A daily morning look at the financial stories you need to know to start the day
-Stock futures are down after yesterday's modest rally. As often happens the day after a Fed decision/news conference, investors may react differently now that they've had more time to digest the news.
-Thanks to the Fed's more dovish tone yesterday, gold is now rebounding from a brief cooling off. It's now up more than 3% to the $1,269/ounce level.
-And that same dovish tone has pushed the yield on the 10-year Treasury back down below 1.9%.
-Crude oil is up 1.5% right now to the $39/barrel level.
-Gasoline prices rose another penny overnight to $1.95/gallon, national average.
-Shell and Saudi Aramco will split the assets of Montiva Enterprises that include the largest refinery in the US.
-But Trump can now win the majority of the GOP delegates and clinch the nomination simply by continuing to win primaries.
-Here's something the Trump camp may want to highlight: a new study by Oxford Economics shows that Chinese labor costs are only 4% cheaper than US labor costs when you factor in productivity.
-Marine and Army commanders are blaming defense budget cuts for the rising number of military accidents and air crashes.
-The Pentagon now admits that it can't even take a proper inventory of what it owns and that its database of contracts is not searchable.
-Lockheed Martin says it can produce 30 high altitude unmanned spy jets to replace the U-2 for $3.8 billion.
-Canon is buying Toshiba's medical imaging business for between $5 billion and $6 billion. This comes as Toshiba faces a growing US tax probe.
-NYC's Plaza Hotel is going up for sale at auction.
-The emergency full-day shutdown of the DC Metro system led to the discovery of severe cable damage in three areas.
-And the shutdown led to a record day for Uber.
-The worst traffic city in the US is Los Angeles.
-A day after losing $1 billion in paper on Valeant, Bill Ackman sold $830+ million worth of his shares in Mondelez.
-Israelis can now use their smartphones to make video distress calls. This is a first of its kind service likely to come to the US and the rest of the world. Former Israeli Prime Minister Ehud Barak is the frontman for the project.
-There's another court case that could hurt Obamacare. A pending federal lawsuit brought by the House of Representatives, says that the money the federal government pays to insurers to decrease out of pocket costs to 7 million Obamacare recipients is illegal because it wasn't authorized by Congress.
-There's a new tell-all book coming out about the current leader of the Church of Scientology. Here's the hook: it's written by the leader's father.