-Stock futures are lower after Thursday’s 102-point gain for the Dow and slightly higher percentage gain for the Nasdaq. We get May retail sales and industrial production data as well as current month consumer sentiment data later this morning. 

-A Morgan Stanley economic index fell this month by the most points in the history of that index. It’s now at its lowest level since December 2008. 

-Gold prices are up to a 16-month high at the $1,357 per ounce level as the safe haven trade picked up more steam after Thursday’s tanker attacks off the coast of Iran. The yield on the 10-year Treasury bond is back down to 2.06 percent. 


-China’s May industrial output fell to 5 percent, a 17-year low. The news took the Shanghai stock index down about 1 percent overnight. 

-Huawei is postponing the release of its Mate X foldable phone. This comes about a week after it postponed the rollout of its new laptop. The delays are both at least partly related to the U.S. ban on the company. 


-Iran is hitting back at the U.S. determination that Tehran was behind Thursday’s attacks on two tankers near the Strait of Hormuz. But the U.S. military has now released a video showing Iran’s Islamic Revolutionary Guard Corps removing an unexplored mine from one of the tankers, showing likely evidence that they were very familiar with the weapon and where it was placed. 

-Despite the attacks and the threat of more unrest in the Persian Gulf region, U.S. crude prices are down and at the $52 a barrel level.  The bearish mood is due to a IEA report predicting the lowest growth in global oil demand since 2011. 

-Gasoline prices fell another penny to $2.70 a gallon, national average. 


-Activists in Hong Kong are planning another massive rally on Sunday to protest the law allowing for extraditions and trials in mainland China. 


-The online pet supply company Chewy has priced its IPO at $22 a share; higher than its original expected range. 


-Both houses of the California state legislature have passed a budget that includes state Medicaid benefits for illegal immigrants. Governor Gavin Newsome is expected to sign the bill into law. 


-Massachusetts Democrat Senator and presidential candidate Elizabeth Warren will introduce a bill to cancel student debt for millions of Americans.