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Here are five things you must know for Monday, Nov. 7:
1. -- U.S. stock futures were rising strongly Monday and European shares soared after the FBI said it wouldn't pursue charges against Democratic presidential candidate Hillary Clinton over her use of a private email server while Secretary of State.
FBI director James Comey said Sunday that a renewed review of Clinton's emails wouldn't lead to any charges.
"Markets are likely to remove some of the risk premium taken as a precaution against a (Donald) Trump victory now that Hilary Clinton will not be charged over her use of a private email server," Ric Spooner, chief market analyst at CMC Markets, said in a commentary, the Associated Press reported. "However, an element of uncertainty remains over this election. It seems unlikely that markets will make a full 'risk on' move until Clinton is declared the winner."
The election for U.S. president is Tuesday.
The U.S. dollar rose Monday following Comey's announcement and the Mexican peso jumped nearly 2%. Gold prices fell 1.5% to $1,285 an ounce.
The economic calendar in the U.S. on Monday includes Consumer Credit for September at 3 p.m. EST. In addition, Chicago Federal Reserve Bank President Charles Evans will be giving the opening remarks at a conference in Chicago at 2:45 p.m.
Sotheby's (BID) posted a third-quarter adjusted loss of 78 cents a share, wider than consensus estimates of 57 cents. Revenue of $91.5 million topped estimates.
2. -- Oil prices rose 1.7% early Monday to $44.822 a barrel, getting a boost by a commitment from OPEC to stick to a deal to cut output.
The secretary-general of the Organization of the Petroleum Exporting Countries said the group was committed to an output-cutting deal made in Algiers in September, Reuters reported.
"We as OPEC, we remain committed to the Algiers accord that we ... put together. All OPEC 14 (members), we remain committed to the implementation," Mohammed Barkindo told reporters at a conference in Abu Dhabi.
Meanwhile, an earthquake in Cushing, Okla., home to one of the world's key oil hubs, on Sunday night triggered fears that the magnitude 5.0 quake might have damaged key infrastructure.
The Oklahoma Corporation Commission said it and the Oklahoma Geological Survey were investigating after the quake, which struck at 7:44 p.m. and was felt as far away as Iowa, Illinois and Texas, the Associated Press reported.
"The OCC's Pipeline Safety Department has been in contact with pipeline operators in the Cushing oil storage terminal under state jurisdiction and there have been no immediate reports of any problems," the commission's spokesman, Matt Skinner, said in a statement, the AP reported. "The assessment of the infrastructure continues."
The oil storage terminal is one of the world's largest.
The investment was only revealed after Google Capital rebranded itself to CapitalG on Friday and added the Snapchat logo to its portfolio page. Business Insider confirmed that it's a portfolio company of the growth equity arm of Alphabet. Snap Inc. declined to comment.
It was reported a few years ago by several bloggers that Google offered $4 billion to buy the company, then known as Snapchat, after Snap spurned Facebook's $3 billion offer.
5. -- Warren Buffett's Berkshire Hathaway (BRK.A) saw profit fall 24% in the three months ended in September, as investment income fell and revenue from writing insurance policies declined.
The Omaha, Neb.-based conglomerate's net income was $7.2 billion, or $4,379 a share, topping the average estimate of $3,058 a share in a Bloomberg survey. Total revenue of $59 billion compared with estimates of $57 billion.
Underwriting profit at Berkshire's insurance businesses dropped 34%, due to higher expenses in the Geico auto business and a loss of $19 million in the Berkshire Hathaway Reinsurance Group. Revenue at Burlington Northern railroad declined.
"Berkshire is a microcosm of the broader economy," Cathy Seifert, an analyst with CFRA Research, said in a phone interview. "As the broader economy's growth has slowed, so too has Berkshire."
Profits in insurance, Berkshire's largest business, "were disappointing and even a little weaker than some peers," Seifert said, but the conglomerate benefited from stabilization in energy and utilities.