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Jacob: 00:02 To start your morning. Some big market stories you got to know. One, Federal Reserve chairman, uh, Jerome Powell heads to the Senate for the second day of his congressional testimony following his markets approved address to the house. Uh, it was Wednesday that he addressed Congress and basically indicated that there will be a rate cut. The Trump administration has launched a probe of France proposed digital tax, which appears to target us tech giants such as Alphabet and Amazon. I will soon have a piece on semiconductors and Hauwei and tech issues there. Global oil markets extend gains lifting U.S. Crude prices to six week highs. Lockheed Martin, will keep a helicopter plant. It planned to close open after its CEO met with Trump. Interesting - earnings. This is important. Delta first airline to report earnings beat on both top and bottom lines. The entire airline group is up. So watch those earnings as they come in. All right. Those are the things you got to know.

Federal Reserve Chairman Jerome Powell heads to the Senate for the second day of his congressional testimony following his markets-approved address to the House. Powell's comments to the House Financial Services Committee Wednesday were level-headed and rather implicit as usual, yet all indications were that there will be an interest rate cut soon. "Inflation pressures remain muted," Powell said. He mentioned the 3.1% wage growth is certainly not a negative, but that it's not enough to support higher inflation. The Fed's inflation target remains at 2%.

But there's more to this market than the Fed: 

The Trump administration has launched a probe of France's proposed digital tax which appears to target U.S. tech giants such as Alphabet (GOOGL - Get Report) and Amazon (AMZN - Get Report) . 

Global oil markets extended gains, lifting U.S. crude prices to six-week highs.

Lockheed Martin (LMT - Get Report) will keep a helicopter plant it planned to close open after its CEO met with Trump. 

Delta (DAL - Get Report) reported earnings and beat estimates on both top and bottom lines, sending the stock higher by 2.2% in premarket trading. Delta was the first of the major airlines to report. The entire airline group -- American Airlines (AAL) , Southwest Airlines (LUV - Get Report) and United Airlines (UAL - Get Report) -- traded higher Thursday morning. 

Related. Jim Cramer: Save the Bubble Talk for the Bath

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A Flight Through Delta Airlines History