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The Power Brief

Mortgage Apps. investments, wells fargo
Patrick T. Fallon | Bloomberg | Getty Images

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

STOCKS/ECONOMY

-Stock futures are a bit higher after yesterday's flat close.

-The S&P 500 has gone 41 days in a row without a decline of 1% or more.

-Mortgage applications jumped 9.3% last week as rates fell.

-China's exports tumbled again in May as global demand stayed weak.

-Now the World Bank is joining the IMF and others cutting their global growth forecasts.

OIL/ENERGY

-Crude oil is at an 8-month high and near the $51/barrel level.

-Gasoline prices are holding at $2.35/gallon, national average.

ELECTION

-The California primary has now been called, for Hillary Clinton and she has now won enough pledged delegates to clinch the Democratic nomination for President.

-Bernie Sanders has not dropped out of the race, but that might change after President Obama meets with him later today.

-Trump made an appeal to Bernie Sanders' supporters last night, singling out his agreement with Sanders on unfair trade deals.

-Trump also promised to deliver a major speech about Mrs. Clinton next week where he says he will focus on how she and Bill Clinton have engaged in high priced influence peddling.

-Nomura says a Trump victory would significantly hurt global markets.

TECH EXPANSION

-Amazon used the current visit to the US by Indian PM Narendra Modi to announce that it's going to invest $3 billion in India this year.

-Global smartphone sales will grow 7% this year, down from 14% growth in 2015.

DEFENSE

-Two Chinese J-10 jets intercepted a US RC-135 spy plane over the East China Sea this week, one of those coming at the US aircraft at an excessive rate of speed. It's the second such incident in a month.

-The White House is again threatening to veto the 2017 defense bill. This time, it says it objects to provisions that would limit the president's NSA staff and make it impossible to shut down the prison at Guantanamo Bay.

-The US will send a combat battalion to NATO's Eastern European flank to help deter further Russian aggression.

-Sikorsky and Turkey have made a $3.5 billion deal to make Black Hawk helicopters in that country. Half will be used by Turkey and the other half will be exported. Lockheed Martin bought Sikorsky last year.

MOVING AMERICA

-Tesla CEO Elon Musk says the company is working exclusively with Panasonic to make the Model 3 battery.

-Suzuki's Chairman and CEO is stepping down because of his company's mileage testing fraud scandal.

MINIMUM WAGE WARS

-The Washington, DC city council has voted to boost the city's minimum wage to $15/hour by 2020.