Morning Brief

Dow futures higher | Snap shares pop | Trump talks with Twitter CEO

BY THE NUMBERS

Futures were mixed this morning. The S&P 500 on Tuesday set its first record close since September, while the Nasdaq posted its first record close since August. Roughly half of S&P stocks are still below where they were the last time the S&P set a record close. Ahead of Wednesday trading, the Dow was less than 1% away from its all-time high close from October. (CNBC)

* The Fed's key interest rate keeps climbing higher, and that could become a problem (CNBC)

Occidental Petroleum (OXY) bid $76 per share for Anadarko Petroleum(APC) today, higher than a previous offer for the company by Chevron (CVX), according to a copy of a news release viewed by CNBC.

Dow components Boeing (BA) and Caterpillar (CAT) lead this morning's parade of corporate earnings, along with AT&T (T) and Biogen (BIIB). Facebook (FB), Microsoft (MSFT), Visa (V), and Tesla (TSLA) highlight today's after-the-bell earnings. (CNBC)

AT&T posts a surprise gain in quarterly wireless phone subscribers (Reuters)

Snap (SNAP) shares were 5% higher in premarket trading after it posted a loss of 10 cents per share for its latest quarter, smaller than the 12 cent loss expected by Wall Street analysts. The Snapchat parent's revenue also came in above estimates. (CNBC)

iRobot (IRBT) shares were falling about 14% in the premarket after the Roomba vacuum maker saw revenue fall short of forecasts. However, the company did beat on quarterly earnings and did raise its full year profit forecast. (CNBC)

There is no government economic data on today's schedule, but the Mortgage Bankers Association issues its weekly look at mortgage applications at 7 a.m. ET. The Energy Department is out with its usual Wednesday look at oil and gasoline inventories at 10:30 a.m. ET. (CNBC)

* Mortgage applications fall as the highest rates in a month are spooking spring buyers (CNBC)

IN THE NEWS TODAY

The U.S. will send a high-level delegation to Beijing next week as trade negotiations with China continue, White House Press Secretary Sarah Huckabee Sanders said. Both sides have met several times in a bid to hammer out a deal to end their trade war. (CNBC)

* UK will reportedly allow Huawei to build out parts of its 5G networks (CNBC)
* Here's why China and India will remain on Iranian oil imports (CNBC)

President Donald Trump met with Twitter (TWTR) CEO Jack Dorsey at the White House. A Twitter spokesperson said topics included "protecting the health of the public conversation" and responding to the opioid epidemic. (CNBC)

House Speaker Nancy Pelosi will meet with Trump next week to talk about infrastructure. Pelosi has tried to keep the focus of her comments on issues rather than increasing calls for Trump's impeachment within the Democratic caucus. (CNBC)

* Mueller report splits 2020 Democrats and House leaders on impeachment (CNBC)

The Treasury Department declined to turn over Trump's tax returns by a Tuesday deadline set by a key House Democrat. The decision could escalate a battle over the documents and even prompt a court fight. (WSJ)

Kraft Heinz (KHC) is weighing the sale of its Ore-Ida frozen potato brand, maker of Tater Tots, according to people familiar with the situation who spoke to CNBC. Kraft Heinz has hired Evercore Partners to assist in the possible sale.

Kohl's (KSS) announced it will start accepting returns for items purchased on Amazon (AMZN) at all of its stores across the country, starting in July. This option is available at just 100 Kohl's stores today. (CNBC)

Rite Aid (RAD) announced plans to increase its minimum age for buying tobacco products to 21 from 18, matching a move made by rival Walgreens (WBA). CVS Health (CVS) stopped selling tobacco products in 2014. (CNBC)

* Tobacco company starts life insurance firm with discounts to smokers who quit (CNBC)

Tesla (TSLA) CEO Elon Musk sent a two-line email telling employees how great the automaker's self-driving showcase event Monday went, but the plan had a lot of holes. So-called Autonomy Day served to distract from Tesla's recent operational challenges. (CNBC)

Tesla upgrades Model S and Model X cars, brings back cheaper variants (Reuters)

STOCKS TO WATCH

CBS (CBS) suspended its search for a new Chief Executive Officer, instead extending the term of acting CEO Joe Ianniello through the end of the year. The move has reignited speculation that CBS and Viacom (VIAB) may once again explore a potential merger.

Texas Instruments (TXN) reported quarterly profit of $1.26 per share, 13 cents above estimates, with the chipmaker's revenue also coming in above Wall Street forecasts. However, the company did warn that a slowdown in microchip demand may last for a few more quarters.

STMicroelectronics (STM) cut its full year spending target, as demand for smartphone and other semiconductors shrinks.

EBay (EBAY) came in 4 cents above estimates with adjusted quarterly profit of 67 cents per share, with the online marketplace's revenue also above forecasts. EBay also raised its profit and revenue outlook for the full year, amid a rise in active buyers.

SAP (SAP) posted on operating loss for its latest quarter, largely from a restructuring charge. The German business software provider did set a goal of expanding operating margins by five percentage points by 2023.

PG&E (PCG) received court approval to pay workers up to $350 million in bonuses as incentives to help the California utility meet its safety goals.

Lululemon (LULU) CEO Calvin McDonald told the Wall Street Journal that the apparel maker has no plans to cut prices, despite the proliferation of copycat products hitting the marketplace.

Best Buy (BBY) was upgraded to "buy" from "hold" at Jefferies, which points to optimism regarding the electronics retailer's expansion of services.

WATERCOOLER

Disney's (DIS) "Avengers: Endgame" will play in more than 4,600 theaters in the U.S. and Canada on Thursday night, according to Comscore. The opening is prompting theaters to plan 24-hour screenings and doubling the popcorn. (WSJ)