GoKawiilThis is CNBC's Morning Squawk newsletter. Subscribe here to receive future editions in your inbox. Happy Wednesday. Shares of Moderna soared as much as 100% before the bell after the experimental personalized cancer vaccine it developed with Merck showed positive results in its first late-stage trial. Stock futures are little changed this morning. The market is coming off a down day. Here are five key things investors need to know to start the trading day:
1. Trash or treasure
A television station broadcasts Kevin Warsh, chairman of the US Federal Reserve, speaking after a Federal Open Market Committee (FOMC) meeting as a trader works on the floor of the New York Stock Exchange (NYSE) in New York, US, on Wednesday, July 29, 2026. Michael Nagle | Bloomberg | Getty Images
2. New target
Target logo sign is seen in Chicago, Illinois, United States, on July 29, 2026. Marcin Golba | Nurphoto | Getty Images
Tariff refunds are continuing to lift companies' bottom lines. Target said this morning that the refunds gave its net earnings a $752 million boost in the second quarter which, combined with strong sales, led the retailer to hike its outlook for the full year. Lowe's also credited tariff refunds for an 11 cent increase in its earnings per share, but the company gave a tepid outlook for the year amid "pressure" in DIY spending. The home improvement retailer also missed analysts' revenue expectations for the second quarter, sending the stock down more than 3% in premarket trading. For those keeping score: Home Depot shares finished yesterday's session slightly lower despite beating Wall Street's expectations. Up next is Walmart , the nation's largest grocer and private employer, which reports earnings tomorrow.
3. Like a good neighbor
U.S. President Donald Trump speaks with Canadian Prime Minister Mark Carney at a working lunch with leaders of G7 and the Middle East, on June 16, 2026 in Evian-les-Bains, France. Evelyn Hockstein | Getty Images
President Donald Trump said late last night that he would pause his plan for 50% tariffs on certain Canadian goods, which was set to kick in at midnight. He said that the duties would be postponed for three days since the countries had reached a deal "subject to the finalization of documents." Trump and Canadian Prime Minister Mark Carney spoke on Tuesday as the deadline approached. Had the new tariffs been imposed, the U.S. would have slapped a 50% levy on Canadian imports including hockey sticks and wine. Dan Kelly, president of the Canadian Federation of Independent Business, told CNBC that 50% tariffs would have made products "uneconomic to sell." Many of his organization's members said the import taxes would have brought their U.S. sales "to a halt," he said.
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