U.S. markets continue to drift
To view this email as a web page, go to the link below, or copy and paste it into your browser's address window. https://view.response.cnbc.com/?qs=565dcef1ff5baa579d3c0b1d1dc46407c1c10bf851c42fb080b03540597e656725606411e787b06e244bc26461cb8120e985cf2d89d222c335dd4fe1157d48b6CNBC | Morning Squawk To view this email as a web page, click https://view.response.cnbc.com/?qs=565dcef1ff5baa579d3c0b1d1dc46407c1c10bf851c42fb080b03540597e656725606411e787b06e244bc26461cb8120e985cf2d89d222c335dd4fe1157d48b6 here. https://click.response.cnbc.com/?qs=21dc707e3d9980e537380c837f676755cb6a665d6f4f46501b65c925efaa1285dab6c954e0f8fb0b https://click.response.cnbc.com/?qs=21dc707e3d9980e5252f8f0d9f16e93729f618912c720fe6365597849a1f1184e466d900f6685334 IN THE NEWS TODAY The summer doldrums are in evidence on Wall Street, with a lack of informational input continuing to show itself in very small moves for the major U.S. averages. U.S. stock futures are https://click.response.cnbc.com/?qs=21dc707e3d9980e5a84b091197f766f3d2bce8f9aa5a28e67d2422c99d312e04d0016572cdb756fd moving modestly higher with only a handful of economic numbers and earnings due today. Oil prices are https://click.response.cnbc.com/?qs=21dc707e3d9980e5f2f80bf41d3cef815124b2982fc9d56d126797e34313d033abe5023ade4b03b3 roughly flat after sinking 2.5 percent on Tuesday following an OPEC report that showed Saudi output hit a record high and a surprise build in U.S. crude stockpiles offset the second biggest gasoline stock draw this summer. (Reuters) The Paris-based International Energy Agency added to the bearish sentiment by https://click.response.cnbc.com/?qs=21dc707e3d9980e5744c69414b4895c03954e8f318cfdaae0cd39dd1f33313e3cec823a4c90d57ce cutting its outlook for 2017 crude oil demand in its monthly report. (CNBC) https://click.response.cnbc.com/?qs=21dc707e3d9980e58e1ad0d28e8048a4ecf12238f0afae5c8216759e1bc98904615c4c053a30ae55 https://click.response.cnbc.com/?qs=21dc707e3d9980e5b3dc36b52fe2d046d7ff9ede64036df5c6fc1c56a98d9ef73b462fc05e2eff92 https://click.response.cnbc.com/?qs=21dc707e3d9980e50c525f8aeaadb67a18ebc3ce891e4319056327a2af691d240f32bd640f140b6e Republican presidential candidate Donald Trump will appear on CNBC's "Squawk Box" at 7 a.m. ET. The Libertarian nominee, Gary Johnson, joins "Squawk Box" at 8:30 a.m. ET. Trump kept up the heated rhetoric on Wednesday, https://click.response.cnbc.com/?qs=21dc707e3d9980e528636521d7bf5c29762c1203407fbaaf62ebf645f553b469459855fc237a7ff9 saying "ISIS is honoring President Obama" and calling the president "the founder of ISIS" and Hillary Clinton the militant group's "co-founder." (Politico) A federal official on Wednesday https://click.response.cnbc.com/?qs=21dc707e3d9980e5f716940a1e407159a7ef1eb69a4823078a398c576578e758fccd6a248d2dfad0 denied a report the Secret Service had spoken formally with Trump about an offhand comment he made at a rally this week, which drew accusations he was suggesting gun activists could take up arms against Clinton. (Reuters) Clinton on Wednesday said Trump's comment that "Second Amendment people" could perhaps do something to prevent her from nominating Supreme Court judges https://click.response.cnbc.com/?qs=21dc707e3d9980e514dedfd1a4ca6f63d690e8e6e45d1e97ede5ebf0d3bf7cf1ec6bbf05527634f8 amounted to "casual inciting of violence" and shows he is unfit to be president. (CNBC) Clinton is scheduled to deliver a speech at 1:15 p.m. ET in which she will respond to Trump's address on the economy he delivered on Monday. The country's attention briefly turned from the campaign trail to Trump Tower in New York City on Wednesday as a man equipped with suction cups https://click.response.cnbc.com/?qs=21dc707e3d9980e555b73886821552f6612a2857fd9d87135afe2694b4d40887d088ad4a3d6c4894 managed to climb to the 21st story of the glass-covered building before being apprehended by police. (Reuters) Court documents show a former aide to Chris Christie said the https://click.response.cnbc.com/?qs=21dc707e3d9980e59c9c80efa41b0b354b6ce69ecb1a71c4f8ba9624ad963f30972cedc1d1449f4f New Jersey governor "flat out lied" when he asserted his senior staff members were not involved in a plot to close lanes and snarl traffic on the George Washington Bridge to punish a Democrat who refused to endorse him. (Reuters) Russian President Vladimir Putin https://click.response.cnbc.com/?qs=21dc707e3d9980e5bd85d2b0a86ec810b229524e014eed3de0bda3bcc1ead34ead6ec295d6b3db89 accused Ukraine of plotting terror attacks on the Crimea peninsula that Russia annexed in 2014. He said two Russian servicemen were killed in clashes this week. Ukraine denied the allegations and accused Putin of provocation. (Guardian) Valeant Pharmaceuticals (VRX) is the https://click.response.cnbc.com/?qs=21dc707e3d9980e5901ce7f69e2a15757188053cf539cd80aef6257725042b8771d2bf4d11c506dd subject of a criminal probe , according to the Wall Street Journal. The drug maker is being investigated by federal prosecutors over whether it defrauded investors by masking its affiliation with mail-order pharmacy Philidor, according to the paper. (CNBC) Alphabet's (GOOGL) Google Ventures unit saw https://click.response.cnbc.com/?qs=21dc707e3d9980e52425323beaff6af7be7f43c08ce8ffdba0376e3f2e677f1d0a9db9ed4521abd1 Chief Executive Officer Bill Maris resign , to be replaced by managing partner David Krane. Maris was the founder of the unit, which is the company's venture capital arm. (Recode) Facebook (FB) is https://click.response.cnbc.com/?qs=21dc707e3d9980e51c78b457100f1988b57290d7957840bb5ce9200d29dec5b5b0156edf19943404 running into resistance from TV content owners like Walt Disney (DIS) and NBCUniversal parent Comcast (CMSA) on deals involving Facebook's video features, according to the Wall Street Journal. The paper said the companies are reluctant to turn control over content to Facebook. (WSJ) Chesapeake Energy (CHK) is https://click.response.cnbc.com/?qs=21dc707e3d9980e5aa6f0c014a947101da1a16941c365d897f96a4c8fc482c41f36aa57f7a405d65 selling its Barnett shale property in Texas to private equity firm Saddle Barnett Resources, and has also renegotiated a pipeline contract with Williams Partners.The two moves are estimated to save Chesapeake more than $1.9 billion in future costs. (Reuters) BY THE NUMBERS Weekly initial jobless claims and July import and export prices are due at 8:30 a.m. ET and bring the only government reports of the day.Economists think jobless claims will fall to 265,000 for the week ending August 6, down from 269,000 the prior week.The Energy Department will release its weekly look at natural gas inventories at 10:30 a.m. ET.Retailers Macy's (M) and Kohl's (KSS) highlight this morning's corporate earnings reports in an otherwise thin morning for quarterly reports, with retail rivals Nordstrom (JWN) and Dillard's (DDS) reporting after today's closing bell.Nvidia (NVDA), Planet Fitness (PLNT), and restaurant chain Ruby Tuesday (RT) will also report this afternoon. STOCKS TO WATCH Shake Shack (SHAK) reported adjusted quarterly profit of 14 cents per share, beating estimates by 1 cent. Revenue also beat forecasts, but same-store sales rose just 4.5 percent compared to analyst forecasts for a 5.4 percent gain. During the prior quarter, same-restaurant sales had jumped nearly 10 percent.Boeing (BA) does not plan to increase production of its 787 Dreamliner and is also holding out the possibility of cutting 777 jet production. Chief Financial Officer Greg Smith told reporters that the jet maker will respond as market demand indicates.Newmont Mining (NEM) Chief Executive Officer Gary Goldberg told Reuters the gold producer will likely review its dividend policy at the end of the year. Gold producers had cut dividends as gold prices tumbled.Amazon.com (AMZN) is not trying to replace third party shippers like FedEx (FDX) and UPS (UPS) in the near term with its own delivery operation, according to The New York Times.The paper said Amazon is seeking to build up its own shipping capabilities without dropping those partners.Wal-Mart's (WMT) Mexico unit is selling its Suburbia clothing chain to Puerto De Liverpool for about $852 million. WATERCOOLER U.S. swimmers https://click.response.cnbc.com/?qs=21dc707e3d9980e596959909cfb9f81bbf7f7ce584c388edfe34fb3d3db26dc19929453054120127 kept their Olympics hot streak alive , bringing home yet another gold as rising star Kate Ledecky anchored the women's 4x200m freestyle team in their first place finish on Wednesday. (NBC News)U.S. cyclist Kristin Armstrong https://click.response.cnbc.com/?qs=21dc707e3d9980e558e96b79092c0a106e69256eaf4462069b154c675e47a3761bfe155a612b45e2 made history on the eve of her 43rd birthday by winning an unprecedented third consecutive gold medal in the time trials on Wednesday. (NBC News)Thursday's Olympics highlights include the women's all-around gymnastics competition, the rugby sevens semifinal, and a match-up between U.S. swimmers Michael Phelps and Ryan Lochte in the men's 200m individual medley. CONTRIBUTORS https://click.response.cnbc.com/?qs=21dc707e3d9980e544b689793a36f746603fdaeada0ab211cfecf8edbf13f90feb2ccc2feed69571 https://click.response.cnbc.com/?qs=21dc707e3d9980e544b689793a36f746603fdaeada0ab211cfecf8edbf13f90feb2ccc2feed69571 Matthew J. 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