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The Power Brief

A home is offered for sale in Chicago, Ill.
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A home is offered for sale in Chicago, Ill.

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

STOCKS/ECONOMY

-Stock futures are higher after yesterday's down day. Existing home sales for April come out at 10am Eastern.

-Credit card debt in the US is rising again and nearing a total of $1 trillion.

-Gold is mostly flat today, but it's set to finish its worst weekly drop in two months.

EGYPTAIR CRASH LATEST

-EgyptAir debris and passenger belongings have been found, according to the Egyptian military. Terror still seems to be the most likely cause of the crash.

OIL/ENERGY

-Crude prices are flat and holding at the $48/barrel level.

-Gasoline prices rose another penny overnight to $2.27/gallon, national average.

ELECTION

-At a rally in New Jersey last night, Donald Trump contrasted himself with Hillary Clinton by talking about their reactions to the EgyptAir crash. Trump said Hillary won't even say who's responsible.

-Trump will address the NRA national convention today.

-Democrats are going to give backers of Bernie Sanders seats on the convection platform committee, but that may not be enough to placate them.

DEALS/NO DEALS

-Bids for Yahoo's core businesses are coming in lower than expected; they're in the $2 billion to $3 billion range.

PUERTO RICO

-The White House and House Speaker Paul Ryan have made a tentative deal on Puerto Rican debt relief.

MOVING AMERICA

-Tesla has raised $1.46 billion from the sale of new common stock. Tesla wants to produce 500,000 cars per year by 2018.

-But Tesla's suppliers aren't so sure those goals are doable.

-A scientific instrument-making startup company in Raleigh, NC is offering all new and existing employees a new Tesla. The CEO says it's cheaper than using a headhunter.

OVERTIME EFFECT

-Retailers in smaller towns will be hit the hardest by the new Obama administration overtime rules. They will now be forced to match the salaries in the big cities.

DEFENSE

-China is demanding that the US cease its intelligence gathering activities along China's coast.

-NATO countries have finalized their plans to beef up military positions to counter Russian buildups in Eastern Europe.

-The Chinese government makes 488 million social media posts a year while posing as ordinary citizens. The posts are meant to divert attention from "sensitive issues."

SODA WARS

-Philadelphia's city council will soon vote on a steep new tax on sugary drinks.

STEEL WOES

-Experts say China is still waging a devastating war on steel prices.

BANK CHANGE

-TD Bank is getting rid of its popular coin counting machines after a man sued the bank for allegedly shortchanging him.