10 things you need to know before the opening bell

Here is what you need to know.

Donald Trump accepted the Republican nomination. Speaking at the Republican National Convention in Cleveland, Donald Trump accepted his party’s nomination for president. “I’m with you, the American people,” Trump said. “I am your voice.” The speech focused on topics ranging from law enforcement to immigration to the economy. Trump also took aim at the presumptive Democratic nominee Hillary Clinton. “Let’s defeat her in November,” Trump said, responding to chants of “Lock her up!” from the crowd.

The Dow snapped its 9-day winning streak. On Thursday, the Dow Jones Industrial Average fell 77.80 points to snap its nine-day winning streak. The streak was only the seventh stretch of nine straight gains dating back to 1980, and tacked on about 4%. During the streak, the Dow hit new highs for the first time in more than a year.

Eurozone PMIs mostly topped estimates. The eurozone economy showed “surprising resilience” after the Brexit vote as the Markit PMI composite reading came in at 52.9 for June, down slightly from May’s reading of 53.1 but ahead of the 52.5 that economists were forecasting. Germany’s services sector impressed with a print of 54.6 while its manufacturing sector disappointed with a reading of 53.7. Readings in France impressed across the board and while manufacturing hit a four-month high of 48.6, the sector remained in contraction. The euro is little changed at 1.1016.

There’s evidence Brexit caused a ‘dramatic deterioration’ of the UK economy. The composite reading for Markit flash PMI fell to 47.4 in June, its lowest reading since March 2009. Additionally, manufacturing PMI sank to a 44-month low of 49.1 and services PMI tumbled to an 87-month low of 47.4. All three readings were below the 50.0 level, meaning those sectors are all contracting.”The downturn, whether manifesting itself in order book cancellations, a lack of new orders or the postponement or halting of projects, was most commonly attributed in one way or another to ‘Brexit,'” Markit’s chief economist Chris Williamson said in the report.
The British pound is down 0.9% at 1.3109.

Chipotle had a brutal quarter. The fast casual burrito chain earned an adjusted $0.94 per share, topping the $0.91 that analysts were hoping for. However, things got a bit ugly from there. Revenue plunged 16.6% to $998.4 million, same store sales crashed 23.6%, and traffic tumbled 19.3% as the company continues to struggle following its E. coli crisis.

Starbucks’ sales were a bit light. The coffee giant earned an adjusted record $0.49 per share in the third quarter while matching Wall Street estimates. Meanwhile, revenue of $5.24 billion was a bit shy of the $5.34 billion that analysts were expecting and global comparable store sales rose 4%, missing the forecast of 5.4%. “As we enter Q4 and approach fiscal 2017, we have clear line of sight to returning our US business to historic levels of comp sales growth which had been at or above 5% for the 25 consecutive quarters prior to Q3,” CEO Howard Schultz said in the earnings statement.

Schlumberger is cutting jobs. The world’s largest oilfield services provider earned an adjusted $0.23 per share, topping the Bloomberg consensus of $0.21. Revenue of $7.16 billion edged out the $7.15 billion that Wall Street was expecting. Schlumberger says it cut 16,000 jobs in the first half of the year, leading to a $646 million restructuring charge. “In the second quarter market conditions worsened further in most parts of our global operations, but in spite of the continuing headwinds we now appear to have reached the bottom of the cycle,” Schlumberger Chairman and CEO Paal Kibsgaard said in the earnings statement.

Stock markets around the world trade mixed. Japan’s Nikkei (-1.1%) led the losses in Asia and Britain’s FTSE (+0.3%) paces the gains in Europe. S&P 500 futures are higher by 4.25 points at 2162.25.

Earnings reports cross the tape in the a.m. American Airlines, General Electric, Honeywell, and Sun Trust Banks are among the names reporting ahead of the opening bell.

US economic data is light. Markit US Manufacturing PMI will be released at 9:45 a.m. ET and the Baker Hughes rig count is due out at 1 p.m. ET. The US 10-year yield is higher by two basis points at 1.58%.

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