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Wall Street was under pressure, especially Nasdaq futures, which were feeling the roughly 3 percent drop in Amazon (AMZN) on an earnings miss. On Thursday, the Nasdaq saw a big downside reversal. The S&P 500 was slightly lower, but the Dow hit another record high. (CNBC)
Dow components Exxon Mobil (XOM), Chevron (CVX), and Merck (MRK) lead this morning's earnings list. American Airlines (AAL) and Baker Hughes (BHGE) are also out with quarterly results. There are no major companies set to issue earnings after the bell. (CNBC)
The first reading of second quarter GDP is out at 8:30 a.m. ET, with forecasts calling for a 2.7 percent annual growth rate following a 1.4 percent advance for the first quarter. The University of Michigan's final July consumer sentiment index is released at 10 a.m. ET. (CNBC)
With two trading days left in July, the Dow and S&P 500 were both tracking 2 percent gains and their best months since February. The Nasdaq's July advance so far was nearly double that and the index was poised for its best month since January. (CNBC)
Starbucks (SBUX) shares were about 6 percent lower in premarket trading after the coffee giant matched forecasts with fiscal third-quarter earnings but fell short on revenue. Starbucks also issued a cautious outlook and said it would shut down all 379 of its Teavana stores. (CNBC)
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Anthony Scaramucci, the new White House communications director, unleashed a profanity-filled tirade against White House chief of staff Reince Priebus and chief strategist Steve Bannon in an interview with the New Yorker.
Meg Whitman dismissed speculation she may become CEO of Uber, a role co-founder of the ride-hailing service Travis Kalanick vacated last month under pressure. Whitman, currently chief executive of Hewlett Packard Enterprise (HPE), said she does not plan to move. (CNBC) * Uber Approaches outgoing GE CEO Jeff Immelt (WSJ)
Tesla's Elon Musk is set to take the stage tonight at an event to showcase the first deliveries of the Model 3 sedan that he hopes will help transform his niche electric automaker into a more mass-market force. (WSJ)
The National Highway Traffic Safety Administration is expanding an investigation into 1.33 million Ford Explorer SUVs over reports of exhaust odors inside the vehicles and exposure to carbon monoxide that may be linked to crashes and injuries. (Reuters) * EPA approves long-awaited fix for VW diesel cars (USA Today)
Wells Fargo (WFC) will reimburse about $80 million to 570,000 customers who were wrongly charged for car loan insurance. It's another black eye for the bank, which has been working to restore its reputation after a massive fake accounts scandal. (CNBC)
Dow stock Intel (INTC) beat estimates by 4 cents with adjusted quarterly profit of 72 cents per share. Revenue also beat. The chipmaker raised its full-year revenue outlook on optimism for its PC business.
Expedia (EXPE) fell 4 cents shy of estimates, reporting adjusted quarterly profit of 89 cents per share. Gross bookings, a key metric for the travel website operator, also fell short. However, revenue beat expectations.
Electronic Arts (EA) posted adjusted quarterly profit of 36 cents per share, beating estimates. Revenue also beat. But shares of the video game maker were pressured in the premarket after hitting a record high Thursday.
Mattel (MAT) lost 14 cents per share for its latest quarter, wider than the 9 cents forecast by analysts. The toy maker also saw revenue fall short as global sales of its flagship Barbie brand fell 5 percent.
First Solar (FSLR) reported adjusted quarterly profit of 64 cents per share, well above the 4 cent estimate. Revenue also exceeded forecasts by a wide margin, while issuing an upbeat forecast for the full year.
Boston Beer (SAM) earned $2.35 per share for the second quarter, well above estimates. The brewer of Sam Adams also reported revenue above forecasts and increased revenue per barrel produced.
Align Technology (ALGN) reported a second quarter profit of 85 cents per share, 12 cents above estimates, with revenue also beating forecasts. The maker of the Invisalign braces also delivered an upbeat outlook.
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