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Wall Street set to bounce back after rough selloff

IN THE NEWS TODAY

U.S. stock futures were higher this morning, after Wednesday's sharp selloff on Wall Street almost exactly negated Tuesday's rally. Investors focus on economic reports, earnings, and three Fed speeches today, as May meanders rather indecisively. (CNBC)

Kohl's (KSS) is the latest major retailer to issue earnings. Nordstrom (JWN) reports this afternoon. Meanwhile, the Macy's (M) warning about full-year results weighed on market sentiment Wednesday. Operating income dropped 36 percent. (CNBC)

Oil prices were higher this morning, after gains of 3.5 percent Wednesday and its highest settle since November. The U.S. government detailed an unexpected fall in crude inventories. And the IEA said global oil markets are heading towards a long-awaited equilibrium. (CNBC)

Gold prices were lower this morning, after increasing slightly Wednesday. The World Gold Council said demand for the metal surged 21 percent in the first quarter of 2016, the fastest pace on record. (CNBC)


The Brazilian Senate today voted in favor of putting President Dilma Rousseff on trial for breaking budget laws. Brazil's first woman president will be suspended, and her vice president will become acting president during her trial. (Reuters)

Donald Trump meets in Washington today, with House Speaker Paul Ryan, who last week said he's "not ready" to support the presumptive GOP presidential nominee. The two open a dialogue they hope will end with a unified Republican Party. (NBC News)

Despite pressure to release his tax returns, as decades of past presidential candidates have done, Trump said he likely won't be issuing them before November due to an audit of his returns since 2009. (NBC News)

Pop superstar Will.i.am told CNBC he would move to London if Trump were to become president. Will.i.am has previously said he will be voting for Democrat candidate Hilary Clinton, if she gets the party's nomination.

Billionaire investor Bill Ackman is parting company with the investment team member who introduced him to his now-disastrous foray into drugmaker Valeant (VRX). Bill Doyle is leaving Ackman's hedge fund, Pershing Square, after less than two years. (FT)

In the latest attempt to restore confidence in its business, the embattled Silicon Valley blood-testing startup Theranos is replacing its chief operating officer and expanding its board, including the addition of a former senior Amgen executive. (NY Times)

Aetna (AET) plans to continue its Obamacare health insurance business next year in the 15 states where it now participates, and may expand to a few additional states. Aetna sells the individual coverage on exchanges created by the Affordable Care Act. (Reuters)

Nissan Motor has agreed to take a 34 percent stake in Mitsubishi Motors Corp, taking de facto control with a $2.2 billion bet that bails out its smaller, scandal-hit rival. The two already cooperate on development and manufacturing. (Reuters)

Caterpillar (CAT) CEO Doug Oberhelman said following a meeting with Cuban officials in Havana the heavy equipment maker is poised to move quickly into the Cuban market once the U.S. trade embargo is lifted. (Reuters)

Federal Trade Commission officials are asking questions again about whether the Google unit of Alphabet (GOOGL) has abused its dominance in the internet search market, a sign the agency may be taking steps to reopen an investigation. (Politico)

A product team at Google is working on a hardware device that would integrate Google's search and voice assistant technology, akin to the Amazon Echo. Google's device will resemble its OnHub wireless router. (Recode)

Apple (AAPL) is denying reports that it plans to stop offering music downloads on its iTunes service. A spokesperson made it clear he was responding to both timelines proposed in Wednesday's story from Digital Music News. (Recode)

BY THE NUMBERS

The Labor Department releases its weekly look at jobless claims at 8:30 a.m. ET, with economists looking for 265,000 first-time filings for last week, down from 274,000 the prior week. April export and import prices, also out at 8:30 a.m. ET, are seen increasing 0.4 percent.

Cleveland Fed President Loretta Mester, Boston Fed President Eric Rosengren, and Kansas City Fed President Esther George all deliver speeches today. All three are voting members of the Fed's policymaking committee for 2016.

Shake Shack (SHAK) reports earnings after the closing bell this afternoon. Analysts expect a 5-cent per share profit on revenue of $52 million. Famed restaurateur and Shake Shack founder Danny Meyer has seen the stock nearly cut in half over the past 12 months.

Jack In The Box (JACK) late Wednesday reported quarterly earnings of 85 cents per share, beating estimates by 5 cents. Revenue was slightly above expectations, with sales boosted by a nearly 10 percent revenue jump at the company's Qdoba chain.

STOCKS TO WATCH

Monsanto (MON) is getting a boost this morning on reports that Europe's BASF is working with investment banks on a potential takeover bid for the maker of agricultural chemicals.

Tiffany (TIF) left the International AntiCounterfeiting Coalition, without citing a reason. The move follows departures by Gucci and Michael Kors (KORS), with Kors pointing to the admission of Alibaba (BABA) to the group as its reason for leaving.

Las Vegas Sands (LVS) settled charges with the state of Nevada by paying a fine of $2 million without admitting or denying guilt. The casino operator had been accused of violating state gambling laws.

AstraZeneca's (AZN) cancer drug selumetinib has been granted Orphan Drug status by the FDA, a designation for safe treatments for rare diseases and disorders. The drug is designed to treat certain forms of thyroid cancer.

JetBlue (JBLU) reported an April load factor of 84.1 percent, down 1.6 percentage points from a year earlier. Passenger traffic did jump by 8.5 percent, but capacity was higher by 10.8 percent.

WATERCOOLER

The Players Championship tees off this morning in Ponte Vedra Beach, Florida, with some of the PGA Tour's biggest names in the field, including Jordan Spieth, back in competition for the first time since his Masters collapse. (USA Today)