BY THE NUMBERS
U.S. stock futures were climbing this morning after an influential Fed official hinted at more aggressive policy easing. Stocks had been falling this week until New York Fed President John Williams said the central bank needed to "act quickly." However, a spokesperson later said Williams was drawing from research, not hinting at what may happen at this month's meeting. The markets see a rate cut as a lock. (CNBC)
*Â Blackrock CEO Larry Fink sees US stocks moving higher even from near-record levels (CNBC)
*Â BlackRock's second-quarter profit misses estimates (Reuters)
At the end of this packed week of earnings, Dow stock American Express (AXP) reported a better-than-expected quarterly profit before the bell. On today's economic calendar, consumer sentiment data is out at 10 a.m. ET. (CNBC)
*Â Microsoft beats on earnings, stock moves higher (CNBC)
Boeing said it will take a $4.9 billion charge in the second quarter due to the worldwide grounding of its 737 Max planes after two fatal crashes that killed 346 people. The charge, which comes to $8.74 a share, is set to wipe out profits. (CNBC)
IN THE NEWS TODAY
President Donald Trump said he intends to nominate Eugene Scalia, the son of late Supreme Court justice Antonin Scalia, to be the next Labor secretary. If confirmed, Scalia would replace Alex Acosta, who is stepping down after criticism of how he handled a sex abuse case involving financier Jeffrey Epstein when he was a U.S. prosecutor in Florida. (Reuters)
Iran today denied Trump's assertion that the U.S. Navy has destroyed one of its drones, saying all of its unmanned planes were safe, but there was no sign of a major Gulf escalation despite fears both sides could blunder into war. This comes a day after Trump said a U.S. Navy ship had destroyed an Iranian drone in a "defensive action." (CNBC)
* What a failed Iran deal would mean for oil prices and military tensions (CNBC)
Taiwan's president is expected to transit in the U.S. today for the second time this month, when she returns from visiting diplomatic allies in the Caribbean — a move that will make China very angry. China has positioned itself against any official exchange between the two countries. (CNBC)
Democratic presidential contender Pete Buttigieg has hired a former Goldman Sachs vice president and Google executive to run his policy shop. Sonal Shah, now executive director of the Beeck Center for Social Impact and Innovation at Georgetown University, will be the campaign's national policy director. (CNBC)
The next round of presidential debates is taking place on July 30 and July 31. On the first night, ideologically aligned Sens. Bernie Sanders and Elizabeth Warren appear together. Former Vice President Joe Biden and Sen. Kamala Harris will face off again the second night, following the last debate that weakened Biden's outlook. (Washington Post)
The We Company, parent of shared office space manager WeWork, plans to host an analyst day for Wall Street banks on July 31, as the company steps up its preparations for an initial public offering, Reuters reported.
USA Today publisher Gannett (GCI) is close to a deal to combine with GateHouse Media, a move the Wall Street Journal reports would join the nation's two largest newspapers. Local papers have suffered a decline in circulation compared to national outlets and have lost their online-advertising business to tech giants.
Ascena Retail Group (ASNA) said the winding down of its Dressbarn business is on target, as it released the locations of 53 stores slated to shut by the end of August. The announcement came amid chatter the business would be forced to file for bankruptcy to break leases. (CNBC)
The Environmental Protection Agency will not ban a widely used pesticide that has been linked to serious health problems in children, including damaging brain development. It's a victory for the chemical industry and farmers who lobbied for chlorpyrifos. (NY Times)
* Bayer welcomes judge's call for reduced damages in $2 billion glyphosate case (Reuters)
STOCKS TO WATCH
Crowdstrike rose about 18% following the release of its first earnings since its IPO. The cybersecurity company reported a loss per share of 47 cents in line with the 47 cents estimated, and revenues of $96.1 million versus $95.6 million estimated, according to Refinitiv.
Skechers climbed about 13% after the shoemaker's second-quarter earnings surpassed Wall Street's expectations. Skechers reported earnings per share of 49 cents on revenues of $1.26 billion. Analysts polled by Refinitiv had expected earnings per share of 34 cents on revenues of $1.22 billion.
Shares of Chewy were higher after the pet food and supplies company released its first earnings report since its IPO. Chewy said it made $1.1 billion in sales in its first quarter, recording a net loss of $29.6 million, which is in line with the guidance it set forth in its prospectus for its IPO earlier this year.
Carl Icahn has formally filed a proxy statement seeking to replace four board members at Occidental Petroleum (OXY). The activist investor alleges the company's board mismanaged its $38 billion, Warren Buffett-backed deal to buy Anadarko (APC). Icahn has a nearly 5% stake in Occidental.
WATERCOOLER
If the first round was any indication, it's going to be a rough weekend at Royal Portrush for the British Open. Golfers will attempt to rebound from Thursday's scattershot opening round. (USA Today)
Disney's (DIS) "Lion King" reboot is finally in theaters across America. Deadline reported that the reboot brought in an estimated $22 million to $25 million off yesterday's showtimes alone