×

Another post-Brexit slump on Wall Street seen

IN THE NEWS TODAY

U.S. stock futures were lower this morning, but not as much as the more than 3 percent drubbing Wall Street took Friday following Britain's vote the day before to the leave the European Union trading bloc. (CNBC)

Financial stocks including JPMorgan Chase (JPM) and Goldman Sachs (GS) were under pressure in the premarket, after suffering Brexit losses Friday. Meanwhile, European banks such as Deutsche Bank (DB) and Credit Suisse (CS) were worse off. (CNBC)

European stocks were lower this morning, and so was the U.K. currency. Sliding back toward a 31-year low, the pound was falling more than 3 percent against the dollar Monday, after Friday's 11 percent decline. (CNBC & Reuters)

Japan's Nikkei stock index gained nearly 2.4 percent overnight, bouncing back from Friday's almost 8 percent loss, contributing to the more than $2 trillion of paper-wealth losses on global financial markets. (CNBC)

Seeking refuge from the Brexit turmoil, global bond prices rose again, while gold continued its march to nearly two-year highs. Meanwhile, oil prices stabilized Monday, after U.S. crude fell nearly 5 percent Friday. (Reuters)

The British pound is down in the water on Brexit, but billionaire investor Wilbur Ross sees a buying opportunity. "I bought some pounds on Friday," he told CNBC. "I may very well buy some more pounds today."

George Soros, the billionaire who famously bet against the pound in 1992, did not speculate against sterling just ahead of Britain's vote to leave the European Union but he did profit from other bearish bets due to the Brexit result. (Reuters)

The British Parliament meets today for the first time since the Brexit vote. But no clear candidate has emerged to replace Prime Minister David Cameron, who announced he'll resign by October following the referendum result. (USA Today)

U.K. Chancellor George Osborne waited nearly four days to issue a Brexit statement. The finance minister said today the vote did not go the way he had hoped, but Britain is ready to face the challenges ahead. Osborne expects market volatility to continue. (CNBC)

U.S. Treasury Secretary Jack Lew joins CNBC's "Squawk Box" at 8 a.m. ET this morning to talk about the Brexit vote and what he sees as the fallout.

Hillary Clinton said America "will bounce back from this" economically. Clinton also knocked the Brexit response of her GOP rival Donald Trump without mentioning him by name. Two new polls showed Clinton widening her lead. (CNBC)

Amid VP speculation, the presumptive Democratic presidential nominee Clinton will be joined in Cincinnati today by champion of the far left, Massachusetts Sen. Elizabeth Warren. It's their first joint event. (AP)

After a flurry of decisions last week, the Supreme Court is set to close out its current term today with opinions concerning the regulation of Texas abortion clinics and federal law seeking to keep guns away from people convicted of domestic violence. (AP)

Facebook (FB) and Alphabet's Google (GOOGL) unit are using automation to remove extremist content from their sites. The move is a major step forward for internet companies eager to eradicate violent propaganda from their sites. (Reuters)

Intel (INTC) is mulling the sale of its cyber security business, which was previously known as McAfee. Intel bought McAfee for $7.7 billion in 2011. Intel has been restructuring, announced plans earlier this year to cut 12,000 jobs. (FT)

BY THE NUMBERS

Investors get the U.S. government's May trade deficit figures at 8:30 a.m. ET Numbers later this week may have more of an impact, with revised first-quarter GDP, personal income and spending, jobless claims, and June auto sales all on the calendar.

STOCKS TO WATCH

TransCanada (TRP) has formally requested arbitration under the NAFTA trade agreement over the White House's rejection of the Keystone XL pipeline. TransCanada is seeking $15 billion in damages.

BHP Billiton (BHP) plans to increase spending on exploration by 29 percent next year to about $900 million, focusing on oil and copper, in a move that may signal a shift away from the mergers and acquisitions.

Qualcomm (QCOM) filed a patent infringement suit against China smartphone maker Meizu, which is backed by Chinese online retail giant Alibaba (BABA).

Amazon (AMZN) is expected to announce an expansion of its Dash push-button ordering service, according to the Wall Street Journal. The thumb-drive-sized devices allow customers to directly order products.

Dick's Sporting Goods (DKS) has submitted a bid for 17 Sports Authority stores, according to Reuters. Dick's is said to be the only bidder to make offers for more than a single location operated by its bankrupt rival.


WATERCOOLER

Lionel Messi said he won't play Argentina again, after kicking the ball over the crossbar in last night's penalty shootout loss in the final of the Copa America soccer tournament. Chile won the title for the second year in a row in PKs against Argentina. (CNBC)

Walt Disney's (DIS) "Finding Dory" topped the weekend box office again, pulling in another $73.2 million in North American ticket sales. The movie is the sequel to the 2003 hit "Finding Nemo." But another sequel, "Independence Day: Resurgence," struggled. (AP)