Hello friends and Fortune readers.
Wall Street stock futures are lower this morning after another shocking session in China, where suspicions that the country has been putting out flattering economic data hardened after the head of the country’s statistics bureau was placed under investigation by the anti-corruption watchdog. The dollar is a touch higher against most currencies, while crude oil is holding above $30 a barrel.
Today’s must-read story is by Fortune’s Katie Fehrenbacher on why the Supreme Court’s latest decision is so important for energy innovation. The highest U.S. court ruled on Monday in favor of keeping a federal group’s oversight of financial incentives for curbing energy use during peak periods. Read more here.
Here’s what else you need to know today.
1. Apple reports.
Apple (AAPL) reveals its first-quarter earnings after the market close today. Analysts are expecting the tech giant to post earnings per share of $3.27 on sales of $77.17 billion–up 6.9% and 3.4%, respectively, according to 392 Apple followers at Estimize.com. Apple’s stock has struggled over the past six months, dropping nearly 20%. Sales of its newest iPhone have been muted, and investors will be looking for a positive update on the sales outlook for the smart phones.
2. And Johnson & Johnson.
Johnson & Johnson (JNJ) reports its fourth-quarter earnings today before the market open. The health care giant is expected to reveal earnings per share of $1.42 on $17.88 billion in revenue, according to Thomson Reuters data. Johnson & Johnson has been making moves to boost innovation, streamline its businesses, and save money, which includes restructuring its medical devices unit.
3. When Miley met Woody
Woody Allen has cast Miley Cyrus and 80 year-old Oscar-winning director Elaine May in his new series for Amazon. The show, set in the 1960s, is Allen’s first attempt at the TV format and has proved harder than he thought, the veteran comedian said.
4. U.S. housing update.
The S&P/Case-Shiller U.S. 20-city home-price index, a measure of home prices around the nation, for November will be released today. Home prices climbed steadily throughout the first 10 months of the year, hitting their highest levels in eight years. Economists will be watching to see if the Federal Reserve’s move to raise interest rates–and the subsequent gain in mortgage rates–has affected housing prices.
5. Morningstar’s fund manager awards.
Independent investment research firm Morningstar (MORN) announces its 2015 U.S. Fund Manager of the Year Awards today. The prize is given in five categories: domestic-stock funds, international-stock funds, fixed-income funds, allocation funds, and alternative funds. The announcements will be made live on CNBC’s “Power Lunch” program.
