Morning Brief

Wall Street is set for a positive open, possibly continuing a rally seen after Iran deal fallout

Key Points

BY THE NUMBERS

Futures were modestly higher this morning after a Wednesday rally that put the Dow and S&P 500 at their highest in three weeks and the Nasdaq at its best level since March 21. The Dow also has a five-day win streak going, its longest since February. (CNBC)

* Cramer: Higher interest rates could create the leadership this market needs (CNBC)

Roku (ROKU) stock was up 4 percent in premarket after the provider of streaming video devices saw quarterly revenue beat estimates and it gave stronger than expected revenue guidance for the current quarter and the full year. (CNBC)

Earnings reports out this morning include AMC Networks (AMCX), Dillard's (DDS), Duke Energy (DUK), Meredith (MDP), and Revlon (REV). Dropbox (DBX), News Corp. (NWSA), Symantec (SYMC), Yelp (YELP) and Nvidia (NVDA) will be out with quarterly numbers after the bell. (CNBC)

Two key economic reports are due at 8:30 a.m. ET, with the government releasing the weekly initial jobless claims report as well as the April consumer price index. (CNBC)

IN THE NEWS TODAY

President Donald Trump welcomed a plane, carrying three Americans freed by North Korea, as it landed at a military base near Washington early this morning. The hostage release was seen as a sign of potential goodwill by Kim Jong Un ahead of a meeting with Trump. (Reuters)

* Kim's dry run for summit with Trump (WSJ)

AT&T (T) said it was contacted by special counsel Robert Mueller's office about Trump's personal lawyer Michael Cohen. Earlier, a source told CNBC AT&T paid Cohen up to $600,000 as part of a consulting contract to get insight into Trump's thinking.

* Cohen got millions for insider access outside White House (NY Times)
* Cohen's lawyers claims 'numerous inaccurate statements' (CNBC)

Trump, who is expected to unveil his strategy to lower prescription drug prices tomorrow, has a plan to bring down costs in the U.S. by forcing higher prices in foreign countries that use their health systems to make drugs more affordable, The New York Times reported.

Boeing (BA) claimed Iran sanctions won't affect its production pipeline, playing down the potential loss of $20 billion in sales to Iranian airlines. Treasury Secretary Steve Mnuchin said Boeing licenses to sell aircraft to Iran would be revoked following Trump's decision. (CNBC)

Sen. John McCain came out against Gina Haspel's bid to become CIA director and urged colleagues to join him. McCain, who was a prisoner of war in Vietnam and tortured, has concerns about Haspel's role in the interrogation tactics from the Bush-era. (Politico)

A shocking win by the opposition bloc in Malaysia's general election could have implications for the Southeast Asian nation's ties with China. Malaysia was the fourth-largest recipient of China's overseas direct investment last year, according to a report. (CNBC)

Wu Xiaohui, the Chinese tycoon who rose to international prominence to buy the Waldorf Astoria Hotel, was sentenced to 18 years in prison today. He was accused of cheating investors out of more than $10 billion. (NY Times)

Ford Motor (F) suspended production of its best-selling F-150 pickup truck due to a fire at a factory of a key parts supplier. The automaker said current quarter earnings would be affected but expects any financial impact to be short term in nature. (CNBC)

The National Transportation Safety Board said that it is sending a team to Florida to investigate a fatal crash involving a 2014 Tesla Model S. The primary focus of the investigation will be the electric vehicle battery fire, the agency said. (CNBC)

Hawaii Volcanoes National Park said that it will shut down tomorrow in anticipation of a possible explosive event. Scientists said the risks of an explosive summit eruption will rise in coming weeks as magma drains down the flank of Hawaii's Kilauea volcano. (AP)

STOCKS TO WATCH

Booking Holdings (BKNG) reported adjusted quarterly profit of $12 per share, beating estimates. The company formerly known as Priceline also saw revenue beat. However, the travel website operator issued weaker than expected forward guidance.

Twenty-First Century Fox (FOXA) fell 4 cents shy of forecasts with quarterly profit of 49 cents per share, although the media company's revenue did beat estimates. Fox saw a fall in ad sales largely due to the network broadcasting the Super Bowl a year ago but not this year.

General Motors (GM) agreed to stay in South Korea for at least another decade, and it will also set up its Asia-Pacific headquarters there. The agreement is part of the deal reached to help GM's Korea unit avoid bankruptcy.

Royal Bank of Scotland (RBS) settled a U.S. mortgage bond probe for $4.9 billion, a smaller amount than had been expected. The investigation had involved mortgage-backed securities sold during the financial crisis era.

WATERCOOLER

Firefighters in Poland are trying to clean up a sugary mess. A tanker carrying 12 tons of liquid chocolate overturned and spilled its contents onto the road Wednesday, covering four lanes of a highway connecting the city of Poznan to Warsaw in brown goo. (NY Times)

The Players Championship begins today with golfer Tiger Woods in the field for the first time since 2015. For round one, Woods joins fellow former winners Phil Mickelson and Rickie Fowler after coming off two of his worst outings of his latest comeback. (USA Today)