The U.S. Commerce Department will issue third-quarter preliminary numbers for gross domestic product this morning, which is expected to display a greater figure than initially thought. GDP will likely show an upward revision to 2.1% growth, from an original reading of 1.5%, reflecting a lesser drag from inventories and stronger consumer spending. Today's report will also provide the first glimpse of corporate profits in the third quarter and will likely reinforce expectations for the Fed to hike interest rates in December. Also on tap: consumer confidence, trade figures and S&P/Case-Shiller home price data.

Economy

U.S. futures and European shares are in the red after Turkish warplanes shot down a Russian military aircraft on the border with Syria. Officials said the Su-24 jet was downed after it knowingly violated Turkish airspace and its two pilots ejected before it crashed. Meanwhile, a car bomb exploded outside a hotel housing judges supervising parliamentary elections in Egypt's North Sinai, killing at least three people and injuring 14. The region is the the main area of operations for the Egyptian affiliate of ISIS.

Citing "increased terrorist threats" from militant groups in various regions of the world, the U.S. State Department has issued a global travel alert ahead of a busy Thanksgiving week. The department did not advise people against travel but said U.S. citizens should be vigilant, especially in crowded places. The announcement comes as Brussels remains on lockdown for a fourth day and follows the discovery of an explosive belt near Paris and the mobile phone of a fugitive believed to have taken part in the Nov. 13 attacks.

German business morale rose in November to the highest level since summer 2014, brushing off an economic slowdown in China, Volkswagen's emissions scandal and the Islamist attacks in Paris. Ifo's business climate index jumped to 109.0 from 108.2 in October, beating forecasts for a reading of 108.2. "The German economy remains unaffected by growing uncertainty worldwide," Ifo President Hans-Werner Sinn said in a statement.

China's securities regulator has canceled a requirement that brokerages must hold a net positive purchase position on daily proprietary trading as the nation's stock market stabilizes following a summer slump. With the Shanghai Composite now having gained more than 20% from its August low, regulators are withdrawing from an unprecedented government campaign to prop up shares. Last week, the CSRC lifted a five-month freeze on initial public offerings. Shanghai +0.2%; Shenzhen +1.4%; Chinext +1.6%.

Will oil buy another roller coaster ride ticket today? Crude took a heavy dip Monday morning on concerns about a strong dollar and worries OPEC would ramp up output at its next meeting. Prices then shot up after Saudi Arabia pledged to work towards stabilizing the market, but then fell back and closed the session lower. Crude futures +0.7% to $42.06/bbl.

Stocks

U.S. politicians are heavily condemning Pfizer's (NYSE:PFE) deal with Allergan (NYSE:AGN) as a tax dodge, surfacing another round of corporate tax concerns in Washington, though legislative action before 2017 is unlikely. Prime Democratic nominee Hillary Clinton accused the company of avoiding its "fair share" of taxes that "will leave U.S. taxpayers holding the bag," while Republican front-runner Donald Trump called the deal "disgusting" and said "our politicians should be ashamed." The $160B transaction will move Pfizer's tax address from the U.S. to Ireland, marking the largest inversion deal of all time.

Apple plans to launch its new Apple Pay electronic-payment service in China by early February, WSJ reports, stating that the company recently struck deals with the country's big four state-run banks. However, it's still unclear what transactions will cost there or what regulatory hurdles are yet ahead. Apple (NASDAQ:AAPL) introduced its payment system in the U.K. this past July, its first foray outside the U.S.

Sharp climbed for a third consecutive session in Tokyo following reports that the debt-strapped company's lenders were considering forgiving loans to facilitate an investment by a government-backed fund. Shares surged 14% to close at ¥150, bringing their three-day gain to 25%, the most since May 2013. Sharp (OTCPK:SHCAY) has endured more than ¥1.2T ($9.8B) in losses over the past four years after lower-cost South Korean and Chinese rivals undercut its core business making LCD televisions.

Skyworks Solutions has withdrawn its agreed takeover bid for PMC-Sierra (NASDAQ:PMCS) after an increased offer of $2.3B from Microsemi (NASDAQ:MSCC) gained the backing of the target's board. Skyworks (NASDAQ:SWKS) said it won't modify its bid and that the company is entitled to an $88.5M termination fee from PMC. Semiconductor makers have pursued mergers at a record pace this year as surging costs for design and manufacturing, coupled with a shrinking customer base, have created a need to bulk up.

Activist moves: Bill Ackman's Pershing Square has raised its stake in Valeant Pharmaceuticals (NYSE:VRX) to 9.9% from 5.7%, stating it had taken advantage of the beaten-down market for the stock to build up a position. Separately, Carl Icahn has become Xerox's (NYSE:XRX) second-largest shareholder with a 7.13% stake. Icahn said he would look at getting representation on Xerox's board, as well as pursuing strategic alternatives. VRX +3.6%; XRX +7% in after-hours trading.

Ford is the latest automaker to say it will not equip future cars with Takata (OTCPK:TKTDY) air bag inflaters that use ammonium nitrate, the chemical propellant that has been linked to eight deaths and more than 100 injuries worldwide. Ford's (NYSE:F) auto recalls with Takata airbags have so far affected about 1.5M vehicles, including certain older model-year Ford Mustangs, Ford GTs and North American-built Ford Rangers.

Volkswagen is still several months away from being able to clarify who was responsible for installing emissions-cheating software in millions of diesel vehicles, CEO Matthias Müller said during a speech to about 1,000 VW (OTCQX:VLKAY) managers. The statement is another indication that the company's internal investigation is moving slowly and could raise further tensions with U.S. authorities. In a positive development, however, Müller asserted that it should be less complicated and less costly than feared to bring cars with illegal software into compliance with emissions regulators.

While a $1.5B cash infusion from Quebec's public pension fund last week stabilized the financial situation at Bombardier (OTCQX:BDRAF, OTCQX:BDRBF), the Canadian plane and train maker will still have much to explain at an investor day in New York today. The new cash came on top of $1B from the Quebec government to move up from business and regional jets to compete directly with Boeing (NYSE:BA) and Airbus (OTCPK:EADSY) in the airliner market. Investors will also be looking for signs that Bombardier can find a substantial number of buyers for its overdue and over budget CSeries jets.

More aviation woes? Rolls-Royce (OTCPK:RYCEY) is planning a "major restructuring" as the embattled aircraft-engine manufacturer's new chief executive officer moves to streamline senior management and lower fixed costs. "We are undergoing an unprecedented period of change," CEO Warren East said. "These changes, while more painful than we expected in the near-term, are vital to our long-term success." The company is expected to outline a plan to save £150M-£200M a year from 2017 in a presentation today.

On a positive note, Boeing and EVA Airways have finalized a historic $8B order, recording the largest single commercial airplane purchase in Taiwan aviation history. The fast-growing carrier will use the 24 Boeing (BA) 787-10s and two 777-300ERs to support growth plans in coming years, EVA President Austin Cheng said in the statement.

New York Attorney General Eric Schneiderman is clamping down on "spoofing," issuing subpoenas to interdealer brokers BGC Partners (NASDAQ:BGCP), TFS-ICAP (OTCPK:IAPLY), GFI Group (NYSE:GFIG) and Tullett Prebon Financial Services (OTC:TULLY). The investigation is focused on placing offers with the intent to cancel them before they trade in order to trick other investors by creating the illusion of demand. Earlier this month, high-frequency trader Michael Coscia became the first person to be found guilty of spoofing in a landmark criminal case.

Monday's Key Earnings

GameStop (NYSE:GME) -4.2% on disappointing earnings and outlook.
Palo Alto Networks (NYSE:PANW) +3.8% AH following solid guidance.
Post Holdings (NYSE:POST) -1.6% AH after missing estimates.
Tyson Foods (NYSE:TSN) +10.2% on better-than-expected sales.

Today's Markets

In Asia, Japan +0.2% to 19925. Hong Kong -0.4% to 22588. China +0.2% to 3616. India -0.2% to 25776.
In Europe, at midday, London -0.9%. Paris -1.4%. Frankfurt -0.9%.
Futures at 6:20, Dow -0.4%. S&P -0.4%. Nasdaq -0.5%. Crude +0.7% to $42.06. Gold +0.8% to $1075.
Ten-year Treasury Yield -2 bps to 2.22%

Today's Economic Calendar

8:30 GDP Q3
8:30 Corporate Profits
8:30 International trade in goods
8:55 Redbook Chain Store Sales
9:00 S&P Case-Shiller Home Price Index
10:00 Consumer Confidence
10:00 State Street Investor Confidence Index
10:00 Richmond Fed Mfg.
11:30 Results of $13B, 2-Year FRN Auction
1:00 PM Results of $35B, 5-Year Note Auction