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Wall Street looks to extend its win streak to 7 days ahead of the long weekend

BY THE NUMBERS

U.S. stock futures were lower this morning, with the Dow, S&P 500, and Nasdaq all riding six-session winning streaks heading into the long Memorial day weekend. The S&P and Nasdaq closed Thursday at records. The Dow finished within 32 points of an all-time. (CNBC)

The government's second estimate of first quarter GDP is seen slightly higher than the first estimate at 0.8 percent. April durable goods is also out at 8:30 a.m. ET. The University of Michigan issues its final May consumer sentiment index at 10 a.m. ET. (CNBC)

St. Louis Fed Bank President James Bullard said the Fed only needs to hike rates one more time, and should then pause until it's clear the economy has shifted into a higher gear. Bullard is not an FOMC voter this year. (WSJ)

As Amazon (AMZN) approaches $1,000 per share, investors are buzzing about whether it's time to cash in or stick with the momentum. Shares of the e-commerce and web services juggernaut hit an all-time high of $999 Thursday but closed at $993.38. (CNBC)

Oil edged lower this morning after U.S. crude prices sank nearly 4.8 percent on Thursday on disappointment that an OPEC-led decision to extend current production curbs did not go deeper. (Reuters)

IN THE NEWS TODAY

President Donald Trump said North Korea is a "big problem," but assured Japanese Prime Minister Shinzo Abe, in a bilateral meeting ahead of today's G7 summit in Sicily, that issues surrounding the secretive state would be resolved. (Reuters)

At the G7 summit, Trump is expected to air concerns about what he calls unfair trade policies by other nations and the Paris climate change pact that obligates the U.S. to reduce greenhouse gas emissions. (USA Today)

Trump has reportedly reignited tensions with the EU after calling the Germans "very bad" for their trade surplus. German magazine Der Spiegel said the president vowed to block German car exports imports.

Trump is leaning toward maintaining sanctions against Russia that were adopted by the Obama administration in response to Moscow's alleged interference in the U.S. presidential election. (WSJ)

Jared Kushner, Trump's son-in-law and senior advisor, has come under FBI scrutiny in the investigation into Russian election meddling. Kushner's attorney said her client would cooperate. (NBC News)

A federal appeals court has rejected the president's request to reinstate his temporary ban on travelers from six Muslim majority nations from entering the U.S. The administration plans to appeal to the Supreme Court. (WSJ)

President Trump has ordered a review of leaks of sensitive information within his administration following concerns from British officials about intelligence sharing with the U.S. following the Manchester attack. (WSJ)

Republican Greg Gianforte won Thursday's special election for Montana's lone seat in the U.S. House, a day after being charged with allegedly assaulting a reporter. (NBC News)

Disney (DIS) chief Bob Iger confirmed the company received a threat from cybercriminals who claimed to have stolen the digital copy of a movie, but the studio believes the claims were false. (Variety)

STOCKS TO WATCH

Costco (COST) reported adjusted quarterly profit of $1.40 per share, 9 cents above estimates. Revenue also beat. Costco saw strong U.S. sales during the quarter, along with higher membership fees.

Lions Gate (LGF) beat estimates by 2 cents with quarterly earnings of 28 cents per share. Revenue also beat forecasts. The movie studio's results were helped by a strong performance for "La La Land."

GameStop (GME) came in 12 cents above estimates, reporting adjusted quarterly profit of 63 cents per share. The video game retailer also on revenue, helped by the popularity of the new Nintendo Switch console.

Ulta Beauty (ULTA) reported quarterly profit of $2.05 per share, well above estimates. Revenue also exceeded expectations. However, the beauty retailer issued guidance that fell largely below forecasts.

Deckers Outdoor (DECK) posted an unexpected profit of 11 cents per share, compared to estimates for a 6 cent loss. The Uggs maker beat on revenue and delivered strong full-year guidance.

UPS (UPS) was ordered to pay nearly $247 million in fines after a court ruled the delivery giant illegally shipped untaxed cigarettes in New York City and New York State. UPS plans to appeal.

LendingClub (LC) and former CEO Renaud Laplanche will face a shareholder lawsuit after a federal judge rejected bids to dismiss. The suit alleged they concealed material financial weaknesses.

WATERCOOLER

Vice President Mike Pence delivers the commencement address at the U.S. Naval Academy at 10 a.m. ET. Meanwhile, Hillary Clinton delivers Wellesley College's commencement address at 10:30 a.m. ET.

Facebook CEO Mark Zuckerberg advocated the need to consider universal basic income for all Americans. During his Harvard commencement speech, he said, "It's time for our generation to define a new social contract." (CNBC)