BY THE NUMBERS
U.S. stock futures were under pressure ahead of this morning’s release of the government’s June employment report and after U.S. tariffs on Chinese goods and retaliatory measures from Beijing took effect Friday. (CNBC)
Likely dependent on the jobs data, the Dow was on track to post its first weekly gain in four weeks, with the S&P 500 and Nasdaq on pace for their first weekly advances in three weeks.
According to a Reuters survey of economists, nonfarm payrolls are expected to have increased by 195,000 jobs for last month. International trade data is also be released at 8:30 a.m. ET.
The tit-for-tat tariffs from the U.S. and China signal the start of a full-blown trade war. President Donald Trump on Thursday said he’d consider additional tariffs of more than $500 billion. (CNBC)
Kraft Heinz (KHC) and Conagra (CAG) could be impacted after a Financial Times report that American ketchup could be next on a list of EU trade targets if Trump follows through on threatened auto tariffs.
IN THE NEWS TODAY
President Trump's harsh blast at NATO during a rally last night in Helena, Montana was Europeans’ worst nightmare come to life, Western diplomatic sources tell Axios.
Andrew Wheeler, deputy EPA administrator and former coal lobbyist, takes over the agency as acting chief following the resignation of Scott Pruitt who was mired in a number of ethics investigations. (CNBC)
The front-runner to replace Justice Anthony Kennedy on the Supreme Court once argued President Bill Clinton could be impeached for lying to his staff and misleading the public. (NY Times)
Elon Musk is sending engineers to Thailand to assist in the rescue of a boys’ soccer team trapped in a flooded cave. Musk said a team from SpaceX and The Boring Company would travel there tomorrow. (CNBC)
Biogen (BIIB) shares soared after the company’s new Alzheimer’s drug succeeded in a mid-stage trial for patients receiving the highest dose. Biogen is developing the drug in partnership with Japan’s Eisai. (Reuters)
Samsung estimated today that earnings would grow at the slowest pace in more than a year in the second quarter, as analysts said weak smartphone sales likely offset record high chip earnings. (Reuters)
Ford's (F) slump in China intensified, with vehicle sales tumbling 38 percent in June and the automaker recording its worst ever first-half there as buyers shunned its aging models. (Reuters)
Wynn Resorts (WYNN) announced the departure of its long-time general counsel Kim Sinatra, effective July 15. She reportedly knew for years about a $7.5 million settlement between Steve Wynn and a casino employee. (WSJ)
Deutsche Bank (DB) shares were getting a boost following a German magazine report that J.P. Morgan (JPM) and Industrial and Commercial Bank of China may both be interested in taking a stake in Deutsche Bank. (Reuters)
Square (SQ) withdrew its application with the FDIC to open a depository bank. The mobile payments company plans to refile after strengthening its case for a license that allows nontraditional financial firms to collect government-insured deposits. (Reuters)
STOCKS TO WATCH
Tesla’s (TSLA) Fremont, California factory is the subject of another investigation by state regulators, following a safety-related complaint. Safety officials acknowledged opening the case on June 21.
Echostar (SATS) is now seeking talks with Immarsat after its $3.2 billion bid to buy the British satellite firm was rebuffed. Immarsat said the offer significantly undervalues the company.
PriceSmart (PSMT) reported quarterly earnings of 61 cents per share, 2 cents below forecasts, though the retailer’s revenue did exceed forecasts. The warehouse retailer’s costs follow several recent acquisitions.
WATERCOOLER
Match Day 20 at the World Cup in Russia features the first two quarterfinal games: France-Uruguay and Brazil-Belgium. The winners face each other in one half of the semifinals next week. (USA Today)
Spain may out of the World Cup, but Pamplona heats up today with the kick off of the Running of the Bulls. More than a million tourists visit the nine-day festival each year. (USA Today)