Morning Brief

Dow is set to tumble triple digits amid uncertainty over Italy's political direction

Key Points


U.S. stock futures were sharply lower this morning with much of the unrest coming out of Europe amid uncertainty over Italy's political direction. That's sent European stocks sharply lower as well and the euro to a 6-1/2 month low. (CNBC)

* Italian stocks down 3% on political turmoil (CNBC)

Italy's power struggle is rattling global financial markets this morning, with investors fearful the looming prospect of fresh elections could be fought over the country's role in the European Union and the euro zone. (CNBC)

The S&P/Case-Shiller home price report for March is out at 9 a.m. ET. The Conference Board issues its May consumer confidence index at 10 a.m. ET. (CNBC)

Starbucks (SBUX) plans to close more than 8,000 of its U.S. locations this afternoon to conduct anti-bias training. The four-hour course for 180,000 of its employees is aimed at addressing the issues surrounding the arrests last month at a Philadelphia Starbucks of two black men waiting for a business meeting. (CNBC)


A former North Korea spy chief is headed to the United States, presumably for talks with U.S. officials regarding a possible historic summit between North Korean leader Kim Jong Un and President Donald Trump. (Reuters)

* Trump prepared to issue tough new sanctions on North Korea, but could hold off (WSJ)

Trump, diving into the midterm elections, will travel to Nashville, Tennessee, today to raise campaign cash for Republican Rep. Marsha Blackburn. Blackburn is expected to face Democratic former Gov. Phil Bredesen to replace GOP Sen. Bob Corker. (AP)

Rep. Thomas Garrett of Virginia announced that he is struggling with alcoholism and will not seek reelection. Garrett was facing a robust challenge from his Democratic opponent, Leslie Cockburn, who had raised more money. (Washington Post)

* A global women's liberation movement (Axios)

Former President George H.W. Bush was hospitalized Sunday after he experienced low blood pressure and fatigue. Bush, who has a form of Parkinson's disease and a history of pneumonia, was hospitalized in Houston on April 22, the day after his wife's funeral. (AP)

Maryland communities today are grappling with the devastation left behind by another severe flash flood. One man remained missing after flash flooding tore down historic Main Street in Ellicott City, Maryland. (AP)

* 'No words to describe the devastation' after Ellicott City flooding (USA Today)

Apple (AAPL) will use OLED screens in new iPhone models planned for 2019, according to South Korea's Electronic Times. The smartphone maker currently uses LCD screens in the iPhone 8 and iPhone 8 Plus.

Walt Disney's (DIS) "Solo: A Star Wars Story" ranked first at the holiday weekend box office in its debut weekend with $84.8 million in North American ticket sales, but that was below expectations and the weakest opening since the "Star Wars" franchise was relaunched. (AP)


Qualcomm (QCOM) is expected to meet with China regulators in Beijing this week, according to Reuters, as it seeks to get final clearance for its $44 billion deal to acquire NXP Semiconductors (NXPI).

Bank of Montreal (BMO) and Canadian Imperial Bank of Commerce (CM) said personal data of nearly 90,000 customers may have been stolen by cyber attackers, in what would be the first such significant incident in Canada involving financial institutions.

Tesla (TSLA) asked a federal court to dismiss a securities fraud lawsuit which claimed the automaker gave false public statements about Model 3 production. In the filing, Tesla said it had detailed Model 3 production issues in frank and plain language.


Coca-Cola has begun selling its first alcoholic product called Lemon-Do to consumers on the Japanese island of Kyushu. The lemon-flavored drink will be available with 3 percent, 5 percent and 7 percent alcohol. (Fortune)