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Trump rally heats up again, with the Dow taking aim at elusive 20K

MARKETS & EARNINGS

Global stocks and U.S. futures were higher this morning, as a resumption of the Trump rally pushed the S&P 500 and the Nasdaq to record closes. The Dow finished Tuesday less than 90 points away from 20,000. (CNBC)

It's another busy day for earnings, including quarterly results from two Dow components. United Technologies (UTX) matched estimates on earnings and revenue. Boeing (BA) beat on earnings and revenue. (CNBC)


THE FIRST 100 DAYS

President Donald Trump pressed the notion of widespread voter fraud again, tweeting Wednesday morning a call for a "major investigation," despite a continued lack of evidence to back up those claims. (CNBC)

Trump begins rolling out executive actions on immigration today — beginning with steps to tighten security, including his proposed wall along the U.S.-Mexico border. (AP)

Trump has signed executive orders advancing both the controversial Keystone XL Pipeline and the Dakota Access Pipeline, opening the door to $17 billion worth of energy projects. (CNBC)

The Trump administration has reportedly instructed the EPA to remove the climate change page from its website, the latest move to erase ex-President Barack Obama's climate change initiatives. (Reuters)

In a tweet, Trump threatened federal intervention in Chicago, should the nation's third-largest city be unable to fix what the president called the "carnage" of gun violence. (Reuters)

Former Goldman Sachs (GS) president and COO Gary Cohn received $85 million in cash and stock related payouts, as he leaves the Wall Street firm for a new role in the Trump administration. (Reuters)

At a time of Trump-fueled nationalism, it's been revealed that billionaire and Silicon Valley's main envoy to the president, Peter Thiel, also became a citizen of New Zealand in 2011. (CNBC)

CORPORATE NEWS

Cisco Systems (CSCO) has agreed to buy software maker AppDynamics for $3.7 billion. AppDynamics had been planning to price its IPO tonight. Cisco CEO Chuck Robbins joins CNBC's at around 9 a.m. ET.

Apple (AAPL) is said to be nearing a deal to manufacture its products in India, as the U.S. tech giant seeks to boost its sales in a market that's home to more than 1.2 billion people. (WSJ)

Apple has been awarded a patent for an Apple Watch with a "modular" metal band whose links can be replaced with anything from new batteries to sensors. (CNBC)

Wells Fargo (WFC) branch managers were reportedly warned at least 24 hours in advance of internal inspections. The Wall Street Journal report focuses how improper sales practices could have gone on for so long.

Plains All American Pipeline (PAA) is buying a crude oil gathering system in the Permian Basin from Concho Resources (CXO) for about $1.22 billion. The Permian Basin is located in Texas and New Mexico. (BizJournals.com)

Following activist investor pressure for a split, Bob Evans Farms (BOBE) has agreed to sell its restaurant business to PE firm Golden Gate Capital for $565 million. Bob Evans will now focus on packaged foods. (Reuters)

BY THE NUMBERS

The health of the housing market dominates this morning's economic calendar, starting with the Federal Housing Finance Agency's November home price index at 9 a.m. ET.

Despite mortgage rates moving solidly higher for the first time this year, home loan application volume was up a strong 4 percent last week. But refis increased a more tepid 0.2 percent.

After-the-bell reports earnings reports this afternoon include quarterly results from AT&T (T), eBay (EBAY), Qualcomm (QCOM), Western Digital (WDC), and Xilinx (XLNX).


STOCKS TO WATCH

Gap (GPS) announced the departure of Banana Republic unit president Andi Owen, effective late next month. Gap CEO Art Peck will oversee the Banana Republic brand while the apparel retailer searches for a successor.

Michaels (MIK) gave weaker than expected guidance as well as announcing a secondary stock offering of 18 million shares. The arts and crafts retailer intends to repurchase eight million of those shares.

Alcoa (AA) missed estimates on earnings but beat on revenue, in its first quarterly report since the old Alcoa was renamed Arconic (ARNC) and spun off the aluminum producing unit, which took the Alcoa name.

Seagate Technology (STX) blew the doors off estimates with earnings and also beat on revenue, on strong demand for cloud-based products. The stock was surging about 12 percent in the premarket.

Texas Instruments (TXN) beat estimates on quarterly earnings and revenue. The chipmaker was helped by particularly strong results in its automotive and industrial markets.

Capital One Financial (COF) fell short of expectations with earnings and revenue. The credit card firm's miss was due in part to a 27 percent jump in the company's provision for credit losses.

Discover Financial (DFS) slightly exceed estimates on earnings and revenue, as the credit card saw strong loan growth. But the company did see its delinquency rate also rise.

WATERCOOLER

McDonald's (MCD) is marking the rollout of its revamped Big Mac by giving away 10,000 bottles of the Big Mac Special Sauce, available starting tomorrow at participating locations around the nation. (USA Today)