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Wall Street sees support even with Yellen's comments

Key Points


U.S. stock futures were higher this morning after the S&P 500 and Nasdaq hit their highest levels of the year Monday. Meanwhile, oil prices hit nearly eight-month highs, after U.S. crude increased 2.2 percent Monday at its highest settle back to July 2015. (CNBC & Reuters)

If Fed Chair Janet Yellen has her way, there likely would be two interest rate hikes this year, contrary to current market expectations and despite Friday's terrible jobs report. Yellen didn't overtly say so in her Monday speech but signaled the possibility. Policymakers meet next week. (CNBC)

Ahead of today's primary contests in California and five other states, Hillary Clinton has reached the majority of the 2,383 delegates needed to become the presumptive Democratic nominee, with a combination of pledged and unpledged superdelegates. (NBC News)

Bernie Sanders is arguing superdelegates can change their minds at any time and should not be counted until they vote at the July convention. He's hoping to bolster his case for the nomination by winning California, where he's locked in a dead-heat with Clinton. (CNBC)

House Speaker Paul Ryan plans today to unveil recommendations of a GOP task force on how to combat poverty and drive upward mobility. Ryan wants to show Americans what Republicans stand for, rather than what they're against. (USA Today)

Billionaire buy-and-hold investor because people are still afraid to put money in the market in the wake of the financial crisis. (CNBC)

Valeant (VRX), under scrutiny for business and accounting practices, reported this morning a lower-than-expected quarterly profit, in its long-delayed earnings report. The drugmaker also cut its full-year earnings and revenue forecast. (CNBC)

Seen as the leading contender, Verizon (VZ) planned to submit a second-round auction offer of $3 billion for the core internet business of struggling Yahoo (YHOO), which is expected to hold at least one additional round of bidding. (WSJ)

Apple (AAPL) sold a 30-year U.S. dollar bond in Taiwan at a yield of 4.15 percent, lower than other recent bond issues by multinationals like Intel (INTC) and Anheuser-Busch Inbev (BUD). Apple is looking to raise up to $1.2 billion. (Reuters)

Four Cisco Systems (CSCO) executives, who created some of the networking company's biggest hit products, are resigning, in an apparent disagreement with their roles under a recent reorganization. The Wall Street Journal cites an internal memo.

FedEx (FDX) is raising its quarterly dividend by 60 percent to 40 cents a share. The hike is significantly higher than the delivery company's past two dividend increases. (WSJ-subscription)

The EU risks a legal showdown with farming unions and chemical companies, after leading member states, citing health concerns, refused to extend a license for glyphosate, the world's most common herbicide and a top seller for Monsanto (MON). (FT)

U.S. investigators are reportedly examining whether Goldman Sachs (GS) violated the Bank Secrecy Act when it didn't inform regulators about a potentially suspicious transaction involving Malaysia's embattled state fund 1MDB. (WSJ)

A car bomb ripped through a police bus in central Istanbul during this morning's rush hour, killing 11 people and wounding 36 others near the main tourist district, a major university, and the mayor's office. There was no immediate claim of responsibility. (Reuters)


The government's revised first-quarter productivity and labor costs report is out at 8:30 a.m. ET. The Fed releases at 3 p.m. ET data on April consumer credit, which tracks consumer borrowing habits.

In the fourth annual Disruptor 50 list, CNBC features private companies in 15 industries — from aerospace to financial services to cybersecurity to retail — whose innovations are revolutionizing the business landscape.


Sarepta Therapeutics (SRPT) was soaring in premarket trading, after the FDA asked for more information on the company's experimental treatment for muscular dystrophy.

Alexion Pharmaceuticals (ALXN) were sinking in premarket trading, after saying its drug Soliris missed the primary goal in a late-stage clinical trial for additional treatments.

A U.S. judge has freed Gilead sciences (GILD) from paying any damages for infringing Merck's (MRK) patents on its Hepatitis C drugs. In March, a jury ordered Gilead to pay $200 million. Shares were little changed.

United Natural Foods (UNFI), a major supplier to Whole Foods (WFM), was rising in premarket trading. The company raised its full-year outlook after reporting a smaller-than-expected drop in third-quarter profits.


The Playboy mansion, listed for $200 million earlier this year, is now under contract to next-door neighbor Daren Metropoulos, the 32-year-old billionaire who owns Twinkies maker Hostess Brands. (WSJ)

Billionaire hedge fund manager Steve Cohen has torn down his East Hampton mansion so that he can build a new one in its place. He bought the 7-acre oceanfront spread for $62.5 million in 2013. (CNBC)