closing at 27,182. The blue-chip index's all-time closing high, set July 15, 2019, is 27,359.
The economic calendar in the U.S. Friday includes Retail Sales for August at 8:30 a.m. ET, Import and Export Prices for August at 8:30 a.m., Business Inventories for July at 10 a.m., and Consumer Sentiment for September at 10 a.m.
2. -- Broadcom Falls After Saying Chip Demand Has 'Bottomed Out'
Broadcom (AVGO) - Get Report fell 1.61% in premarket trading Friday to $295.73 after fiscal third-quarter earnings of $5.16 a share beat analysts' estimates but the chipmaker cautioned that a recovery in global semiconductor markets could take longer than anticipated.
Revenue in the third quarter rose to $5.52 billion from $5.06 billion in the year-earlier quarter and matched analysts' forecasts.
Broadcom said it expects expects fiscal-year revenue of about $22.5 billion, unchanged from its prior forecast but below analysts' forecasts of $22.61 billion. Broadcom said it expects an adjusted operating margin of 52.5% for the fiscal year, also unchanged from previous guidance
The company warned that semiconductor solutions demand had "bottomed out but will continue to remain at these levels due to the current uncertain environment."
"The U.S.-China trade dispute is turning into an extended affair with lots of twists and turns in uncertainty," Broadcom CEO Hock Tan told investors on a conference call. "And we are assuming conditions (are) not going to change from what we're seeing now. And if we make that assumption next year, you probably see a very uncertain 2020."
"But as we sit here right now it appears we have hit bottom at least in the semiconductor -- as it relates to the semiconductor solution side, we have hit bottom ... and we're kind of staying at the bottom.
3. -- WeWork to List on Nasdaq, Make Governance Changes Ahead of IPO
WeWork's parent company will list its shares on Nasdaq, the company confirmed in a Securities and Exchange Commission filing on Friday.
The Wall Street Journal first reported the news, adding that the shared workspace provider also planned sweeping changes in its governance as it prepares for its initial public offering, The Wall Street Journal reported.
We Co. officially will begin marketing the shares to investors next week ahead of a trading debut the week of Sept. 23, people familiar with the matter told the Journal.
WeWork's valuation reached $47 billion earlier this year when SoftBank (SFTBY) made a $2 billion investment in the company. However, We and its advisers are targeting a valuation that could below below $20 billion, reflecting skepticism over the company's governance and its ability to reverse steep losses, the Journal noted.
Meanwhile, financial advisers and investors in WeWork have been pondering trying to limit co-founder Adam Neumann's voting power in a bid to salvage the company's IPO, according to a report in the Financial Times.
Neumann holds supervoting rights that are 20 times the rights of ordinary shareholders, according to the Financial Times.
The advisers are also mulling removing Neumann's wife from any part in succession planning, the Financial Times reported.
4. -- Cloudflare IPO Is Priced at $15 a Share
Shares of Cloudflare, a provider of cloud-based networking and cybersecurity services, were priced at $15 a share Thursday evening, higher than its just-raised target range.
Cloudflare raised the target price earlier this week to $12 to $14 a share from $10 to $12.
Cloudflare will raise at least $525 million in the offering and will carry a valuation of $4.4 billion.
5. -- Consumer Groups Ask FTC to Consider Blocking AbbVie's Buy of Allergan - Report
About a dozen advocacy groups and unions, including Public Citizen and the American Federation of Teachers, wrote to the Federal Trade Commission on Thursday urging it to consider blocking AbbVie's (ABBV) - Get Report $63 billion purchase of Allergan (AGN) - Get Report , Reuters reported.
The merger of the two big pharmaceutical companies would feature a portfolio that includes AbbVie's Humira, the world's top-selling medicine, and Allergan's blockbuster wrinkle treatment, Botox.
In the letter seen by Reuters, Consumer Action and others, working with the Service Employees International Union and American Federation of State, County, & Municipal Employees, noted the merger, announced in June, would create the fourth-largest pharmaceutical company with strong markets for many drugs at a time when rising prices of many medicines have become a hot political issue.
"We request that the Commission investigate this proposed merger thoroughly and take all necessary action, includ(ing) blocking the merger, to prevent further harm to consumers," the groups said in the letter.