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Wall Street faces hurdles after Wednesday's powerful rally

BY THE NUMBERS

U.S. stock futures were mixed this morning after Wednesday's powerful rally saw the S&P 500 post its best session in more than two months and the Nasdaq log its biggest one-day gain since the day before the November election. (CNBC)

The merger agreement between drug store chains Walgreens (WBA) and Rite Aid (RAD) has been called off. Instead, Walgreens will buy nearly 2,000 Rite Aid stores for about $5.2 billion. The cancellation of the deal also negates the planned sale of some Rite Aid stores to another chain, Fred's (FRED). Fred's and Rite Aid stocks were tanking in the premarket. Walgreens shares were higher. (Reuters)

The S&P and Dow were less than a percent away from their record closes. The Nasdaq was about 1.3 percent away. With two days left in June, all three measures were in the green for the month, the quarter, and the first half of 2017. (CNBC)

* Third and final look at first quarter GDP, 8:30 a.m. ET
* Weekly jobless claims, 8:30 a.m. ET
* St. Louis Fed President James Bullard speaks, 1 p.m. ET
* Nike reports earnings after the closing bell

Apple (AAPL) shares were trading about 7 percent lower since last month's all-time highs. Today marks the 10th anniversary of the day the iPhone went on sale. Apple has sold more than 1 billion iPhones since June 29, 2007. (USA Today)

Oil was advancing for a sixth consecutive session today, as a decline in U.S. production supported a market that's been under pressure from a global supply glut. But U.S. crude was still sharply lower for June, the quarter, and the year to date. (Reuters)

* Goldman Sachs slashes oil price projection amid US shale surge (Reuters)

IN THE NEWS TODAY

Financial stocks were higher in premarket trading after the Fed cleared for the first time since the 2008 crisis all the capital plans of the 34 banks it reviewed in the second part of annual stress tests. Banks quickly announced big increases in their plans to return capital to shareholders. (CNBC)

* Citi doubles dividend, announces $15.6 billion buyback (CNBC)
* JPMorgan commits to $19.4 billion buyback (CNBC)
* With BofA's dividend hike, Buffett gets a chance at $11 billion windfall (CNBC)

Amazon (AMZN) has declared July 11 to be Prime Day, but the third annual savings event will kick off even earlier. Starting at 9 p.m. ET on July 10, the site will begin offering new deals as often as every five minutes for 30 hours. (CNBC)

Blue Apron (APRN) debuts today on the New York Stock Exchange after the meal-kit service saw its initial public offering priced at $10 per share, the bottom end of the lowered range. The offering raises about $300 million. (CNBC)

Serial entrepreneur Elon Musk said his ambitious tunnel-boring endeavor, aptly named The Boring Company, has officially started digging underneath Los Angeles. (The Verge)

Martin Shkreli's securities fraud trial continues after featuring an explosive opening argument by his high-powered lawyer who suggested that while the "Pharma Bro" might be crazy, he's definitely innocent of the charges. (CNBC)

Vatican Treasurer Cardinal George Pell is denying any wrongdoing after being charged with sex offenses in his native Australia. Pell is the highest-ranking Vatican official to ever be charged in the church's long-running sexual abuse scandal. (AP)

The U.S. has unveiled enhanced security measures for flights to the country designed to prevent expanding an in-cabin ban on laptops, but an airline trade group said the changes might cause more disruptions. (Reuters)

The Trump administration set new criteria for visa applicants and refugees from six mainly Muslim nations after the Supreme Court partially restored President Donald Trump's travel ban executive order. (AP)

South Korean companies said they plan to import more American shale gas and build new factories in the U.S., as Trump and South Korean leader Moon Jae-in hold talks today in Washington. (AP)

* China could drive agenda when Trump meets with Moon (CNBC)
* China's president visits Hong Kong for 20th anniversary of British handover (AP)

President Trump was whisked a few blocks from the White House to his Washington hotel last night for his first re-election fundraiser, where he raised an estimated $10 million behind closed doors. (AP)

STOCKS TO WATCH

Staples (SPLS) agreed to be purchased by private equity firm Sycamore Partners $6.9 billion. The office supplies retailer's 2015 merger agreement with rival was scuttled by a judge over concerns about how the deal would affect prices.

Dow Chemical (DOW) and DuPont (DD) reiterated support of their merger agreement, and said they expect the deal to close in August and followed by a split into three separate companies within 18 months. Dow shareholder Glenview Capital wants changes to that plan.

In the wake of the EpiPen pricing backlash, Mylan (MYL) shareholders cast more than a third of their votes against the chairman and more than a quarter of their votes against the CEO. The totals from last week's annual meeting were resulted late Wednesday in a SEC filing.

Wal-Mart (WMT) is reportedly threatening to drop trucking companies that work with Amazon. The New York Post quotes a transportation consultant, but Wal-Mart said it's not dictating to trucking companies which other customers they may service.

WATERCOOLER

An R2-D2 droid used in several "Star Wars" films has sold at auction for nearly $3 million. Luke Skywalker's lightsaber from the first two films sold for $450,000 and Darth Vader's helmet from the original film sold for $96,000. (AP)