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What to watch today: Stocks under pressure, China tariffs, and Trump's son subpoenaed

BY THE NUMBERS

The Dow opened lower this morning, as both President Donald Trump and China ramp up the rhetoric in their trade dispute, ahead of resumed talks in Washington today. The Dow eked out a small gain Wednesday, but it's still off more than 2% this week. (CNBC)

* Cramer: Markets could roar after we get past Friday's China tariff and Uber IPO gauntlet (CNBC)

Trump fueled market concerns late Wednesday, saying at a rally in Florida that China "broke the deal." Trade negotiations get underway today, facing a 12:01 a.m. ET Friday deadline for the U.S. to increase China import tariffs from 10% to 25%. (CNBC)

* China says it's prepared to respond to all kinds of outcomes on US trade talks (CNBC)

Dow stock Walt Disney (DIS) was higher this morning after reporting fiscal second-quarter earnings and revenue that beat estimates. Disney got a boost from its recently concluded $71 billion purchase of assets from 21st Century Fox. (CNBC)

Stamps.com (STMP) shares were losing about 50% after the online postage seller lowered its full-year guidance on cancellations and renegotiations of various contracts between the U.S. Postal Service and certain re-sellers. (CNBC)

Chevron walks away from Anadarko Petroleum deal, will collect $1 billion breakup fee (CNBC)

IN THE NEWS TODAY

North Korea fired unidentified projectiles today, according to the South Korean military. It's the third such launch by Pyongyang since talks collapsed between President Trump and North Korea leader Kim Jong Un in February. (Reuters)

* Iran's uranium enrichment threat sets up a 'severe escalation path' (CNBC)
* 'We reject any ultimatums': Europe responds firmly to Iran's nuclear deal threat (CNBC)

The GOP-led Senate Intelligence Committee has subpoenaed the president's eldest son, Donald Trump Jr., to answer questions about his claim to have just limited knowledge of an ultimately aborted plan to build a Trump Tower in Moscow. (NBC News)

Uber is aiming to price its IPO at the midpoint of its target range or below, a source told CNBC. Uber set a price range of $44 to $50 per share for its initial public offering in an updated filing last month. Uber is set to begin trading on Friday. (CNBC)

Edgewell Personal Care (EPC), owner of Schick and Wilkinson razors, announced today plans to buy U.S.-based shaving startup Harry's for $1.37 billion, in a cash-and-stock deal. Three years ago, Unilever (UL) purchased Dollar Shave Club for $1 billion. (Reuters)

Novartis (NVS) is buying the dry eye drug of Japan's Takeda Pharmaceutical for $3.4 billion, plus potential milestone payments of up to $1.9 billion. Takeda is selling $10 billion in assets to cut debt taken on in its acquisition of Britain's Shire earlier this year. (Reuters)

Use of prescription opioids such as OxyContin or Vicodin fell at a record rate last year as the U.S. government continues to crackdown on the pharmacists and drugmakers that dispense the sometimes lethal painkillers, according to a new report. (CNBC)

* Denver becomes the first US city to decriminalize 'magic mushrooms' (AP)

Pope Francis issued a groundbreaking law today, requiring all Catholic priests and nuns around the world to report clergy sexual abuse and cover-up by their superiors to church authorities, in an unprecedented new effort to hold the Catholic hierarchy accountable. (AP)

A coalition of 19 consumer and privacy groups plans to file a complaint, alleging that Amazon's Echo Dot Kids Edition is illegally collecting voice recordings and other identifying information on users under 13 and that the system's parental controls are flawed. (Washington Post)

Chris Hughes, co-founder of Facebook (FB), is calling for the government to break up the tech giant in an op-ed published in The New York Times this morning. "The Facebook that exists today is not the Facebook that we founded in 2004," wrote Hughes.

Americans are not ready to buy electric vehicles and do not think their neighbors are either, according to a new study by AAA. That said, as many as 40 million Americans said they would at least consider a battery-electric vehicle for their next vehicle. (CNBC)

STOCKS TO WATCH

Tapestry (TPR), the company formerly known as Coach reported adjusted quarterly profit of 42 cents per share, 1-cent above estimates, with revenue essentially in line. Comparable store sales were up 1.0%, beat the 0.9 percent consensus forecast.

Fox Corporation (FOXA) beat estimates by 9 cents with adjusted quarterly profit of 76 cents per share. Revenue also beat Wall Street forecasts in Fox's first report as a stand-alone company, helped by growth in its cable and broadcast T.V. businesses.

Etsy (ETSY) earned 24 cents per share for the first quarter, 10 cents above estimates. However, the online crafts marketplace saw revenue miss. Gross merchandise sales matched expectations. Etsy also paused some marketing investments during the quarter.

Roku (ROKU) lost an adjusted 9 cents per share for the first quarter, smaller than the 25 cent loss that Wall Street was expecting. The maker of streaming video devices saw revenue beat estimates. Roku also gave an upbeat current quarter forecast.

Fossil Group (FOSL) posted an adjusted quarterly loss of 42 cents per share, less than the 64 cent loss that analysts had been forecasting. The watchmaker's revenue beat estimates on stronger sales in China and India, among other factors.

SVMK (SVMK) posted an adjusted loss of 2 cents per share for the first quarter, compared to estimates of a 3 cents per share loss. The parent of SurveyMonkey posted better-than-expected revenue. SVMK also saw average revenue per user increase.

WATERCOOLER

The James Beard Foundation's annual awards, considered the "Oscars of the food world," named its Outstanding Restaurant for 2019, and it's not in foodie meccas New York City or Los Angeles. Zahav, which serves modern Israeli cuisine, is in Philadelphia. (CNBC)