Hello friends and Fortune readers.
Wall Street stock futures are a touch higher this morning, helped by a modest bound in oil prices. Crude prices have recovered around $1.50 a barrel from their multi-year lows on Monday, but sentiment is still overwhelmingly negative, with banks such as Goldman Sachs and Societe Generale both revising down their forecasts for next year.
Today’s must-read story is by Fortune’s Chris Matthews on why the drop in oil prices helped extremists like ISIS rise to power in the Middle East.
Here’s what else you need to know today.
1. U.S. economic growth update.
The U.S. Commerce Department will release its latest and final revision to third-quarter gross domestic product. Economists anticipate that it will be revised down slightly to 1.9%, based on the median estimate in Bloomberg data. Estimated growth had been boosted to 2.1% in the previous revision after an initial reading of 1.5%. Data will be released at 8:30 a.m. ET
2. A million migrants arrive in Europe
The number of migrants and refugees reaching Europe this year has officially topped 1 million, according to new figures out Tuesday from the International Organization for Migration. That’s a four-fold increase from last year. Another 3,700 have died trying to cross the Mediterranean, in efforts to reach Greece or Italy. Germany, the preferred destination for many, has recently stepped up its deportations of those who fail in their bids for asylum, while Chancellor Angela Merkel has promised to cut the numbers of those arriving substantially in response to voter concerns.
3. Existing home sales.
The National Association of Realtors released its update on sales of existing U.S. homes for November. The numbers are expected to be down slightly month-over-month, likely the result of few affordable homes on the market. The high prices have been dampening what’s been a great year for housing–the best since 2007. However, the lack of mid-to-low-priced homes is squeezing out younger buyers.
4. Nike reports.
Nike (NKE) reports its second-quarter results this afternoon at approximately 10:15 a.m. ET. The sportswear giant has been on a roll recently after it wowed investors with its first-quarter results. CEO Mark Parker, who was named Fortune’s 2015 Business Person of the Year, said that Nike’s sales over the next five years are expected to outperform the previous five years.
5. EPA’s Clean Power Plan goes into effect.
The Environmental Protection Agency’s Clean Power Plan, which aims to curb power plants’ greenhouse gas emissions, officially takes effect today. Over the last 60 days, industry, government, and other groups were allowed to file lawsuits against the plan. Multiple states, unions, and other industry groups have done so in an attempt to overturn the new emissions targets and are asking the U.S Court of Appeals for the District of Columbia to halt the plan until the lawsuits are finalized. The court is expected to decide early next year.