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Brexit fears escalate as market looks to break losing streak

Wall Street is struggling to break its three-day losing streak. Stocks (^DJI^GSPC^IXIC) started the day mostly lower after the German 10-year Bund yield fell into negative territory for the first time as investors looked for safety ahead of the Fed meeting and the Brexit vote. 

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Retail sales data

Consumers continued with their spending spree in May. The Commerce Department reported retail sales increased 0.5% last month after a 1.3% jump in April.  

Baidu (BIDU) shares fell in early trading. China's largest search engine slashed its sales outlook for the current quarter by about 10%. The company said ongoing regulatory probes into healthcare related ads took a toll on its advertising revenue. 

NXP Semiconductors (NXPI) share rose this morning after the chip maker said it's selling its Standard Products business to a Chinese consortium for about $2.75 billion. The sale is expected to close in the first quarter of next year. 

Revance Therapeutics (RVNC) sank in early trading after the biotech firm's lead product to treat crow’s-feet failed in a late stage study. 

Staples (SPLS) is launching a same-day delivery service called “Staples Rush" in some major metropolitan areas, including New York City, Boston and Dallas. The service will cost customers a $14.99 per delivery.  

Microsoft’s new gaming console

Microsoft (MSFT) unveiled new gaming consoles at the E3 video game conference in Los Angeles. Their newest console — Project Scorpio — will support ultra-high resolution gaming and virtual reality capabilities. Microsoft is also releasing a slimmer version of the Xbox called ‘Xbox One S.’ The slimmer Xbox will be out in August, but Project Scorpio isn’t available till the end of next year.

Cyber security talks

The United States is making progress with China on cyber security issues. The Department of Homeland Security says both countries will share information on cyber threats – and will not be involved in stealing information of private businesses. Email addresses are being set up to make it easier for both sides to work together in the future.

Possible fantasy sports merger

The two largest fantasy sports companies are drafting a play for a merger. FanDuel and DraftKings are in the early stages of merger talks, according to reports. States are cracking down on the industry for illegal gambling, and a merger would help reduce legal and lobbying costs as the companies push for legislation to make the fantasy gaming legal.