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Morning Brief

Rally may pause as investors await Jackson Hole speeches

Key Points


U.S. stock index futures were lower this morning, one day after investors saw the Dow post its best daily gain since April, and the Nasdaq broke a three-day losing streak with its biggest one-day jump in nearly two months. (CNBC)

Fed Chair Janet Yellen and European Central Bank President Mario Draghi will speak later this week at the Kansas City Fed Symposium in Jackson Hole, Wyoming. Dallas Fed President Robert Kaplan is set to speak at the Permian Basin Petroleum Association Membership Luncheon in Midland, Texas today. (CNBC)

The housing market is at the center of today's economic numbers, with weekly numbers on mortgage applications out from the Mortgage Bankers Association out at 7 a.m. ET, and the government issuing July new home sales at 10 a.m. ET. (CNBC)

Home improvement retailer Lowe's (LOW) leads this morning's list of corporate earnings reports, with American Eagle (AEO) and Express (EXPR) also issuing quarterly numbers. HP Inc. (HPQ), Guess (GES), PVH (PVH), and Williams-Sonoma are scheduled to deliver quarterly earnings reports after today's closing bell. (CNBC)

* This retailer could be the next stock to fall victim to Amazon's rise (Trading Nation)


President Trump said Tuesday evening he would be willing to shut down the U.S. government in order to get the funding needed to build a physical wall along the U.S.-Mexico border, one of his campaign promises. "We're building that wall," he told a rally in Arizona. (CNBC)

* Trump: We'll 'probably' end up terminating NAFTA (CNBC)
* Trump strongly hints at pardon for ex-sheriff Arpaio (NBC News)
* Police fire pepper spray at crowds as protests turn unruly after Trump's Phoenix speech (AP)

Vice Admiral Joseph Aucoin, the commander of the U.S. Navy's 7th Fleet, was relieved of his post today, the Navy said. He was removed "due to a loss of confidence in his ability to command" after the USS John S. McCain collided with a chemical and oil tanker off Singapore Monday, leaving 10 American sailors missing or dead. (NBC News)

North Korean leader Kim Jong Un has ordered the production of more solid-fuel rocket engines, state media said today. The report came as he pursues nuclear and missile programs amid a standoff with Washington, but there were signs of tension easing. (Reuters)

At least 34 people in Hong Kong are reportedly injured today after Typhoon Hato, a maximum category 10 storm, slammed into the region today. In Hong Kong, more than 450 flights were canceled, financial markets suspended and schools closed as Hato bore down. (Reuters)

Wells Fargo CEO Timothy Sloan warned Tuesday that forthcoming results from the bank's review of its consumer sales scandal could cause more negative attention. He said that "within a few weeks" the bank will announce the completion of an expanded review of the fake consumer accounts workers had opened. (CNBC)

Wal-Mart is about to encroach even further on to Amazon's turf. The big-box retailer will soon offer customers the ability to order hundreds of thousands of its products by voice with the help of Google. (CNBC)

Hewlett Packard Enterprise CEO Meg Whitman is still being pushed by Uber's biggest investor as a candidate for the company's open CEO position, according to two sources close to the matter. In July, Whitman publicly denied she wanted the job. (CNBC)

Four mutual fund companies have marked down their investments in Uber by as much as 15 percent following a scandal-ridden year for the ride-hailing company. Vanguard Group, Principal Funds, Hartford Funds and T. Rowe Price Group marked down their shares in Uber. (Reuters)


Apple (AAPL) is scaling back goals for its autonomous vehicle program, according to the New York Times. The paper quotes sources as saying Apple's priorities constantly shifted when it began the program, and that Apple did not determine initially what it wanted to produce. (CRM) reported an adjusted quarterly profit of 33 cents per share, one cent above estimates. The business software company's revenue was also slightly above forecasts even as it boosted spending on research and development.

GoDaddy (GDDY) said that Chief Executive Officer Blake Erving will retire at the end of the year, although he'll continue to serve on the company's board of directors through June 2018. President and Chief Operating Officer Scott Wagner will become CEO when Erving departs.

Blue Apron (APRN) announced a temporary hiring freeze, and also fired 14 members of its recruiting team. Separately, Blue Apron was the target of a class action lawsuit, accusing it of making misleading statements in connection with its initial public offering.


The odds of winning are astronomical, but millions of Americans will be hoping for some life-altering luck tonight when winning numbers are drawn for the second-highest jackpot in the history of the Powerball lottery. A winning ticket could bring the holder an estimated $700 million windfall. (Reuters)