The daily business briefing: November 5, 2019

1. U.S. stock indexes hit record highs

U.S. stocks hit record highs on Monday as all three of the main U.S. indexes gained amid rising hopes that the U.S. and China would reach a deal to end their trade war. The Dow Jones Industrial Average and the S&P 500 gained 0.4 percent, and the Nasdaq Composite rose by 0.6 percent. Futures for all three of the indexes rose by 0.3 percent or more early Tuesday ahead of the release of key economic data, including import and export figures and key measures of factory activity. The Dow is now up by about 18 percent this year, while the S&P 500 has gained 22 percent and the Nasdaq 27 percent.

CNN CNBC

2. China pushes for U.S. to lift tariffs under 'phase one' trade deal

China is pressing President Trump to lift tariffs he imposed in September under "phase one" of a deal to end the U.S.-China trade war, Reuters reported Monday, citing people familiar with the negotiations. The U.S. is reportedly considering removing the 15 percent September tariffs as a goodwill gesture. "If there's a deal, [removing] tariffs will be part of it," a senior administration official said. The initial agreement also is expected to include a pledge by the Trump administration to drop plans to impose higher tariffs on another $156 billion worth of Chinese imports, including cell phones, laptops, and toys on Dec. 15. Trump and Chinese President Xi Jinping hope to sign the deal this month at a location still being determined.

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Reuters The Wall Street Journal

3. McDonald's loses top human resources officer after CEO ousted

McDonald's Corp. said Monday that its top human-resources executive, David Fairhurst, had left the company. The announcement came a day after the Chicago-based fast-food chain said its board had pushed out CEO Steve Easterbrook over a consensual relationship with a employee that violated company policy. McDonald's said the departure of Fairhurs, the company's "chief people officer," was not related to Easterbrook's firing. Fairhurst said in a statement on LinkedIn that he "decided the time has come for me to move on to my next career challenge." McDonald's, facing sexual impropriety lawsuits, announced in May it had "enhanced" its sexual harassment policy, with Easterbrook saying the company now "more clearly informs employees of their rights" and "more clearly defines sexual harassment, discrimination, and retaliation."

The Wall Street Journal The Associated Press

4. Uber shares drop as it reports strong earnings but a billion-dollar loss

Uber shares fell by as much as 5 percent on Monday after the ride-hailing company reported better-than-expected earnings but a billion-dollar loss in the third quarter. Uber's losses came in at 68 cents per share, under the 81 cents estimated by Refinitiv. Revenue was $3.81 billion, beating expectations. But Uber reported its net loss reached $1.16 billion, exceeding the $986 it lost in the same period last year. CEO Dara Khosrowshahi said the company was making progress in abandoning its old rapid growth focus and shifting toward making efficiency and profitability its priorities. "We know there is the expectation of profitability, and we expect to deliver for 2021," Khosrowshahi said.

CNBC

5. Microsoft reports payoffs in 4-day workweek experiment

Microsoft's business unit reported on its website that an experiment with four-day workweeks in Japan resulted in a 40 percent boost in sales per employee. The test in August gave workers five straight Fridays off. In addition to the sales increase, the number of pages printed in the office dropped by 59 percent, and power consumption fell by 23 percent compared to the same month last year. Ninety-four percent of employees said they were satisfied with the arrangement. Microsoft said the monthlong test in a country known for its culture of extreme overwork was part of a "work life choice" strategy. The experiment is part of a global examination of four-day workweeks as the labor market tightens and technology offers new flexibility.

The Washington Post