In This Article:
BY THE NUMBERS
Wall Street seeks to right the ship following the long holiday weekend. The Dow logged five straight weeks of declines, its longest weekly losing streak in eight years. The S&P 500 and Nasdaq chalked up three straight down weeks. (CNBC)
With four trading days left in May, the Dow, S&P 500, and Nasdaq were on track to post their first losing month of 2019, and their first May declines since 2012. (CNBC)
President Donald Trump is returning from a four-day state visit to Japan today, amid uncertainty about whether a trade deal between Washington and Tokyo could come within months. Meanwhile, Trump said the U.S. is "not ready to make a deal" on trade with China. (CNBC & CBC)
* Nomura: Increasing tariffs on China will likely hurt US growth (CNBC)
On the economic calendar , the March S&P/Case-Shiller report on home prices is out at 9 a.m. ET. The Conference Board issues its May consumer confidence index at 10 a.m. ET. There are no earnings of note out this morning. Workday (WDAY) is out with quarterly numbers after today's closing bell. (CNBC)
We want to mention our upcoming CNBC Evolve conference on June 19 in New York City. It will feature transformative leaders from Best Buy, The New York Times, Aetna, and more discussing the ways they've adapted and innovated in the face of disruption, setting their companies up for future success. For more information go to cnbcevents.com/evolve
IN THE NEWS TODAY
Fiat Chrysler (FCAU) and Renault, looking to curb production costs and pool development, are planning a merger to create the world's third largest automaker. The merger still requires approval by the boards of both companies. (CNBC)
* France wants Fiat Chrysler-Renault job guarantees and Nissan on board (Reuters)
The first state trial of the opioid epidemic starts today in Oklahoma involving Johnson & Johnson (JNJ) and its subsidiaries. Pharmaceutical giant Purdue Pharma and Teva Pharmaceuticals (TEVA) settled out of court. (Washington Post)
The Supreme Court could signal as soon as today whether it's ready to revisit the landmark abortion decision Roe v. Wade. Conservative legislatures raced to pass restrictive abortion laws in the hopes of testing the 1973 decision. (CNBC)
Meredith (MDP) agreed to sell Sports Illustrated for $110 million to licensing company Authentic Brands Group. The sports magazine and website will still be managed by Meredith, while its buyer focuses on licensing. (WSJ)
Amazon (AMZN) is setting its sights on Manhattan's West Side. The company is reportedly in talks with owners of two skyscrapers positioned just a block west of Penn Station. This comes just months after Amazon walked away from a deal to build a headquarters in Queens. (New York Post)