Morning Brief

Wall Street set for a lower open, possibly extending Dow's losing streak



Stock futures were lower this morning. The Dow Jones industrial average has fallen for seven sessions in a row, while the Nasdaq and Russell 2000 are coming off record high closes. The S&P 500 is on track for its biggest monthly gain since January. (CNBC)

Comcast (CMCSA) remains on watch, with Wall Street analysts speculating that the NBCUniversal parent will raise its bid for assets being sold by 21st Century Fox (FOXA), after Walt Disney (DIS) raised the price negotiated in its original deal with Fox. (CNBC)

Oil-producing nations are currently gathering in Vienna, with members of oil cartel OPEC and non-OPEC members set to decide on the future of an agreement that currently limits production. That comes amid geopolitical tension. (CNBC)

The Labor Department will release its weekly look at initial jobless claims at 8:30 a.m. ET, with consensus forecasts calling for an increase of 2,000 to 220,000 for the week ending June 16. At the same time, the Philadelphia Fed will release its monthly manufacturing index, expected to fall to 28.5 for June from 34.4 in May. (CNBC)

Olive Garden parent Darden Restaurants (DRI), supermarket operator Kroger (KR), book retailer Barnes & Noble (BKS), and dental supplies maker Patterson Companies (PDCO) are out with quarterly earnings this morning, while software provider Red Hat (RHT) reports after today's closing bell. (CNBC)


China accused President Donald Trump's administration of being "capricious" over bilateral trade issues. The country also warned that the interests of U.S. workers and farmers ultimately will be hurt by Washington's penchant for brandishing "big sticks." (Reuters)

German automakers are proposing an end to the European Union's 10 percent import tax on U.S.-made cars, according to the Wall Street Journal. Europe also wants a 25 percent tax on imported pickup trucks, SUVs and big vans scrapped.

Trump signed an executive order that will keep migrant families together during detention on the U.S.-Mexico border. He backed down from his administration's policy, which for days the White House insisted could only end through congressional action. (CNBC)

* Trump defends his hard-line immigration policies to cheers (AP)
* Exclusive poll: Immigration concern spikes over separated families (Axios)

The Washington Post has learned that the White House will propose today merging the Education and Labor departments into one federal agency. The plan is also expected to include changes to the way the government provides benefits.

American Media, the publisher of the National Enquirer, was subpoenaed by federal prosecutors for records related to a $150,000 payment made to ex-Playboy model Karen McDougal, the Wall Street Journal reports, citing sources.

Pittsburgh communities protested after a Pennsylvania police officer shot unarmed black teenager Antwon Rose. The 17-year-old was shot three times and killed after he and another passenger fled from a car. (USA Today)

J.P. Morgan (JPM) has quietly been shuttling clients to the bank's technology lab on the West Side of Manhattan for a glimpse at the artificial intelligence-powered servant that the company hopes will soon be able to answer queries and anticipate their needs. (CNBC)

CNBC has learned that health-tech start-up GoodRx is in talks to be acquired for at least $1.5 billion. GoodRx, which offers a way for people with no or expensive health insurance to save on prescriptions, is on track for $100 million in EBITDA this year.

Dr. Atul Gawande, a surgeon, Harvard professor and writer for The New Yorker, will lead the joint health-care venture between Amazon (AMZN), J.P. Morgan (JPM) and Berkshire Hathaway (BRK), the three companies have announced. (CNBC)

* Gawande known as a thought leader, not a business leader (CNBC)
* Buffett's investing partner Charlie Munger once gave $20,000 to Gawande (CNBC)


Micron Technology (MU) reported adjusted quarterly profit of $3.15 per share, one cent above estimates, with the chipmaker's revenue very slightly above Street forecasts. Micron also issued an upbeat current quarter forecast on strong demand for its memory chips.

American Outdoor Brands (AOBC) beat estimates by 14 cents with adjusted quarterly profit of 24 cents per share, with revenue above forecasts as well. The Smith & Wesson parent also gave strong current quarter revenue guidance.

HP Inc. (HPQ) added $4 billion to its share repurchase program. The computer and printer maker had approximately $1.2 billion remaining in its prior repurchase authorization as of April 30.

Qualcomm (QCOM) is among seven cornerstone investors in China smartphone maker Xiaomi's Hong Kong IPO, according to a Reuters report. Those seven investors are said to be contributing $548 million.

Carlyle Group (CG) has raised $6.55 billion for a new Asia private equity fund, its biggest ever.

Toyota (TM) is slashing sales and marketing costs, as well as other expenses, to shift resources into research and development, according to people familiar with the matter quoted by Reuters.


Popular multiplayer battle royale game "Fortnite" hit a new milestone, making $100 million in revenue on iOS in its first 90 days, according to app analytics platform Sensor Tower. The game is expected to be rolled out on Android this summer.