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Tech stocks continue their Friday sell-off ahead of this week's Fed meeting

BY THE NUMBERS

U.S. stock futures were lower this morning. Tech stocks were leading the way in a continuation of Friday's 1.8 percent slide in the Nasdaq. Apple shares were sinking about 2 percent in premarket trading after a Mizuho Securities downgrade to neutral from buy. (CNBC)

The Fed begins its two-day June meeting tomorrow with an interest rate hike expected Wednesday afternoon. Investors will also be looking for guidance from Fed Chair Janet Yellen at her post-meeting news conference on shrinking the central bank's balance sheet. (CNBC)

On the economic calendar, the latest federal budget deficit is out at 2 p.m. ET this afternoon. Tomorrow brings the producer price index. Wednesday's reports include the consumer price index and retail sales. The health of housing dominates Thursday and Friday data. (CNBC)

The price of ethereum today hit an all-time high of $407.10 after rival digital currency bitcoin also touched record levels. Ethereum is up over 5,000 percent since the start of the year. Ethereum is the second-largest cryptocurrency behind bitcoin. (CNBC)

IN THE NEWS TODAY

General Electric (GE) was getting a pop in the premarket after saying Chairman and CEO Jeff Immelt is stepping down. John Flannery, current head of GE Healthcare, takes over as CEO in August and adds the chairman title in January. (CNBC)

Uber's board has unanimously adopted recommendations from Eric Holder, former Obama U.S. attorney general, who conducted an inquiry into allegations the ride-hailing firm failed to act on sexual harassment and gender discrimination complaints. (CNBC)

The board of Uber is also considering a leave of absence for Travis Kalanick, CEO and co-founder. Meanwhile, in another high-profile departure, Uber's chief business officer, Emil Michael, may leave the company within days. (NBC News)

Jaguar Land Rover is the latest automaker to take a stake in Uber-rival Lyft as the ride-share operator continues to expand partnerships with automakers and tech firms. Land Rover's mobility services business is investing $25 million in Lyft. (CNBC)

Microsoft (MFST) announced its new Xbox, the Xbox One X, with a hefty $499 price tag and a Nov. 7 release date. That's twice the price of the standard Xbox One and $100 more than Sony's PlayStation 4 Pro. Analysts were cautious. (CNBC)

Attorneys general for Maryland and Washington, D.C. plan to sue President Donald Trump today, alleging he's violated anti-corruption clauses in the Constitution by accepting millions in payments and benefits from foreign governments since moving into the White House. (Washington Post)

U.S. Attorney General Jeff Sessions faces questions about Trump's firing of FBI Director James Comey and undeclared meetings with Russian officials at a Senate hearing tomorrow. But it's unclear whether he'll testify in public or in private. (Reuters)

Qatar's finance minister told CNBC Trump recently praised his country for combating terrorism during a meeting with leaders of Muslim majority nations. Last week, Trump criticized Qatar for funding extremist ideology after Saudi Arabia and several of its allies isolated the small Gulf state. (CNBC)

The Treasury will recommend limits on the government's consumer finance regulator and reassess a broad range of banking rules. The report, set for release as soon as today, is less-sweeping than a bill approved by the House last week to gut the Dodd-Frank law. (WSJ)

Melania Trump and son Barron have moved into the White House, more than four months after President Trump was sworn into office. The first lady had continued living in Trump Tower in New York City while Barron finished the school year. (NBC News)

STOCKS TO WATCH

Amazon (AMZN) has reportedly started hiring people to sell cars online in Europe. A German trade magazine reports the company plans to run the business out of Luxembourg, and it's looking at Britain as a possible test market.

Sanofi (SNY) and Regeneron (REGN) said their anti-cholesterol drug saw positive results in the first dedicated trial involving patients with both diabetes and high cholesterol. The data was presented on Sunday at the annual meeting of the American Diabetes Association.

Teva Pharmaceuticals (TEVA) is looking to refresh its board with four new directors as it tries to restore investor confidence. Teva shares have dropped sharply in recent months following a series of acquisitions and delayed launches, while its drug for multiple-sclerosis faces generic competition.

Western Digital (WDC) is reportedly considering raising its offer for Toshiba's chip unit to more than $18 billion. At a meeting on Friday, Western Digital's CEO told Toshiba's president the company plans to join a consortium that includes KKR and the Development Bank of Japan to compete with a rival offer.

WATERCOOLER

"Wonder Woman" beat Tom Cruise's "The Mummy" at the box office, pulling in an estimated $57.2 million in North America this weekend for a two-week take of $205 million domestically. "The Mummy" made $32.2 million in its debut weekend. (AP)

Broadway legend Bette Midler took home the best actress in a musical prize for her role in "Hello, Dolly!" at last night's Tony Awards. Midler's hilariously long speech was certainly a showstopper. (USA Today)