Today's Headlines

Bloomberg:

• Russia Warns of ‘Painful’ Response If Trump Backs U.S. Sanctions. (video) Russia threatened to retaliate against new sanctions passed by the U.S. House of Representatives, saying they made it all but impossible to achieve the Trump administration’s goal of improved relations. The measures push U.S.-Russia ties into uncharted territory and “don’t leave room for the normalization of relations” in the foreseeable future, Deputy Foreign Minister Sergei Ryabkov said Wednesday, according to the Interfax news service. Hope “is dying” for improved relations because the scale of “the anti-Russian consensus in Congress makes dialogue impossible and for a long time,” Konstantin Kosachyov, chairman of the international affairs committee in Russia’s upper house of parliament, said on Facebook. Russia should prepare a response to the sanctions that’s “painful for the Americans,” he said.
• Your Evening Briefing. 
• Tax Overhaul Framework May Go Public This Week. A set of broad guidelines on a tax overhaul bill could be released as early as this week, according to people familiar with ongoing tax discussions between congressional leaders and White House officials.

Wall Street Journal:

• Health-Care Bill: What’s Next? Senators begin debate to overturn the Affordable Care Act. Here’s an overview of what’s afoot.
• Fed Leaves Rates Unchanged; Likely to Act Soon on Portfolio Cuts. Fed statement doesn’t deviate significantly from the statement released after June’s policy meeting.
• Passive Migration: Denver Wins Big as Financial Firms Relocate to Cut Costs.
• James Comey Is Maxwell Smart. How Comey’s botched mission to safeguard a Hillary presidency elected Trump.

MarketWatch.com:

• European stocks close with gains as earnings roll in. The Stoxx Europe 600 SXXP, +0.52% gained 0.5% to end at 382.74, after the benchmark on Tuesday advanced 0.4%.
• 3 reasons so many Americans are getting the hell out of the Northeast. 
• Ignore the Obamacare fight in Congress and buy these 5 health-care stocks.
• Boeing(BA) shares soar to record after ‘close to perfect’ earnings report.

Fox News:

• Trump’s not alone: Congress digging into DNC-Ukraine connection. (video)
• Trump announces ban on transgender individuals serving in military. (video)

CNBC:

• Fed says stimulus wind down to begin 'relatively soon,' leaves rates unchanged. (video)
• Here's what changed in the new Fed statement.
• How stock investors are cashing in on the red-hot ‘sharing economy’ trend. (video)
• Jeremy Siegel says the market will surge 'another 10%' this year on tax reform.
• Whole Foods(WFM) profit falls as same-store sales drop 1.9%. (video)
• Billionaire hedge fund manager beating the market is giving up on 'fading Trump Trade'. (video)
• White House to announce Apple-supplier Foxconn manufacturing plant in Wisconsin on Wednesday: Source. (video)
• Wall Street stunned over AMD’s blowout results due to cryptocurrency mining demand. (video)

Zero Hedge:

• Sessions To Announce Leak Investigations Following Several Trump Outbursts.
• Scaramucci Singles Out Obama's "Political Holdovers" As White House Leakers.
• Trump Relentlessly Blasts Attorney General Sessions Yet Again In Fiery Tweet Storm.
• Seattle's Minimum Wage Supporters Continue To Ignore The Facts.
• Howard Marks Sounds The Alarm On ETFs And Passive Investing, Again.
• North Korea ICBM Launch Expected "As Soon As Tonight".
• WTI Pops'n'Drops As Inventory Draws Battle Surging Production. (graph)
• New Home Sales Disappoint As Median Price Drops Year-Over-Year. (graph)
• Declassified Memos Show Obama's NSA Spied On Americans Way More Than You Thought.