CNBC U.S. stock futures were under some pressure this morning as investors contend with two developing stories: the Barcelona terror attacks and the political fallout swirling around President Donald Trump. Equity markets in Europe and Japan were also lower today. (CNBC)
The markets are concerned that the Trump turmoil will scare away his best advisors, with National Economic Council Director Gary Cohn at the top of the list. But the White House said any reports that Cohn may resign are "100 percent false." (CNBC)
The Dow and S&P 500 were coming off their biggest one-day drop in three months. Both measures were tracking for their second straight weekly drop. But ahead of Friday trading, the Dow and S&P 500 were each down less than a half of a percent. (CNBC)
* The University of Michigan's mid-August consumer sentiment index is out at 10 a.m. ET (CNBC)
Foot Locker (FL) was plunging about 18 percent in the premarket after quarterly earnings missed estimates by 28 cents. Revenue and same-store sales were also worse than expected. Shares Nike (NKE) and Under Armour (UAA), which sell in Foot Locker stores, were also down. (CNBC)
Gap (GPS) was jumping about 5 percent in the premarket after quarterly earnings, revenue, and same-store sales beat estimates. The company behind the Gap, Old Navy, and Banana Republic brands raised its full-year forecast. (CNBC)
Shares of Ross Stores (ROST) were soaring about 10 percent in premarket trading after the discount retailer beat forecasts with quarterly earnings, revenue, and same-store sales. Ross Stores predicted full-year earnings up 12 to 14 percent. (MarketWatch)
IN THE NEWS TODAY
Shortly after condemning the Barcelona attacks as terrorism, President Trump promoted a graphic, unfounded story about U.S. General John Pershing executing Muslim insurgents in the Philippines in the early 20th century. (Washington Post)
Infosys (INFY) CEO Vishal Sikka has resigned, pointing to a series of disruptions for the India-based IT services company. Chief Operating Officer U.B. Pravin Rao will serve as interim CEO until a permanent chief executive is named. (Reuters)
* India threatens Philip Morris with 'punitive action' over alleged violations (Reuters)
Apple (AAPL) has scoped out an idea for Bluetooth sensors that help cars communicate with each other, according to an updated patent. The sensors would scan the surroundings and update driver dashboard displays to reflect obstacles. (CNBC)
STOCKS TO WATCH
Applied Materials (AMAT) came in 2 cents above estimates with adjusted quarterly profit of 86 cents per share. Revenue also beat. The maker of semiconductor manufacturing equipment also gave strong current quarter guidance.
Becton Dickinson's (BDX) blood collection tubes were not linked to inaccurate results in tests for lead conducted by Magellan Diagnostics, according to the FDA. Magellan markets the only FDA-approved lead-testing products in the U.S.
Calpine (CPN) agreed to be bought by private equity firm Energy Capital Partners for $15.25 per share in cash, or about $5.6 billion
AT&T's (T) deal to buy Time Warner (TWX) for $85 billion is near the final stages of its government review, according to the Wall Street Journal. The paper said AT&T lawyers are now discussing merger conditions with the Justice Department.
CONTRIBUTORS
Matthew J. Belvedere
Peter Schacknow
Tom DiChristopher
