×

Tech stocks rebound after a 2-day drubbing that sank the market

BY THE NUMBERS

The Nasdaq is coming off its worst two-day stretch of the year, as lofty tech stocks took a beating. But futures were pointing to gains at open, with investors seeking value amid bargain prices. (CNBC)

• The CBOE Volatility Index, referred to as the market's fear gauge, was coming off a three week high as technology stocks declined for the second straight session on Monday. (CNBC Trading Nation)

OPEC's oil production jumped in May, despite an agreement last month to extend its six-month output cap into 2018, led by increases from Libya and Nigeria, which are exempt from the deal, and Iraq. (CNBC)

Wall Street is now looking ahead to the two-day June Fed meeting, starting today and culminating tomorrow afternoon in an expected interest rate hike. Fed Chair Janet Yellen holds a post-meeting news conference. (CNBC)

The government releases May producer prices at 8:30 a.m. ET. The measure of wholesale inflation is expected to be flat, with a 0.1 percent increase in core rate excluding food and energy sectors.

Small business confidence shot up to near record levels after the presidential election, and it's still flying high, according to the latest National Federation of Independent Business index. (Press Release)

IN THE NEWS TODAY

Attorney General Jeff Sessions faces questions at a Senate Intelligence Committee hearing today about his dealings with Russian officials. He's likely to be asked about Trump's firing of FBI Director James Comey, who testified before the panel last week. (Reuters)

President Donald Trump is considering terminating special counsel Robert Mueller, a former FBI director who was named by the Justice Department in May to lead the Russia investigation, according to Trump friend and Newsmax CEO Chris Ruddy. (PBS)

A second federal appeals court blocked Trump from enforcing an executive order seeking to temporarily ban travel to the U.S. from six Muslim-majority countries as the Supreme Court considers whether to intervene. (WSJ)

Former NBA player Dennis Rodman has arrived in North Korea on his first visit since President Donald Trump took office. Rodman has received the red-carpet treatment on four past trips since 2013. (AP)

The Trump administration has invited some of Silicon Valley's most prominent venture capital firms to a meeting at the White House next week focused on emerging technologies. (Recode)

Uber CEO Travis Kalanick today presents to employees the findings of a report about the firm's alleged hostile workplace culture. Kalanick's role may change as he weighs whether to take personal leave following a recent family tragedy. (FT)

As Uber's scandal widens, a growing number of insiders want to sell shares. But buyers are hard to find. Arranging private share sales for Uber insiders has been notoriously difficult, said a San Francisco broker. (CNBC)

Facebook (FB) may move into space currently occupied by Yahoo (YHOO) in a building owned by the San Francisco Chronicle. It would be Facebook's first office space in San Francisco. (CNBC)

Users can now block unwanted folks from calling their Amazon Echo. Echo to Echo calling was recently launch but there was no block feature until now for iOS. Android is coming soon. (The Verge)

Billionaire and major Tesla shareholder Ron Baron told CNBC he initially was not happy about the electric automaker's acquisition of SolarCity. But now, he sees how the pieces fit together.

Baron told CNBC stock prices are cheaper than they should be. But with lower rates and oil, the economy "is going to grow much faster than it would have otherwise."

Billionaire investor Warren Buffett travels to New York this week to help Israel sell government bonds, according to the underwriting agency. A similar event was held in November in Omaha, Nebraska. (Reuters)

STOCKS TO WATCH

Science Applications International (SAIC) beat estimates on earnings, but revenue missed and profit margins were lower. Shares of the defense contractor were losing 10 percent in premarket.

Merck (MRK) paused two late-stage studies involving the use of its Keytruda immunotherapy drug as a treatment for multiple myeloma. The drugmaker is investigating increased reports of deaths.

Johnson & Johnson's (JNJ) diabetes drug Invokana showed a reduction in serious heart problem risks but an increased amputation risk, according to data presented at a medical meeting.

Alphabet's (GOOGL) Google unit reached a tax deal with Indonesia, which had maintained that Google had not made enough annual payments to the government in 2016.

Imax (IMAZ) is laying off 100 workers, or about 14 percent of its workforce, in a cost reduction move. The movie theater operator also announced a new $200 million stock buyback program.

Western Digital (WDC) plans to raise its bid for Toshiba's semiconductor unit to about $18.2 billion, according to Japanese newspaper reports. Initially, Western Digital had bid about $14.5 billion.

Apple supplier Snyaptics (SYNA) has agreed to buy audio software firm Conexant for $300 million in cash and stock, and to purchase Marvell's (MRVL) multimedia unit for $95 million in cash.

WATERCOOLER

The Golden State Warriors beat the Cleveland Cavaliers 129-120 in Game 5 of the NBA Finals to win their second championship in three seasons, capping their near-perfect run through the playoffs. (Reuters)