Morning Brief

The Dow is set to rise triple digits after Friday’s strong jobs report

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BY THE NUMBERS

Dow futures were sharply higher this morning after a strong week for the major averages. Markets ended their holiday-shortened week on a high note, with the Dow gaining more than 200 points. The S&P and Nasdaq both gained more than 1 percent. (CNBC)

* Value investors face existential crisis after long market rally (WSJ)
* Cramer's game plan: Take on more risk as the jobs boom boosts stocks (CNBC)

Dow component Apple (AAPL) will be closely followed today as the U.S. tech giant holds its annual Worldwide Developers Conference in San Jose. Apple is expected to debut tools to let two iPhone users share augmented reality. (CNBC & Reuters)

The U.S. economy continued to add jobs in May, with nonfarm payrolls up 223,000. That was higher than the growth of 188,000 positions that economists had expected. The unemployment rate fell to an 18-year low of 3.8 percent. (CNBC)

* May jobs report is great news for everyone — except Democrats running for office (CNBC)

On the data front this morning, there will be April factory orders numbers due at 10 a.m. ET. Dell Technologies will release its latest figures before the opening bell, while Palo Alto Networs and Coupa Software are set to release numbers after the close. (CNBC)

IN THE NEWS TODAY

President Donald Trump heads to Quebec, Canada this week for the meeting of G-7 leaders who all have first-hand experience with Trump tariffs. Already, G-7 finance ministers, meeting in British Columbia over the weekend, chastised the U.S. for the trade skirmishes. (CNBC)

* How Mnuchin keeps a steady grip in a trade tug of war (NY Times)
* US ambassador to Germany says he wants to 'empower' conservatives in Europe (CNBC)

Trump's attorney Rudy Giuliani said the president, under pressure from special counsel Robert Mueller's investigation into Russia's role in the 2016 election, probably has the power to pardon himself but does not plan to do so. (Reuters)

Additionally, a confidential memo obtained by The New York Times showed Trump's legal team has made a broad assertion of executive privilege in a bid to avert a subpoena by the special counsel investigating the president's conduct with respect to Russia.

First lady Melania Trump will return to the public eye today after being hospitalized at Walter Reed Medical Center to treat a "benign kidney condition." She will cost-host an event with Trump for Gold Star families. (Politico)

Vulnerable Senate Democrats up for re-election are campaigning on the opioid epidemic and drug prices, which are two issues that resonate deeply with voters. Also, pharmaceutical companies are deeply unpopular with voters. (Axios)

* Democrats hope Asians can help turn Orange County blue (NY Times)

Russian President Vladimir Putin invited North Korean leader Kim Jong Un to travel to Russia in September, according to RIA news agency. Russian Foreign Minister Sergei Lavrov, passed the North Korean leader an invitation from Putin last week.

A senior U.S. official is expected to attend a June 12 launch for the American Institute in Taiwan's new office in a move that could irritate China. Beijing has strongly opposed other countries pursuing relations with the island. (CNBC)

At least 25 people are dead after a fiery volcanic eruption in south-central Guatemala sent lava flowing into rural communities. Authorities have said they feared the death toll could rise with an undetermined number of people unaccounted for. (AP)

Delta Air Lines (DAL) announced it is investigating the death of a dog that died after it traveled in one of its plane's cargo holds during a cross-country flight. The cause of death has not yet been determined. (CNBC)

J.P. Morgan Chase CEO Jamie Dimon said during a New York conference that after he and fellow billionaires Amazon's Jeff Bezos and Berkshire Hathway's Warren Buffett announced the formation of a joint health venture insurers were "pissed off." (CNBC)

Sources tell CNBC that Tesla (TSLA) has had at least four fires in the paint shop at its Fremont, California, factory since 2014. Fires in a paint shop contributed to sluggish Model 3 production, some employees say, and fumes there are leaving them concerned about their health.

STOCKS TO WATCH

Facebook (FB) gave personal data to 60 companies including Apple (AAPL) and Amazon (AMZN) over the last 10 years, according to The New York Times. In response to the report, Facebook published a blog post to defend its practice.

Microsoft (MSFT) has held talks in the past few weeks to acquire software developer platform GitHub, according to Business Insider. A source told CNBC that they had been considering a joint marketing partnership valued around $35 million.

A casino-hotel worker union said it has reached a tentative agreement with MGM Resorts (MGM), covering nearly half of the 50,000 employees threatening to strike in Las Vegas.

Buffalo Wild Wings (BWLD) apologized after its Twitter (TWTR) account posted crude and racist comments, which the company says was a result of a malicious hack.

WATERCOOLER

Space saga "Solo: A Star Wars Story" lost momentum and fell by 65 percent during its second weekend at the box office, with $29.3 million from North American theaters, according to studio estimates. (NBC News)