The Dow is set to surge at the open ahead of Fed minutes, key jobs data
BY THE NUMBERS
U.S. stock futures were pointing to a sharply higher open on Wall Street this morning after Wednesday’s closure for the July 4th holiday. In Tuesday’s shortened session, losses were the first in four sessions for the Dow, S&P 500 and Nasdaq. (CNBC)
The Fed at 2 p.m. ET releases the minutes from its June meeting, at which it raised interest rates for the second time this year. Central bankers also signaled two more hikes in 2018. Post-meeting news conferences are set in September and December. (MarketWatch)
Ahead of tomorrow’s release of the government's June employment report, the ADP’s private-sector jobs report for last month is out at 8:15 a.m. ET, a day late due to the holiday. Weekly jobless claims from the Labor Department is out at 8:30 a.m. ET. (CNBC)
IN THE NEWS TODAY
President Donald Trump’s search for a Supreme Court justice to succeed Anthony Kennedy is focusing on a trio of federal judges, with a decision expected this week in anticipation of an announcement on Monday. (WSJ)
Axios reports Trump aides wouldn't be surprised if he jumped the gun
President Trump issued a new demand for the world's leading oil producing countries to stabilize oil markets with more supply, only days after the U.S. and Saudi Arabia discussed the possibility of the kingdom releasing more supply. (CNBC)
The U.S. is "opening fire" on the world with its threatened tariffs, China warned today, saying it will respond the instant American measures go into effect tomorrow. Beijing also said U.S. measures will hit global supply chains. (Reuters)
Goldman: Commodities are set to rise, trade war fears have been oversold (CNBC)
China’s ZTE replaces executives in rush to comply with U.S. mandate (WSJ)
Trump has an early opponent emerging for the 2020 presidential election. Stormy Daniels' lawyer Michael Avenatti tweeted he would run if there is no other candidate "that has a real chance of beating" Trump. (USA Today)
Trump hosts a Montana rally today aimed at drumming up support for GOP candidates (USA Today)
Russian President Vladimir Putin wished Trump a happy Independence Day ahead of their upcoming meeting in the Finnish capital of Helsinki. The two leaders are scheduled to meet on July 16 for only the third time. (Newsweek)
Britain's counter-terrorism chief said two people who were in critical condition in a hospital in Wiltshire were exposed to the Novichok nerve agent, the same toxin used in an attack on ex-Russian spy Sergei Skripal. (Reuters)
Brazilian police arrested the head of General Electric (GE) in Latin America as part of an investigation into a group of companies accused of siphoning off cash from public health contracts. (WSJ)
Boeing (BA) will take over the $4.75 billion commercial aircraft arm of Brazilian planemaker Embraer as part of a new company to be controlled by the U.S. firm. (Reuters)
Tesla (TSLA) allegedly skipped a standard brake test as it raced to meet a production deadline for its Model 3 sedan, according to industry newsletter The Harbour Report. Tesla said every car it builds goes through “rigorous quality checks,” including brake tests.
Elon Musk often blows up at critics, but when Consumer Reports complains, even Tesla's CEO listens (CNBC)
Singapore's competition watchdog today proposed fines on Uber and Grab and said they may have to unwind their merger because of "substantially lessened competition" in the market. Uber sold its Southeast Asia business to ride-hailing rival Grab in March. (CNBC)
Barnes & Noble (BKS) fired CEO Demos Parneros, citing violations of company policy. The book retailer was not specific, and said Parneros would not receive any severance pay. A group of company executives will run things while a CEO search is conducted. (CNBC)
STOCKS TO WATCH
Netflix (NFLX) premiered its first original series in India, a Hindi-language thriller set in Mumbai, “Sacred Games,” as it battles Amazon (AMZN) for more than one billion potential viewers in that country.
Liberty Global (LBTYA) is among several bidders for TV production company Endemol Shine, according to a Reuters report. Endemol is the producer of the long-running “Big Brother” reality show and other series.
WPP Group (WPP) warned ex-CEO Martin Sorrell that he could lose his $26.5 million exit package. Reuters reported that the threat came after Sorrell’s new ad venture sought to buy a business that WPP was also pursuing.
Goldman Sachs (GS) lost a British Supreme Court appeal seeking compensation from Portugal’s Novo Banco. The case involved an $835 billion loan to Novo Banco’s bankrupt predecessor.
Micron Technology (MU) was temporarily stopped by a Chinese court from selling a range of products in China, following accusations of patent infringement from two rival memory chip manufacturers.
WATERCOOLER
Typical alcohol content in beer is between 4 and 8 percent, but for $200 per bottle, Samuel Adams offers a deluxe beer that packs 28 percent alcohol content. That translates to 56 proof, the same as Amaretto. The brew is illegal in 15 states in the U.S. (CNBC)