Jake Novak's Morning Business Briefing 7/18

STOCKS/ECONOMY

-Stock futures are higher after Thursday's 230-point gain for the Dow, similar 0.5 percent rise for the S&P 500, and a 0.8 percent advance for the Nasdaq. Investors are mostly focused on some new earnings reports out this morning.

-The yield on the 10-year Treasury bond is at 4.42 percent.

-The June housing starts data came in stronger than expected, after historically weak numbers posted in May.

-Gold is at the $3,361 per ounce level. Bitcoin is at the $119,300 level.

-Asian markets closed mostly higher today. The Hang Seng rallied 1.3 percent higher, the Nikkei fell 0.2 percent, and the Shenzhen rose 0.4 percent.

OIL/ENERGY

-U.S. crude prices are higher and at the $68 a barrel level.

-Gasoline prices are down to $3.15 a gallon, national average.

-Chevron (CVX) has won its dispute vs. Exxon Mobil (XOM) over the rights to Hess Corporation's (HES) oil assets in Guyana. That clears the way for Chevron's $58 billion acquisition of Hess. Chevron shares are up 4 percent in the premarket, Exxon shares are flat, and shares of Hess have been halted on the news... but they were up 8 percent this morning before that trading freeze.

EARNINGS SCORECARD

-Netflix (NFLX) reported better than expected quarterly revenue growth and is raising its full-year earnings guidance. But its shares are still down 2 percent in the premarket.

-3M (MMM) reported better than expected quarterly profits. Its shares are up 3 percent in the premarket.

-American Express (AXP) reported better than expected quarterly profits and revenues. Its shares are up 1 percent in the premarket.

DEALS/NO DEALS

-Union Pacific (UNP) is reportedly looking into buying railroad rival Norfolk Southern (NSC). Union Pacific shares are up slightly in the premarket, Norfolk Southern shares are up 4 percent.

CUTTING BILL

-The House passed the $9.4 billion rescission bill, which includes cuts to foreign aid and a complete cutting of the $1 billion in annual federal funding to PBS and NPR.

CLOSING TIME

-CBS parent Paramount Global (PARA) has announced the cancellation of the "Late Show with Stephen Colbert," ending a program that began in 1993 with David Letterman.