Live news: Trump says legal team has met with DoJ as potential indictment looms

GDP: The US economy is forecast to have expanded at an annualised rate of 1.8 per cent in the second quarter, according to a Refinitiv poll, a slight slowing from the 2 per cent pace in the first three months of the year.

McDonald’s: Investors will be focusing on consumer demand in an environment of lingering, elevated inflation when the fast-food chain reports this morning. Analysts expect McDonald’s to report a nearly 10 per cent increase in revenue to $6.3bn and earnings of $2.80 a share.

Ford: The automaker should update investors on its new vision as it seeks to cut costs in the near term and position itself for a mostly electrified future. Ford recently deepened a price war with Tesla against a backdrop of overall electric vehicle sales gaining momentum in the US.

Other earnings: Aerospace and defence contractor Northrop Grumman, payments processor Mastercard, pharmaceutical company Bristol-Myers Squib, confectioner Hershey, cruise line Royal Caribbean, industrials group Honeywell, carrier Southwest Airlines and motorcycle manufacturer Harley-Davidson report before the opening bell. Packaged food producer Mondelez will report after the market closes.

Other data: The durable goods report is expected to show that underlying investment spending by businesses edged lower in June. Separately, jobless claims are forecast to have risen slightly to 235,000 in the week ended July 22.


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