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Morning Money Memo:

The Treasury Department has announced a sweeping crackdown on tax inversions, the practice in which U.S. companies use mergers and takeovers of foreign firms to move their headquarters overseas to avoid paying U.S. taxes. Treasury Secretary Jack Lew says the new steps close "a glaring loophole" in the tax code and will ensure it no longer makes financial sense for companies to use that tactic. But Republicans object to latest example of the administration sidestepping Congress. "Until the White House gets serious about tax reform, we are going to lose good companies and jobs to countries that have or are actively reforming their tax laws," says Dave Camp, R-Mich., chairman of the House Ways and Means Committee. The Treasury Department says it's putting forward regulations that will make inversions less lucrative by barring some techniques companies use to defer their taxes. It's also making it harder for firms to pursue an inversion by tightening the requirement that the company's former owners own less than 80 percent of the new company. The measures will take effect immediately and are the latest example of the administration acting on its own to sidestep a deadlocked Congress. Republicans fault the administration for not making a greater effort to work with Congress on corporate tax overhaul.

Apple says it sold more than 10 million of new iPhones in their first weekend of availability. The iPhone 6 and large-screen 6 Plus set a sales record, the company says. "We could have sold many more iPhones with greater supply and we are working hard to fill orders as quickly as possible," Apple CEO Tim Cook says. The biggest shortages and longest shipping delays are for the 6 Plus.

Motorists are paying less for gas. The pump prices have dropped 10 cents a gallon in the past two weeks, according to the U.S. Energy Department. The nationwide average for regular gas is $3.35 a gallon.

Starbucks is testing a latte that it says has the "savory toasty malt" flavor of a foamy mug of stout. The "Dark Barrel Latte" is being tested in a handful of stores in Ohio and Florida, said Linda Mills, a Starbucks spokeswoman. She said the drink is topped with whipped cream, dark caramel drizzle and incorporates a "chocolaty stout flavored sauce." Despite the stout flavor, the latte does not contain alcohol. The company has said it would expand its test of serving alcohol and small bites in the evening to more stores.

The stock market suffered its biggest one-day loss in seven weeks. Futures fell this morning. The Russell 2000 small stock index had the biggest loss Monday, down 1.5 percent. The Russell has dropped 3 percent since the beginning of the year, while the large-stock S&P 500 gained nearly 8 percent.

Richard Davies Business Correspondent ABC News Radio abcnews.com Twitter: daviesnow