A daily morning look at the financial stories you need to know to start the day
-Stock futures are lower right now after yesterday's big rally.
-The number of people on food stamps remains near an all time high.
-Fewer corporations are making a bigger share of overall U.S. corporate profits. 28 companies, led by Apple, JP Morgan Chase, and Berkshire Hathaway, raked in 50% of the profits made by U.S.-based S&P 500 companies last year.
-Fears about China's economy appear to be growing. Moody's has downgraded China's credit rating outlook to "negative."
-Crude prices are falling this morning and look to take the air out of the stock rally. WTI is trading at the $33/barrel level.
-Gasoline prices jumped almost 3 cents a gallon overnight to $1.78/gallon, national average.
-Natural gas prices are now at 17-year lows.
-But nat gas production activity in the Gulf of Mexico is ramping up. The reason is longer term planning.
-Shell is being sued by two different Nigerian communities over oil spills. There will be a preliminary hearing in London today.
-Donald Trump and Hillary Clinton won the lion's share of their parties' respective Super Tuesday primaries, but Ted Cruz and Bernie Sanders did carve out some key wins and Marco Rubio finally won one contest.
-Billionaire Stanley Druckenmiller tells CNBC that it's a "no-brainer Kasich is the best choice for president."
-Canadian Pacific is still trying to buy CSX.
-But Honeywell is no longer trying to buy United Technologies.
-Apple has now filed a formal appeal against the FBI's order for it to unlock the San Bernardino terrorist's iPhone.
-Rafael Advanced Defense has delivered the first "David's Sling" anti-medium range missile systems to the Israeli Air Force. The system is seen as a breakthrough and should be a big seller to Israel's allies. It was produced by Rafael along with Raytheon.
-Newly publicized documents show that Osama bin Laden left $29 million to be used for jihad.
-Developers in Tijuana, Mexico are building a high-rise tower to house medical clinics that cater to cash-paying American medical tourists.
REAL ESTATE/MORTGAGE MARKET
-Mortgage applications fell 4.8% last week.
-The California Supreme Court has opened the door for wrongful foreclosure lawsuits against lenders even in cases where the borrowers were in default.
-Millennials overall are less likely to own homes than they were 10 years ago. But in many states, the opposite is true. In fact, Florida and Texas are the top states for Millennial home ownership now. The free market explains it all, as lower prices attract the most Millennial buyers.