Stocks should rally if the U.S. and China agree to new negotiations and a ceasefire in the trade war, but the economic impact of tariffs will continue.Market Insiderread more
Democrats want Mueller's testimony on his probe into Russian interference in the 2016 election and Trump's efforts to influence it.Politicsread more
The trade war between Beijing and Washington appears to have depressed Chinese property purchases in the United States. China's own actions may also be playing a role.Real Estateread more
More than 300 companies are talking to government officials in Washington about how detrimental the trade war is.Marketsread more
Powell stresses the central bank's independence in a speech that comes amid continuous pressure from the White House to cut interest rates.The Fedread more
The Senate is expected to pass its own version of the border aid legislation, while the Trump administration has threatened to veto both bills.Politicsread more
Markets in Asia fell on Wednesday morning after U.S. Federal Reserve Chairman Jerome Powell tempered expectations for a potential interest rate cut.Asia Marketsread more
In a text message, Grisham confirmed to CNBC that she will still be working for the first lady even as she takes on her new roles.Politicsread more
Acting Customs and Border Protection Commissioner John Sanders is resigning amid the furor over the Trump administration's treatment of migrant children.Politicsread more
NBC is taking the office back from Netflix as it seeks to bolster its own streaming service launching in 2020.Technologyread more
Wayfair employees plan to walk out tomorrow, after no action was taken in response to their opposition to the company supplying border detention camps with beds for children.Retailread more
Check out the companies making headlines after the bell:
Shares of Nordstrom tanked more than 9% in extended trading after the department store reported first-quarter results that missed on the top and bottom lines. Nordstrom reported earnings of 23 cents per share on revenue of $3.44 billion. Wall Street had expected earnings of 43 cents per share on revenue of $3.58 billion, according to Refinitiv consensus estimates.
Nordstrom also gave disappointing guidance, lowering its full-year earnings guidance to $3.25 per share from an earlier projection of $3.73 per share. The company now projects that its current fiscal year revenue will fall 2%, compared with a previously stated estimate that revenue would rise 3.3%.
Pure Storage stock plummeted more than 18% after the computer data storage company reported first-quarter results that disappointed investors. Pure Storage reported a loss of 11 cents per share and revenue of $327 million. Analysts surveyed by Refinitiv had expected a loss of 8 cents per share and revenue of $333 million. The company also gave revenue guidance for the current fiscal year that was slightly below estimates.
Shares of Lions Gate rose as much as 3% after CNBC reported that the company is still interested in selling Starz to CBS. Lions Gate rejected CBS's preliminary $5 billion offer to buy the channel, sources told CNBC.
Shares of Urban Outfitters dropped more than 5%, despite first-quarter earnings that beat expectations. The company reported earnings of 31 cents per share, 6 cents higher than expected, and revenue of $864 million, $10 million higher than expected. Urban Outfitters also reported a 1% rise in comparable sales, while analysts surveyed by FactSet had projected a 1.1% drop.
Toll Brothers stock seesawed after the home construction company reported better-than-expected second-quarter results. The stock rose as much as 2% and fell as much as 3% after the report. The company reported earnings of 87 cents per share and revenue of $1.71 billion, while analysts had projected earnings of 75 cents per share and revenue of $1.54 billion, according to Refinitiv consensus estimates.
Shares of PVH jumped more than 3% after the clothing company, which owns brands including Tommy Hilfiger and Calvin Klein, named Stefan Larsson as its president — a newly created position — effective June 3. The former CEO of Ralph Lauren will be in charge of managing the branded business and regions. He will report directly to Emanuel Chirico, PVH's chairman and CEO.