Slow start for futures after more record highs

WATCHING THE MARKETS

U.S. stock futures were searching for direction this morning, after the first Dow record high in over a year. The S&P 500 also registered a record high for the second day in a row. The Nasdaq went positive for 2016 for the first time all year with its ninth gain in 10 sessions. (CNBC)

Oil was lower this morning, as traders locked in gains after U.S. crude surged 4.6 percent Tuesday and industry data showed a surprising increase in stockpiles. The government's weekly inventory report is out at 10:30 a.m. ET, while the IEA warns about signs of slowing global demand. (Reuters & CNBC)

Conservative leader Theresa May takes over as Britain's prime minister today, as David Cameron tenders his formal resignation. Financial markets have been cheering her appointment, with the pound above $1.32 as the immediate concerns over Brexit continue to recede. (CNBC)

DECISION 2016

With the Republican convention beginning next week, Donald Trump is expected to showcase his vice presidential choice at a public event Friday, multiple sources tell NBC News. Trump is believed to have narrowed his running-mate picks to three candidates.

Trump has declined to speak at the NAACP's annual convention in Cincinnati Monday, the day the Republican convention begins, instead giving presumptive Democratic presidential nominee Hillary Clinton a prime political stage all to herself. (NBC News)

House Speaker Paul Ryan said his decision to endorse Trump was a binary choice: Trump or Clinton. Trump's good "outweighs" the bad, Ryan added, arguing, "we don't have people who run for office who 100 percent reflect all of our views." (CNBC)

Intel (INTC) CEO Brian Krzanich said he never intended to hold a fundraiser for Trump. Breaking his silence on the matter, Krzanich said he canceled the event when the planned meeting with the candidate turned into a fundrasier. (USA Today)

In an apparent sign Elizabeth Warren won't be named Clinton's running mate, the Massachusetts senator was invited to deliver a prime-time address on the first night of the Democratic convention this month, a top speaking slot that's earlier than VP choices typically appear. (NY Times)

President Barack Obama hosts a meeting at the White House today with law enforcement, activists, and civil rights leaders to discuss how to mend the broken relationships between communities and police. Obama spoke at a prayer service in Dallas Tuesday. (USA Today)

IN THE NEWS TODAY

A study of an experimental treatment by Juno Therapeutics (JUNO) for leukemia, halted last week after the death of two patients, has been allowed to resume after a modification. Juno shares were about 30 percent higher in premarket trading. (AP)

Tesla Motors (TSLA) CEO Elon Musk said the electric carmaker has no plans to disable the autopilot feature in its vehicles, even as federal regulators opened an investigation into the role the system might have played in a fatal accident. (WSJ)

Europe's Airbus is cutting the delivery target for its A380 superjumbo by more than 50 percent, as airlines seek out smaller planes. Also feeling the pinch from that trend, Seattle-based Boeing (BA) has been cutting production of its 747 jumbo. (Reuters)

McDonald's (MCD) is not getting strong bids for its franchise rights in China. The U.S. fast food giant is looking to reduce its direct exposure to the world's second-largest economy, where food supply scandals have hurt its stock. (FT)

Amazon (AMZN) had a glitchy start to Tuesday's second annual Prime Day. Preliminary indications show U.S. sales were flat compared to a year ago, though they were stronger in certain international markets. The e-commerce giant wants to create a new shopping holiday. (Fortune)

BY THE NUMBERS

Economic reports kick off at 8:30 a.m. ET, when the government releases import and export prices for June. The Federal Reserve's Beige Book, the region-by-region assessment of the U.S. economy, is out at 2 p.m. ET.

There are more Fed speakers out and about today, including Dallas Fed President Rob Kaplan at 9 a.m. ET and Philadelphia Fed President Patrick Harker at 6 p.m. ET.

The Brexit-induced boomlet in mortgage refinances hit new highs last week, with applications rising 11 percent. Lower interest rates pushed total mortgage application volume up 7.2 percent, according to the Mortgage Bankers Association.

No major companies report earnings this morning, but rail operator CSX (CSX) and restaurant chain operator Yum Brands (YUM) are out with their quarterly results after this afternoon's closing bell.

STOCKS TO WATCH

Teva Pharmaceutical (TEVA) increased its second quarter profit and revenue guidance, now expecting adjusted earnings of $1.19 to $1.22 per share. The current consensus estimate was $1.17.

Tiffany (TIF) and other luxury goods sellers could be under some pressure in U.S. trading, following a drop in comparable store sales reported by London luxury fashion house Burberry.

Nokia (NOK) announced an expansion of its intellectual property cross licensing agreement with Samsung. Nokia said it expects a positive impact for net sales as a result of the new agreement.

Time Incorporated (TIME) could announce a restructuring as soon as today, according to the New York Post. As part of the change Fortune's editor would be named as the publisher's new chief content officer.

Fiat Chrysler (FCAU) has unveiled a rewards program to pay so-called "ethical hackers" up to $1,500 if they identify data security weaknesses in its vehicles.

WATERCOOLER

David Cameron may be out as British prime minister, but Larry the Cat is definitely staying at 10 Downing Street. Larry, there since 2011, holds the title of chief mouser to the cabinet office. (NY Times)

Wearing a red, white and blue outfit — a toned-down version of the most recent President Barbie's hot-pink skirt suit of 2012 — Mattel's (MAT) new presidential doll has a chic female vice president at her side. (WSJ-subscription)