Stocks are set for a sharp decline as trade concerns investors once again 

U.S. stock futures were sharply lower this morning after Tuesday's modest gains. Trade worries are once again at the center of investor concerns, and the S&P 500 is likely to join the Dow in losing its June gains based on futures activity. (CNBC)

CNBC has learned that Sky is confused why Fox (FOXA) hasn't already increased its bid to acquire the European pay-TV provider. Fox owns 39 percent of Sky, which Disney (DIS) CEO Bob Iger has called a "crown jewel" among Fox's assets.

Conagra (CAG) announced plans to acquire Pinnacle Foods (PF), in a cash-and-stock deal the company valued at about $8.1 billion. Pinnacle Foods' stock was down nearly 3 percent in premarket trading following the announcement. CNBC reported a deal was close.

The government is out with its May durable goods orders report at 8:30 a.m. ET, while at 10 a.m., the National Association of Realtors is out with its pending home sales numbers for May. *Add mortgage data at 7 a.m. here* (CNBC)

Earnings reports out this morning include food maker General Mills (GIS) and payroll processor Paychex (PAYX), while Bed Bath & Beyond (BBBY), H.B. Fuller (FUL), Pier 1 Imports (PIR), Progress Software (PGRS), and Rite Aid (RAD) will issue quarterly numbers after today’s closing bell.

Activist Alexandria Ocasio-Cortez defeated Democrat Joe Crowley in a stunning primary election upset, a result that could shake the foundations of the established party. Ocasio-Cortez, 28, is on the path to becoming the youngest person ever elected to Congress. (CNBC)

Democrats hold solid leads in their bids to take or hold seats in Arizona and Ohio, according to NBC News/Marist polls, while an expensive Senate race in battleground Florida is tight. All three races will play a major role in whether GOP can keep or expand its majority.

A handful of GOP senators are pushing this week to curb President Donald Trump's ability to impose tariffs for national security reasons. The Trump administration used the national security justification to put tariffs on steel and aluminum imports. (CNBC)

America's allies are worried about Trump's expected meeting next month with Russian President Vladimir Putin, according to Axios. The senior officials told Axios the meeting could advance Russia's goal of dividing European and transatlantic alliances.

Larry Kudlow, Trump's top economic advisor, returned to the White House on Monday, two weeks after being hospitalized for a mild heart attack. On his immediate to-do list was interviewing candidates for key soon-to-be-vacated NEC roles. (CNBC)

Melania Trump will make a second trip to the Mexican border this week to visit facilities holding immigrant families. The first lady's first trip was largely overshadowed by the uproar over her fashion choice of a green jacket with the words, "I really don't care, do u?" (USA Today)

The House will vote today on a bill that House GOP leaders said will keep migrant families from being separated as they cross the U.S.-Mexico border. House Speaker Paul Ryan and other leaders gave few details on the latest version of their bill. (USA Today)

In a 5-to-4 vote, the Supreme Court upheld Trump’s ban on travel from several predominantly Muslim countries. The court's conservatives said the president's power to secure the country's borders was not undermined by his history of incendiary statements. (NY Times)

A federal judge ruled that U.S. immigration agents could no longer separate immigrant parents and children caught crossing the border from Mexico. The agents also must reunite those families that had been split up in custody. (Reuters)

Oklahoma voters have backed a law making it legal to grow, sell and use marijuana for medicinal purposes. That result came despite a late opposition campaign from law enforcement and business, faith and political leaders. (AP)

Facebook (FB) is once again accepting cryptocurrency advertisements, after banning them back in January, around the height of the bitcoin price surge. However, the social network is keeping its ban on ads for initial coin offerings in place. (Recode)

Boeing unveiled a rendering of its first-ever design for a hypersonic passenger plane but questions remain about how much its willing to spend. The hypersonic passenger plane could, in theory, fly as fast as Mach 5, or just under 3,900 miles per hour. (CNBC)

Morgan Stanley (MS) announced that former SEC Chair Mary Schapiro is joining its board of directors on July 1.

World Wrestling Entertainment (WWE) signed a multi-year media rights deal with USA Network and Fox Sports that more than triples the fees it was receiving in its current deal. The new agreements take effect in the fall of 2019.

Alphabet’s (GOOGL) unit is retiring the DoubleClick and AdWords brand names in a streamlining of its advertising business. Google is focusing its ad-buying services under the Google Ads name.

General Electric’s (GE) latest streamlining moves are winning praise from major shareholder Trian, according to the New York Times. Separately, GE was upgraded to “perform” from “underperform” at Oppenheimer, which said the company’s streamlined portfolio can unlock value and decrease its liabilities.

Sonic (SONC) reported adjusted quarterly profit of 52 cents per share, beating estimates by three cents. However, the restaurant chain’s revenue missed forecasts, and a comparable store sales decline of 0.2 percent came after the company had said earlier this month that comp sales would be “approximately flat."

Match Day 14 at the World Cup in Russia features the final games in Group E and Group F. In Group E, wins or ties put Brazil and Switzerland through to the knockout round. If Serbia were to beat Brazil, things could get interesting. (Fox Sports)

In Group F, top-of-the-table Mexico, defending World Cup champions Germany as well as Sweden and even South Korea are all mathematically alive to move on. (USA Today)