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Morning Brief: Trump picks Kavanaugh for Supreme Court vacancy

Tuesday, July 10, 2018

What to watch today

On Tuesday, the economics calendar will bring investors the May report on job openings — which reached a record in April — and comes after Friday’s strong June jobs report showed the economy continues to create more than 200,000 jobs per month.

The NFIB’s latest small business optimism report is also out Tuesday morning. This report has been one of the strongest economic indicators since Trump’s election with businesses in June listing the inability to hire good workers as one of their biggest complaints.

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Top news

REUTERS/Jim Bourg

Trump picks Brett Kavanaugh for Supreme Court: President Donald Trump announced Monday night that Brett Kavanaugh, a federal appellate court judge based in Washington, D.C., is his pick to replace outgoing Supreme Court Justice Anthony Kennedy — a nominee who, if confirmed, will cement a conservative majority on the nation’s highest court. [Yahoo News]

China raises tariffs for some U.S. optical fiber productsChina’s commerce ministry said on Tuesday it is raising “anti-dumping tariff rates” for some optical fiber products originating from the United States, effective on Wednesday, July 11. [Reuters]

Tesla moves first to hike prices in China as trade war hits car makers: U.S. carmaker Tesla Inc. (TSLA) has hiked prices on its Model X and S cars by about 20% in China, becoming the first automaker to raise prices in the world’s largest automotive market in response to a U.S.-China trade war. The move is the first indication of how much higher Chinese tariffs on certain U.S. imports will flow through to showroom floors, with other automakers likely to follow suit or shift a greater portion of production to China. [Reuters]

Uber hires former DOJ lawyer as compliance chief: Uber Technologies Inc. named Scott Schools, a former top attorney at the U.S. Justice Department, as chief compliance officer. The newly created role is designed to help Uber avoid the kinds of scandals and legal scrutiny that enveloped the business last year. The ride-hailing company has faced at least five U.S. criminal inquiries, people familiar with the probes have said. [Bloomberg]

Lowe’s to scrap four positions including chief operating officer: Lowe’s Cos. Inc. (LOW) said on Monday it would eliminate four senior positions including chief operating officer, as new Chief Executive Officer Marvin Ellison shakes up the top deck at the home improvement chain. [Reuters]

For more of the latest news, go to Yahoo Finance

Kate, Duchess of Cambridge speaks to Archbishop of Canterbury Justin Welby as she arrives carrying Prince Louis for his christening service at the Chapel Royal, St James’s Palace, London, Monday, July 9, 2018. (Dominic Lipinski/Pool Photo via AP)

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The Morning Brief provides a quick rundown on what to watch in the markets, top news stories, and the best of Yahoo Finance Originals.