The new bear market in oil hangs over Wall Street


U.S. stock futures were lower this morning after the Nasdaq followed up Monday's bounce with another sharp drop Tuesday into negative territory for the month. Despite Tuesday's decline, the Dow and S&P 500 were still solidly in the green for June. (CNBC)

The slump in oil prices into a bear market, down 20 percent from January highs, was pressuring stocks, with U.S. crude steady this morning after Tuesday's nearly 2.2 percent drop to seven month lows. (Reuters)

• API: Modest inventory draw; government data 10:30 a.m. ET (Oil Price)
• May existing home sales released at 10 a.m. ET (NAR)
• Mortgage applications hold steady as rates remain low (CNBC)

In a surprise move, Saudi Arabia's king has elevated his son, Mohammad bin Salman, to crown prince. The 31-year-old, who becomes second in line to the throne, has been working to reduce the Mideast economic powerhouse's dependence on oil. (CNBC)


Travis Kalanick stepped down late Tuesday as CEO of Uber. The ride-hailing services co-founder bowed to shareholder pressure after a series of scandals at the company including evidence of a workplace rife with sexual harassment and discrimination. (NY Times)

* Many think Waymo litigation a bigger threat (Recode)
* Deutsche Bank: Uber IPO prospects still 'extremely good' (CNBC)
* Uber director and investor Gurley praises Kalanick's legacy (CNBC)

Republican Karen Handel won Georgia's special congressional election, seen a proxy of President Donald Trump, dashing hopes by Democrats to pull off an upset in the run-up to the 2018 midterm elections. Republican Ralph Norman won South Carolina's special House election. (CNBC)

Tesla (TSLA) has hired Andrej Karpathy, known for his work in artificial intelligence, to be its new head of AI and Autopilot. The move comes as Chris Lattner, vice president of the autonomous driving, departs after joining from Apple earlier this year. (CNBC)

Wal-Mart (WMT) is reportedly telling some technology companies that if they want its business, they can't run applications for the retailer on Amazon's (AMZN) leading cloud-computing service. (WSJ)

Comcast's (CMCSA) NBC Sports plans to televise an e-sports tournament later this summer, the latest broadcaster turning to competitive videogaming to grow viewership as many younger consumers cut the cord. (WSJ)

NASA and Honeywell (HON) said they now know how to reduce sonic booms when flying a supersonic aircraft over land following the completion of a two-year study. The development could lead the way to supersonic travel for the masses. (CNBC)

Summer officially arrived today in the Northern Hemisphere, bringing the longest daylight hours of the year. Conversely, it's the winter solstice in the Southern Hemisphere. (USA Today)


Software maker CA Inc. (CA) is being considered as a possible acquisition by privately held BMC Software, according to multiple reports. Shares of CA were soaring 16 percent in premarket trading.

Adobe Systems (ADBE) beat expectations on quarterly earnings and revenue. The software maker also provided a stronger outlook, as customers move to its cloud-based subscription services at a fast pace.

FedEx (FDX) reported adjusted quarterly earnings and revenue that beat estimates. The delivery giant also issued an upbeat forecast for the full year, benefiting from increased business across all its units.

La-Z-Boy (LZB) shares were up 12 percent in the premarket, after beating estimates on quarterly earnings and revenue. The recliner maker also saw a same-store sales rise of 2.4 percent.

Johnson & Johnson (JNJ) said a ruling from the Supreme Court involving Bristol-Myers Squibb (BMY) should help it fight litigation involving its talcum powder products.

Dublin-based Shire (SHPG) won FDA approval for its long-acting treatment for children and adults with attention deficit disorder, boosting its roster of drugs to combat the cognitive condition.


Erik Finman made a bet with his parents that if he turned 18 and was a millionaire, they wouldn't force him to go to college. Thanks to his savvy investments in bitcoin, he won. (CNBC)