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Morning Brief

What to watch today: Best June for Dow since 1938, Trump jabs at Putin, and Apple's key departure

BY THE NUMBERS

U.S. stock futures were pointing higher on hopes for progress between the U.S. and China on trade at the G-20 summit in Japan. That could reverse some recent negative momentum which has put stocks on track for their first losing week of June, which has otherwise been an upbeat month. (CNBC)

The Dow and S&P 500 are having their best month since January. The Dow is having its best June performance since 1938. The S&P 500, seeing its largest June gain since 1955, is set to conclude its best first half of a year since 1998. (CNBC)

On today's U.S. economic calendar, the government is out with personal income and spending for May at 8:30 a.m. ET. The Chicago purchasing managers index is out at 9:45 a.m. ET. The University of Michigan issues its final June consumer sentiment index at 10 a.m. (CNBC)

Constellation Brands (STZ) is out with quarterly earnings this morning, while there are no reports scheduled after today's closing bell. Last night, Dow stock Nike (NKE) reported quarterly earnings that fell short of estimates. Revenue was better than expected. Nike said the China trade war has not yet impacted its business there. (CNBC)

IN THE NEWS TODAY

President Donald Trump and President Xi Jinping are poised to write the latest chapter in their globe-shaking trade war when they meet tomorrow morning in Japan. Trade will be at the top of the agenda for both leaders as the nations remain locked in a tariff battle, along with the Trump administration's Huawei restrictions. (CNBC)

Trump told Russian President Vladimir Putin today not to meddle in the 2020 election, appearing to make light of a scandal. It was the first time the two leaders have had a formal face-to-face meeting since a controversial high-profile summit in Helsinki last July. (CNBC & Reuters)

* Russia's Vladimir Putin says liberalism has 'outlived its purpose' (CNBC)

The first round of presidential primary Democratic debate is complete, and post-debate polls and pundits showed a few clear winners and losers of the two nights of debates in Miami. Among those winning favor were Kamala Harris, Julian Castro and Cory Booker. Beto O'Rourke and Joe Biden, the frontrunner, were seen as losers. (CNBC)

The most personal attack of last night's Democratic debate was aimed not at Trump, but at former Vice President Biden. Harris called out Biden on the issue of race, saying the way he recently described his past working relationship with two segregationist lawmakers was "hurtful." (CNBC)

* Biden urges building on Obamacare instead of adopting Bernie Sanders' 'Medicare for All' (CNBC)
* 'Racist,' 'liar,' 'horrible': Second Democratic debate kicks off with early attacks on Trump (CNBC)
* Beto O'Rourke huddles with donors to discuss debate and ways to improve in the next round (CNBC)

The House approved the Senate's $4.6 billion emergency border aid bill, following pressure from centrist members to take up the plan. It heads to Trump's desk amid furor about the treatment of migrant children at U.S. detention facilities. (CNBC)

The Senate began voting today on a war-authorization measure that would block President Donald Trump from launching a military strike against Iran unless he gets explicit congressional approval. (USA Today)

Jony Ive, Apple's chief design officer, is leaving the company to start his own design business. Ive is considered one of the most important people at Apple (AAPL), responsible for the industrial design and the look and feel of all major Apple products, including the iPhone and the Mac. Apple will be a client of Ive's. (CNBC)

* Here are some of the most iconic Apple products designed by Jony Ive (CNBC)

Boeing (BA) is attempting to have all 737 Max-related fixes done by September, according to sources who spoke to CNBC. That includes a fix for a newly-discovered software issue revealed by the company Wednesday.

United Continental (UAL) is changing its name to United Airlines Holdings, effective today. The new name drops all reference to Continental Airlines, one half of the 2010 merger that created the current company. For a time after the merger, the company operated flights under both United and Continental names. (AP)

Madame Tussauds owner Merlin Entertainments (MERL) said today it had agreed to be acquired by the investment vehicle of Lego's founding family and private equity firm Blackstone (BX) in a deal valuing the company and its debt at nearly $7.6 billion. (Reuters)

Luxury online reseller the RealReal (REAL) priced its initial public offering at $20 per share last night, above the expected range. Trading is set to begin this morning. On Thursday, shares of experimental health-care company Adaptive Biotechnologies (ADPT) doubled in their trading debut, and they were higher in the premarket. (NY Times & CNBC)

STOCKS TO WATCH

Bank of America (BAC), Citigroup (C), JPMorgan Chase (JPM), Wells Fargo (WFC) and other banks could get a boost today after passing the Fed's latest stress tests with no objections to capital distribution plans.

In turn, Goldman Sachs (GS) boosted its quarterly dividend by nearly 50% to $1.25 a share, from 85 cents a share, and authorized a $7 billion stock repurchase program, up from $5 billion a year ago.

J.P. Morgan Chase (JPM) is boosting its dividend to 90 cents a share from 80 cents a share. The bank can also repurchase up to $29.4 billion in stock under a new program, compared to $20.7 billion last year.

Bank of America increased its dividend to 18 cents a share from 15 cents and can repurchase up to $30.9 billion in stock. Wells Fargo raised its dividend to 51 cents a share from 45 cents and can buy back $23.1 billion in shares.

Citigroup boosted its dividend to 51 cents a share from 45 cents and can repurchase $21.5 billion in stock. Morgan Stanley hiked its dividend to 35 cents a share from 30 cents and can buy back $6 billion in stock.

Credit Suisse (CS) got a "conditional non-objection" to its capital plan, a middle ground between pass and fail based on certain weaknesses. Germany's Deutsche Bank (DB) passed the Fed's tests.

WATERCOOLER

Tonight's World Cup quarterfinal between the top-ranked U.S. women and host France has been sold out for weeks. Tickets on the resale market ranged from $182, that's for a seat in the rafters, to $2,160 on Thursday. (USA Today)

If you're a Taco Bell super fan looking to stay at the Mexican fast food chain's limited-time hotel, you're already too late. All available rooms were snatched up just two minutes into taking reservations. And with that, the Yum Brands (YUM) unit proved once again how much its customers love Taco Bell. (CNBC)