BY THE NUMBERS
Futures were narrowly mixed this morning. The Dow has been up for four straight sessions and 11 of the past 13 trading days, the S&P 500 is coming off its highest close since February 1, and the Nasdaq chalked up another record high close Tuesday. (CNBC)
* Cramer Remix: Make yourself at home in this stock (CNBC)
At 10 a.m. ET, Fed Chairman Jerome Powell once again gives his semi-annual monetary policy report to Congress, this time to the House Financial Services Committee. Then, at 2 p.m. ET, the Fed releases its Beige Book, the region-by-region look at the U.S. economy. (CNBC)
Earnings out this morning include the latest numbers from Abbott Labs (ABT), M&T Bank (MTB), Morgan Stanley (MS) and Northern Trust (NTRS). Today’s after the bell reports include Alcoa (AA), American Express (AXP), eBay (EBAY) and IBM (IBM). (CNBC)
Larry Kudlow, chief Trump economic advisor and former CNBC commentator, kicks off today's eighth annual Delivering Alpha conference at The Pierre hotel in New York City. It's presented by CNBC and Institutional Investor. The biggest names in the financial world will also be bringing us their best investment ideas through the day.
IN THE NEWS TODAY
President Donald Trump said he has “full faith” in U.S. intelligence services and accepts that Russia meddled in the 2016 elections. That's a reversal from his remarks alongside Vladimir Putin, which received backlash from both parties. (WSJ)
* Republicans scramble to contain damage (NY Times)
More than half of Americans disapprove of the way Trump is handling relations with Russia, according to a Reuters/Ipsos poll conducted after his controversial summit and joint news conference with Putin.
* Trump's approval ratings may hold clues to where US trade disputes are heading (CNBC)
* Trump's 'incredible' Air Force One to be red, white and blue, cost $3.9 billion (CNBC)
Politico reported a federal judge rejected former Trump campaign boss Paul Manafort's request to relocate his bank-fraud trial from Alexandria, Virginia to Roanoke, Virginia. Manafort's defense argued media coverage of his predicament was intense in Washington.
Former FBI director and long-time Republican supporter James Comey is urging American voters to support Democrats in the upcoming midterm elections. "History has its eyes on us,” Comey said in a tweet late last night. (CNBC)
Berkshire Hathaway (BRKB) eliminated its own restrictions on buying back the company’s stock. A new policy allows buybacks to be authorized when Berkshire’s Warren Buffett and Charlie Munger feel the repurchase price is below Berkshire’s intrinsic value. (Reuters)
Texas Instruments (TXN) CEO Brian Crutcher resigned after less than two months, after the chip maker said he violated the company’s code of conduct. The company did not specify what the violations were, other than to say they were not related to operations. (CNBC)
Elon Musk apologized to a British diver who was involved in the Thai cave rescue for calling him “pedo guy" on Twitter. Vern Unsworth criticized a mini-submarine sent by Musk to help assist in the rescue of the 12 boys and their coach. (USA Today)
European Union regulators will slap Alphabet's (GOOGL) Google with a $5 billion antitrust fine for abusing the dominance of its Android mobile operating system, which is one of the world's most popular mobile software systems, according to reports.
STOCKS TO WATCH
United Continental (UAL) reported adjusted quarterly profit of $3.23 per share, 16 cents above consensus estimates. The airline’s revenue exceeded forecasts, and it also raised its full-year profit forecast as its efforts to gain market share take hold.
CSX (CSX) beat estimates by 14 cents with quarterly profit of $1.01 per share, and the railroad operator’s revenue beat estimates as well. CSX’s results were helped by cost cutting as well as higher prices for transporting freight.
McDonald’s (MCD) suffered a legal setback after an NLRB judge rejected a proposed settlement in a labor law case. The case centered around the company’s liability when alleged labor law violations are committed by franchisees. The settlement would have helped avoid such liability.
Ericsson (ERIC) reported an unexpected profit for its latest quarter, with the Swedish telecom equipment maker saying it was helped by stronger sales in North America.
Amazon.com (AMZN) generated about $2 billion in revenue from its fourth annual Prime Day, according to RBC analyst Mark Mahaney.
WATERCOOLER
The American League scored three runs and pulled out an 8-6 victory over the National League last night at Nationals Park in Washington. Houston teammates Alex Bregman and George Springer hit back-to-back homers in the top of the 10th inning. (Reuters)