Morning Brief

Dow trying to avoid its longest losing streak in 40-plus years

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BY THE NUMBERS

U.S. stock futures were higher this morning, with the Dow Jones industrial average currently riding an eight-session losing streak. A down day today would give it its first nine-day skid in more than 40 years, since February 1978. (CNBC)

Oil prices were more than 1 percent higher this morning, lifted by uncertainty over whether OPEC would manage to agree on a production increase at a biannual meeting in Vienna, Austria, later in the day. (Reuters)

JPMorgan (JPM), Bank of America (BAC), Citigroup (C) and Wells Fargo (WFC) are on watch today after 35 of the nation's largest banks passed the Fed's latest stress tests. The tests show that the banks have sufficient capital to weather severe adverse conditions. (CNBC)

Walt Disney (DIS) said it would be willing to divest 21st Century Fox (FOXA) assets generating up to $1 billion in earnings, in order to win regulatory approval for its proposed deal with Fox. It had previously said it was willing to divest assets generating $500 million. Analysts consider it likely that NBCUniversal parent Comcast (CMCSA) will raise its prior offer for those Fox assets. (CNBC & Reuters)

There are no economic numbers scheduled for today, while BlackBerry (BB) and CarMax (KMX) are this morning's only earnings reports of note. There are no earnings releases scheduled after today's closing bell. (CNBC)

* Cramer Remix: It was the hottest group in the market until Red Hat reported (CNBC)

IN THE NEWS TODAY

Chinese state media said in an editorial today that the Trump administration's protectionism is self-defeating and a "symptom of paranoid delusions" that must not distract China from its path to modernization. (Reuters)

* EU escalates international trade war, slaps US with tariffs (Axios)

Federal health department officials asked the Pentagon to provide housing on military bases for as many as 20,000 migrant children, several outlets reported. Trump signed an executive order Wednesday to keep migrant families together.

* Boys sue after being separated from dads at US border by Trump "zero tolerance" policy (USA Today)
* Melania Trump's coat sends a message, but to whom? (NY Times)

Former Trump campaign manager Corey Lewandowski was dropped by a public speaking agency after his "womp, womp" dismissal in a Fox News interview of a story about a migrant girl with Down syndrome being separated from her mother. (USA Today)

During the election, the National Enquirer sent copies of its articles and cover images related to Trump and his political opponents to Trump's attorney Michael Cohen in advance of publication, according to The Washington Post.

Small business groups are worried after the Supreme Court ruled that states now have the power to force online retailers to collect sales tax in states where they do not have a physical presence, reversing a ruling from 1992 in a 5-4 decision. (CNBC)

ABC is moving ahead with a spinoff of the hit sitcom "Roseanne," which was canceled in May following a racist comment from the show's star. Most of the original cast members will reprise their roles in the spinoff, the network said. (CNBC)

Conagra Brands (CAG) has approached Pinnacle Foods (PF) about a potential acquisition, sources familiar with the situation told CNBC. Pinnacle has a market capitalization of $7.9 billion, while Conagra's is $15.1 billion.

The Department of Defense announced on Thursday that SpaceX's $130 million contract is to launch the Air Force Space Command-52 satellite into orbit, marking another milestone for CEO Elon Musk's space venture. (CNBC)

Google-owned video-sharing service YouTube has announced new features to help creators make money on the platform, amid ongoing concerns surrounding advertising and monetization. (CNBC)

Police in Arizona said evidence showed the "safety" driver behind the wheel of a self-driving Uber was distracted and streaming a Hulu television show on her phone. According to the report, the driver could face charges of vehicle manslaughter. (Reuters)

STOCKS TO WATCH

Red Hat (RHT) reported adjusted quarterly profit of 72 cents per share, 3 cents above estimates, with the software provider also seeing revenue beat forecasts on strong demand from large companies. However, its current quarter and full-year revenue forecasts are short of analyst estimates due to a strengthening dollar.

General Motors (GM) will build its new Chevrolet Blazer SUV in Mexico, despite ongoing criticism from President Trump aimed at automakers who manufacture vehicles outside of the United States.

Tesla (TSLA) is planning to close a dozen solar facilities in nine states, according to internal company documents seen by Reuters.

UPS (UPS) and the Teamsters have reached a tentative agreement on a new five-year labor contract. The prior agreement expires on July 31, and the new pact must still be finalized and then ratified by union members.

Chipotle Mexican Grill (CMG) is testing new menu offerings, including quesadillas, nachos, salads, and chocolate shakes. The new items are limited to the restaurant chain's New York City test kitchen for now but are expected to eventually roll out nationwide.

WATERCOOLER

Universal Pictures' "Jurassic World: Fallen Kingdom" has already earned $447 million overseas. Pre-release tracking suggests the film will debut in North America to $130 million to $140 million. (Hollywood Reporter)

The 2018 NBA draft was held Thursday night at the Barclays Center in Brooklyn, New York. USA Today provided an analysis of the biggest winners and losers of the night as well as standout themes within the sports league's draft.