The Power Brief
A daily morning look at the financial stories you need to know to start the day
STOCKS/ECONOMY
-Stock futures are lower after yesterday's rally. Weekly jobless claims numbers comeout at 830am.
-There's been no rebound in Treasury yields. The 10-year yield remains at about 1.7%.
-Americans now spend more money on taxes than housing, food, and clothing combined.
OIL/ENERGY
-Crude prices are flat after yesterday's rally sent oil to its current level of $37/barrel.
-Gasoline prices fell fractionally overnight and are at $2.04/gallon, national average.
ELECTION
-Bernie Sanders now says that Hillary Clinton is not qualified to be president.
-And now the Sanders campaign is talking about the possibility of forcing a contested Democratic convention.
-The Boston Globe is now asking: why is the FBI probe of Hillary Clinton's emails taking so long?
-Cruz, Trump and Kasich are now locked in a battle to get delegates from states that do not bind their delegates based on primaries or caucuses. Cruz, with his superior legal team and a healthy head start, is ahead in this part of the race. This, combined with the Wisconsin results, make it exceedingly difficult for Trump to get to the magic number of 1,237 delegates.
-The rising chances of a contested convention have some Silicon Valley companies selling technology that they say will give customers the most accurate and current info on swayable delegates... very personal info included.
-Efforts to form a $500 million labor union Super PAC to back Dem candidates are failing because the unions themselves can't agree on who will really be in charge.
-The Consumer Products Safety Commission is recalling 20,000 Ivanka Trump scarves made in China because they've been deemed a burn risk.
STUDENT LOANS
-More than 40% of student loan borrowers aren't making payments. Remember, the total amount of student loans outstanding is $1.3 trillion. Also remember that the US economy freaked out 9 years ago over a much lower default rate on subprime home loans.
YAHOO MESS
-Now that potential bidders are getting a real look at Yahoo's finances, the word is the numbers show a very dire situation indeed.
TERROR/DEFENSE
-A top US admiral wants the US to confront China more aggressively in the South China Sea.
-The US military drone market has reached $9 billion and is dominated by four companies.