Markets are back in sync ahead of Friday's session
BY THE NUMBERS
Futures were higher this morning after an unusual session which saw the Dow chalk up a triple-gain while the Nasdaq was falling just over 1 percent. The Nasdaq was primarily impacted by Facebook's tumble, but it is still on track for a positive week. (CNBC)
* Facebook's $100 billion-plus rout is the biggest loss in stock market history (CNBC)
Investors will get their first look at second-quarter GDP this morning at 8:30 a.m. ET, with consensus forecasts calling for a 4.4 percent annual growth rate. At 10 a.m. ET, the University of Michigan will issue its final July consumer sentiment index, expected to rise to 97.3 from the mid-month reading of 97.1. (CNBC)
* Trump says he will be happy with a GDP number with a '4' in front of it (CNBC)
Twitter (TWTR), Exxon Mobil (XOM), Merck (MRK) and Chevron (CVX) are this morning's earnings headliners, with Colgate-Palmolive (CL), Goodyear Tire (GT), Moody's (MCO), Phillips 66 (PSX), and Synchrony Financial (SYF) also scheduled to report. There are no earnings scheduled after today's closing bell. (CNBC)
Amazon (AMZN) shares were 4 percent higher in premarket after it reported quarterly profit of $5.07 per share, more than double the $2.50 consensus estimate, although revenue did come in below Street forecasts. Profit topped $2 billion for the first time as Amazon sees increasing benefits from its cloud and advertising businesses. (CNBC)
IN THE NEWS TODAY
The Trump administration is trying to ease Republican worries about trade fights, touting its truce with Europe to nervous lawmakers as evidence that its trade policies are starting to show results. Republicans have pushed the administration to accelerate efforts. (WSJ)
President Donald Trump's former attorney, Michael Cohen, asserted that Trump knew in advance about a 2016 meeting between his campaign staff and Russians who claimed to have compromising information on Hillary Clinton, according to NBC News, citing a source.
* Mueller looking at Trump tweets in obstruction investigation (NY Times)
The U.S. Senate quietly passed legislation yesterday that would lower trade barriers on hundreds of items made in China. The White House has not publicly taken a position on the so-called miscellaneous tariff bill. (Reuters)
Trump thanked Kim Jong Un after North Korea transferred 55 small, flag-draped cases carrying the suspected remains of U.S. soldiers killed in the Korean War. It was a first step in implementing an agreement reached in a summit in June. (Reuters)
The U.S. government said more than 1,800 children five years and older had been reunited with parents or sponsors after their separations at the U.S.-Mexico border. But about 700 more remain separated, including 431 whose parents were deported. (AP)
* Where the 2,600+ separated migrant children are now (Axios)
Fire department officials said one person, a bulldozer operator, was killed in a rapidly moving wildfire that sent residents fleeing from a northern California city today as flames burned homes and businesses and knocked out power. (Reuters)
Papa John's (PZZA) founder and former CEO John Schnatter is suing the company for not producing documents related to his recent ouster. Schnatter also told Reuters in an interview that new CEO Steve Ritchie is not the right person to lead Papa John's. (CNBC)
The Securities and Exchange Commission rejected a second attempt by Cameron and Tyler Winklevoss, founders of crypto exchange Gemini, to list shares of what would be the first-ever bitcoin ETF. The price of bitcoin dipped following the news. (CNBC)
STOCKS TO WATCH
Starbucks (SBUX) earned an adjusted 62 cents per share for its latest quarter, one cent above estimates, with the coffee chain's revenue also topping forecasts. Starbucks did lower its full-year comparable store growth forecast slightly.
Boston Beer (SAM) fell well short of consensus with quarterly earnings of $1.98 per share. Analysts had been forecasting profit of $2.81 per share, although the beer brewer's revenue was slightly above Street forecasts. Boston Beer also gave a lower than expected full-year forecast on rising expenses.
Chipotle Mexican Grill (CMG) came in seven cents above estimates with adjusted quarterly profit of $2.87 per share, with the restaurant chain's revenue above forecasts as well. Comparable restaurant sales were up 3.3 percent, beating the consensus estimate of a 2.7 percent gain, and Chipotle also raised its comparable sales forecast for the remainder of the year. Chipotle is benefiting from both more locations and higher menu prices.
Expedia (EXPE) reported adjusted quarterly profit of $1.38 per share, well above the 89 cent consensus estimate, as gross bookings rose by 13 percent. The travel website operator's revenue was in line with estimates.
Electronic Arts (EA) earned an adjusted 13 cents per share for its latest quarter, compared to the six cent consensus estimate, and the video game publisher's revenue topped Street forecasts as well. However, the company also gave lower than expected full-year guidance.
Amgen (AMGN) beat Street estimates by 29 cents with adjusted quarterly profit of $3.83 per share, while the biotech giant's revenue was also above consensus. Amgen also raised its full-year guidance, as newer drugs continue to see sales growth.
WATERCOOLER
At nearly two hours long, this week's lunar eclipse, which will begin tonight into tomorrow morning, will be the longest of the century. The bad news: North America is the only continent on Earth where it won't be visible. (USA Today)