BY THE NUMBERS
U.S. stock futures were pointing to a mixed open on Wall Street this morning as reports said the Trump administration planned to propose 25 percent tariffs on $200 billion of Chinese imports. Initially, the levy target was 10 percent. China vows to retaliate. (Reuters)
* Apple CEO Tim Cook: Tariffs can have 'unintended consequences' (CNBC)
Nasdaq futures was getting support from a 4 percent premarket advance in Apple (AAPL), which reported strong earnings after-the-bell Tuesday. Ahead of the Apple numbers, the Nasdaq broke its three-session losing streak. (CNBC)
* Apple's average iPhone selling price beats estimates (CNBC)
* Apple reports 31% advance in services revenue (CNBC)
* Apple's cash-on-hand declines to $243.7 billion (CNBC)
On the first day of August, the Nasdaq, Dow and S&P 500 were coming off solid Tuesday gains. The three stock measures posted strong gains for July, with the Dow leading the way with a 4.7 percent monthly gain. (CNBC)
The Fed releases its post-meeting policy statement at 2 p.m. ET. No interest rate hike is expected. Meanwhile, the ADP private-sector jobs report showed a boom in July. The government's report is out on Friday. (CNBC)
* US 10-year Treasury yield hits 3% after strong ADP payrolls data (CNBC)
U.S. automakers report their July sales numbers throughout the morning, with the exception of General Motors (GM), which now only reports on a quarterly basis. Tesla (TSLA) reports earnings after the bell. (CNBC)
* Tesla enlists workers from all over the company in an urgent push to build batteries and cars (CNBC)
* Musk trolls billionaire betting against Tesla, promising to 'send Einhorn a box of short shorts' (CNBC)
The highest rates in about a month and high home prices took their toll on the mortgage business last week. Total mortgage application volume slipped 2.5 percent. (CNBC)
IN THE NEWS TODAY
The trial of Paul Manafort, Trump's former campaign boss, continues after opening Tuesday. The defense is attempting to shift the blame to Rick Gates, one of the strategist's former top associates and a key prosecution witness. (CNBC)
* Federal prosecutors said to be investigating Podesta after special counsel referral (NBC News)
A former Playboy model who claims to have had an affair and became pregnant by a top Trump fundraiser claims the president's former personal attorney, Michael Cohen, was "recruited" as a fixer. (USA Today)
The White House is making good on the president's executive order, allowing insurers to start selling short-term health coverage that's cheaper and less comprehensive than Obamacare plans. (CNBC)
A federal judge in Seattle issued a temporary restraining order to stop the release of blueprints to make untraceable and undetectable 3D-printed plastic guns, saying they could end up in the wrong hands. (AP)
Crypto-focused merchant bank Galaxy Digital, backed by ex-hedge fund manager Michael Novogratz, starts trading on the Canadian Stock Exchange today despite cooling investor interest and falling coin prices this year. (CNBC)
Kroger (KR) launched today a grocery delivery service, Kroger Ship, in four U.S. cities: Cincinnati, Houston, Louisville and Nashville. Customers can shop online and receive free delivery on certain orders. (CNBC)
Facebook (FB) and its Instagram platform will rollout features that show people how much time they've spent on the apps as part of an ongoing effort to be more responsible with their communities. (CNBC)
STOCKS TO WATCH
Shares of Sodastream were jumping more than 20 percent in the premarket after the company reported better than expected earnings and revenue and raised full-year guidance.
Shares of Pandora (P) were soaring about 14 percent in the premarket after the streaming music service reported better-than-expected quarterly results. Pandora also said it has about 6 million Pandora Premium subscribers.
Cheesecake Factory (CAKE) shares were falling about 10 percent after the restaurant chain delivered earnings short of forecasts with revenue in-line. Higher medical insurance and legal costs hurt results.
Hedge fund Third Point has built a more-than-$300 million stake in Campbell Soup (CPB), according to Dow Jones. Third Point's Daniel Loeb also reportedly wants the company conduct a strategic review.
Warren Buffett's Berkshire Hathaway (BRKB) is loaning up to $2 billion to Seritage Growth Properties (SRG), which owns a portfolio of former Sears Holdings (SHLD) locations.
Baidu (BIDU) reported a 45 percent jump in profits for the second quarter, beating analyst forecasts, as the China-based internet search company benefited from growth of its newsfeed product. However, shares were falling.
Rio Tinto (RIO) saw a first-half profit increase of 12 percent, but that was a smaller increase than analysts had been anticipating for the mining company. And the stock was under pressure.
WATERCOOLER
Parents are starting to invest in coaches, paying between $10 and $20 per hour, to help their kids get better at the wildly popular, online video game sensation Fortnite. Epic Games, the maker of Fortnite, said the game had 125 million active players in June. (WSJ)