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June gains for S&P 500 and Nasdaq hang in the balance on last day of the month

BY THE NUMBERS

U.S. stock futures were higher this morning after Thursday's severe decline led by tech stocks. The Nasdaq's 1.4 percent drop put the index into the red ahead of today's final session in June. The S&P 500 was only slightly positive while the Dow was comfortably in the green for the month. (CNBC)

Despite the recent drubbing, the Nasdaq was on track for a nearly 4 percent second-quarter gain. The Dow was up 3 percent and the S&P was up 2.4 percent for the quarter. On the eve of the start of the third quarter, all three measures were sharply higher in the first six months of 2017. (CNBC)

* Personal income and spending for May, 8:30 a.m. ET
* Chicago purchasing managers index for June, 10 a.m. ET
* June final University of Michigan consumer sentiment, 10 a.m. ET

Saint Louis Fed President James Bullard, retreating further from his formerly hawkish stance on interest rates, told CNBC today the central bank should defer on its rate hike agenda until a better economic picture and concrete fiscal policy reforms emerge.

Dow component Nike (NKE) was soaring about 6 percent in premarket trading after beating estimates with quarterly earnings and revenue. Nike also confirmed a pilot program to sell a limited product assortment on Amazon (AMZN), a move it's refused to do for decades. (CNBC)

IN THE NEWS TODAY

Many GOP lawmakers publicly chastised President Donald Trump for taunting MSNBC's "Morning Joe" co-host Mika Brzezinski by claiming she had been "bleeding badly from a face-lift" when she visited his resort in Florida this winter. (NY Times)

A Washington Post op-ed, written by Brzezinski and her MSNBC co-host Joe Scarborough and titled "Donald Trump is not well," denies she had a face-life and said "our concerns about his unmoored behavior go far beyond the personal."

As Senate GOP leaders rush to revise their health-care bill before the July 4 recess, Trump tweeted this morning: "If Republican Senators are unable to pass what they are working on now, they should immediately repeal [Obamacare] and then replace at a later date." (CNBC)

* Projected Medicaid drop raises a hurdle for Republicans (NY Times)

As Trump's revised order restricting travel to the U.S. from six Muslim majority took effect, the administration reversed a decision, saying fiances would be considered close family members and therefore allowed to get visas under the ban. (Reuters)

With more than 20 top officials present, including Trump and Vice President Mike Pence, at a Monday meeting, the president and a small band of America First advisors reportedly made it clear they want to impose tariffs on steel from China and other exporters. (Axios)

The United States plans to sell Taiwan $1.42 billion in arms, the first such sale under the Trump administration, a move sure to anger China, whose help the president has been seeking to rein in North Korea's nuclear missile ambitions. (Reuters)

Warren Buffett's Berkshire Hathaway (BRK.A) said it would swap its preferred shares in Bank of America (BAC) to buy 700 million common shares for a paper-profit of $12 billion. The move follows a dividend hike in the wake of an all-clear in this week's Fed stress tests. (CNBC)

The Securities and Exchange Commission said it would allow all companies to file paperwork confidentially for initial public offerings, in a move designed to revitalize the IPO market. The current rule is restricted to companies with gross revenues of $1 billion or less. (Reuters)

The securities fraud trial of Martin Shkreli continues today after the daughter of a pharma executive testified Thursday Shkreli delayed paying out her supposedly profitable hedge fund investment only to find out her money was used without her permission to capitalize his new drug company. (CNBC)

STOCKS TO WATCH

RadioShack creditors are suing Spring (S) for $500 million in damages, claiming the telecommunications giant used confidential information from its alliance with the electronics retailer to open competing mobile smartphone stores.

Hain Celestial's (HAIN) board is being targeted by activist investor Engaged Capital, which disclosed a 9.9 percent stake in the organic products company. Engaged Capital has nominated seven candidates for the eight-member board.

Blue Apron (APRN) was higher in the premarket this morning after the meal-kit company's stock closed on its first day of trading on Thursday at its offering price of $10 per share. The IPO was up as much as $11 at one point in its debut.

American Outdoor (AOBC) beat estimates by 20 cents with an adjusted quarterly profit of 57 cents per share. The company, formerly named Smith & Wesson, also beat on revenue. But the firearms maker issued much weaker than expected guidance.

Micron Technology (MU) earned an adjusted quarterly $1.62 per share, exceeding estimates. Revenue also beat. Micron cited solid pricing in the memory chip market as well as increased demand from smartphone makers and cloud service providers.

Microsoft (MSFT) will announce a major reorganization next week, according to the Puget Sound Business Journal. The paper said the reorganization would better align the company with its cloud business.

AMC Networks (AMCX) is testing an ad-free channel, currently available only to Comcast (CMCSA) subscribers, according to the Los Angeles Times. Comcast is the parent company of NBCUniversal and CNBC.

WATERCOOLER

The Wall Street Journal is scaling back production of its print edition outside the U.S., as it reviews its international operations and refocuses on digital subscriptions. The print edition of the paper, owned by Rupert Murdoch's News Corp., will no longer be available in Europe. (FT)