Updated from 5:52 a.m. EDT
 
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Here are five things you must know for Wednesday, May 17:
 
1. -- U.S. stock futures tumbled Wednesday and global shares traded lower amid the latest political scandal from the Trump White House.
 
Markets reacted to a report from The New York Times that said Donald Trump asked former FBI Director James Comey to shut down the federal investigation into since-ousted National Security Adviser Michael Flynn

Comey wrote in a memo in February that the president asked him to stand down on the Flynn probe, according to the Times report. Flynn was forced to resign on Feb. 13 amid questions over his contact with the Russian ambassador to the United States and discussions of U.S. sanctions.

"I hope you can see your way clear to letting this go, to letting Flynn go," Trump told Comey, according to the Times. "He is a good guy. I hope you can let this go."
 
Trump fired Comey a little more than a week ago in a surprise move.
 
Comey wrote the memo detailing his conversation with the president shortly after it took place, according to the Times, which cited two people who read the memo. It is part of a paper trail Comey created documenting what he believed to be improper efforts to influence the investigation.
 
The White House denied the version of events in the memo provided to the Times.
 
The report in the Times on Tuesday was preceded by news earlier this week that the president had disclosed highly classified information to the Russian foreign minister and the country's ambassador to the United States.
 
"As reporting intensifies on Trump's potential mishandling of classified information, and renewed speculations on the rationale of his dismissal of Comey, markets are becoming concerned whether key legislation on tax reforms could be deferred or derailed," said Mizuho Bank in a daily commentary.
 
Safe-haven assets such as gold rose and U.S. Treasury bond yields tumbled on Tuesday. The U.S. dollar was pressured, trading at the lowest levels against a basket of global currencies since the U.S. election in November.
 
2. -- Target ( TGT) reported first-quarter adjusted profit of $1.21 a share vs. expectations of 91 cents. The stock was rising 6% in premarket trading.
 
Earnings are also expected Wednesday from  American Eagle Outfitters  ( AEO) , L Brands  ( LB)  and Cisco ( CSCO) . 
 
Cisco is a holding in Jim Cramer's Action Alerts PLUS Charitable Trust Portfolio. Want to be alerted before Cramer buys or sells CSCO? Learn more now.
 
The economic calendar in the U.S. on Wednesday includes Oil Inventories for the week ended May 12, at 10:30 a.m. EDT.
 
3. -- U.S. and European officials will discuss Wednesday plans to broaden a U.S. ban on in-flight laptops and tablets to include planes from Europe, the Associated Press reported.

The move could create logistical chaos on the world's busiest corridor of air travel -- as many as 65 million people a year travel between Europe and North American on more than 400 daily flights, many of them business travelers who rely on their electronics to work during the flight.

The ban would be bigger than the current one, which was put in place in March and affects about 50 flights per day from 10 cities, mostly in the Middle East.

Airlines have said it is merely a matter of time before the ban is put in place, but the prospect has alarmed officials in the European Union, who want to know more about any new threats and the disruption such a move would create.

Airline industry lobby group IATA warned the ban could cost passengers as much as $1 billion in extra fees

"We are not sure that this ban is adapted to the threat," International Air Transport Association director Alexandre de Junaic told Bloomberg Television on Wednesday. "We don't know the basis of the intelligence that would justify this measure."

The leader of United Airlines' (UAL)  12,500 pilots said bans on laptops as carry-on baggage should be imposed based on the adequacy of security at individual airports.

4. -- Web giant Alphabet (GOOGL) is likely to make announcements related to Google Assistant, Android and its Daydream virtual reality platform, among many other things, at Google's I/O developer conference which begins Wednesday.

Bloomberg reported that Google plans to bring Assistant to the iPhone through "a free, standalone app" available through the App Store. The news service also reported that Assistant will be built into General Electric home appliances "such as refrigerators, dishwashers, ovens, washers and dryers."

Alphabet is a holding in Jim Cramer's Action Alerts PLUS Charitable Trust Portfolio. Want to be alerted before Cramer buys or sells GOOGL? Learn more now.

5. -- Colgate-Palmolive's (CL) CEO recently signaled he would be open to selling the company for $100 a share, a source told the New York Post.

CEO Ian Cook's stated price tag, valuing the consumer-products giant at more than $88 billion, came at a meeting with institutional investors that took place in recent weeks, a source with knowledge of the conversation told the newspaper.

Rumors about possible deals have swirled around the New York-based company, which has been experiencing sluggish demand for its toothpaste, deodorants and food products.

Colgate-Palmolive shares were rising 3.3% in premarket trading to $73.91.

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