Top Stories
Top Stories
Morning Brief

Wall Street feels heat from Europe

Key Points


U.S. stock futures were under pressure from declines in Europe, where bank stocks were sinking. The Dow logged its sixth straight drop on Monday, while the Nasdaq extended its winning streak to five sessions. (CNBC)

Dow components Procter & Gamble (PG) and Pfizer (PFE) are among the companies reporting earnings this morning. P&G and Pfizer both beat expectations with their earnings and revenues. (CNBC)

Japanese Prime Minister Shinzo Abe's cabinet approved $132 billion in fiscal measures today, as part of efforts to revive the flagging economy there, with cash payouts to low-income earners and infrastructure spending. (Reuters)

The Japanese yen climbed higher on the stimulus plan, approval of which came after the close of the Tokyo stock market. The Nikkei fell nearly 1.5 percent. The 10-year bond yield in Japan moved higher. (CNBC)

U.S. crude was higher this morning, holding above $40 per barrel where it settled in New York. Prices Monday did dip below that level for an intraday low back to April. While rolling over recently, oil was still up nearly 50 percent since bottoming for the year on Feb. 11. (Reuters)

Billionaire investor Warren Buffett, alongside Democratic presidential nominee Hillary Clinton at a Nebraska rally, challenged Republican Donald Trump to release his tax returns. Buffett also hammered the GOP nominee's business record. (Reuters)

Trump ratcheted up his rhetoric against Hillary Clinton once again, telling a rowdy crowd in battleground-state Pennsylvania that she was "the devil" — a temporary departure from the "Crooked Hillary" moniker. (NBC News)

Trump's campaign is appealing to Capitol Hill leaders for support, as the real estate mogul's attacks on the Muslim parents of a decorated American soldier killed in Iraq drew sharp rebukes from fellow party members as well as Democrats. (Reuters)

JPMorgan Chase (JPM) chief Jamie Dimon talked up the bank's competitive position in a wide-ranging interview with CNBC. He also said if the next U.S. president implements the appropriate reform programs, GDP could rise to 4 percent.

Gawker chief Nick Denton has filed for personal bankruptcy protection, according to court documents that named his largest creditor as Hulk Hogan, the former professional wrestler who won a $140 million judgment against the website over a sex tape. (Reuters)

Theranos CEO Elizabeth Holmes has outlined the steps she plans to take to increase transparency regarding the efficacy of the troubled company's testing methods. Theranos was once a Silicon Valley darling with a $9 billion valuation. (CNBC)

McDonald's (MCD) plans to use sugar instead of corn syrup in its hamburger buns, and eliminate artificial preservatives from its Chicken McNuggets and a handful of items on its breakfast menu. (Reuters)

In a highly unusual travel warning, health officials are advising pregnant women to avoid a part of Miami where mosquitoes were apparently transmitting Zika directly to humans. (AP)


Investors get a look at June personal income and spending figures at 8:30 a.m. ET, with forecasts calling for 0.3 percent increases for both. In May, income rose 0.2 percent, while spending was up 0.4 percent.

U.S. automakers release their July sales figures throughout the morning, with predicting an overall sales increase of 0.8 percent to an annual selling rate of 17.3 million vehicles.

Honda (HMC) reported better-than-expected first-quarter operating profit. An increase in sales helped offset the negative currency effects.

In addition to P&G and Pfizer, Aetna (AET), CVS Health (CVS), Discovery (DISCA), and Sodastream (SODA) are among this morning's other earnings. This afternoon's report include AIG (AIG), Avis (CAR), Electronic Arts (EA), Fitbit (FIT), and Papa John's (PZZA).

Bank of America (BAC) said its results could be adversely affected if Britain's exit from the European Union limits the ability of its U.K. units to conduct business in Europe.

Banca Monte dei Paschi di Siena may have a strong future, Italy's prime minister told CNBC, in spite of the stricken lender receiving the bottom score in a Europe-wide stress test. Banks in Italy were tanking.


Cognex (CGNX) shares surged about 15 percent in premarket trading on better-than-expected second quarter earnings. The maker of barcode scanners also predicted a rosier picture for current quarter revenue.

Texas Roadhouse (TXRH) shares fell nearly 8 percent in the premarket, after reporting a 3.7 percent increase in same-store sales for the first four weeks of its third quarter, a slower rate than the second quarter's 4.5 percent.

In deal news: Boeing (BA) won a $640 million Pentagon contract to supply F/A-18 spare parts. (CRM) bought Quip for about $582 million. Emerson (EMR) sold its motors and drives unit to Japan's Nidec for $1.2 billion. Coach (COH) struck a 20-year sale and leaseback deal for its New York City headquarters.

Volkswagen (VLKAY) is seeking dismissal of a class-action suit in California that claims the former CEO and current brand chief were directly involved in misleading diesel emissions statements.

Twitter's (TWTR) communications chief has left, just months after taking the job. The chief marketing officer will assume responsibility those duties.


Dessert nachos, fried chicken, and waffles Benedict make the unhealthiest restaurant meals list, which is put out each year by the Center for Science in the Public Interest. (Chicago Tribune)

An opulent villa build in 1830 in the French Riviera has been valued at about $331 million, putting the property on course to be the most expensive home ever sold. (Daily Mail)

Related Tags