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Here are five things you must know for Wednesday, June 26:

1. -- Stock Futures Rise as Mnuchin Says U.S.-China Trade Pact Is Closer

U.S. stock futures rose Wednesday after Treasury Secretary Steven Mnuchin said the U.S. and China were "about 90% of the way" toward reaching a trade agreement.

Mnuchin told CNBC he was confident that Donald Trump and Chinese President Xi Jinping would make progress in discussions at this weekend's G-20 summit in Osaka, Japan.
 
"The message we want to hear is that they want to come back to the table and continue because I think there is a good outcome for their economy and the U.S. economy to get balanced trade and to continue to build on this relationship," Mnuchin told CNBC.

"I'm hopeful that we can move forward with a plan ... President Trump and President Xi have a very close working relationship. We had a productive meeting at the last G-20."

Gains on Wednesday were capped, however, by comments from Federal Reserve officials that trimmed hopes for an interest rate cut in July.

Fed Chairman Jerome Powell said at an event Tuesday that the central bank was "insulated" from political and market pressures as it debated its next move on interest rates, adding he and his colleagues on the Federal Open Market Committee were "grappling" with the varying uncertainties surrounding growth, inflation and global trade.

"The Fed is insulated from short-term political pressures - what is often referred to as our 'independence,'" Powell said. ""The question my colleagues and I are grappling with is whether these uncertainties will continue to weigh on the outlook and thus call for additional policy accommodation."

Powell's remarks were preceded by comments from St. Louis Fed President James Bullard, the most dovish of the FOMC's voting members, who told Bloomberg Television that a rate cut in July of 50 basis points likely would be "overdone" given the underlying strength of the U.S. economy.

Contracts tied to the Dow Jones Industrial Average jumped 111 points, futures for the S&P 500 were up 12.40 points, and Nasdaq futures rose 50 points.

The economic calendar in the U.S. for Wednesday includes Durable Goods Orders for May at 8:30 a.m. ET, International Trade in Goods for May at 8:30 a.m., and Oil Inventories for the week ended June 21 at 10:30 a.m. ET.

2. -- Micron Jumps on Earnings and Revenue Beat

Micron Technology (MU - Get Report)  rose 9.88% to $35.91 in premarket trading Wednesday after the chipmaker's fiscal third-quarter earnings and revenue beat Wall Street forecasts and the company said it expects a solid rebound in memory demand later this year.

Adjusted earnings in the quarter were $1.05 a share, beating analysts' estimates of 76 cents. Revenue of $4.79 billion was down from $7.8 billion a year earlier but topped forecasts of $4.71 billion.

Looking into the fiscal fourth quarter and the next fiscal year, Micron said it still expects to see "healthy year-over-year growth" in global DRAM semiconductor demand, but noted further capex cuts would be needed in order to generate a good supply-demand balance in current inventories. Micron also said it had started to ship some of its smartphone chips to Huawei Technologies, following the Chinese tech company's blacklisting by the U.S. government on May 15.

"Micron's improved competitive position and strong execution helped us deliver solid results despite a challenging environment," said Micron President and CEO Sanjay Mehrotra. "While we are seeing early signs of demand improvement, we plan to reduce our capital expenditures in fiscal 2020 to help improve industry supply-demand balance."

On its earnings call, the memory giant said it expected fiscal fourth-quarter earnings of 38 cents to 52 cents a share on revenue of $4.3 billion to $4.7 billion. Analysts were calling for earnings of 58 cents a share on revenue of $4.56 billion. Gross margin, Micron said, is expected to drop to a range of 27.5% to 30.5%.

3. -- FedEx Says Recent Huawei Issues Won't Affect Its Business in China

FedEx (FDX - Get Report)   rose in premarket trading after fiscal fourth-quarter adjusted earnings beat forecasts and the shipping giant said its recent issues with Huawei Technologies wouldn't impact its shipping business in China.

FedEx CEO Fred Smith dismissed suggestions that controversy surrounding the mishandling of several packages linked to Huawei Technologies and reports the company could be added to a so-called unreliable entities list by officials in Beijing would affect its business in China, the world's second-largest economy.

"There is a tremendous trade dispute going on between China and the United States as is reported almost hourly on the business TV stations. But we've been a good corporate citizen in China for decades," Smith told investors on a conference call. "We are completely dedicated to compliance in China and we have expressed that to them and reinforced it."

Looking into fiscal 2020, FedEx said it expects operating income in its Express business to be modestly lower from a year earlier, thanks largely to a slowing global economy and the decision not to renew its contract with online retailer Amazon.com  (AMZN - Get Report) .

The company forecast a "low-single-digit percentage point increase in diluted earnings per share" for fiscal 2020, before taking into account the effects of mark-to-market retirement plan accounting adjustments.

FedEx forecast capital spending of $5.9 billion for the 2020 fiscal year.

The stock rose 1.2% to $157.85 in premarket trading.

4. -- General Mills and BlackBerry Report Earnings

Earnings reports are expected Wednesday from General Mills (GIS - Get Report) , KB Home (KBH - Get Report) , Rite Aid (RAD - Get Report) , Pier 1 Imports (PIR - Get Report) , BlackBerry (BB - Get Report) and Paychex (PAYX - Get Report) .

5. -- Apple Acquires Self-Driving Startup Drive.ai

Apple (AAPL - Get Report) has acquired Drive.ai, an autonomous driving startup once valued at $200 million, and has hired dozens of Drive.ai engineers, Axios reported.

Apple confirmed the acquisition, which suggests the tech giant hasn't given up on its autonomous driving project.

A report from The Information earlier this month said Apple was planning to buy Drive.ai.

The purchase price wasn't disclosed. Apple was expected to pay less than the $77 million Drive.ai raised in venture capital, according to Axios.

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