Morning Brief

Wall Street under pressure as Dow looks to snap losing streak

Key Points


U.S. stock futures were lower this morning, following seven straight down sessions for the Dow and the first back-to-back declines in the S&P 500 since late June. Meanwhile, the Nasdaq on Tuesday broke a five-session winning streak. (CNBC)

Worries over lower oil, the economy, and corporate earnings are among the factors weighing on investor sentiment. U.S. crude was higher this morning, hovering near $40 per barrel, after falling Tuesday for the eighth session in the past nine. (Reuters)

Time Warner (TWX) earned an adjusted $1.29 per share, 13 cents above estimates. Revenue was slightly below forecasts. Time Warner also raised its full year outlook, and announced a 10 percent stake in video streaming service Hulu. (CNBC)

Shares of Biogen (BIIB) were backing off a bit in the premarket this morning, after a more than 9 percent surge Tuesday on reports the biotech firm has drawn takeover interest from drug companies, including Merck (MRK) and Allergan (AGN). (CNBC)

Nearly 120,000 units of bitcoin, worth about $72 million, were stolen from the Bitfinex platform in Hong Kong, reminiscent of a similar but larger breach at the Tokyo-based MtGox exchange. The digital currency remained under pressure today. (Reuters)

Donald Trump's behavior in recent days — from criticizing the parents of a fallen American soldier to declining to endorse House Speaker Paul Ryan — has strained the nerves of his staffers. That's according to longtime ally of Trump campaign manager Paul Manafort. (CNBC)

Republican National Committee Chairman Reince Priebus is said to be "apoplectic" over Trump's refusal to back Speaker Ryan and Sen. John McCain. Priebus called several Trump staffers, including Manafort, to express his "extreme displeasure." (NBC News)

Hewlett Packard Enterprise (HPE) CEO Meg Whitman, who made a GOP run for California governor in 2010, has come out in support of Democratic presidential nominee Hillary Clinton. Whitman said she can't support "demagogue" Trump. (CNBC)

Anthem (ANTM) is asking a judge for a separate trial involving its planned takeover of rival insurer Cigna (CI). The government has sued to block both Anthem's purchase of Cigna and Aetna's (AET) planned acquisition of Humana (HUM). (Reuters)

Sinclair Broadcasting (SBGI) is said to be interested in buying the Weather Channel's TV operations. The channel is currently owned by private equity firms Bain Capital and Blackstone Group (BX), as well as NBCUniversal and CNBC parent Comcast (CMCSA). (WSJ)

Fiat Chrysler (FCAU) shares were surging in premarket trading, even as the company declined comment on reports that Samsung was in talks with the automaker to buy its auto parts unit. (Reuters)

Toyota (TM) is delaying the launch in Japan of its plug-in Prius model by about three months. While declining to give a reason for the delay, the automaker now expects to launch the new model this winter with an initial production reduction. (Reuters)

When Apple (AAPL) releases more than 100 new and redesigned emojis later this year, the black gun is going to be replaced with a green water pistol. Gun control advocates have hailed the symbolic move as a step forward. (CNBC)

The U.S. airlifted $400 million of cash to Iran, with the payment coinciding with the January release of four Americans held in Tehran, according to the Wall Street Journal. The cash has been portrayed as ransom payment by the Iranian press.

An Emirates jet carrying 300 people burned on the runway at Dubai International Airport today, after what the airline described as an "accident." Officials said all passengers were evacuated safely. The plane was flying from India to Dubai. (NBC News)


Ahead of Friday's July employment report from the government, ADP releases its private sector jobs report for last month at 8:15 a.m. ET. Forecasts call for 178,000 new jobs at U.S. companies.

The Institute for Supply Management is out with its non-manufacturing index for July at 10 a.m. ET. The measure of the U.S. services economy is expected to come in at 55.8 compared to 56.5 reading in June.

The Energy Department's usual Wednesday look at oil inventories is out at 10:30 a.m. ET. Figures from industry group API late Tuesday showed an in-line stockpile reduction of 1.3 million barrels.

A slight drop in bond yields was not enough to rejuvenate the mortgage market. Total home loan application volume fell 3.5 percent last week, according to the Mortgage Bankers Association. Refis fell 4 percent.

Earnings out this morning include Humana (HUM) and Office Depot (ODP). This afternoon, 21st Century Fox (FOXA), Square (SQ), and Tesla (TSLA) are among the companies reporting.


Electronic Arts (EA) reported an adjusted quarterly profit of 7 cents per share, compared to estimates of a 2 cent loss. The video game maker's revenue also beat. However, EA issued lower guidance.

Fitbit (FIT) beat estimates by a penny with adjusted quarterly profit of 12 cents per share. Revenue was above forecasts. The wearable fitness device maker also issued an upbeat outlook.

Etsy (ETSY) lost 6 cents per share, wider than the penny per share loss analysts had expected. The online crafts seller did see revenue beat for the quarter. It also increased full-year earnings guidance.

AIG (AIG) reported adjusted quarterly profit of 98 cents per share, 5 cents above estimates. The insurer also announced a $3 billion increase in its stock buyback program.

HSBC (HSBC) saw profit during the first half of the year fall by 29 percent, putting earnings just short of estimates. The bank also announced share buybacks for the second half of up to $2.5 billion.

HanesBrands (HBI) missed estimates by a penny with quarterly profit of 51 cents per share, while the apparel maker also saw revenue fall short and also lowered its earnings guidance for the full year.


While the opening ceremony for the Rio Olympics does not take place until Friday, the U.S. women's soccer team faces New Zealand in Belo Horizonte tonight. Team USA are favored to win a fourth straight gold. (USA Today)

The script to the London stage production "Harry Potter and the Cursed Child Parts One and Two" sold more than 2 million print copies in North America in its first two days of publication. (AP)