Today's Headlines

Bloomberg:

• U.S. Launches WTO Challenge Against India Over Export Subsidies. The U.S. launched a challenge at the World Trade Organization against India’s export subsidies, arguing the programs give Indian companies an unfair advantage. The challenge covers Indian programs including the Merchandise Exports from India Scheme, the Export Oriented Units Scheme, and the Electronics Hardware Technology Parks Scheme, U.S. Trade Representative Robert Lighthizer said Wednesday in a statement. “These export subsidy programs harm American workers by creating an uneven playing field on which they must compete,” Lighthizer said in a statement.

• Fund That Tracks Broker Dealers and Exchanges Is Raking in Cash.

Wall Street Journal:

• U.S. Companies Will Get Few Exclusions to Tariffs, Officials Signal. Commerce Department signals it will set high hurdles for industries seeking to avoid levies on imported steel, aluminum.

• Sen. Rand Paul to Oppose Trump’s Nominations for State and CIA. Kentucky Republican says he worries supporting Pompeo and Haspel would send the wrong message on regime change, interrogation techniques.

• Students Stage National School Walkout to Protest Shootings. Wave of demonstrations spread across the country one month after a former student killed 17 in Parkland. 

• Democrat in Pennsylvania Race Declares Victory. Conor Lamb clings to razor-thin lead, while Republican Rick Saccone says he won’t concede til absentee ballots are counted.

• A Decade After Bear’s Collapse, the Seeds of Instability Are Germinating Again. A big financial-firm collapse in near future is exceedingly unlikely, but another crisis isn’t.

• Drones Are Watching: Railroad Irks Workers With Unmanned Aircraft. Workers say drones are a distraction; the railroad says the program will coach employees in correcting behaviors that could cause serious injury.

CNBC:

• Trump plans to name Larry Kudlow his top economic advisor, replacing Gary Cohn: Sources.

• China’s path to tariff retribution could begin with Boeing(BA).

• Bitcoin bubble 'just about to burst,' major money manager says.

Zero Hedge:  

• UK Expels 23 Russian Diplomats, Freezes Russian Assets, Suspends High-Level Contacts.

• Equifax(EFX) Executive Charged With Insider Trading.

• Goldman(GS), Atlanta Fed Slash Q1 GDP Forecasts Below 2.0%.

• Stocks Slide, Breakevens Tumble After White House Confirms $100BN China Deficit Target. (graph)

• Tesla's(TSLA) Top Financial Execs Suddenly Quit Amid Reports Of "High Volume Of Flawed Vehicles".

• WTI Down, RBOB Up After Huge Gasoline Draw, Crude Build, Record Production.

• Democrats Furious Over Hillary Clinton's Latest Comments.

• Business Inventories Jump As Sales Slump Most In 18 Months. (graph)

• Post Tillerson: Is The Iran Nuclear Deal (& Its Oil Production) At Risk?

• "This Hostile Action Is Unacceptable": Russian Embassy Responds To UK Expulsions.

• Profit Margins In Peril As Core Producer Prices Jump The Most Since August 2014. (graph)

• Retail Sales Drop 2nd Straight Month. (graph)

• How One Hedge Fund Made $3 Billion Betting On Trump.

Business Insider:

• Google(GOOGL) is banning all bitcoin, ICO, and cryptocurrency ads from June.

• Here's why the Pennsylvania special election result should freak out Republicans.

• The Senate is quietly about to pass the biggest rollback of Wall Street regulations since the financial crisis.

• Walmart(WMT) will start delivering groceries to shoppers across the US — and it's a direct assault against Amazon(AMZN).

• The government said it would consider adding warning labels to social media.

• Theranos and its founder Elizabeth Holmes have been charged with fraud by the SEC.