In company news, Morgan Stanley (MS) Chief Executive James Gorman told shareholders that he plans to step down within the next 12 months and that the board has identified three potential candidates as his successor. Lazard (LAZ) Chief Executive Ken Jacobs is expected to leave his post and be succeeded by Peter Orszag, the current head of the financial advisory unit. The defensive tone was magnified by comments from Fed Chair Jerome Powell about reaching inflation targets, which dimmed prospects for a June pause in interest-rate increases.