BY THE NUMBERS
U.S. stock futures were under pressure this morning after a powerful rally that sent the Dow up nearly 400 points. The Dow and S&P 500 were now on track for their sixth weekly gains in the past seven, though the Nasdaq was lower for the week as of Thursday's close. (CNBC)
On the economic front, the University of Michigan's mid-August consumer sentiment index is out at 10 a.m. ET. It's also a light day for corporate earnings with Deere (DE) releasing disappointing results this morning and no major companies on the docket this afternoon. (CNBC)
Shares of Nordstrom (JWN) were soaring about 9 percent in the premarket after the retailer late Thursday beat estimates with quarterly earnings, revenue, and same-store sales. Nordstrom also raised its full-year earnings forecast, citing online and Nordstrom Rack momentum. (CNBC)
President Donald Trump advocated, in a tweet this morning, for an end to the long-held quarterly earnings reports for publicly traded companies, saying it would boost business and in turn help create jobs. (CNBC)
IN THE NEWS TODAY
Tesla co-founder and CEO Elon Musk, in a New York Times interview, said he doesn't regret his go-private tweet that caused concern on Wall Street and with regulators. A choked up Musk said, "This past year has been the most difficult and painful year of my career."
* 5 takeaways from the Musk interview, including $420 share price not about pot
Meanwhile, any Tesla go-private effort could be funded in part by Musk's SpaceX, according to New York Times sources. The SpaceX idea, reportedly one of several under consideration, would see the rocket company take an ownership stake in the automaker.
* Tesla Model 3 is 'military-grade tech years ahead of peers' but still expected to lose money (CNBC)
* Tesla ex-security employee alleges theft, drug dealing and spying at Gigafactory (CNBC)
Google is not close to launching a search engine in China, according to CEO Sundar Pichai at an internal meeting. The comments, shared with CNBC by a Google employee, come in the of wake of internal and external backlash on a report to the contrary.
Staff of the House Energy and Commerce Committee reportedly raised the possibility of a subpoena to get Twitter (TWTR) CEO Jack Dorsey to testify about the social network's data and content policies. (Politico)
The Pentagon said it would "explore opportunities" in 2019 for President Trump's military parade originally set for November. CNBC reported the parade had been shaping up to cost $80 million more than initially estimated.
* Pentagon: China military "likely training for strikes" on US targets (Reuters)
Trump said, in a tweet, America "will pay nothing" to Turkey for the release of "great patriot hostage" pastor Andrew Brunson. The U.S. warned Turkey earlier on Thursday to expect more economic sanctions unless it hands over Brunson. (Reuters)
On the first day of deliberations, the jury in the bank and tax fraud trial of Trump's former campaign chairman Paul Manafort asked the judge to clarify the meaning of "reasonable doubt" and the legal requirements to disclose foreign bank accounts. (Reuters)
A federal judge will hold a hearing Friday to decide whether parents deported under the Trump administration's "zero tolerance" policy can be reunited with their children still in the United States. (USA Today)
The Trump administration is preparing to let conservative-led states impose additional restrictions on the nation's health program for the poor that could push tens of thousands of people off coverage, according to Politico.
U.S. regulators cleared Teva (TEVA) to offer the first generic competitor to Mylan's (MYL) EpiPen, after a yearslong delay that many said contributed to the emergency allergy drug's rapid rise in price. EpiPen has been facing supply issues. (CNBC)
OxyContin maker Purdue Pharma has tapped law firm Davis Polk & Wardwell for financial restructuring advice, as its potential liabilities swell with a wave of lawsuits over the opioid addiction epidemic sweeping the U.S. (Reuters)
DoorDash raised $250 million in a round of funding that values the prepared food-delivery startup at $4 billion, more than doubling its valuation for the second time in five months.(WSJ)
STOCKS TO WATCH
Nvidia (NVDA) reported quarterly earnings of $1.76 per share, beating estimates by 10 cents. Revenue slightly beat. However, shares of the chipmaker were under pressure after warning on outlook, pointing to slowing cryptocurrency-related demand as one factor.
Applied Materials (AMAT) beat estimates by 3 cents with adjusted quarterly profit of $1.20 per share. Revenue also topped forecasts. But disappointing forward guidance sent shares lower, possibly signaling a slowdown in a two-year semiconductor boom.
Toyota (TM) is planning to boost production capacity in China by 20 percent, according to a source quoted by Reuters.
Adtalem Global Education (ATGE) reported quarterly profit of 86 cents per share, 5 cents below estimates. The for-profit college operator, formerly known as DeVry, also saw revenue come in short of forecasts.
WATERCOOLER
New York University School of Medicine announced it will cover annual tuition costs of $55,018 for every current and future student, regardless of need or merit. NYU's free-ride announcement comes amid ballooning costs for medical education. (CNBC)