CNBC
Nasdaq futures were under pressure this morning after Netflix subscriber numbers missed forecasts and Amazon suffered through website outages during its annual Prime Day. Dow and S&P 500 futures were modestly lower. (CNBC)
Netflix (NFLX) stock was 10 percent lower premarket after its membership growth numbers came in below analyst forecasts. It did report quarterly profit of 85 cents per share, beating the consensus estimate of 79 cents, but revenue was below Street forecasts. (CNBC)
Amazon.com (AMZN) suffered through website glitches Monday as its annual Prime Day got underway. Amazon said many of the glitches had been solved as the day progressed, with the promotion set to continue until 3 a.m. ET tomorrow morning. (CNBC)
Fed Chairman Jerome Powell will no doubt get plenty of Wall Street attention today, as he presents his semi-annual monetary policy report to the Senate Banking Committee at 10 a.m. ET. He’ll repeat his testimony tomorrow before the House Financial Services Committee. (CNBC)
Economic numbers today include June industrial production figures (9:15 a.m. ET) and the monthly sentiment survey from the National Association of Home Builders (10 a.m. ET). (CNBC)
Three Dow components – Johnson & Johnson (JNJ), Goldman Sachs (GS), and UnitedHealth (UNH) report quarterly earnings this morning. After-the-bell reports this afternoon include the latest quarterly numbers from CSX (CSX) and United Continental (UAL). (CNBC)
• Johnson & Johnson tops earnings, revenue estimates (CNBC)
• UnitedHealth quarterly profit rises 28% (CNBC)
IN THE NEWS TODAY
The EU and Japan signed a trade deal that promises to eliminate 99 percent of tariffs that cost businesses in the EU and Japan nearly $1.17 billion annually. They see the signing of the deal as a signal against Trump's protectionist trade policies. (USA Today)
Investment in the global energy sector totaled $1.8 trillion in 2017, marking a 2 percent drop from the previous year after adjusting for inflation. A sharp drop in spending on power plants offset a moderate increase in money flowing into the electric grid. (CNBC)
General Electric (GE) is working to determine the best way to proceed with GE Capital, the lending unit that nearly sank the company in the financial crisis. The company could face more questions when the company reports earnings later this week. (WSJ)
Walmart (WMT) struck a five-year agreement with Microsoft (MSFT) for expanded use of Microsoft’s cloud and artificial intelligence technology. The retailer said the goal is to make shopping faster and easier for its customers. (CNBC)
STOCKS TO WATCH
IBM (IBM) is accusing daily deals provider Groupon (GRPN) of using its patented technology without permission, and is asking a jury to award it $167 million. Groupon is accused of breaching e-commerce technology that IBM has licensed to companies, but the company said IBM is overestimating the reach of its patents.
Plains All American (PAA) was rejected in its bid for an exclusion to the Trump administration’s tariff on imported steel. The pipeline operator’s request was denied after the Commerce Department said suitable product was available from domestic producers.
KKR (KKR) is buying digital audiobook producer RBmedia for an undisclosed amount, noting that spending on audiobooks will be up about 20 percent this year to $900 million.
International Game Technology’s (IGT) sports betting platform will be used by FanDuel Group, initially being rolled out at the Meadowlands Racetrack in East Rutherford, NJ.
Redfin (RDFN) shares are lower after the residential real estate brokerage announced a 3.5 million secondary common stock offering, as well as a $125 million convertible note offering.
CONTRIBUTORS
Berkeley Lovelace Jr.
News Associate
Peter Schacknow
Senior Producer
