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Strong July on Wall Street limps to finish as Q2 GDP lands

MARKETS & ECONOMY

It's shaping up to be a solid July with a so-so finish ahead of the final trading day of the month. The Dow was riding a four-day losing streak. The S&P 500 has alternated between gains and losses for 11 sessions. But the Nasdaq was on a three-day win streak. (CNBC)

U.S. stock futures were lower this morning, ahead of the government's 8:30 a.m. ET release of its first reading of second quarter GDP. Forecasts call for a 2.6 percent annual growth rate, following a 1.1 percent growth rate for the first quarter. (CNBC)

U.S. oil prices were lower this morning, after entering a bear market from June highs and settling Thursday at new April lows, in their sixth straight negative session. Crude is off nearly 15 percent for the month, but still up nearly 50 percent from its Feb. 11 low for the year. (Reuters)

Japanese stocks whipsawed and closed higher, while the yen surged after the Bank of Japan's easing disappointed today, with a modest increase in ETF purchases and status quo on interest rates. The BOJ governor said there's room to move rates deeper into negative territory, if needed. (CNBC)

DECISION 2016

Hillary Clinton holds a post-convention rally in Philadelphia today, and then kicks off a bus tour. Last night, Clinton accepted the Democratic presidential nomination, taking direct aim at Wall Street and wealthy Americans to pay for her agenda while bashing Donald Trump. (WSJ-subscription)

In a speech introducing Hillary Clinton at the convention last night, Chelsea Clinton spoke of her mother's soft, gentle side, through personal anecdotes, in an attempt to endear the Democratic nominee with voters. Chelsea also shared some of her mother's struggles. (CNBC)

Republican nominee Trump campaigns in Colorado today. But last night, he responded to the former secretary of State Clinton's speech, tweeting: "Hillary's refusal to mention Radical Islam, as she pushes a 550% increase in refugees, is more proof that she is unfit to lead the country." (CNBC)

As Clinton prepared to take the stage last night, something remarkable happened, briefly, on the internet: More people were searching for "register to vote" than "Kim Kardashian," according to Google Trends. (VOX)

CORPORATE NEWS

Big oil leads this morning's earnings with Dow stocks Chevron (CVX) and Exxon Mobil (XOM) reporting. Dow component Merck (MRK) is also out with quarterly results before the bell. (CNBC)

Amazon (AMZN) beat estimates on earnings and revenue, driven by an increase in Prime subscriptions and growth in cloud. Amazon shares were higher in the premarket, building on pre-earnings gains at the close. (CNBC)

On the back of those stock gains, Amazon's Jeff Bezos has become the world's third-richest for the first time, passing Berkshire Hathaway's (BRK.A) Warren Buffett. Microsoft's (MSFT) Bill Gates remained the world's richest. (Forbes)

Microsoft (MSFT) plans to cut about 2,850 more jobs over the next year. That brings the software giant's total planned cuts to about 4 percent of its workforce, or about 4,700 workers. (Reuters)

Google-parent Alphabet (GOOGL) exceeded forecasts with earnings and revenue, marking an increase in users and in its mobile ad business. Alphabet shares were strongly higher in premarket trading. (CNBC)

Following strong earnings earlier this week, Facebook (FB) said it may owe up to $5 billion in additional taxes, as the IRS looks into the tax implications of the transfer of assets overseas. (WSJ)

CBS (CBS) beat on earnings and revenue, helped by new deals involving the "Star Trek" franchise. But the media giant also saw advertising revenue drop by 2.6 percent compared to a year earlier. (Reuters)

BY THE NUMBERS

In addition to this morning's look at GDP, the Chicago purchasing managers index is out at 9:45 a.m. ET, the University of Michigan's final July consumer sentiment index is released at 10 a.m. ET, and the Baker Hughes weekly oil rig count is issued at 1 p.m. ET.

With Fed watchers looking ahead to whether a September interest rate hike may be back in play, San Francisco Fed President John Williams speaks at 9:15 a.m. ET, while Dallas Fed President Rob Kaplan speaks at 10 a.m. ET.

General Electric (GE) Chief Executive Officer Jeff Immelt bought 50,000 GE shares for about $1.57 million, according to an SEC filing.

Third Avenue Management is exploring a sale of its high-yield mutual fund, whose meltdown helped fuel a sell-off in the junk-bond market late last year. Proceeds would go to the fund's investors, according to the Wall Street Journal.

STOCKS TO WATCH

Expedia (EXPE) earned an adjusted 83 cents per share, 5 cents higher than estimates. But the travel website operator saw revenue miss forecasts due to higher promotional spending and discounts. Expedia's CFO said recent terrorist attacks in Europe have impacted its business.

Wynn Resorts (WYNN) reported adjusted quarterly profit of $1.07 per share, compared to estimates of 91 cents. Revenue also scored a slight beat. Wynn was helped by an increase in revenue from its gaming operations in Macau, in contrast to declines of recent years.

Deckers Outdoor (DECK) lost $1.80 per share, smaller than the $2.07 per share loss expected by analysts. Revenue beat, while same-store sales fell 7.3 percent. The maker of UGGs also put out forward guidance slightly below forecasts.

Sony (SNE) surprised analysts by reporting a fiscal first-quarter profit, powered by sales of its PlayStation 4 videogame console.

Western Digital (WDC) came in 8 cents above estimates with adjusted quarterly profit of 79 cents per share, and the disk drive maker's revenue also exceeded forecasts. The recent purchase of SanDisk helped increase sales, but also contributed additional costs.

Sanofi (SNY) reported a 9 percent drop in profit for the second quarter, as the French drugmaker's sales of diabetes drugs in the U.S. hurt its bottom line. Sanofi was also affected by currency fluctuations.

WATERCOOLER

The second round of the PGA Championship, golf's last major tournament of the season, is set to tee off today at Baltusrol in New Jersey, with American Jimmy Walker in the lead at 5-under par. (USA Today)

Attention, chicken wing fans. Today is National Chicken Wing Day. Whether you like your wings hot or slathered in BBQ sauce, you're in luck. There are plenty of special deals available on Friday. (CNBC)