Dow looks to get back on track after hot July cools

MARKETS & EARNINGS

U.S. stock futures were treading water this morning, after the Dow's July hot streak continued to sputter, dropping for the third straight session. The S&P 500 has alternated between gains and losses for 10 sessions. The Nasdaq closed Wednesday at its highest level since December. (CNBC)

Facebook (FB) was higher in the premarket, with shares poised to hit an all-time high after the social network reported more than 1.7 billion monthly active users. The company also beat estimates with earnings and revenue on exploding ad sales. (CNBC)

Tech giants Amazon (AMZN) and Google-parent Alphabet (GOOGL), as well as CBS (CBS), are among the companies issuing earnings after the bell this afternoon. Leading the list this morning was Ford (F), which missed on earnings and beat on revenue. The automaker said full-year guidance was at risk. (CNBC)

Some Fed watchers believe an interest rate increase as soon as September may be back on the table, after central bankers upgraded their view on the economy. But the post-meeting statement Wednesday provided no other clues on the path forward. (CNBC)


DEMOCRATIC CONVENTION

Hillary Clinton officially accepts the Democratic presidential nomination tonight, becoming the first woman of a major party to do so. The convention featured a ringing endorsement last night from President Barack Obama, who also ripped Republican Donald Trump. (CNBC)

Citing what they believe as the risks of a Trump presidency, Clinton's vice-presidential running mate Tim Kaine, the current Vice President Joe Biden, and former New York City mayor and billionaire businessman Michael Bloomberg all spoke on Day 3 in Philadelphia.

IN THE NEWS TODAY

Oil will remain in the $45 to $50 per barrel range till mid-2017, with little to change the global oversupply and demand situation, Goldman Sachs said in a research note today. Crude prices were under pressure this morning, after a rough session Wednesday. (CNBC)

European oil majors Royal Dutch Shell (RDS.A) and Total (TOT) reported sharp declines in profits in the second-quarter, as the low oil price continued to weigh on earnings. Shell earnings were off 70 percent with Total profit down 30 percent. (CNBC)

Whole Foods (WFM) matched estimates with profit, with revenue slightly below forecasts. But same-store sales dropped a greater than expected 2.6 percent, putting the grocer on track for its first yearly decline in that metric since 2009. Shares were lower in the premarket. (CNBC)

Alere (ALR) received a DOJ subpoena, seeking Medicare and Medicaid billing records over the past six years. The stock closed 28 percent lower, but was recovering most of those losses in the premarket. The diagnostic testing firm said it does not believe the subpoena matters were material. (CNBC)

The U.S. watchdog for consumer finances unveiled today a major proposal to toughen regulation of the multibillion-dollar debt collection industry, including a focus on keeping agencies from pushing people to pay debts they do not owe. (Reuters)

BY THE NUMBERS

The Labor Department is out with its weekly report on initial jobless claims at 8:30 a.m. ET, with economists expecting 261,000 new claims for the week ending July 23, up from 253,000 the prior week.

The Treasury auctions $28 billion in seven-year notes with the results available shortly after 1 p.m. ET, after extremely weak demand for 2-year and 5-year notes earlier in the week.

Alcoa (AA) announced a 1-for-3 reverse stock split, pending shareholder approval at a special meeting in October. The move comes ahead of Alcoa's plan to split into two separate companies.

STOCKS TO WATCH

GoPro (GPRO) lost an adjusted 52 cents per share for its latest quarter, 6 cents wider than estimates, though revenue did beat forecasts. The action video camera maker also reaffirmed its prior full-year forecast, despite waning demand for its products.

Groupon (GRPN) posted a quarterly loss of a penny per share, smaller than the expected 2 cent loss. The daily deals firm saw revenue beat forecasts. Groupon also increased its 2016 revenue and earnings forecasts as it adds new customers.

Cheesecake Factory (CAKE) reported quarterly profit that beat estimates but revenue that missed, as same-store sales grew by a lower than expected 0.3 percent. The restaurant chain increased its dividend by 20 percent and expanded its stock buyback.

Marriott (MAR) earned an adjusted $1.03 per share for the second quarter, 5 cents above estimates, with revenue matching forecasts. The hotel chain said slower economic growth did impact its results, but it's still seeing solid demand among both leisure and business travelers.

AstraZeneca (AZN) saw second-quarter profit drop by almost a third, as generic competition weighs on sales of its best-selling Crestor cholesterol treatment. The drugmaker previously said it plans to cut costs to devote more resources to cancer drugs.

Diageo (DEO) reported a drop in annual profit due to currency volatility, but the maker of Smirnoff vodka and other spirits brand said business was rebounding strongly in the second half of its fiscal year. It expects this to continue into the new year.

WATERCOOLER

The PGA Championship, golf's final major of the season, gets underway this morning at Baltusrol in New Jersey. Henrik Stenson, who held off Phil Mickelson to win the British Open, is set to tee off at 1:45 p.m. ET. (AP)

Nobody won the jackpot in the multi-state Powerball last night, pushing the top prize for Saturday night's drawing to $478 million, the eighth-biggest U.S. lottery prize ever. (NBC News)