Morning Brief

Yellen Day 2: Can the Dow set another record?

Key Points


U.S. stock futures were drifting this morning after Fed Chair Janet Yellen's dovish House testimony fueled a strong rally that lifted the Dow to a record. The S&P 500 finished about 10 points away from an all-time high. (CNBC)

Yellen on Wednesday indicated the Fed could slow down interest rate hikes if inflation stays low. The Fed chair goes before a Senate panel this morning. Investors want to see if she modifies any of her comments. (CNBC)

* Weekly jobless claims and June producer prices at 8:30 a.m. ET
* Summer is hottest for hiring in two years, LinkedIn study shows

Target (TGT) was surging about 5 percent in premarket trading after boosting second-quarter guidance and saying it expects a "modest increase" in same-store sales. (CNBC)

Delta Air Lines (DAL) was slumping about 3 percent after reporting earnings that fell short of estimates. Revenue was in-line with forecasts. The key metric of revenue per available seat mile was higher by 2.5 percent. (Reuters)


President Donald Trump, under fire at home over Russian connections and abroad over climate change and trade, arrived in Paris today, seeking common ground with France's new leader Emmanuel Macron. (Reuters)

Despite the turmoil, Trump told Reuters the White House is "functioning beautifully," and he's done more in five months than "practically any president in history."

* Trump on Putin: 'We get along very, very well' (CBN)
* Trump: 'I will be very angry' if Senate doesn't pass health bill (CBN)

Senate Majority Leader Mitch McConnell is expected to unveil a revised health-care bill today, looking to gain support from wary conservatives and more moderate members of the GOP. (NBC News)

The names, addresses and phone numbers of six million Verizon (VZ) customers were publicly exposed online by an employee of Nice Systems, one of the company's vendors. (USA Today)

Uber said it's formed a partnership with Russia's Yandex. The two companies will combine their businesses in Russia and several other Eastern European countries. Yandex shares that trade in the U.S. were up about 20 percent in premarket trading. (NY Times)

Amazon (AMZN) is reportedly working on the next version of the Echo, which aims to take away some of the hype from Apple's (AAPL) new HomePod. The new Echo is expected to be shorter and slimmer than the original. (Engadget)

J&F Investimentos has agreed to sell a controlling stake in Alpargatas, the maker of Havaianas flip-flops, to the investment firms of Brazil's most prominent banking families for $1.1 billion. (Reuters)

A pioneering cancer drug from Novartis (NVS) won the unanimous backing of an advisory panel to the Food and Drug Administration, paving the way for the first gene therapy to be approved in the U.S. (Reuters)

Visa (V) has a new offer for small merchants: take thousands of dollars from the card giant to upgrade their payment technology. In return, the businesses must stop accepting cash. (WSJ)

Traditionally buttoned-up Wall Street bank Goldman Sachs (GS) has relaxed the dress code for its computer engineers in a bid to attract tech talent with a more casual environment. (Reuters)


AstraZeneca (AZN) shares were under pressure on reports the drugmaker's CEO would leave to go to rival Teva (TEVA). Both companies refused to comment on rumors. But Teva told CNBC it continues to search for a new leader.

Taiwan Semiconductor (TSM) said third quarter revenue would rise at least 15 percent as a series of new mobile devices launch. The world's biggest contract chipmaker is a key supplier to Apple (AAPL).

Tronc (TRNC), which owns the Chicago Tribune, was outbid for its rival the Chicago Sun-Times. The Justice Department closed an investigation into a Tronc transaction with the announcement of the new deal.

The CEO of Qatar Airways said the airline still plans to try to buy as much as a 10 percent stake in American Airlines (AAL), despite the U.S. carrier's move to end a code-sharing agreement between the two companies.

CenturyLink (CTL) was sued by Minnesota, which accuses the telecom services provider of charging internet and phone customers more than they agreed to pay. CenturyLink is reviewing the allegations.


Recording star Kid Rock, an outspoken supporter of President Trump, hinted he intends to run for the U.S. Senate in 2018, promising a "major announcement" to come soon. (Reuters)

Trump won't be attending the August superfight in Las Vegas between boxer Floyd Mayweather and MMA's Conor McGregor because he feels he could "ruin" the occasion with tight security, said the UFC's president. (NBC News)