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Power Lunch Morning Brief

A trader works on the floor of the New York Stock Exchange during the morning of January 4, 2016 in New York City.
Getty Images
A trader works on the floor of the New York Stock Exchange during the morning of January 4, 2016 in New York City.

A daily morning look at the financial stories you need to know to start the day

BRUSSELS LATEST

-The only surviving Brussels bomber, Najim Laachraoui, has been arrested.

-An American couple is missing in Belgium in the wake of the attacks.

STOCKS/ECONOMY

-Stock futures are flat after yesterday's mixed close.

-Mortgage applications fell 3.3% last week.

-Despite the Brussels bombing, gold continues its brief cooling off and has hit a one-week low at the $1,233/ounce level.

OIL/ENERGY

-Crude prices are down a bit but holding at the $41/barrel level.

-This morning's oil inventories report will be crucial for the market.

-Gasoline prices edged up another penny overnight to $1.99/gallon, national average.

ELECTION

-Front runners Hillary Clinton and Donald Trump won Arizona while Ted Cruz won Utah and Bernie Sanders won Idaho and Utah.

-Jeb Bush will endorse Ted Cruz today.

DEFENSE

-Boeing will likely miss the first key delivery deadline in the $51 billion KC-46 air tanker program. The first 18 tankers are due for delivery in August 2017, but that's not going to happen.

-Both the Pentagon and our foreign allies are complaining that the process for approving US weapons sales is too slow. But a State Dept official says there's no need for reform.

SCOTUS TODAY

-The high court will hear the case today arguing that religious-affiliated non-profits should not have to pay for Obamacare mandated contraception for their employees.

PHARMA FIGHT

-Merck beats Gilead in the fight over patents for its Hep C drug. Now the jury will determine damages and it's going to be big bucks.

IRS SCANDAL

-A federal court has ordered the IRS to turn over the list of groups it targeted and rebuked the agency for abusing tax laws for partisan reasons.

MINIMUM WAGE

-A measure that would gradually raise California's minimum wage to $15/hour has qualified for the November ballot.

VICE MIRAGE?

-A double whammy for Vice: web traffic was down 17% last month and now there are growing questions about whether its boasts about a huge millennial audience are for real.