Morning Brief

On Brexit day, Wall Street meanders after Tuesday's powerful rally

Key Points


U.S. stock futures were relatively flat this morning after Tuesday's rally on Wall Street. The Dow broke its eight-session losing streak and moved closer to breakeven on the month. (CNBC)

With just days left in the first quarter, the Dow was up 4.75 percent, on pace for its sixth straight quarterly gain. The last quarterly winning streak of that length ended in the Q4 in 2006. (CNBC)

European stocks were mixed as the U.K. triggered the Brexit process today, opening a two-year window for the nation to negotiate its departure from the European Union. (CNBC)

For some, Brexit symbolizes long-sought freedom from the EU. For others, it signifies loss as the U.K. works to end its 44-year relationship its closest economic partners. (CNBC)

To expand his real estate developments over the years, Trump, his company, and partners repeatedly turned to wealthy Russians and oligarchs, several allegedly connected to organized crime, according to the USA Today.

A bank in Cyprus investigated accounts associated with President Donald Trump's former campaign chairman, Paul Manafort, for possible money laundering, NBC News reports.

Records indicate Manafort, under scrutiny for ties to a Russian oligarch close to Vladimir Putin, bought New York City real estate, some of the deals appeared to be all-cash. (NBC News)

The House followed the Senate and sent to Trump's desk a resolution overturning an Obama-era FCC rule requiring internet providers to get customer permission to share browsing history. (The Verge)

Trump's nominee to lead the FDA plans to recuse himself for a year from agency decisions on more than 20 companies, due to his work in recent years as a medical entrepreneur. (WSJ)

Stung by Trump's victory, the DNC's new chairman has launched a major reorganization, asking that resignation letters from all current staffers be submitted by next month. (NBC News)

Trump is finally using an iPhone, despite once calling for a boycott of Apple's, after security concerns were raised over the Android handset he was reportedly using. (CNBC)

After the Galaxy Note 7 debacle, Samsung is under pressure to deliver the goods and restore trust as it launches its latest smartphone model, the Galaxy S8, today in New York. (CNBC)

Wells Fargo (WFC) has agreed to pay $110 million to settle a class-action lawsuit over the sales practice scandal that saw employees open some two million accounts for unsuspecting customers. (AP)

BlackRock (BLK), the world's biggest money manager, its active management business by cutting jobs, slashing fees, and increasing its use of computers to pick stocks. (Reuters)

Regeneron and Sanofi said they would charge $37,000 annually in the U.S. for their newly approved eczema drug, a price reached after months of negotiations with pharmacy-benefit managers. (WSJ)


U.S. oil prices were higher this morning after industry data showed a build in inventories that matched expectations. The Energy Department issues its weekly look at crude stockpiles at 10:30 a.m. ET.

The National Association of Realtors releases February pending home sales at 10 a.m. ET. The measure of contracts signed-but-not-closed-yet were seen rising 2.1 percent last month after dropping 2.8 percent in January.

Mortgage bankers are feeling the pinch from a continued fallout in refinances, with applications to rework home loans falling 3 percent last week. Refis were down nearly 26 percent compared to the same period a year ago.

The busy week for Fed speakers continues, with Chicago Fed President Charles Evans, Boston Fed President Eric Rosengren, and San Francisco Fed President John Williams all making public appearances today.

It's a light morning for earnings, with Paychex (PAYX) among the few companies issuing results. Lululemon (LULU) is among the few companies out with quarterly numbers after this afternoon's closing bell.

EU antitrust regulators vetoed the proposed $31.3 billion merger of Deutsche Boerse and the London Stock Exchange today.

Viral powerhouse BuzzFeed is quietly making preparations to go public in 2018, according to Axios. NBC has invested in BuzzFeed (and Axios, for that matter).


Restoration Hardware (RH) was soaring about 15 percent in the premarket, after reporting better-than-expected earnings and revenue. The home furnishings retailer also issued upbeat forward guidance.

Sonic (SONC) reported earnings that slightly beat estimates but revenue that missed. The drive-in chain saw comparable restaurant sales fall a wider than expected 7.4 percent.

Dave & Buster's (PLAY) saw quarterly earnings beat expectations and revenue in-line. However, a comparable restaurant sales gain of 3.2 percent was short of the 3.7 percent consensus estimate.

Vertex (VRTX) was jumping about 17 percent in premarket trading, as the drugmaker said it plans to seek FDA approval for an experimental cystic fibrosis treatment after promising results in late-stage studies.


The FDA approved Genentech's drug to treat a severe form of multiple sclerosis. The agency also cleared the drug to treat people with the more common, relapsing form of the disease. (NY Times)

A man paralyzed from the shoulders down in a cycling accident eight years ago was able to move enough to eat and drink through the help of a new "neuro-prosthetic" device. (CNBC)