CNBC
U.S. stock futures were higher this morning, indicating added gains at the Wall Street open. The Dow stands less than 42 points away from its October record close. The S&P 500 closed Tuesday at another record. The Nasdaq rally puts it less than 1% away from its May all-time high close. (CNBC)
* Cramer: Tech stocks are overvalued, but 'it's not like we've gone crazy' (CNBC)
Ahead of the Fourth of July holiday, the stock market closes at 1 p.m. ET today. "Morning Squawk" will be back Friday when the government is out with its June employment report. ADP issues its private payrolls data for June at 8:15 a.m ET. (CNBC)
* 10-year Treasury yield drops to lowest level since 2016, dipping further below 2% (CNBC)
Today's economic calendar also includes the government's international trade figures for May at 8:30 a.m. ET. The ISM's nonmanufacturing index June and the government's May factory orders are both released 10 a.m. ET. There are no major companies reporting earnings today.
* Weekly mortgage applications stall as rates take a respite (CNBC)
Shares of Tesla were up about 7% in premarket trading after the electric auto maker said it shattered its previous production and delivery records during the second quarter, soundly beating estimates. Tesla also hinted at a strong third quarter, saying it's entering the period with a backlog of orders. (CNBC)
IN THE NEWS TODAY
President Donald Trump announced two new Fed picks, including Judy Shelton, an economic adviser to the president during his 2016 campaign. Shelton's unorthodox monetary beliefs, such as supporting a return to the gold standard, will likely draw questions from lawmakers. (CNBC)
Trump has touted his meeting with Chinese President Xi Jinping at the weekend as "far better than expected," but several trade and investment experts said Beijing appears to have gained the upper hand. They pointed to concessions Trump made to China, including relief for Huawei while the two nations start talking again about a trade deal. (CNBC)
Lee Iacocca, who transformed the auto industry during a career that included saving Chrysler and launching the Ford Mustang, died Tuesday at the age of 94. He also engineered the purchase of struggling American Motors which brought the Jeep brand under the Chrysler umbrella. He also introduced the Chrysler minivan. (CNBC)
STOCKS TO WATCH
Shares of Symantec (SYMC) were surging about 20% in premarket trading after Bloomberg reported that chipmaker Broadcom (AVGO) is in advanced talks to acquire the struggling security software vendor.
For this year's Prime Day, Amazon (AMZN) is charging "additional funding" to certain grocery brands if sales of their promotional products result in a loss for the e-commerce giant.
Canadian cannabis producer Canopy Growth (CGC) said Bruce Linton will step down as co-chief executive officer, effective immediately. Mark Zekulin, who has been co-CEO with Linton, will help the board search for a new leader.
CONTRIBUTORS
Jessica Bursztynsky
@jbursz
Matthew J. Belvedere
@Matt_Belvedere
