U.S. major indices were up the evening of Sunday, Nov. 5, as President Trump sets off on a long trip to Asia amid strong economic performance and an accelerating political scandal.

Dow Jones futures rose 0.09% Sunday evening, trailed by Nasdaq futures, up 0.08%. S&P 500 futures rose 0.03%. The dollar fell 0.07% against the euro and 0.03% against the pound, rising 0.12% against the yen.

On Friday, the Bureau of Labor Statistics released its monthly nonfarm payroll jobs numbers. The U.S. economy added 261,000 jobs in October, below the expected 308,000 jobs expected by analysts surveyed by FactSet. The September numbers were revised to an 18,000 increase from a 33,000 decline.

While the economy is thought to be near full employment, wage growth is stubbornly low. Hourly pay is up 2.4% year over year, below the expected 2.7% increase. The task of solving that puzzle will go to Jerome Powell, a Federal Reserve governor since 2012 whom Trump nominated to replace Janet Yellen as Fed chair in February.

In the retail sector, for instance, "ongoing wage rate pressures stemming from state mandated minimum wage rate increases in key markets coupled with a tightening in the labor pool, as the unemployment rate moves lower," will compress margins significantly from 2018 onward," wrote BMO Capital Markets Corp. analysts Wayne Hood, Kelly Bania and John Morris. They found that Sprouts Farmers Markets Inc. (SFM) , Costco Wholesale Corp. (COST) , Nordstrom Inc. (JWN) , Lululemon Athletica Inc. (LULU) , DavidsTea Inc. (DTEA) , Urban Outfitters Inc. (URBN) , Macy's Inc. (M) and Rost Stores Inc. (ROST) are the most at risk from rising wages unless they significantly increase sales.

House Republicans also unveiled their $1.51 trillion Tax Cuts and Jobs Act, which will cap the mortgage interest deduction, limit the deductibility of local property taxes and lower the corporate income tax rate to 20%, among other changes to the tax code.

Jefferies LLC analyst Steven DeSanctis found that a 20% corporate tax rate next year would increase S&P tech earnings growth to 17% from 13%, healthcare earnings growth to 16% from 8%, discretionary earnings growth to 27% from 9% and staples earnings growth to 22% from 6%.

After a stop at a Trump-branded hotel in Hawaii, Trump touched down Saturday in Japan for a 13-day Asia trip, less than a week after special counsel Robert Mueller announced that former campaign chairman Paul Manafort and his protégé, Rick Gates, had been indicted on charges of money laundering, tax fraud and violations of foreign lobbying laws, and that former Trump foreign policy adviser George Papadopoulos had pleaded guilty to lying to the FBI.

Trump tweeted condolences from Japan after a gunman killed at least 20 people at a shooting in Texas.

May God be w/ the people of Sutherland Springs, Texas. The FBI & law enforcement are on the scene. I am monitoring the situation from Japan.

— Donald J. Trump (@realDonaldTrump) November 5, 2017

Abroad, Saudi Arabia's Prince Alwaleed bin Talal was arrested in a reported crackdown by his cousin, the country's crown prince. Prince Alwaleed owns significant stakes in companies including Citigroup Inc. (C) and Twitter Inc. (TWTR) .

Media earnings this week include AMC Entertainment Holdings Inc. (AMC) , BroadSoft Inc. (BSFT) and GoDaddy Inc. (GDDY) on Monday; Snap Inc. (SNAP) and Zynga Inc. (ZNGA) on Tuesday; IAC/InterActive Corp. (IAC) and Square Inc. (SQ) on Wednesday; and Twenty-First Century Fox Inc. (FOXA) , Himax Technologies Inc. (HIMX) , LionsGate Entertainment Corp. (LGF) , News Corp. (NWSA) and Time Inc. (TIME) on Thursday.

Consumer and retail earnings include Avis Budget Group Inc. (CAR) , CVS Health Corp. (CVS) , Etsy Inc. (ETSY) , Michael Kors Holdings Ltd. (KORS) , Priceline Group Inc. (PCLN) , Sysco Corp. (SYY) and Weight Watchers International Inc. (WTW) on Monday; Dean Foods Co. (DF) , Marriott International Inc. (MAR) and SeaWorld Entertainment Inc. (SEAS) on Tuesday; HSN Inc. (HSNI) , MGM Resorts International (MGM) and Wendy's Co. (WEN) on Wednesday; and D.R. Horton Inc. (DHI) , Hertz Global Holdings Inc. (HTZ) and Noodles & Co. (NDLS) on Thursday.

Healthcare earnings include Mylan NV (MYL) on Monday; Valeant Pharmaceuticals International Inc. (VRX) on Tuesday; and Humana Inc. (HUM) and Regeneron Pharmaceuticals Inc. (REGN) on Wednesday.

Action Alerts PLUS, which Cramer manages as a charitable trust, is long C.

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