Alibaba has set new records for its annual Singles' Day event as sales reached $1B in the first five minutes and hit $14.3B about two-thirds of the way through the day, already tying with last year's total. The world's biggest retail event features 6M products from 30,000 brands sold by 40,000 merchants and is closely watched for clues on the health of China's economy and its largest online retailer - Alibaba (NYSE:BABA).

Economy

The Dow closed at a new all-time high on Thursday as investors continued to embrace the Trump Trade, putting the index within striking distance of 19,000. But is the recent rally build to last? That's the question traders are now asking. While shares were heavily mixed across the globe in overnight action, U.S. futures are now starting to fade.

Central banks from India to Indonesia have stepped in to stabilize their currencies on deepening concerns that Donald Trump will pursue policies that spur capital outflows from developing economies and weaken their exports. Meanwhile, the dollar is on course for its best week in a year, racking up another round of gains against the yuan and peso and steadying just off the previous day's highs against the euro and yen.

While stock markets will remain open today for Veterans Day, bond investors - who can use the rest after being pummeled over the past few sessions - will have the day off. Underpinned by the view that Trump may need to dig deeper into America's coffers, yields on the 10-year Treasury note have risen 33.5 basis points this week, marking the largest stretch of yield gains since June 21, 2013.

Donald Trump's transition team is racing to form his cabinet as more names were floated for some of the biggest jobs in the president-elect's administration. Possible candidates: Jeff Sessions, Rudy Giuliani, Newt Gingrich, Chris Christie, Reince Priebus, Jeb Hensarling, Mike Huckabee, Sarah Palin, Carl Icahn, Ben Carson, Peter Thiel and Jamie Dimon. An initial website for the transition went online on Wednesday, but Trump has yet to name a chief of staff.

Brazil has been plunged into a fresh bout of political uncertainty after lawyers for former president Dilma Rousseff presented evidence suggesting her successor, Michel Temer, accepted bribes from a construction company. If the court rules that occurred, it could reverse her entire ticket's win. That would mean Temer, a member of the Brazilian Democratic Movement Party, would also be removed from office.

Stocks

Disney said it expects modest earnings growth next year and an even more robust rise in 2018, sending the stock up in after-hours trade after an initial fall. The assuring message came after the media company reported weaker-than-expected earnings in Q3 - hit by a drop in ad sales and subscribers at its struggling ESPN unit. New deals with Hulu and AT&T/DirecTV (NYSE:T) could also help Disney (NYSE:DIS) attract elusive millennial customers.

Allianz beat expectations in the third quarter, posting a 37% rise in net profit to €1.86B. Europe's largest insurer saw improvements across all its businesses, including bond fund manager Pimco, which logged net inflows for the first time in three years. Quarterly operating profit also beat forecasts, rising 18% and helping Allianz (OTCQX:AZSEY) reaffirm its full-year target.

Wells Fargo is changing the way it handles whistleblower complaints following allegations it retaliated against employees who called an ethics hotline to report sales abuses. CEO Tim Sloan announced the change at a gathering of about 2,000 employees in Des Moines, Iowa, as part of a "conversations tour" he and other Wells (NYSE:WFC) executives are making to try and restore employee morale after the bank's recent scandal.

CME Group CEO Phupinder Gill will retire at the end of the year, according to a statement issued by the world's largest futures market operator, with executive chairman Terry Duffy taking on his role after he leaves. The surprise departure was announced just a year after Gill extended his employment contract with CME to 2019.

Saying it was too easy to spend their parents' money, Seattle District Judge John Coughenour has set up a year-long process to reimburse customers whose children made Amazon (NASDAQ:AMZN) in-app purchases without permission, but rejected an FTC request for a $26.5M lump sum payout. The agency already settled similar cases against Apple (NASDAQ:AAPL) and Google (GOOG, GOOGL). All three companies now require a password for in-app purchases or an opt-in to enable purchases without a code.

"I was never a great proponent of the split of the two companies," said Shari Redstone, vice chair of the board at CBS and Viacom (VIA, VIAB). "Scale will matter to your advertisers, who more than ever have to reach the consumer on a number of platforms." A decade ago, Sumner Redstone decided to divide the two into separate companies, and while CBS has thrived, Viacom has wrestled with falling ratings and declining ad sales.

The FCC has sent a letter to AT&T (T) to express concerns over the company's practice of exempting its own streaming video services from data usage caps for its wireless customers and demanded answers by Nov. 21. AT&T began the practice known as "zero rating" with the DirecTV video app in September and plans to do the same for its over-the-top service DirecTV Now when it launches later this month.

Valeant may change its name to help boost its reputation, board member Bill Ackman told CNBC. A number of names are being considered, including the well-known moniker of its largest business, eyecare specialist Bausch & Lomb. That would be the latest effort by Valeant (NYSE:VRX) to break from its past after hiring a new CEO, overhauling its board and exploring billions of dollars in asset sales to pay down over $30B in debt.

"Fitbit has not received any communication from ABM Capital, or any other firm, regarding a reported offer," the fitness tracker maker said in a statement following a fishy SEC filing that suggested $12.50 per share buyout. However, the phone number of the Shanghai-based firm appears to have been disconnected. Fitbit (NYSE:FIT) shares took a roller coaster ride yesterday on the news.

The United Auto Workers union will work with president-elect Donald Trump to renegotiate the NAFTA, according to President Dennis Williams. While the union opposed Trump's candidacy, it holds that his "position on trade is right on." Williams also said he would be open to tariffs on Mexican or Chinese vehicles "as an option," but would have to evaluate the impact on the union overall. Related tickers: F, GM, FCAU

Snowed under by formal EU antitrust charges leveled at three different areas of its business, Alphabet's Google (GOOG, GOOGL) filed its official response to allegations against its mobile OS. "Android hasn't hurt competition, it's expanded it," general counsel Kent Walker declared. If the EU deems Google guilty, the regulator could impose hefty fines, require it to overhaul its business, and the tech titan would likely face costs associated with years of legal battles.

Snap is selling its new futuristic, video-capturing sunglasses in true Snapchat fashion. Buyers can only purchase Spectacles from bright yellow vending machines called "Snapbots" that will travel around the country selling the $130 device. The catch? Snap's (Private:CHAT) machines are ephemeral - they'll only be available for 24 hours at each location before they're removed.

Thursday's Key Earnings

AstraZeneca (NYSE:AZN) -4.4% on falling Crestor sales.
Disney (DIS) +2.2% AH following promises of growth.
Macy's (NYSE:M) +5.6% positive holiday outlook, real estate plans.
Michael Kors (NYSE:KORS) -4.5% AH seeing further sales weakness.
Nordstrom (NYSE:JWN) +4.4% AH topping expectations.
Nvidia (NASDAQ:NVDA) +12.6% AH after strong Q3 results.
SodaStream (NASDAQ:SODA) +16.2% blowing through estimates.

Today's Markets

In Asia, Japan +0.2% to 17374. Hong Kong -1.4% to 22531. China +0.8% to 3196. India -2.5% to 26818.
In Europe, at midday, London -0.9%. Paris -0.6%. Frankfurt +0.4%.
Futures at 6:20, Dow -0.4%. S&P -0.6%. Nasdaq -1.1%. Crude -1.5% to $43.99. Gold -0.9% to $1254.90.
Ten-year Treasury Yield +7 bps to 2.13%

Today's Economic Calendar

10:00 Consumer Sentiment
11:00 Stanley Fischer
1:00 PM Baker-Hughes Rig Count