Jake Novak's Morning Business Briefing 7/17

STOCKS/ECONOMY

-Stock futures are mostly flat after Wednesday's 231-point gain for the Dow, smaller 0.3 percent rise for the S&P 500, and a 0.3 percent advance for the Nasdaq. Investors are keeping a close eye on more key earnings reports today, and searching for any news on the Trump-Powell feud.

-The yield on the 10-year Treasury bond is at 4.47 percent.

-Gold is at the $3,330 per ounce level. Bitcoin is at the $118,000 level.

-Asian markets closed mostly higher today. The Nikkei gained 0.6 percent, the Hang Seng fell just below the breakeven mark, and the Shenzhen rallied 1.4 percent higher.

OIL/ENERGY

-U.S. crude prices are up and at the $66 a barrel level.

-Gasoline prices are holding at $3.16 a gallon, national average.

EARNINGS SCORECARD

-PepsiCo (PEP) reported better than expected quarterly profits and revenues, despite weakening demand in the North American market. Its shares are up 3 percent in the premarket.

-United Airlines (UAL) reported weaker than expected quarterly revenues. It's shares are down 1 percent in the premarket.

-Taiwan Semiconductor (TSM) reported a 61 percent increase in profits thanks to AI chip demand. Its U.S.-traded shares are up 3 percent in the premarket.

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

PHARMA DEAL

-Pfizer (PFE) and Bristol-Myers Squibb (BMY) say they will sell the widely used blood thinner Eliquis directly to patients at a discounted cash price. This is the result of negotiations with the Trump administration which is looking for new ways to lower prescription drug prices. Pfizer and Bristol-Myers shares are both flat in the premarket.

COKE WARS

-Shares of Archer Daniels Midland (ADM), a major artificial sweeteners maker, are down 3 percent in the premarket after President Trump said Coca-Cola has agreed to use only pure cane sugar in its soft drinks. Coca-Cola (KO) has not yet confirmed that agreement. Coke shares are up slightly in the premarket.

INCONVENIENCED

Couche-Tard, the Canadian store chain that was making offers to buy the 7-11 convenience store chain, is now backing down from that effort. 7-11's parent company Seven & I Holdings' shares fell 9 percent in Japanese market trading today.