IN THE NEWS TODAY
China's Finance Ministry announced today that it will cut import tariffs on some vehicles to 15 percent, down from as much as 25 percent. The move signifies an attempt to open up the Chinese market to international players. (CNBC)
The Wall Street Journal reported that President Donald Trump's administration is working on details of a deal with the Chinese, and may lift a ban on U.S. companies selling hardware and software to Chinese corporate ZTE if it works out.
* Trump shies from pressing his advantage in trade fight (WSJ)
* Chances of China trade win undercut by Trump team infighting (NY Times)
Democratic leaders, as part of a push to take control of at least one chamber of Congress during critical elections later this year, have rolled out a package of policies targeting alleged corruption by Trump and his advisors. (CNBC)
Russian President Vladimir Putin bragged earlier this year that his country had a new nuclear-powered missile with unlimited range. However, the missile has yet to perform a successful test over multiple attempts, sources tell CNBC.
The New York Stock Exchange, which is owned by Intercontinental Exchange, appointed Chief Operating Officer Stacey Cunningham as its first female president. She will replace Thomas Farley as head of NYSE. (Reuters)
The Obamas are headed to Netflix (NFLX). Barack and Michelle Obama have entered into a multi-year agreement with the U.S. streaming giant to produce scripted and unscripted series, as well as documentaries and features. (CNBC)
Facebook (FB) CEO Mark Zuckerberg will testify to European officials today that the social networking giant did not do enough to prevent its tools from causing "harm," according to prepared remarks obtained by NBC News.
* Facebook is beating Snapchat on its own invention: Stories (Axios)
STOCKS TO WATCH
Adobe Systems (ADBE) will buy e-commerce services provider Magento Commerce from private equity firm Permira for $1.68 billion cash. Permira had bought Magento from eBay (EBAY) in 2015. Separately, the software company announced an $8 billion stock buyback.
Toll Brothers (TOL) reported quarterly profit of 72 cents per share, missing estimates by four cents, although the luxury home builder's revenue did come in above forecasts. Profit was more than 17 percent above year-ago levels, with strong demand in spite of higher mortgage rates.
Pure Storage (PSTG) lost an adjusted seven cents per share for its latest quarter, five cents smaller than Wall Street had anticipated, while the provider of flash-based storage solutions saw revenue come in above estimates. The company also gave current quarter revenue guidance in line with current forecasts.
Sony (SNE) will pay $2.3 billion for a controlling stake in music publishing giant EMI. The deal grows Sony's music catalogue to more than 2 million songs, the world's biggest.
Boeing (BA) workers at its 787 Dreamliner production facility in South Carolina will vote on union representation later this month, after the National Labor Relations Board ruled that a vote could proceed.
WATERCOOLER
Some of the official gift bags given to the more than 2,500 guests at the royal wedding of Prince Harry and Meghan Markle are being sold on eBay for as much as $13,000. Items inside include a fridge magnet and a chocolate coin. (Page Six)