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Stocks poised for rebound ahead of Fed decision

IN THE NEWS TODAY

U.S. stock futures were rebounding this morning, ahead of the Fed's post-meeting policy statement, summary of economic projections, and Janet Yellen news conference this afternoon. The Dow, S&P 500, and Nasdaq fell for the fourth straight session Tuesday. (CNBC)

After a run toward record highs in stocks last week, there may be better clues on why the rally faltered: the market hadn't priced in the possibility of a Brexit, when the U.K. votes next week on whether to stay in the European Union trading block. (CNBC)

Oil prices were lower this morning, after industry data showed an unexpected U.S. stockpile build-up. The government issues its weekly inventory report at 10:30 a.m. ET. Crude logged its fourth negative session in a row Tuesday. (Reuters)

MSCI's decision to keep mainland-listed shares out of its key emerging markets index was a blow to China's regulators, who had stepped up reforms in recent months to win over the index provider. The Shanghai composite closed up nearly 1.6 percent overnight. (CNBC)


The Orlando gunman's wife told federal agents she tried to talk her husband out of carrying out the attack, NBC News reports. Omar Mateen's wife, Noor Zahi Salman, said she once drove him to the gay nightclub, Pulse, because he wanted to scope it out.

President Barack Obama and House Speaker Paul Ryan, the nation's leading Democratic and Republican elected officials, both rebuked presumptive GOP nominee Donald Trump over his response to Sunday's Orlando massacre. (WSJ)

The search continues for a two-year-old boy who was dragged by an alligator into a lake in front of his parents at a Florida Disney resort. The child, on vacation with his family from Nebraska, was playing in the water last night when he was snatched. (NBC News)

There's no conclusive evidence that drinking coffee causes cancer, according to the World Health Organization. While downgrading its warning, the group did say that all "very hot" drinks, around 150 degrees, are probably carcinogenic. (Reuters)

As many as 8,000 more jobs are set to go at Bank of America's (BAC) consumer arm, as the digital banking revolution gathers pace and reduces the need for back-office staff and bank tellers. The BofA plans to add sales staff. (FT)

Apple (AAPL) is considering creating its own content in-house, including music and video. Jimmy Iovine, a well-known record producer who joined Apple in 2014, said there's "no limit" to what the company is willing to do. (The Nikkei)

Twitter (TWTR) has invested around $70 million in SoundCloud. Two years ago Twitter thought about buying the music service, but ended up walking away. SoundCloud bills itself as a social sound platform, where users can record, upload, and share songs. (Recode)

Tesla (TSLA) opens on Saturday a 400-square-foot gallery at the Nordstrom (JWN) location in one of the country's most lucrative malls, The Grove in Los Angeles. The partnership is the first of its kind for the electric automaker. (CNBC)

Sumner Redstone's daughter, Shari, has been in direct contact with Alibaba (BABA) founder Jack Ma in connection with the sale of Viacom's (VIAB) Paramount Pictures. Meanwhile, Redstone himself has made appearances at two of his companies in recent days. (NY Post & WSJ)

Facebook (FB) published new details on how it conducts research using the personal information it collects on users of the social network, amid a flurry of efforts to create privacy and ethical standards for corporate research involving human data. (WSJ-subscription)

Getting hacked is getting really expensive. The average cost of a data breach hit $4 million, representing a 29 percent increase since 2013, according to a new report from IBM Security. That's approximately $158 for every lost or stolen record. (CNBC)

Some of the most popular types of Obamacare health insurance plans want to raise their prices by an average of 10 percent or more in 14 major metropolitan areas next year, according to a new analysis by the Kaiser Family Foundation. (CNBC)

BY THE NUMBERS

Ahead of the conclusion of the Fed's two-day meeting, the government releases a key inflation report at 8:30 a.m. ET: the May producer price index. The Fed issues at 9:15 a.m. ET May data on industrial production and capacity utilization.

Economic concerns in the U.S. and overseas pushed mortgage rates to lows not seen since the start of 2015, but that did nothing to spur homebuyers. Mortgage application volume decreased 2.4 percent last week.

STOCKS TO WATCH

The FDA said Whole Foods (WFM) has until the end of June to fix serious cleanliness violations found during a February inspection of a Massachusetts plant, which supplies prepared foods across the Northeast.

Bed Bath & Beyond (BBBY) is buying One Kings Lane, the online furnishings site worth nearly $1 billion just two years ago. Terms were not disclosed, but the flash-sale site sold for a fraction of that valuation.

Office Depot (ODP) sets the date of its shareholder meeting for July 13, the first after a majority vote for the merger with Staples (SPLS), which was blocked by U.S. regulators.

Metlife (MET) is waiving its retirement rule for Chairman and CEO Steven Kandarian, allowing the 64-year-old to stay on past his next birthday. Kandarian has been CEO since 2011.

WATERCOOLER

The Oracle of Omaha said a woman bid nearly $3.5 million in a charity auction for a lunch meeting. The winner and up to seven of her friends will dine with Warren Buffett at the Smith & Wollensky steakhouse in New York City. (Reuters)