Morning Brief

Positive month for stocks limps to the finish after the Dow nearly falls 400 point

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BY THE NUMBERS

Futures were pointing to a rebound for Wall Street this morning, but not enough yet to erase Tuesday's losses. The Dow and S&P 500 saw their biggest one-day declines since April 24, and both have fallen for three straight sessions and four of the past five days. (CNBC)

* Here's why markets are so scared of the latest Italian political drama (CNBC)

Salesforce.com (CRM) stock was 5 percent higher in premarket after its quarterly earnings and revenue beat estimates. The software-maker also raised its full-year forecast on continued strong demand for its cloud-based sales and marketing software. (CNBC)

* Salesforce CEO Marc Benioff: The economy is really ripping (CNBC)

Microsoft (MSFT), which has surged 40 percent over the last 12 months, more than five times Alphabet's (GOOGL) gains, is now worth $749 billion and is the world's third most valuable company behind Apple (AAPL) and Amazon (AMZN). (CNBC)

ADP and Moody's Analytics will release its private sector employment report for May at 8:15 a.m. ET, with consensus forecasts calling for 187,000 new jobs for the month after an addition of 204,000 private sector jobs in April. (CNBC)

Earnings reports out this morning include retailers Chico's FAS (CHS), Dick's Sporting Goods (DKS), DSW (DSW), Michael Kors and Movado (MOV), with chipmaker Analog Devices (ADI) also set to report. After the bell reports today include Box (BOX), Guess (GES) and PVH Corp. (PVH).

IN THE NEWS TODAY

Commerce Secretary Wilbur Ross, speaking on a panel at an economic development forum in Paris, called out the European Union for opposing trade negotiations at a time when China was willing to hold talks with the United States. (CNBC)

* China says does not want trade war but is not scared of one (Reuters)

The New York Times reported that President Donald Trump asked Attorney General Jeff Sessions last year to reverse his decision to recuse himself from the probe into Russian election interference. Sessions is seen as a key witness in the investigation.

A court filing showed a retired federal judge in charge of reviewing documents seized from Trump's lawyer Michael Cohen as part of a criminal probe billed more than $47,000 for just six days of work, an eye-popping figure. (CNBC)

Speaking at a rally, Trump slammed frequent foe Arizona Sen. John McCain, who is currently battling brain cancer, for having voted against one of the measures that would have repealed Obamacare last year. (NBC News)

At the same rally, Trump mentioned
his "big beautiful hands" in an apparent reference to his critics' continued mockery of his reportedly small hands. He was speaking on his administration's push to revitalize the nation's infrastructure. (USA Today)

A top North Korean official boarded a flight in Beijing Wednesday bound for New York and talks with Secretary of State Mike Pompeo. The meeting is seen as activity aimed at salvaging a summit between Trump and Kim Jong Un. (Reuters)

A study published in the New England Journal of Medicine showed Hurricane Maria's death toll could exceed more than 4,600, mostly due to delayed or interrupted medical care. The official death count from the storm that hit Puerto Rico is 64. (CNBC)

Roseanne Barr apologized late last night for a racist tweet that led to the cancellation of her hit television show. The comedian then retweeted messages from supporters who defended the tweet that got her show canceled. (CNBC)

* Valerie Jarrett responds to Roseanne: The tone starts with Trump (USA Today)
* Multiple networks dropping 'Roseanne' reruns after racist tweet (Axios)

Game distributor Valve Software announced it has pulled the "Active Shooter" game that let players shoot up a school. The game was scrutinized in the wake of school shootings in Florida and Texas, drawing responses from the president. (Washington Post)

* Congresswoman says pornography is a root cause of school shootings (USA Today)

Tech giant Amazon.com (AMZN) announced an expansion of savings available to Prime members at its Whole Foods supermarkets, making those savings available at an additional 121 locations across 12 states. (TechCrunch)

* Protesters at Amazon shareholder meeting will fly a plane with a banner reading: 'Bezos needs a boss' (CNBC)

STOCKS TO WATCH

HP Inc (HPQ) matched estimates with adjusted quarterly earnings of 48 cents per share, with the computer and printer-maker's revenue above Street forecasts. HP Inc also raised its forecast for the full year. Separately, the company named Steve Fieler as its new chief financial officer, replacing Cathie Lesjak, who will become interim chief operating officer.

Novo Nordisk (NVO) said its oral diabetes drug did better in a study at lower blood sugar levels than competitor Jardiance, a treatment made by Boehringer Ingelheim and Eli Lilly (LLY).

Royal Bank of Scotland (RBS) announced the resignation of its finance chief Ewen Stevenson. The surprise departure came on the day of the bank's annual meeting.

CBS (CBS) CEO Leslie Moonves is accused by controlling shareholder Shari Redstone in a court complaint of threatening to resign, unless directors voted to strip the Redstone family of voting control.

WATERCOOLER

Billionaire entrepreneur Richard Branson says his spaceflight company Virgin Galactic is 'two or three' flights away from taking people to space. Virgin Galactic reached nearly halfway to space in the second powered flight of its Unity spacecraft Tuesday. (CNBC)