Wall Street tries to overcome Trump's legal troubles as US-China trade talks resume

BY THE NUMBERS

U.S. stock futures were under some pressure this morning after the S&P 500 during Tuesday trading hit an all-time high for the first time in seven months but failed to close at a record. Barring a 20 percent decline, the bull market stands to become today the longest ever: 3,453 days old. (CNBC)

* NAFTA 'handshake' deal with Mexico targeted for tomorrow (Politico)
* Trump threatens to put a 25% tariff on every car from the EU (CNBC)

Investors are firmly fixed on Washington as trade talks between China and the U.S. resume today, and President Donald Trump grapples with Tuesday's fraud conviction of his former campaign chairman Paul Manafort and fraud guilty plea from his ex-attorney Michael Cohen. (CNBC)

* Political storm around Trump leads to 'talk of impeachment;' but it's not likely (CNBC)
* Dems prep an emergency plan if Trump tries to shut down the Russia probe (NBC News)
* A day later, Trump to award Medal of Honor to airman killed in Afghanistan (USA Today)
* Trump dodged the biggest news Tuesday at a campaign raucous rally (CNBC)

Trump broke his silence on Manafort after landing in West Virginia for a rally. "I feel very badly for Paul Manafort," he said, adding the conviction "doesn't involve me" and has "nothing to do with Russian collusion." The president refused to comment on Cohen's plea.

* Why Trump is not named in the Michael Cohen indictment (CNBC)
* Cohen attorney Lanny Davis: My client was referring to Trump under oath (CNBC)

Retail earnings continue to roll in, with Target (TGT) and Lowe's (LOW) out this morning. Target beat expectations on profit, revenue and same-store sales, and issued rosy forward guidance. The stock surged. (CNBC)

Meanwhile, Lowe's shares were under pressure after the home improvement chain cut full-year guidance and missed on quarterly same-store sales. Earnings and revenue at Lowe's did exceed forecasts. (CNBC)

Mortgage applications rose 4.2 percent last week. Refinance applications increased 6 percent. At 10 a.m. ET, the National Association of Realtors is out with July existing home sales. (CNBC)

The Fed releases the minutes of its July 31-August 1 policy meeting at 2 p.m. ET, providing a glimpse of policy makers' outlook for the second half of the year. (WSJ)

* Bears pile into gold, but it could be at exactly the wrong time (CNBC)
* Bitcoin spikes almost $400 in an hour to a two-week high (CNBC)

IN THE NEWS TODAY

Facebook (FB) removed pages and content originating in Iran and Russia for "coordinated inauthentic behavior," the social network's latest effort to clean up the site in the aftermath of the 2016 election. (CNBC)

* Twitter and Alphabet also remove accounts tied to an alleged Iranian propaganda (Reuters)

A federal grand jury indicted Rep. Duncan Hunter, R-California, and his wife for allegedly misusing campaign funds and filing false campaign records. Hunter was one of the first in Congress to endorse Trump in the 2016 election. (CNBC)

President Trump's top economic advisor, Larry Kudlow, hosted the publisher of a white nationalist publication at his birthday party last weekend. Kudlow, a former CNBC contributor, said he didn't know Peter Brimelow's views. (CNBC)

Hurricane Lane intensified to a Category 5 last night, threatening to become the first hurricane to make landfall in Hawaii in nearly three decades. Hurricane Hector skirted the Hawaiian Islands earlier this month. (USA Today)

American Airlines (AAL) is cutting some of its international flights, including some money-losing service to China, as the world's largest airline faces a profit-crimping surge in fuel prices. (CNBC)

United Airlines (UAL) is developing seats that recline into flat beds for some of its recently-ordered Boeing 737s. It would become the first carrier in the U.S. to offer lie-flat seats on this type of plane. (CNBC)

Walmart (WMT) has ratcheted up its battle with Amazon, planting a stake on Amazon's turf by selling e-books for the first time, starting today, in partnership with Japan's top e-commerce company. (USA Today)

STOCKS TO WATCH

Apparel retailer Urban Outfitters (URBN) reported quarterly profit of 84 cents per share, beating estimates by 7 cents. Revenue and same-store sales also topped forecasts.

La-Z-Boy (LZB) beat estimates by 9 cents with adjusted quarterly profit of 34 cents per share. Revenue also exceeded forecasts. The furniture retailer's results were helped by increased sales of higher-priced items.

Red Robin Gourmet Burgers (RRGB) came in 2 cents shy of estimates with adjusted quarterly profit of 46 cents per share. Revenue and same restaurant sales were also short of forecasts.

Starbucks (SBUX) was downgraded to neutral from overweight at Piper Jaffray, which said it continues to lack momentum in U.S. comparable store sales for the coffee chain.

WATERCOOLER

Juul, a relatively new entrant in the e-cigarette market, is dominating the industry in about three short years. The San Francisco company sold $1.29 billion in vape kits and nicotine pods over the past 12 months. (CNBC)