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Wall Street under pressure ahead of key Fed speeches this week

BY THE NUMBERS

U.S. stock futures were lower this morning after a mixed session on Monday. Investors were awaiting key speeches from Fed officials this week and congressional testimony from Fed Chair Janet Yellen tomorrow and Thursday. (CNBC)

Despite some recent losses, the Dow ahead of Tuesday's session was about a half percent away from its record close. The S&P 500 was about 1 percent and the Nasdaq was 2.3 percent away from their all-time closing highs. (CNBC)

* Labor Department issues May JOLTS report at 10 a.m. ET
* Commerce Department releases May wholesale inventories at 10 a.m. ET

Shares of Snap were off about 4 percent in the premarket after closing just below their March IPO price of $17 per share. Morgan Stanley, one of the underwriters, downgraded the stock today and cut its price target from $28 per share to $16. (CNBC)

PepisCo (PEP) shares were higher in the premarket after the soda giant reported better the expected quarterly earnings and revenue. Sales volumes were flat, and the company said its Frito-Lay business in North America saw a 3 percent revenue gain. (CNBC)

IN THE NEWS TODAY

The Russian lawyer who met with Donald Trump Jr. during the 2016 election campaign said she's not linked to the Kremlin. Natalia Veselnitskaya told NBC News it's "possible" the president's eldest son was looking for damaging information on the Democratic Party.

Before arranging a meeting with Veselnitskaya that he believed would offer damaging information about Hillary Clinton, Trump Jr. was reportedly told in an email the material was part of a Russian government effort to help his father's campaign. (NY Times)

President Trump will nominate Randal Quarles to the Fed. If confirmed, Quarles, an investment executive and former Bush-43 Treasury official, would oversee the nation's banking system, a role Daniel Tarullo resigned from in April. (CNBC)

The Trump administration said it would delay, and probably eliminate down the line, a federal rule that would have let foreign entrepreneurs come to the U.S. to start companies, a move slammed by business leaders, especially from the tech sector. (NY Times)

Warren Buffett on Monday donated roughly $3.17 billion of Berkshire Hathaway stock to the Bill & Melinda Gates Foundation and four family charities, his largest contribution in a more than decade-long plan to give away his fortune. (Reuters)

* Oncor Electric CEO: Buffett's Berkshire has edge over Elliott in bidding, for now (CNBC)

Fossils fuels are no longer the largest recipient of investment in the energy sector, the latest report from the International Energy Agency said. Investment in electricity received the largest level of investment for the first time ever. (CNBC)

Microsoft (MSFT) is proposing a $10 billion program to bring broadband internet to rural areas in the U.S. The details are set to be announced at an event today. (Seattle Times)

With so many sales and so little time, here are some of the most common mistakes to avoid when shopping Amazon's third annual Prime Day, which runs until 3 a.m. ET on Wednesday. (CNBC)

Miami Marlins owner Jeffrey Loria has reportedly agreed to sell the team to Jorge Mas for $1.17 billion. Mas, the chairman and co-founder of MasTec (MTZ), beat out three other groups led by Tagg Romney, Jeb Bush, and Derek Jeter. (Forbes)

Flights into and out of three airports in the Washington, D.C., region were experiencing delays due to a construction-related evacuation at a Federal Aviation Administration facility in Virginia. (AP)

The 16 people on board a military transport plane that crashed north of Jackson, Mississippi on Monday were all believed to be dead, said local emergency management officials. The flight was out of Memphis, Tennessee. (NBC News)

STOCKS TO WATCH

Arena Pharmaceuticals (ARNA) said an experimental drug designed to treat a rare but deadly lung disease met its primary goal in a mid-stage study. Shares of Arena were surging 44 percent in the premarket.

Sanofi (SNY) announced a deal to buy privately held Protein Sciences, a Connecticut-based vaccine specialist. Sanofi is paying $650 million upfront and as much as $100 million more depending on performance.

Rent-A-Center (RCII) received a takeover offer from private equity firm Vintage Capital for about $800 million. Rent-A-Center said the proposal significantly undervalues the company. Shares were surging 16 percent in the premarket.

Pearson (PSO) is selling a 22 percent stake in book publisher Penguin Random House to joint venture partner Bertelsmann for about $1 billion. The deal cuts its stake in Penguin Random House to 25 percent.

J.C. Penney (JCP) CFO Edward Record is stepping down effective today, but remains in an advisory role through Aug. 7. Chief Accounting Officer Andrew Drexler will handle the CFO duties on an interim basis.

Citrix Systems (CTXS) appointed CFO David Henshall as its new chief executive officer, replacing Kirill Tatarinov whose departure from the business software provider was described as a "mutual separation."

Barracuda Networks (CUDA) reported adjusted quarterly profit of 18 cents per share, matching estimates. The cybersecurity company's revenue beat forecasts. But Barracuda warned on forward guidance.

WATERCOOLER

Coffee drinkers are waking up to some good news this morning: new research suggests a cup of coffee a day could help reduce the risk of heart disease, stroke. and liver disease. (CNBC)