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The Power Brief

An island outpost, one of several, being built by China in the South China Sea.
Reuters
An island outpost, one of several, being built by China in the South China Sea.

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

STOCKS/ECONOMY

-Stock futures are higher this morning after yesterday's new all-time high close for the S&P 500.

-The yield on the 10-year Treasury note has rebounded to 1.48%.

OIL/ENERGY

-Crude prices are up 2% to the $45/barrel level.

-Gasoline prices fell another penny overnight to $2.22/gallon, national average.

CHINA DISPUTE

-A Hague tribunal has ruled China's economic South China Sea claims are unfounded. This is a win for the Philippines and US policy.

ELECTION

-Hillary Clinton's lead over Donald Trump is down to three percentage points in the latest NBC News poll. It was a five point lead last week.

-Bernie Sanders will campaign with and endorse Hillary Clinton today.

OBAMACARE

-President Obama is calling for a government-run public option within the Affordable Care Act.

TOO BIG TO JAIL?

-A new Congressional report says the Justice Department chose to settle a money laundering case with HSBC because it thought it was essentially too much of a risk to the financial system to prosecute the bank.

TESLA TROUBLES

-The SEC is reportedly probing Tesla for not reporting the deadly crash of one of its cars in autopilot mode quickly enough.

CAR LOAN FEARS

-Top US regulators are voicing concerns about the explosion of riskier and more expensive car loans.

LABOR LAWS

-The US Chamber of Commerce says California's too many labor regulations and "worker protections" are hurting the state's economy.

DEFENSE

-Iranian gun boats came provocatively close to a US warship in the Straits of Hormuz yesterday.

-The robot used to kill the Dallas cop killer is made by Northrop Grumman. It sells for $151,000.

-Raytheon CEO Thomas Kennedy says Iran and ISIS are fueling increased demand for his company's missile systems. He expects revenues from that division to grow 3% to 5% this year to near the $25 billion mark.