Morning Brief

Dow, S&P 500, and Nasdaq are aiming for a fourth straight positive session on Wall Street



Futures were higher this morning, giving the Dow, S&P 500 and Nasdaq a chance to chalk up a fourth straight positive session. The S&P 500 and Nasdaq are coming off three straight record closing highs. The Dow posted its highest close since Feb. 1. (CNBC)

* European markets edge higher as Canada re-joins US-Mexico trade talks (CNBC)

Earnings reports out this morning include American Eagle (AEO), Brown-Forman (BFB), Chico's (CHS), Dick's Sporting Goods (DKS), Express (EXPR), and Movado (MOV). Later, (CRM), Guess (GES), and PVH (PVH) issue their numbers after today's closing bell. (CNBC)

Investors get a second reading on second quarter GDP at 8:30 a.m. ET. Then, the National Association of Realtors releases its July report on pending home sales at 10 a.m. ET. Earlier this morning, the Mortgage Bankers Association said total home loan application volume decreased 1.7 percent last week. Refi apps were down 3 percent.

Roku (ROKU) shares were nearly 3 percent lower in premarket trade following a report by The Information that (AMZN) is planning to offer an ad-supported free video app that would compete with the streaming video device-maker's Roku channel.


President Donald Trump, without providing evidence, blamed China for hacking the emails of Democratic presidential candidate Hillary Clinton. Intelligence officials have said Russia orchestrated the hacking of Democratic officials. (Reuters)

* The trade war won't cause any 'major' hit to China's economy: Morgan Stanley (CNBC)

A day after Trump threatened to exclude Canada from a revised NAFTA agreement, Canadian officials said they were moving ahead to try to reach a compromise with the U.S. that could save the trilateral pact. (NY Times)

Special Counsel Robert Mueller's team continued to ask witnesses questions about Michael Cohen's involvement in the Trump campaign weeks after a FBI raid on his residence and office, CNBC reported, citing sources.

The Wall Street Journal reported the DOJ is investigating whether a fugitive financier laundered millions and used the funds to pay a legal team that includes New Jersey Gov. Chris Christie and a lawyer who represents Trump.

Liberal mayor Andrew Gillum pulled off a stunning upset in the Democratic primary for Florida governor Tuesday. The Tallahassee mayor would be the state's first black governor if he wins in the November showdown. (Reuters)

Trump strengthens grip on the GOP as Ron DeSantis triumphs in Florida governor primary (CNBC)
Martha McSally, Kyrsten Sinema win Arizona's Senate primary races for retiring Flake's seat (USA Today)

Cindy McCain, the widow of Arizona Sen. John McCain, hasn't expressed any desire to serve out her late husband's term in Washington. But Politico reported she will wield immense influence over the selection of his replacement.

Funeral events for John McCain get underway today in Arizona (USA Today)

The political network funded by billionaire Charles Koch is unleashing a multimillion-dollar television and digital ad campaign against three Democrats running for the U.S. Senate in the 2018 congressional midterm elections. (CNBC)

CNBC has learned that J.P. Morgan Chase (JPM) poached a senior executive from Alphabet's Google (GOOGL) amid a war for talent among corporations seeking to create the next generation of artificial intelligence-powered services.

Alphabet's (GOOGL) price target was raised to $1,515 per share from $1,325 at Morgan Stanley, the highest price target among Wall Street firms that cover the Google parent's stock. Morgan Stanley points to a strong core business as well as potential earnings from the company's Waymo autonomous driving unit. (CNBC)

Yum China (YUMC) remains on watch, after rising Tuesday on reports it had rejected a $17.6 billion buyout offer from a consortium led by China-based investment firm Hillhouse Capital. (Reuters)

Elon Musk revived the controversy over comments he made about a British spelunker involved in the Thai cave rescue mission. In a tweet, Musk said it was "strange" that the cave diver had not sued him for calling Unsworth a "pedo guy." (CNBC)


Hewlett Packard Enterprise (HPE) reported adjusted quarterly profit of 44 cents per share, 7 cents above estimates, while the maker of servers and networking gear also saw revenue exceed forecasts. Separately, the company named former Sprint Chief Financial Officer Tarek Robbiati as its new CFO, effective September 17.

Box (BOX) lost 5 cents per share for its latest quarter, 1 cent less than Wall Street had anticipated, while the cloud storage provider's revenue exceeded estimates. However, its current quarter revenue outlook falls short of forecasts, and it also anticipates a bigger than expected loss.

Tilray (TLRY) reported a 17 cents per share loss for its second quarter, but the Canada-based cannabis producer did see revenue nearly double compared to a year ago. Tilray's quarterly report was its first since going public last month.

H&R Block (HRB) lost 72 cents per share for its fiscal first quarter, smaller than the 77 cent loss that Wall Street had anticipated. The tax preparation firm's revenue also exceeded forecasts. H&R Block makes most of its money during tax preparation season, which occurs during its fiscal fourth quarter.

Tailored Brands (TLRD) said it expected second quarter earnings to come in at an adjusted $1.05 to $1.07 per share, slightly better than expected. The parent of the Men's Wearhouse and Jos. A. Bank clothing chains also said Chief Executive Doug Ewert would retire on September 30, with the company planning to launch a search for a successor.


The heat at the U.S. open became so intense on Tuesday that officials allowed breaks for players to cool down their body temperature. The United States Tennis Association worried about the possibility of heat illness and set a policy. (USA Today)