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What to watch today: Dow 27,000 and beyond, Trump bashes crypto, and Barry lashes Louisiana

BY THE NUMBERS

U.S. stock futures were pointing to a higher Wall Street open Friday after the Dow eclipsed and then closed above 27,000 for the first time ever. The S&P 500, after breaking above 3,000 this week during the trading day, closed fractionally below that level Thursday but still at record. The gains were largely driven by expectations of a Fed interest rate cut later this month, insulating the stock market from a slowing economy and a trade battle with China. (CNBC)

On today's economic calendar, investors get June data on producer prices at 8:30 a.m. ET, a day after the government's monthly snap-shot of consumer prices showed its biggest increase in nearly 18 months. The argument for a Fed rate cut centers largely on the fact that inflation remains persistently low and the Fed's stance on holding rates steady has failed to boost it. (CNBC)

IN THE NEWS TODAY

President Donald Trump said he's "not a fan" of cryptocurrencies, suggesting that Facebook (FB) may need a banking charter if the company wants to launch the digital token Libra. In a series of tweets, Trump said cryptocurrencies are not money and "Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity." (CNBC)

* Mark Cuban calls Facebook's Libra a 'big mistake, saying it 'could be dangerous' (CNBC)

Trump will no longer seek to include a citizenship question on the 2020 census, backing down from the high-profile legal battle in a rare concession of defeat. This comes two weeks after the Supreme Court effectively blocked the measure, and Trump followed by saying his administration would find a way. (CNBC)

Vice President Mike Pence is visiting a border patrol facility in Texas today, bringing along cameras to show its conditions. Pence has denied that the facilities are unsafe, but admitted it is "overwhelmed and overflowing." (USA Today)

* Senate Democrats are skipping Pence's border trip (The Hill)

The Turkish government said today it begun receiving a Russian missile system, a move that could potentially risk U.S. sanctions. Washington has already said Turkey's purchase of the defense system is not compatible with NATO's defense network. (Wall Street Journal)

Tropical Storm Barry's wind and rain were starting to lash Louisiana today as New Orleans and coastal communities braced for a drenching from what's expected to be the first hurricane of the season. A hurricane warning was in effect along the Louisiana coast, and forecasters said the storm could make landfall early tomorrow. (AP)

Singer R Kelly was arrested on federal sex charges in Chicago and New York, just five months after he was released on bail for additional sexual abuse charges in Illinois. Further details are expected to be announced later today. (NBC)

Samsung will reveal the Galaxy Note 10 smartphone on August 7. But fans don't need to wait until next month to see the phone for the first time; photos of the device have already been published by the FCC. The new high-end smartphone is losing its headphone jack and has a triple-lens camera. (CNBC)

STOCKS TO WATCH

Ford (F) and Volkswagen plan to announce today new joint ventures on autonomous and electric vehicles, two technologies considered critical to the future of the auto industry. The deal calls for "billions of dollars" in investments, sources told CNBC.

Budweiser Brewing Company APAC, the Asia-Pacific business of Anheuser-Busch (BUD), will not price its initial public offering by Friday as planned, two people with knowledge of the matter told Reuters. The Asia-Pacific unit has been set for a debut that's expected to be the largest IPO so far in 2019.

Boeing's (BA) 737 jet program manager Eric Lindblad is retiring after nearly a year on the job.The longtime executive's retirement comes as the company copes with the mid-March grounding of its 737 Max jets after two of them were involved in deadly crashes.

WATERCOOLER

Serena Williams has reached her 32nd career Grand Slam final. She faces Simona Halepat at Wimbledon on Saturday. The men's finalists will be decided later today, as Novak Djokovic faces Roberto Bautista Agust this morning and then Roger Federer and Rafael Nadal face off for the second spot. (USA Today)