Hello friends and Fortune readers.
Wall Street stock futures are mixed this morning as euphoria over the Greece rescue deal fades. Crude oil futures are down 2% at $51.13 a barrel after Iran reached a deal to end sanctions on its economy.
Tune into Fortune’s Brainstorm Tech live stream to hear what’s going on across the technology industry. This morning, be sure to catch Walter Isaacson, profiler of Steve Jobs and CEO of the Aspen Institute, interview Medium CEO Evan Williams at 9:45 a.m. MT / 11:45 a.m. ET. And in the afternoon, don’t miss Pixar and Walt Disney Animation Studios President Ed Catmull when he talks with Fortune’s Michal Lev-Ram. Watch here.
Here’s what else you need to know today.
1. Iran nuclear deal
After a decade of negotiations, Iran has struck an agreement with the U.S. and other key global partners on a gradual lifting of sanctions on its crippled economy in return for greater U.N. access to its controversial nuclear program. The deal is a triumph for both President Barack Obama and his Iranian counterpart Hassan Rouhani, but has been criticised as a mistake of “historic proportions” by Israeli Prime Minister Benjamin Netanyahu.
2. Apple Pay launches in the UK.
Apple (AAPL) launches its mobile payment service in the United Kingdom today. As soon as it goes live, iPhone and Apple Watch users will be able to use their branded gadgets to “tap-and-pay” at more than 250,000 locations across the nation. It’s the first time Apple Pay is available outside the U.S. Apple has faced some resistance from big banks and retailers but is hoping to make a dent in a region that is already familiar with swipe-and-go payments.
3. J.P. Morgan Chase reports.
The biggest U.S. bank by assets reports its second-quarter results before the market opens today, and investors are expecting J.P. Morgan (JPM) to reveal a drop in profits due to lower income from mortgage banks. U.S. banks on the whole have been crunched by lower interest rates that have weighed on revenue and forced the institutions to cut costs. At the same time, regulators are pushing the banks to hold additional capital and bring on more staff to ensure they are up-to-date with the law.
Wells Fargo (WFC), the most highly valued U.S. bank, also reports before the market open.
4. Johnson & Johnson updates.
Johnson & Johnson (JNJ), the first major U.S. healthcare company to report second-quarter results, is likely to disappoint shareholders. Investors are hoping the health and consumer products giant can extend its four-year streak of beating earnings estimates. Though, expectations aren’t very high this time around. Revenue is expected to decline 8.9% to $17.76 billion compared to a year earlier due to weak sales from medical devices and consumer products.
5. Has Yum Brands survived its Chinese breakdown?
Yum Brands (YUM) reports its second-quarter earnings today. Its China business, its biggest market for profit, will take the spotlight as investors look for an update on how sales have recovered since a food scandal at its KFC stores hurt consumer perception. Sales dropped 12% in its KFC China unit during the first quarter. The recent Chinese stock market plummet likely hasn’t helped the turn-around, and investors will be looking for commentary on the impact of recent economic turmoil.
Additional reporting courtesy of Reuters.
