Stocks expected to produce modest gains ahead of Trump-Putin summit

BY THE NUMBERS

Futures were higher this morning, ahead of today's meeting between President Donald Trump and Russian President Vladimir Putin. Wall Street comes off a second straight positive week for the major averages and a record Nasdaq close. The Dow, S&P 500 and Nasdaq are all higher in nine of the past 11 sessions. (CNBC)

Bank of America (BAC) reported better-than-expected earnings of 63 cents, six cents higher than expected by analysts on the Street. Revenue for the bank came in at $22.6 billion, higher than the $22.28 billion expected. (CNBC)

BlackRock (BLK) reported this morning second-quarter earnings of $6.66 per share, 11 cents higher than Wall Street expected. The asset manager's revenue came in a $3.605 billion, higher than the $3.594 billion expected. (CNBC)

The new week starts with the government’s latest look at June retail sales at 8:30 a.m. ET. At 10 a.m. ET, May business inventories will be released, with economists expecting a 0.4 percent rise after April’s 0.3 percent increase. (CNBC)

Amazon.com’s (AMZN) fourth annual Prime Day begins at 3 p.m. ET and will last for 36 hours, six hours longer than a year ago. Sales on Prime Day are expected to reach $3.4 billion globally this year, according to Coresight Research. (CNBC)

Goldman Sachs (GS) will formally name President David Solomon as its next chief executive officer, according to The New York Times. The paper said the announcement, which would establish Solomon as Lloyd Blankfein's successor, could be made as soon as today.

IN THE NEWS TODAY

President Donald Trump blamed “U.S. foolishness” for souring relations between Washington and Moscow, just hours before he is expected to sit down today with Russian President Vladimir Putin. He added that U.S.-Russia relations have "never been worse." (CNBC)

Trump told a British TV interviewer today that Queen Elizabeth II told him Brexit is “complex.” The president's comments were unusual because most heads of state do not discuss their private conversations with the queen. (AP)

China filed a complaint to the World Trade Organization today, challenging Trump’s plan for tariffs on $200 billion worth of Chinese goods. The Chinese ministry had said it would immediately complain to the WTO over American unilateralism. (USA Today)

The New York Times reported Trump has raised more than $88 million for his re-election campaign over the last year-and-a-half. The funds, raised by three Trump committees, give the president a dramatic start on challengers in the 2020 race.

The Justice Department announced special counsel Robert Mueller obtained a new indictment charging 12 Russian intelligence officers with hacking Democrats to interfere in the 2016 election, and with stealing information of about 500,000 U.S. voters. (CNBC)

Elon Musk defended himself in the face of widening criticism over money he sent to a Republican political-action committee. The billionaire touted his support for environmental and humanitarian causes that he insisted outstripped his political contributions. (CNBC)

Papa John’s Pizza (PZZA) accepted the resignation of founder John Schnatter as chairman following a racist comment in a conference call, and the company also said it would no longer use Schnatter’s image in any advertising or marketing materials. (CNBC)

STOCKS TO WATCH

Boeing (BA) announced an order worth $4.7 billion from logistics company DHL for 14 freight aircraft. The announcement came on the first day of the Farnborough Airshow.

Raytheon (RTN) said its “StormBreaker” bomb had entered the operational testing phase. The bomb is designed to give Air Force pilots the ability to hit moving targets in bad weather.

Lockheed (LMT) has struck a preliminary deal to sell $13 billion worth of F-35 jets to the Pentagon, according to Reuters. The deal reportedly paves the way for a larger multi-year purchase that would cut the jet’s price by about 6 percent.

Wells Fargo (WFC) was upgraded to “outperform” from “market perform” at Keefe, Bruyette & Woods, which cites improved expense control and capital return at the bank.

Arconic (ARNC) is drawing interest from private equity firms, according to The Wall Street Journal. The paper said Apollo Global Management (APO) is among the firms interested in the aerospace parts-maker.

WATERCOOLER

In a dramatic final, France clinched its second World Cup title with a 4-2 win over Croatia. It was a first World Cup crown for France since winning on home soil in 1998. Croatia was playing in its first final. (AP)