BY THE NUMBERS
Futures were lower this morning after President Donald Trump proposed a higher 25 percent tariff on $200 billion in Chinese goods. The Dow is set for a triple-digit loss at the open after falling for three of the past four trading days. (CNBC)
* China urges the US to return to reason on trade and reiterates efforts at 'blackmail' will fail (Reuters)
The Labor Department will release its weekly look at initial jobless claims at 8:30 a.m. ET, with economists expecting 220,000 new claims for the week ending July 28. At 10 a.m. ET, the government issues June factory orders, expected to be up 0.7 percent. (CNBC)
Corporate earnings out this morning include the latest numbers from Dow component DowDupont (DWDP), Aetna (AET) and Blue Apron (APRN). Earnings out after today's closing bell include AIG (AIG), CBS (CBS), GoDaddy (GDDY) and GoPro (GPRO). (CNBC)
Tesla's (TSLA) stock was 7 percent higher in premarket after the automaker's revenue beat estimates, and said it expects profitability on a GAAP basis during the second half of the year. It did lose $3.06 per share for its latest quarter, more than the loss of $2.92 per share that analysts had projected. (CNBC)
* Elon Musk says Tesla A.I. chip project is 'finally coming to fruition' (CNBC)
IN THE NEWS TODAY
President Trump said today he looked forward to meeting Kim Jong Un soon and thanked the North Korean leader for sending the suspected remains of U.S. soldiers killed in the 1950-1953 Korean War back to the United States. (Reuters)
* Pence says return of remains show US progress on North Korea (WSJ)
Trump suggested in a tweet that his former campaign chairman Paul Manafort — on trial on federal bank fraud and tax charges — is being treated "worse" than than "legendary mob boss, killer and 'Public Enemy Number One'" Al Capone. (CNBC)
* Manafort's lavish spending is cited by prosecution (NY Times)
* Manafort trial enters day two with major purchases in the spotlight (Axios)
Senate GOP voted to block a Democratic push that would have provided $250 million to beef up election security. The votes fell almost entirely on party lines as only one Republican — Sen. Bob Corker — voted for the grant. (USA Today)
The Trump administration will move today to revoke California's authority to set its own strict tailpipe emissions rules and mandate the sale of electric vehicles. The proposal is in line with Trump's decision to abandon the 2015 Paris climate deal. (Reuters)
California Gov. Jerry Brown called the wildfire situation in the state part of "the new normal." He said California has the money to fight fires today, but cautioned things could get tighter in coming years due to a likely downturn. (CNBC)
* How this year's wildfire season compares to past years (Axios)
Starbucks (SBUX) struck a partnership deal with China e-commerce giant Alibaba (BABA) to deliver its coffee in Chinese cities. It will also partner with Ele.me, a food delivery platform, to open 150 stores in Shanghai and Beijing. (CNBC)
CBS (CBS) has retained two law firms to investigate allegations of improper behavior against Chairman and Chief Executive Officer Leslie Moonves. Claims of sexual misconduct against Moonves were detailed in a New Yorker article last week. (CNBC)
Consumer tech giant Apple (AAPL) has a new share price threshold to hit $1 trillion in market value. The company revealed an adjusted outstanding share count of 4,829,926,000 alongside the company's third-quarter results. (CNBC)
STOCKS TO WATCH
Sonos (SONO) priced its initial public offering at $15 per share, below the target range of $17-$19. The wireless speaker-maker raised $38.3 million in the offering, and the shares will begin trading today on the Nasdaq.
Wynn Resorts (WYNN) reported adjusted quarterly profit of $1.53 per share, short of the consensus $1.96 estimate. The hotel and casino operator's revenue also missed forecasts, although it did see stronger results from its Wynn Palace property in Macau.
T-Mobile (TMUS) beat estimates by five cents with quarterly profit of 92 cents per share, although the wireless carrier's revenue fell short of forecast. T-Mobile also added 686,000 new wireless subscribers during the quarter, more than Wall Street was anticipating.
TripAdvisor (TRIP) came in two cents above estimates with adjusted quarterly profit of 41 cents per share, though the travel website operator's revenue came up short of Street forecasts. Traffic on TripAdvisor-branded websites and apps was up 10 percent from a year earlier.
Square (SQ) reported adjusted quarterly profit of 13 cents per share for the second quarter, two cents above estimates, while the mobile payments company's revenue also beat estimates. However, Square did issue weaker than expected current quarter guidance.
WATERCOOLER
A furry friend from the '80s could be making a comeback. Warner Bros. Television is in the early stages of developing a reboot of the classic sitcom "ALF," according to Variety. There are no writers attached to the project yet, Variety said.