Morning Brief

The Dow, S&P 500, and Nasdaq hovering around record highs

Key Points


U.S. stock futures were higher this morning. The Dow was looking to avoid a five session losing streak. The S&P 500 and Nasdaq go for two gains in a row on Monday. With five days left in June, Wall Street was on track for a positive month, quarter, and first six months of the year. (CNBC)

* Weak oil bounces despite rise in US drilling (Reuters)
* May durable goods report, 8:30 a.m. ET (Commerce)
* June Dallas Fed manufacturing survey, 10:30 a.m. ET (Fed)
* Fed's Williams sees gradual rate hikes as key to growth (Reuters)

Italy began winding down two failed regional banks in a deal that could cost the nation up to $19 billion, leaving the lenders' good assets in the hands of Italy's biggest retail bank. (Reuters)


The CBO is poised to tell Senate Republicans as soon as today that their health plan will leave millions more uninsured than Obamacare, with the losses estimated at up to 22 million over a decade. (Politico)

* Trump says Senate bill is not 'that far off' from passing (AP)
* Conway: Medicaid recipients who lose health insurance can always get jobs (CNBC)

President Donald Trump is set to meet at the White House today with India's Prime Minister Narendra Modi. A key issue is the H1B visa program that benefits Indian IT talent and the biggest firms in Silicon Valley. (CNBC)

* Modi gets rave reviews after U.S. CEO meeting (CNBC)
* Tillerson finds his role undercut by the Oval Office (NY Times)

The Supreme Court is set to issue the final rulings of its current term today, including Trump's emergency request seeking to revive his travel ban. There's also talk Justice Anthony Kennedy is considering retirement. (Reuters)

Jury selection begins today in the fraud trial of Martin Shkreli, who's often been described as "the most hated man in America." The former pharma CEO is facing charges of securities fraud. (NBC News)

Warren Buffett's Berkshire Hathaway (BRK.A) has taken a 9.8 percent stake in Store Capital (STOR), investing $377 million in the Arizona-based real estate investment trust whose stock was surging in the premarket. (CNBC)

Activist investor Daniel Loeb's Third Point has unveiled a more than 1 percent stake in Nestle, and urged the Swiss packaged foods giant to improve margins, buy back stock, and sell non-core businesses. (Reuters)

Russian billionaire Mikhail Fridman's fund has agreed to buy European health food chain Holland & Barrett for about $2.3 billion from U.S. private equity owners Carlyle Group (CG). (Reuters)

Facebook (FB) is in talks with Hollywood studios about producing scripted, TV-quality shows. The social media giant is aiming to launch a slate of original programming by late summer. (WSJ)

The FTC said today it'll seek to stop the merger of DraftKings and FanDuel, because the combined company would control more than 90 percent of the U.S. market for paid daily fantasy sports contests. (Reuters)

Takata, the Japanese firm at the center of the auto industry's massive airbag recall, filed for bankruptcy protection, and announced it would be purchased for $1.6 billion by Michigan-based Key Safety Systems. (Reuters)

Six emails sent by and to an Arconic (ARNC) sales manager raise questions about why the company supplied combustible cladding to a distributor for use at Grenfell Tower, despite publicly warning such panels were a fire risk for tall buildings. (Reuters)


Pandora (P) CEO Tim Westergren, co-founder of the streaming music service, plans to step down. But Westergren will remain at the helm until a new chief executive can be found.

SeaWorld (SEAS) said it's received subpoenas from the government involving trading in its stock as well as statements made by executives about the impact of the "Blackfish" documentary.

Twenty-First Century Fox (FOXA) will reportedly get a preliminary decision from the UK government this week on its proposed deal to buy the 61 percent of broadcaster Sky that it doesn't already own.

Speculation continues to surround Whole Foods (WFM) concerning a possible competing bid to Amazon's $13.7 billion deal. But at least, Wal-Mart (WMT) is reportedly not actively considering an offer.


After losing his lead on the back nine, and finishing Sunday's round tied, Jordan Spieth sank a birdie chip-in from the sand trap on the first playoff hole to win the Travelers Championship. (USA Today)

"Transformers: The Last Knight" scored a franchise-low domestic debut with an estimated $43.5 million this weekend. But the fifth installment in the series booked $123.4 million at the box office in China. (AP)