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Wall Street is set for a flat open following Trump-Kim agreement

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BY THE NUMBERS

Futures were flat this morning after President Donald Trump and North Korean leader Kim Jong Un signed what's being called a comprehensive denuclearization agreement. Stocks have been on a positive roll recently, with the major averages all up for six of the past seven sessions. (CNBC)

* Cramer tries to decode Trump's trade strategies with 5 new theories (CNBC)

Mainland Chinese stocks led Asian market gains today after the highly anticipated meeting in Singapore of Trump and Kim. The Shanghai Composite climbed 0.9 percent in its best day since May 31. The index reached its highest level in two days.

Market attention is likely to shift quickly from the summit to key economic data and the start of the Federal Reserve's policy meeting. The Fed will release its interest rate decision tomorrow afternoon, and the central bank is widely expected to raise rates this time around. (CNBC)

The government will be out with the May Consumer Price Index at 8:30 a.m. ET, with consensus forecasts on Wall Street calling for a rise of 0.2 percent for both the headline number and the ex-food and energy inflation rate. (CNBC)

It's an extremely light day for corporate earnings, with retailer Lands' End (LE) among the few releasing numbers this morning. H&R Block (HRB) will release its quarterly numbers after today's closing bell. (CNBC)

TRUMP-KIM SUMMIT

President Donald Trump and North Korean leader Kim Jong Un signed an agreement at the conclusion of Tuesday's historic summit in Singapore. Here's what the agreement says, according to a photo of Trump's signed document. (CNBC)

* Photos of Trump and Kim Jong Un's historic first meeting (CNBC)
* China could come away a big winner from a US-North Korea peace deal (CNBC)

During a press conference after the summit, Trump said the Korean conflict "will soon end." Asked about what the agreement meant for North Korea's denuclearization, Trump said: "we're starting that process very quickly — very, very quickly." (CNBC)

* Trump and Kim lunch: Here's the guest list and menu (CNBC)
* North Korean state media breaks with tradition in its coverage of Trump-Kim summit (CNBC)

Kim signed an agreement that "reaffirmed his firm and unwavering commitment to complete denuclearization of the Korean Peninsula." That may sound promising, but many warned that North Korea likely has a different understanding of what denuclearization entails. (CNBC)

* Kim is working hard to spruce up his image — a changed man or a strategic tactic (CNBC)

Shortly after Trump and Kim pledged to work toward complete denuclearization of the Korean peninsula, China suggested that sanctions relief could be considered for North Korea. China is North Korea's most important economic and diplomatic backer. (Reuters)

IN THE NEWS TODAY

Top economic advisor Larry Kudlow suffered a heart attack and is in good condition at Walter Reed Medical Center, the White House said. Trump tweeted the news earlier, literally only minutes before a historic meeting with North Korean leader Kim Jong Un. (CNBC)

Axios has learned that Trump's first sit-down television interview after his historic summit is expected to be with his friend and confidant, Fox News host Sean Hannity. Hannity is in Singapore and the president promised him the interview.

The Commerce Department published details of the ZTE settlement deal but the ban is still in place. The ban will continue until the Chinese telecommunications equipment maker pays $1 billion and places over $400 million in escrow. (Reuters)

A bill was introduced in the House that would require an unclassified interagency report on Chinese political influence operations. Sen. Marco Rubio will introduce companion legislation in the Senate, his communications director confirmed. (CNBC)

Apple (AAPL) updated its developer guidelines to ban "mining" cryptocurrencies like bitcoin. The new rules restrict apps that drain battery, generate excessive heat, or put unnecessary strain on device resources — all of which take place in bitcoin mining. (CNBC)

Amazon (AMZN) will expand its Whole Foods Market discounts for Prime customers to 10 new states including Arizona, Georgia and North Carolina. The expansion means the discounts will be available to nearly half the country. (CNBC)

Fitbit (FIT) launched its new fitness tracker, Fitbit Ace, for children 8 years old and up. While a device for children will open up Fitbit to an entirely new group of potential users, it is not enough on its own to help Fitbit completely reverse its losses. (CNBC)

STOCKS TO WATCH

AT&T (T) and Time Warner (TWX) will find out today if a judge plans to allow or block their planned deal. U.S. District Judge Richard Leon will announce at 4:00 p.m. ET whether he is siding with the Justice Department or the two companies, who announced the planned purchase of Time Warner by AT&T in October of 2016.

RH (RH) reported adjusted quarterly profit of $1.33 per share, beating the consensus estimate of $1.33. The Restoration Hardware parent did see revenue fall below forecasts, but the retailer did issue a strong current quarter outlook as its new focus on membership and improvements to its supply chain help its results.

Dave & Buster's (PLAY) beat estimates by 11 cents with quarterly profit of $1.04 per share, with the restaurant chain's revenue also beating forecasts. Comparable restaurant sales were lower by 4.9 percent, but that was smaller than the 5.6 percent drop that analysts had forecast. Separately, CEO Stephen King will retire August 5, to be replaced by Chief Financial Officer Brian Jenkins.

Exxon Mobil (XOM) has made a major push into energy trading to help lift profit, according to Reuters.

Tesla (TSLA) has been accused of stopping an employee from trying to organize a union. Michael Sanchez testified to the National Labor Relations Board that he was asked by a supervisor and security guards to leave his factory after he handed out pro-union flyers. The NLRB is investigating whether Tesla had violated federal standards.

Citigroup (C) could cut half of the 20,000 jobs from its technology and operations staff over the next five years, according to the Financial Times. The paper said those cuts would come due to automation.