CNBC
Compiled by
Matthew J. Belvedere and Peter Schacknow
IN THE NEWS TODAY
U.S. stock futures were sharply higher this morning, after the Dow, S&P 500, and Nasdaq logged their first five-day losing streaks in more than six months Monday, on concern about the rout in Chinese stocks. (CNBC)
Chinese stocks remained volatile today, following an initial stampede out of the market. Despite a fresh commitment by Beijing to try to put a floor under the selling, investor sentiment remained shaky. (CNBC)
Chinese search giant Baidu (BIDU) plummeted in premarket trading, after forecasting revenue below estimates. But the company did beat expectations on second-quarter earnings and revenue. (Reuters)
The 144 Chinese companies with primary stock listings in the U.S., including Alibaba (BABA) and JD.com (JD), have erased nearly $40 billion in paper wealth since the Shanghai composite peaked in mid-June. (USA Today)
As Fed policymakers meet today and tomorrow, China's stock market selloff is unlikely to slow the central banks's path to interest rate hikes unless it creates an economic slowdown or deflationary spiral that slams the global economy. (CNBC)
While expectations for the first Fed rate hike leans towards September, according to the new CNBC Fed survey, a growing number of market watchers suggest that two increases might be in the cards.
The pace of earnings reports picks up once again, with Dow components DuPont (DD), Merck (MRK), and Pfizer (PFE) leading the way this morning, along with automaker Ford (F). Twitter (TWTR) comes after the bell. (CNBC)
BP (BP) announced a second-quarter replacement cost loss of $6.3 billion, including a massive charge related to the Gulf oil spill. The company also warned that low oil prices are here to stay. (CNBC)
Veteran Procter & Gamble (PG) executive David Taylor this week is expected to be named CEO to replace A.G. Lafley, who's seen as staying on as chairman to help with the transition. (WSJ)
General Motors (GM) is investing $5 billion in new vehicles targeting many of the world's fastest-growing emerging auto markets. The new models range in size from a compact to a small crossover. (CNBC)
San Francisco-based Stripe has raised new funding from investors including Visa (V), American Express (AXP), and Sequoia Capital, valuing the digital payments startup at $5 billion. (NY Times)
A year after comparing New York's LaGuardia Airport to "some Third World Country," Vice President Joe Biden helped unveil an ambitious plan to rebuild its collection of aging terminals. (USA Today)
BY THE NUMBERS
As the Fed opens its two-day meeting, investors get a look at the latest data on home prices at 9 a.m. ET. The monthly Case-Shiller report is expected to show a 5.7 percent year-over-year increase in May compared to a 4.9 percent jump in April.
The Conference Board is out with its July consumer confidence index at 10 a.m. ET, with forecasts calling for a reading of exactly 100.0, down from 101.4 last month.
A new study found American millionaires plan to spend an average of $13,429 on leisure travel, taking six vacations this year. Not surprisingly, one in five prefers five-star hotels.
STOCKS TO WATCH
New Jersey-based Honeywell (HON) is buying the utility meter business of Britain's Melrose Industries for about $5.1 billion. Melrose shares surged in London trading.
Delta (DAL) has agreed to buy 3.55 percent of China Eastern Airlines, a move that would make it the first U.S. carrier to own part of a Chinese airline. The deal may prompt rivals to beef up partnerships with Chinese carriers.
Toyota (TM) was outsold by Volkswagen in the first half of the year, with VW selling 5.04 million vehicles and Toyota coming in at 5.02 million. Toyota has sold the most cars on an annual basis for the past three years.
Caterpillar (CAT) announced plans to build its own line of dump trucks at a Texas plant, ending an outsourcing deal with Navistar (NAV), which has been building those trucks for Caterpillar.
Constellation Brands (STZ) is planning to raise beer prices by 3 percent later this year, according to an industry publication, which said hikes were more often initiated by Anheuser-Busch Inbev (BUD).
Nike (NKE) is offering partial refunds to customers who bought its FuelBand fitness tracker over the past three years. A lawsuit had charged that the product was not accurately tracking steps or calories.
