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Stock futures point lower as political storm surrounds former Trump allies

Stocks may have a tough time advancing for a fifth session after a rough day for President Trump following Paul Manafort’s conviction and Michael Cohen’s guilty pleas.

Dow Jones futures were lower by 0.23%. The S&P 500 decline by 0.24% and the Nasdaq Composite was off 0.18%.

Former Trump campaign chairman Paul Manafort was found guilty on eight charges including tax fraud, and the president’s former lawyer Michael Cohen said he violated campaign-finance law at President Trump’s direction.

U.S. stocks on Tuesday closed higher for the fourth consecutive day, and the broad-based S&P 500 index set an intraday record, as well as tying its record for longest bull run.

The S&P’s fresh record comes after second-quarter earnings season has basically wrapped up, while some easing trade tensions also supported the markets with China and the U.S. meeting to discuss trade after a tit-for-tat tariff exchange.

During the day's trading session, the S&P 500 topped its previous high of 2,872.87, which it reached in January. However, that index slipped back slightly before the markets closed.

Tuesday marked 3,452 days since the index fell to a low of 666 on March 9, 2009 -- widely seen as the low of the financial crisis -- tying its record for longest bull market run

The Dow Jones Industrial Average closed up 63 to 25,822.29, the S&P 500 ended 5.91 higher to 2,862.96 and the tech-heavy Nasdaq Composite added 38.17 to finish at 7,859.17.

Ticker	Security	Last	Change	%Chg
I:DJI	DOW JONES AVERAGES	25822.29	+63.60	+0.25%
SP500	S&P 500	2862.96	+5.91	+0.21%
I:COMP	NASDAQ COMPOSITE INDEX	7859.173	+38.17	+0.49%

Wednesday’s earnings agenda includes retailers Target and Lowe’s.

On the economic front, traders will get the latest existing home sales figures as well as the minutes from the last Fed meeting.

In Europe, London’s FTSE was down 0.10%,  Germany’s DAX rose 0.22% and France’s CAC was higher by 0.17%.

In Asian markets, China’s Shanghai composite was down 0.7%.

Hong Kong’s Hang Seng ended the session up 0.65%.

Japan's Nikkei finished the day higher by 0.64%.

FOX Business' Mike Obel and Leia Klingel contributed to this article.

Billionaire Foster Friess defeated in Wyoming gubernatorial race despite last-minute Trump endorsement; Sen. Barrasso trounces wealthy challenger

Foster Friess, who put more than $2 million of his own money into his campaign, lost Tuesday in his bid to be the GOP gubernatorial nominee in Wyoming.  (AP)

Wyoming state treasurer Mark Gordon won a fiercely contested GOP primary to replace term-limited Republican Gov. Matt Mead on Tuesday, prevailing over a billionaire businessman who received the last-minute endorsement of President Trump.
Foster Friess, the GOP megadonor who Trump tweeted would be "Strong on Crime, Borders & 2nd Amendment," is a major financial contributer to Christian causes, which analysts had predicted might help him secure Wyoming's religious votes in the race against Gordon and several other candidates.

Trump, who has aggressively campaigned nationally for various state candidates ahead of November's midterm elections, won the state by more than 40 points in the 2016 presidential race. His endorsement has carried significant weight in several primary races this year, helping to oust Rep. Mark Sanford in South Carolina in a stunning upset and keeping Rep. Martha Roby's candidacy alive in Alabama.
But it wasn't enough on Tuesday, as vote tallies showed Friess trailing Gordon by more than six percentage points with virtually all precincts reporting.
It was Wyoming's most contested governor's race since 2010, when Mead beat six others in the Republican primary, and was reported to be one of the most expensive ever conducted in state history. Friess put more than $2 million of his own money into the campaign.
Gordon, having served two terms, was the only Republican running with significant experience in government or elected office. The 61-year-old ranches near Buffalo, Wyoming, and served on the board of the Federal Reserve Bank of Kansas City.
He will face state Rep. Mary Throne, who won the Democratic primary Tuesday, in the general election. Wyoming is among the reddest states, and Gordon is favored to win the general election and become governor.
Gordon is finishing his first full term as treasurer, a job to which he was appointed in 2012.

Meanwhile, Sen. John Barrasso, a vocal supporter of President Trump, fended off a well-funded challenger in Wyoming's Republican primary Tuesday, soundly defeating Jackson Hole business investor Dave Dodson by more than thirty percentage points.
Dodson, who had tapped at least $1 million of his own funds in the race, had advocated for term limits and more action to bring down health care costs.
Barrasso for years has been one of the most outspoken advocates of repealing President Barack Obama's Affordable Care Act, an effort that fell just short of passing in the Senate last year.

Sen. John Barrasso, an outspoken Trump supporter, won handily in the GOP U.S. Senate primary in Wyoming Tuesday.  (AP)

Barrasso has served in the Senate since June 2007, when he was appointed following the death of Craig Thomas. Barrasso then won a special election in 2008 to complete Thomas' term.
Dodson sharply criticized Barrasso for taking corporate PAC money, though much of his own individual contributions — and Barrasso's — come from out of state.
There were three lesser-known candidates trying to win the Republican Senate race and in an unusual move, one of them bailed from the race Monday afternoon.
Wilson businessman Gary Trauner ran unopposed for the Democratic nomination for U.S. Senate.
Elsewhere in Wyoming, incumbent Liz Cheney won the Republican nomination for the state's lone seat in the U.S. House. Cheney beat two other Republicans in Tuesday's primary: Blake Stanley of Cheyenne and Rod Miller of Buford.
Stanley and Miller both characterized themselves as blue-collar conservatives and ran low-key campaigns.
Cheney is the elder daughter of former Vice President Dick Cheney.

Socialist Dem Ocasio-Cortez laments coffee shop's closure -- over wage hikes that she supports

New York Democratic socialist Alexandria Ocasio-Cortez portrays herself as "a normal, working person," but one of her positions may have helped 150 people lose their jobs.
After enduring mockery for declaring Sunday that a walk in a national park was an example of democratic socialism, Ocasio-Cortez lamented Monday the shutting down of an iconic New York coffee shop that closed mostly due to a higher minimum wage – which Ocasio-Cortez supported.
“The restaurant I used to work at is closing its doors. I swung by today to say hi one last time, and kid around with friends like old times,” the congressional candidate reminisced on Twitter. “I’m a normal, working person who chose to run for office, because I believe we can have a better future.”
The Coffee Shop in Union Square, which became especially famous after regularly appearing on HBO’s “Sex and the City,” will close down this fall after nearly 28 years in business. Co-owner and President Charles Milite announced the decision to shut the doors to its 150 employees last month.
But unlike what Ocasio-Cortez wants you to believe about the closing down, it wasn’t the result of greedy capitalists trying to squeeze the workers, but rather government regulations that forced the company to go bust.
“The times have changed in our industry,” Milite told the New York Post last month. “The rents are very high and now the minimum wage is going up and we have a huge number of employees.”

"The times have changed in our industry ... the rents are very high and now the minimum wage is going up and we have a huge number of employees."
- The Coffee Shop in Union Square President Charles Milite

SOCIALIST CANDIDATE OCASIO-CORTEZ ONCE SAW HERSELF AS SMITHIAN CAPITALIST, VIEWEED FAMINISM AS ‘RELIC’
Ocasio-Cortez, who rose to prominence after defeating top Democrat Joe Crowley in the party’s primary election in June, has campaigned on the issue of minimum wage, arguing for a $15 federal minimum wage, up from $7.25, insisting that it won’t have any negative consequences for businesses.
During her appearance on “The Daily Show” with Trevor Noah, Ocasio-Cortez was pressed whether her suggestion of $15 minimum wage wouldn’t tank the economy. She cited the example of Seattle, which voted four years ago to gradually increase the hourly minimum to $15 over several years.
Yet Seattle is a troubling case, as research from the University of Washington's School of Public Policy and Governance found that the higher minimum wage led to significant job declines and actually left the poorest worst off in the city, the Washington Post reported.
The study estimated that low-wage jobs in the city dropped by 9 percent since 2016 and “hourly wages in such jobs increased by around 3 percent.” As a result, the study said, the city’s average worker lost $125 a month thanks to the minimum wage hike.

Mollie Tibbetts murder suspect Cristhian Rivera originally from Mexico, living in US illegally

The body of the missing University of Iowa college student Mollie Tibbetts was found bringing an end to the five week search. Murder suspect Cristhian Bathena Rivera was charged with first-degree murder. Here is a timeline of the events since her disappearance.
The suspect in the murder of Iowa college student Mollie Tibbetts is a 24-year-old illegal immigrant from Mexico who had been living in the area for up to seven years, officials revealed Tuesday.
Cristhian Bahena Rivera was apprehended more than a month after the 20-year-old University of Iowa student disappeared, Rick Rahn, special agent in charge with the Iowa Division of Criminal Investigation, said during a news conference. Tibbetts was last seen jogging on July 18 near Brooklyn, Iowa -- in Poweshiek County, where Rivera lives.
A body believed to be Mollie Tibbetts was discovered earlier Tuesday and Rivera led authorities to the location, Rahn said, adding that her body was found hidden in a corn field beneath several corn stalks.
Rivera was employed for the past four years at Yarrabee Farms, a dairy farm, the company confirmed in a statement to The Associated Press. The company said he was in good standing as a worker and was shocked to learn of his alleged involvement in Tibbetts' disappearance and murder.
The suspect told law enforcement he approached Tibbetts while she was running, Rahn said.
MOLLIE TIBBETTS MURDER SUSPECT ID’D AS CRISTHIAN RIVERA, 24, LIVING IN US ILLEGALLY
“He actually tells us that he ran alongside of her or behind her. And then at one point, he tells us that Mollie grabbed ahold of her phone and says 'you need to leave me alone, I'm gonna call the police,’” Rahn said of the interview. “And then she took off running, he, in turn, chased her down. And then he tells us that at some point in time he blacks out and then he comes to near an intersection in which we believe he then placed Mollie.”
Rivera revealed to investigators that he became angry when Tibbetts took out her cell phone, according to court documents obtained by The Associated Press. He told authorities that he panicked and “blocked” his memory.
The suspect claimed he didn’t remember what happened next but later realized that he’d put Tibbetts’ in his trunk after finding an earpiece from headphones in his lap, the documents said. He opened the trunk and noticed blood on the side of her head.
Investigators said they believed the suspect had been in the area for four to seven years.

A poster for missing University of Iowa student Mollie Tibbetts hung in the window of a local business on Tuesday in Brooklyn, Iowa.  (AP Photo/Charlie Neibergall)

“A first-degree murder charge was filed today in connection with the disappearance of Mollie Tibbetts, who was last seen jogging in Brooklyn, Iowa on July 18, 2018,” Rahn said. “A complaint and affidavit names Cristhian Bahena Rivera, age 24, who resides in rural Poweshiek County and he has been charged with murder in the first degree.”
MOLLIE TIBBETTS, UNIVERSITY OF IOWA STUDENT, FOUND DEAD: A TIMELINE OF EVENTS
After Rivera’s arrest, Immigration and Customs Enforcement (ICE) “lodged a detainer with the Poweshiek County Sheriff’s Office” on the suspect, who was described as “an illegal alien from Mexico,” the agency confirmed.
With the help of surveillance video obtained from someone living in the area, law enforcement was able to identify a vehicle belonging to the suspect, Rahn said. Investigators saw Tibbetts on the video and realized that Rivera “was one of the last ones to see Mollie running,” Rahn added.