Morning Brief

Wall Street set for a modest open after Nasdaq hits fresh record close

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BY THE NUMBERS

Futures were higher this morning after the markets saw gains to open the week on Monday. The Nasdaq hit a fresh record close during that session, and the Dow, S&P 500, and Nasdaq all posted their third positive session in four. (CNBC)

* Cramer: It's not just FANG—here are the other tech stocks that pushed the Nasdaq to new highs (CNBC)

Starbucks (SBUX) stock was modestly lower this morning after news that Howard Schultz is stepping down from his role as executive chairman of the U.S. coffee chain, effective June 26. Schultz will join CNBC's "Squawk Box" at 8 a.m. ET.

* Schultz established himself as a player in politics before he decided to leave Starbucks (CNBC)

Apple (AAPL) shares hit a new all-time high Monday, edging near a $1 trillion valuation, as tens of thousands of developers flooded into San Jose, California, for the company's 2018 Worldwide Developers Conference. (CNBC)

* Tech stock most likely to win $1 trillion market cap race (CNBC)
* Apple is giving medical researchers and app developers new ways to prevent diseases (CNBC)

On the data front, the services purchasing managers' index (PMI) is due out at 9.45 a.m. ET. That's followed by the non-manufacturing ISM report on business, the job openings and labor turnover survey (JOLTS), and the quarterly financial report at 10 a.m. ET. (CNBC)

IN THE NEWS TODAY

Eight states will hold primaries today, with perhaps the most important contests in California where the top two most popular candidates, regardless of their party, will advance to the general election. Other contests include Iowa and Alabama. (WSJ)

Sources tell Reuters that Mexico will impose a 20 percent tariff on U.S. pork imports. It was the first time the country provided details of its retaliatory measures to President Donald Trump's tariffs on steel and aluminum. (Reuters)

Trump rescinded the Super Bowl-winning Philadelphia Eagles' invitation to the White House, saying last night that they are "unable" to attend because they "disagree with their president" on the protests that saw many NFL players kneeling for the National Anthem. (CNBC)

The Justice Department appealed a federal court ruling that said Trump was violating the constitutional rights of individuals he blocked from viewing his Twitter feed. Trump has said he uses his tweets as a way to get around the mainstream media. (Politico)

Trump's legal team is preparing for the possibility of a presidential interview, or a legally precarious subpoena battle with Special Counsel Robert Mueller. That comes despite Trump declaring he has powers to blunt the special counsel probe. (Washington Post)

* Most White House staff on Mueller: 'I know nothing' (Axios)
* Fact check: Was Mueller's appointment 'unconstitutional'? (FactCheck)

Paul Manafort, who has been indicted by Special Counsel Robert Mueller, attempted to tamper with potential witnesses, Mueller said in a filing. Manafort apparently used an encrypted messaging application to try to reach certain witnesses. (CNBC & Reuters)

Former President Bill Clinton, in an interview with NBC "Today" host Craig Melvin, said that he doesn't owe an apology to Monica Lewinsky, the woman with whom he had an infamous affair when she was White House intern.

Swiss voters go to the polls Sunday to decide whether the country should switch to a so-called sovereign money system. Supporters of the initiative say approving the measure would make the financial system safer by preventing bankers from recklessly lending. (CNBC)

* Italy's populists are on a roll as coalition looks to pass confidence votes (CNBC)

A river of lava in Hawaii swallowed about three dozens more homes, officials said. All but a few of the estimated 500 inhabitants of Kapoho and the adjacent Vacationland development are now believed to have fled their homes. (Reuters)

Elon Musk takes the stage at Tesla's annual shareholder meeting this evening with the gap between the fervor of its fans and the doubts of its skeptics as wide as it's ever been. Here's what to expect. (Fortune)

Apple (AAPL) unveiled iOS 12, the newest version of its software, during WWDC 2018. The software update will include a number of new features, Apple said, including Siri "Shortcuts," much better notifications and FaceTime group calling. (CNBC)

STOCKS TO WATCH

Twitter (TWTR) announced that the social media company would replace seed-maker Monsanto (MON) on the S&P 500. The changes will go into effect Thursday, as the German pharmaceutical company Bayer moves to complete its buy-out of Monsanto.

McDonald's (MCD) will upgrade 1,000 stores with kiosk and mobile order technology every quarter for the next eight to nine quarters. International markets like Canada, Australia and the U.K. are already fully integrated with kiosk service and mobile ordering.

Staples-owner Sycamore Partners filed documents with regulators that would be required should it successfully win its pursuit of workplace wholesaler Essendant (ESND).

WATERCOOLER

MGM is near a deal with actress Reese Witherspoon to reprise her role as the precocious, idealistic Elle Woods in "Legally Blonde 3," according to Deadline. It's been 17 years since the original sequel, "Legally Blonde 2: Red, White & Blonde."

As Singapore prepares for a possible summit between Trump and North Korean leader Kim Jong Un, its bars are offering cocktails featuring the Korean spirit, soju, to mark the event. Cocktails will only be served in pairs. (Reuters)