Wall Street set to close July sharply higher for the month

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U.S. stock futures were higher this morning, on track for their best monthly performances since January.

Dow Jones Fut
25,306.83
Current:	25,319.00
Change:	34.00
Impl. Open:	36.17

S&P 500 Fut
2,802.60
Current:	2,810.75
Change:	7.50
Impl. Open:	7.60

NASDAQ 100 Fut
7,193.10
Current:	7,226.50
Change:	26.00
Impl. Open:	23.90

Russell 2000 Mini
1,653.13
Current:	1,657.40
Change:	2.40
Impl. Open:	3.27

Quotes as of 7/31/2018 8:45:13 AM ET

BY THE NUMBERS

U.S. stock futures were higher this morning, with the Dow and S&P 500 on the last day of July up 4.27 percent and 3.1 percent, on track for their best monthly performances since January. (CNBC)

The Nasdaq was on its first three-session losing streak of more than 1 percent in nearly three years. The tech stock rout of late was led by Facebook's (FB) nearly 22 percent three-session slide. (CNBC)

Dow stock Apple (AAPL) was on a three-session decline of about 2.5 percent ahead of Tuesday's after-the-bell earnings. Investors will be looking for hints as to how well the iPhone X has been selling. (CNBC)

Dow components Procter & Gamble (PG) and Pfizer (PFE) reported earnings this morning. P&G beat on quarterly profit but missed on revenue. Pfizer beat on both the top and bottom lines. (CNBC)

On the economic calendar , the government issues June personal income and spending at 8:30 a.m. ET. S&P/Case-Shiller releases May home prices at 10 a.m. ET. The Conference Board's July consumer confidence hits at 10 a.m. ET. (CNBC)

Fed policymakers begin their latest two-day policy meeting today, with an interest rate decision due tomorrow afternoon at 2 p.m. ET. No increase is expected this time around after hikes in March and June. (CNBC)

• Jamie Dimon: Central bank unwinding is one of the two biggest risks to the market (CNBC)

Respondents to the CNBC Fed Survey foresee good times for the economy and the stock market, but they have put an asterisk next to those predictions because of growing concerns over a trade war and monetary policy.

IN THE NEWS TODAY

President Donald Trump's former campaign chairman Paul Manafort is set to become the first person to stand trial on charges brought through special counsel Robert Mueller's Russia probe. Proceedings start today. (CNBC)

• In a new book, Bob Woodward plans to reveal the 'harrowing life' inside Trump's White House (Washington Post)

Trump, who has been threatening to close down the government over immigration, reportedly agreed privately to put off any fight over border wall funding until after the midterm elections. (MarketWatch)

Secretary of State Mike Pompeo told CNBC he's on board with President Trump's Monday afternoon declaration that he would sit down and talk with Iranian leaders. But Pompeo offered a more qualified take.

An alleged kickback scheme at the New York Stock Exchange has revived old questions about whether the Big Board's floor traders are lining their pockets at the expense of investors. (WSJ)

General Electric (GE) has reportedly hired an investment bank to organize an auction for its digital assets, which have been struggling with technical issues and weakening sales. (WSJ)

CBS (CBS) will seek outside counsel to investigate sexual misconduct allegations against CEO Les Moonves, said the company after Monday's board meeting. No decision was made about Moonves' role. (CNBC)

Chipotle (CMG) shares were under pressure in the premarket after the company said it's shutting down an Ohio location due to reports that some customers became severely ill after eating there. (CNBC)

• Texas Roadhouse (TXRH) shares tank 10% after disappointing quarterly results (CNBC)

A unit of grocer Kroger (KR) will stop accepting Visa (V) at 21 stores and five gas stations in California, citing high swipe fees, which have long been a point of tension between merchants and credit card companies. (WSJ)

Uber will stop developing self-driving trucks hauling cargo on U.S. highways, seeking to focus on autonomous cars. Uber Freight, a smartphone app connecting truck drivers and shippers, is unaffected. (Reuters)

STOCKS TO WATCH

Qualcomm (QCOM) will begin a specialty auction to repurchase up to $10 billion of its shares. The stock rose about 3 percent in premarket trading.

AK Steel (AKS) shares were losing about 7.5 percent in the premarket, after the company reported weaker than expected earnings and in-line revenue. The steel maker anticipates market conditions to remain strong.

BP (BP) profit came in better than expected at $2.8 billion, quadrupling its year-ago results, on the strength of higher oil prices and increased output. BP hiked its dividends for the first time since 2014.

Honda Motor (HMC) posted an unexpected increase in quarterly earnings, as it sold more automobiles in North America, and boosted its annual profit forecast.

Sony (SNE) posted a record quarterly operating profit, on the strength of strong video game software sales. Profit of $1.75 billion was up 23.7 percent from a year earlier.

Athenahealth (ATHN) reported mixed quarterly results, better than expected earnings and worse than expected revenue. The health-care software firm raised its full-year forecast, and said it's considering selling itself.

Sanofi (SNY) reported better than expected profit, on the strength of strong sales growth in the rare diseases business of the French drug maker's Genzyme unit.

WATERCOOLER

Longtime 'Jeopardy!' host Alex Trebek hints at retiring soon, saying there's less than a 50/50 chance of he'll return after his contract expires in 2020. The 78-year-old also named potential replacements. (USA Today)

A giant parcel of land at the top of Beverly Hills, called The Mountain, aims to become the most expensive swath of real estate ever sold, with a price tag of $1 billion. (CNBC)

CONTRIBUTORS

Berkeley
Lovelace Jr.

News Associate

@BerkeleyJr

Peter
Schacknow

Senior Producer

@peterschack

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