Here are five things you must know for Monday, Sept. 28:
1. -- Stock Futures Point to a Sharply Higher U.S. Open
Stock futures were rising sharply Monday as U.S. politics come into focus ahead of the first presidential debate Tuesday between U.S. President Donald Trump and Democratic candidate Joe Biden.
Also weighing on investors' minds was the failure of lawmakers to complete a stimulus relief package before the Nov. 3 presidential election. Wall Street also was paying attention to a report from The New York Times that said Trump paid just $750 in U.S. income taxes in both 2016 and 2017.
Contracts linked to the Dow Jones Industrial Average gained 334 points, S&P 500 futures were up 40 points and Nasdaq futures rose 175 points.
Stocks finished higher Friday but the gains weren't enough to prevent the Dow and the S&P 500 each from falling for the fourth straight week.
The Dow declined 1.8% last week and the S&P fell 0.6%. The tech-heavy Nasdaq last week managed to finish with a gain of 1.1% in a very choppy week of trading.
Stocks remain headed for their first month of losses since March amid the lack of additional fiscal stimulus measures and a spike in new coronavirus cases.
2. -- Calendar Highlights This Week: Jobs Report, PepsiCo Earnings
The economic calendar in the U.S. Monday is bare. The big economic event this week will be the nonfarm payrolls report for September on Friday. Reports on home sales, gross domestic product, consumer confidence and consumer spending also will be released this week.
Earnings reports are expected Monday from United Natural Foods (UNFI) - Get Report and Cal-Maine Foods (CALM) - Get Report. Later in the week, Micron Technology (MU) - Get Report, PepsiCo (PEP) - Get Report, McCormick (MKC) - Get Report, Bed Bath & Beyond (BBBY) - Get Report, Conagra Brands (CAG) - Get Report and Constellation Brands (STZ) - Get Report will be issuing earnings reports.
3. -- Cleveland-Cliffs to Buy U.S. Operations of ArcelorMittal
Cleveland-Cliffs (CLF) - Get Report has reached an agreement to buy the U.S. operations of Luxembourg-based steel-and-mining company ArcelorMittal (MT) - Get Report for $1.4 billion in cash and stock.
The transaction would make Cleveland-Cliffs the top flat-rolled steel maker in North America.
“Steelmaking is a business where production volume, operational diversification, dilution of fixed costs, and technical expertise matter above all else,” said Cleveland-Cliffs Chairman Lourenco Goncalves in a statement. “This transaction achieves all of these.”
Under the deal, which is expected to close during the fourth quarter, Cleveland-Cliffs will pay nearly $900 million in stock and about $500 million in cash.
Cleveland-Cliffs shares were rising 9.52% to $6.44 in premarket trading Monday. American depositary receipts of ArcelorMittal jumped 8.52% to $13.12.
4. -- TikTok Ban in U.S. Blocked by Federal Judge
The Trump administration's ban on TikTok, the popular Chinese-owned video app, was temporarily blocked by a federal judge.
The ban on new downloads of TikTok was to have gone into effect at 11:59 p.m. ET on Sunday.
U.S. District Judge Carl Nichols granted a preliminary injunction against the ban. He didn't, however, agree to postpone a more comprehensive ban scheduled for Nov. 12.
“We’re pleased that the court agreed with our legal arguments and issued an injunction preventing the implementation of the TikTok app ban,” the company said in a statement. “We will continue defending our rights for the benefit of our community and employees. At the same time, we will also maintain our ongoing dialogue with the government to turn our proposal, which the president gave his preliminary approval to last weekend, into an agreement.”
5. -- Caesars Makes $3.7 Billion Bid for William Hill
The bid from Caesars would amount to 272 pence for each William Hill share, a 25% premium to the stock's closing price of 217.60 pence on Thursday, the day before William Hill said it had received proposals from both companies.
Caesars and William Hill have a U.S. joint venture with 20% and 80% equity ownership, respectively. The two companies already were in discussions about merging some of their operations in the U.S., according to Bloomberg.