Morning Brief

Tech stocks are recovering and lending support to the market

Key Points


U.S. stock futures were steady this morning after the Dow and S&P 500 closed at record highs on Monday. The Nasdaq soared 1.4 percent to start the week, making back some recent losses. (CNBC)

Treasury Secretary Steve Mnuchin predicted that "massive tax reform" that includes both cuts and changes to the system will get finished this year. (CNBC)

Oil was falling sharply again this morning, back to levels seen in the week following the president election. OPEC supplies jumped in May as output recovered in Libya and Nigeria, two countries exempt from the international production cut agreement. (Reuters)

The central bank may want to wait until the end of the year to decide whether to raise interest rates again, said Chicago Fed President Charles Evans late Monday. Evans appears on CNBC at 10:40 a.m. ET this morning. (Reuters)

* Fed's Vice Chair Fischer: More needs to be done to prevent future crises (Reuters)
* Boston Fed President Eric Rosengren speaks at 8:15 a.m. ET (Fed)
* Dallas Fed President Robert Kaplan speaks at 3 p.m. ET (Fed)

Although many investors are still uneasy about the state of the global economy, Goldman Sachs Chairman and CEO Lloyd Blankfein said things actually seem to be looking up. (CNBC)

* Blankfein says it could take another year to recover (CNBC)
* Blankfein reveals why he started tweeting (CNBC)

With international trade as one of the top issues of the Trump agenda, the current account balance is out at 8:30 a.m. ET. Forecasts point to a deficit of $122.3 billion in the first quarter. (CNBC)

Homebuilder Lennar (LEN) this morning reported adjusted quarterly earnings and revenue that beat expectations. Lennar shares were sharply higher in premarket trading. (Reuters)

* Adobe (ADBE), FedEx (FDX) among the after-the-bell earnings (CNBC)


House Speaker Paul Ryan, in a speech today, is expected to vow to complete tax reform in 2017, saying President Donald Trump and Republicans in Congress cannot let the chance slip. (CNBC)

* Republicans prepare for a health-care vote next week (NBC News)
* Democrats will try to run out the clock on GOP health bill (NY Times)

Voters go to the polls today in the House special election in Georgia, a race viewed as the most significant proxy contest between the parties since Trump took office. South Carolina also votes in a House contest. (WSJ)

Despite campaign trail animosity toward Amazon CEO Jeff Bezos, the Trump administration won't likely seek an antitrust case to block Amazon's deal to buy Whole Foods, two antitrust law experts said. (CNBC)

* Whole Foods CEO hints at another brand under Amazon (Reuters)
* Amazon CEO Jeff Bezos may be single-handedly killing inflation (CNBC)

Britain's Serious Fraud Office has charged Barclays, its former CEO, and three other ex-senior executives with fraud over the bank's dealings with Qatar at the height of the financial crisis. (FT)

Tesla (TSLA) declined comment on a new NTSB report, which said a man killed in a crash last year while using Tesla's autopilot ignored warnings not to keep his hands off the wheel for extended periods of time. (Reuters)

Boeing's (BA) new forecast predicts the world will need 41,039 new airplanes, worth more than $6 trillion, over the next 20 years. That's 3.6 percent increase over the company's forecast from last year. (CNBC)


Drug research firm Parexel (PRXL) is being bought by private equity firm Pamplona Capital for $4.6 billion. Parexel shares were soaring 8 percent in the premarket.

Novartis (NVS) said its experimental macular degeneration drug was equally effective as Regeneron's (REGN) rival drug Eylea with less frequent dosing. Regeneron shares were under pressure.

Nestle (NSRGY) bought a minority stake in U.S.-based Freshly, which makes direct-to-consumer prepared meals. Nestle did not specify the amount of its investment.