GOP CONVENTION
Donald Trump is set to officially become the GOP's official presidential nominee tonight. Day two of the convention features also House Speaker Paul Ryan as well as two former Republican candidates Chris Christie and Ben Carson. (USA Today)
It didn't take long after Melania Trump finished her convention address presenting her husband as a family man, before commentators picked up the remarkable similarities between passages in her speech and those delivered by Michelle Obama at the 2008 Democratic convention. (CNBC)
Before Melania Trump took the stage last night, a fiery Rudy Giuliani, formerly mayor of New York City, said Trump would make America safe again. The 2008 Republican presidential candidate said Trump would do for the U.S. what he did to rid New York City of crime. (CNBC)
On the first day of the GOP convention was thrown into disarray as delegates opposing Trump made their final stand. They tried to get a vote to change the rules so they could come up with a new nominee. However, the party passed the rules with a voice vote. (CNBC)
Addressing John Kasich's absence from the Cleveland convention, Trump said he "probably wouldn't show up either" if he were the Ohio governor. Kasich, who had sought the GOP nomination, told NBC News he can't get behind Trump's positions and rhetoric.
IN THE NEWS TODAY
The Islamic State terror group claimed responsibility for a rampage on a German commuter train that wounded at least five people. A local official said an ISIS flag was found in the room of the 17-year-old Afghan refugee attacker who was killed by police. (USA Today & NBC News)
The ex-Marine who killed three Louisiana law enforcement officers and wounded three others Sunday stalked his targets with military-like precision, looking past citizens for cops to shoot. The 29-year-old shooter Gavin Long was killed by police. (NBC News)
Volkswagen (VLKAY) is expected to be the target of new legal action by three states — New York, Maryland, and Massachusetts. The lawsuits involve accusations that the automaker violated environmental laws and defrauded regulators with emissions-cheating diesel vehicles. (Reuters)
World Wrestling Entertainment is being sued by Jimmy "Superfly" Snuka and dozens of other retired male and female wrestlers seeking to hold the promotion company responsible for neurological injuries they claimed to have suffered by participating in bouts. (Reuters)
BY THE NUMBERS
The fate of the stock market's hot streak could rest with today's economic reports and earnings. The government releases June housing starts at 8:30 a.m. ET. Among this afternoon's earnings reports, in addition to Microsoft, are results from United (UAL) and Intuitive Surgical (ISRG).
Actively managed U.S. stock funds posted an estimated $21.7 billion in outflows in June, the largest retreat since October 2008, according to Morningstar. All active groups, except muni bonds, suffered outflows. By contrast, all passive groups, except alternatives, saw inflows.
STOCKS TO WATCH
Novartis (NVS) said full-year profit may decline due to increased marketing spending by the drug maker for its new heart failure drug Entresto. Novartis did report better than expected earnings for its latest quarter, but initial sales for Entresto were lower than expected.
Ericsson (ERIC) announced more cost-cutting moves, following weaker than expected second quarter profit. The telecom equipment maker, looking to increase efficiency, said its latest moves were aimed at doubling its savings in operating expenses.
Regulatory filings show Viacom (VIAB) CEO Philippe Dauman and COO Thomas Dooley are reserving their right to resign if a judge approves founder Sumner Redstone's move to remove five directors, including Dauman, but not Dooley.
WATERCOOLER
Amazon (AMZN) is said to be in talks to finance Woody Allen's next movie. The $25 million untitled project is set to star Kate Winslet, Jim Belushi, and Justin Timberlake. (The Hollywood Reporter)
Ford (F) and Jose Cuervo are exploring whether the agave byproduct left over from making tequila could be used in parts that would go into the automaker's vehicles. (CNBC)