Wall Street is ready to put another month of gains in the books


U.S. stock futures were higher this morning trading after a modestly lower first day back from the long weekend. On the final day of May, the Dow, S&P 500, and Nasdaq were set to post multimonth winning streaks. (CNBC)

June is the fourth worst in terms of historical S&P performance, but stocks are more likely to take a pause and move sideways this summer than roll over in a "June swoon," according to a number of strategists. (CNBC)

Michael Kors (KORS) beat estimates on quarterly earnings and revenue, but reported a larger than expected drop in same-store sales. The luxury goods company warned on outlook and said it plans to close 100 to 125 full-price stores over the next two years. (CNBC)

Oil was sharply lower this morning as rising output from Libya added to concerns about the increasing U.S. supply that's undermining OPEC-led production cuts aimed at tightening the market in hopes of increasing prices. (Reuters)

The pound was under pressure in reaction to a new YouGov projection that raises the chances Theresa May's Conservative party could lose several seats in the upcoming UK election, resulting in a potential hung parliament, with no party claiming a majority. (FT)

On this morning's U.S. economic calendar, the Chicago purchasing managers index for May is out at 9:45 a.m. ET. The National Association of Realtors releases April pending home sales at 10 a.m. ET. The Fed issues its latest beige book of regional economic conditions.

If buyers can't find a home to buy, then they don't need a mortgage. That's what's likely driving the weakness in mortgage applications, which fell 3.4 percent last week. (CNBC)

Dallas Fed President Rob Kaplan speaks at 8 a.m. ET after telling CNBC Tuesday he sees two more rate hikes this year and reductions of the Fed's balance sheet. San Francisco Fed President John Williams speaks at 8:10 a.m. ET this morning.


A suicide bombing near Afghanistan's presidential palace in Kabul has killed at least 80 people and wounded more than 300. The powerful explosion took place during rush-hour traffic. (NBC News)

A re-engineered American interceptor rocket collided with a mock intercontinental ballistic missile on Tuesday afternoon in the skies over the Pacific Ocean, in the first successful test of whether it could shoot down a warhead from North Korea. (NY Times)

Vietnam's prime minister, who visits President Donald Trump at the White House today, said he'll sign deals worth up to $17 billion for U.S. goods and services, mostly for high-tech products. (Reuters)

After a series of angry Trump tweets directed toward Germany over trade, Commerce Secretary Wilbur Ross told CNBC he's open to continuing talks on a proposed trade pact with the European Union.

President Trump has been handing out his cellphone number to world leaders and urging them to call him directly, an unusual invitation that breaks diplomatic protocol and raises security concerns. (AP)

Trump posted vague, midnight tweet about "negative press covfefe," apparently meaning to type coverage. About six hours later, it was deleted, and in a new tweet the president said, "Who can figure out the true meaning." (USA Today)

Trump's communications director is leaving the job as the president considers wider staff changes to try to contain the political damage from investigations into Russia and his presidential campaign. (Reuters)

Michael Flynn, Trump's former national security advisor, will reportedly hand over some personal and business documents to the Senate panel investigating alleged Russian interference in the 2016 election. (NBC News)

Trump's personal attorney, Michael Cohen, told NBC News that if he were issued a subpoena as part of congressional investigations into Russian interference he would testify.

Goldman Sachs (GS) said it never dealt directly with the Venezuelan government when it bought $2.8 billion in bonds for pennies on the dollar. Venezuela's legislature has voted to ask the U.S. Congress to investigate the deal. (Reuters)

Uber has fired the head of its self-driving car unit after he failed to comply with a court order to hand over documents at the center of a legal battle between the ride-hailing service and Alphabet's (GOOGL) Waymo unit. (Reuters)

The FAA is proposing to fine United (UAL) almost a half million dollars for flying a plane that was not in "airworthy condition," accusing the airline of failing to inspect a fuel pump repair on a Boeing 787 before putting the jet back into service. (CNBC)

Disney's (DIS) ESPN unit, which continues to the feel pinch from cable cord cutters, is also continuing to lose subscribers at a faster than average pace, according to estimates from Nielsen (NLSN) cited in the New York Post.

Scott Pelley is reportedly out as CBS Evening News anchor. He's returning to full-time work at "60 Minutes." CBS is a distant third to ABC and NBC in the evening news rankings. (USA Today)

Apple Music releases its spin-off version of James Corden's popular "Carpool Karaoke" to subscribers beginning on Aug. 8; the launch had previously been set for April. The Apple (AAPL) series will star a rotating cast of singers and drivers. (CNBC)

The median pay for CEOs at the biggest U.S. companies was $11.7 million in 2016, up from $10.8 million the year before and a post-recession record, according to a Wall Street Journal analysis of S&P 500 firms.


Exxon Mobil (XOM) has stepped up efforts to persuade investors to vote against climate-related proposals at today's annual meeting with a campaign of calling, writing, and lobbying shareholders in person.

Whirlpool (WHR) plans to ask U.S. officials to impose trade barriers on imports of washing machines. The company is fighting what it calls unfair trade practices by South Korea-based rivals.

Perrigo (PRGO) reported quarterly profit of $1.05 per share, 6 cents above estimates, with revenue essentially in line for the maker of store-branded generic drugs. Perrigo said it expected to return to growth in 2018.

Novartis (NVS) said pricing pressure on its generic drug offerings in the U.S. market has intensified, and it's reviewing all options for its money-losing Alcon eye care products unit.

Mallinckrodt (MNK) is considering a sale of its generic drug unit for as much as $2 billion, a pivot for the specialty pharmaceutical maker toward higher margin branded treatments.


Word whizzes take the stage today at the Scripps National Spelling Bee, with the 90th year of the competition featuring both the youngest ever contestant and the largest ever field. The finals are tomorrow. (USA Today)