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Morning Brief: Trump set to approve bill easing post-crisis bank rules

Wednesday, May 23, 2018

What to watch today

REUTERS/Mohammad Khursheed/Files

On the economics side, Wednesday will bring investors the week’s busiest day with preliminary readings on manufacturing and service-sector activity in the month of May due out from Markit Economics in the morning. And in the afternoon, the minutes from the Federal Reserve’s latest meeting will be released, offering investors insight into the conversation had by policymakers ahead of their May 2 decision to keep interest rates unchanged. The Fed will announce its next monetary policy decision on June 13.

And on the earnings side, notable results expected out Wednesday should include Lowe’s (LOW), Tiffany (TIF), Target (TGT), Ralph Lauren (RL), and L Brands (LB). Investors will be closely watching Lowe’s earnings after Tuesday’s news that it will have a new CEO, as well as results from Target, with investors looking for an update on its e-commerce efforts after the company acquired Shipt for $550 million in late 2017.

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Top news

Trump set to sign bill easing post-crisis bank rules: The U.S. House has approved a sweeping overhaul of bank regulations, sending to President Donald Trump a bill that will give him a chance to make good on his vow to “do a big number” on the Dodd-Frank Act. Lawmakers voted 258-to-159 Tuesday to advance a measure that is the product of years of financial-industry lobbying to soften post-crisis rules and sensitive negotiations on Capitol Hill to attract bipartisan support needed to get it through the narrowly-divided Senate. [Bloomberg]

EU lawmakers to Facebook’s Zuckerberg: ‘We have a big problem here’: Facebook (FB) CEO Mark Zuckerberg apologized to lawmakers from the European Union in Brussels on Tuesday for the social network’s role in election interference, fake news, and Cambridge Analytica data misuse. This meeting came over a month after he testified for hours in front of the U.S. Congress on Capitol Hill. [Yahoo Finance]

Tesla trims up to $14,000 off Model X in China after tariff cuts: Tesla Inc. (TSLA) has slashed up to $14,000 off its Model X in China after Beijing announced major tariff cuts for imported automobiles, a potential sales boost for the U.S. firm as the world’s largest auto market pivots towards electric cars. The carmaker will lower prices of its Model S and Model X cars by just over 6%. [Reuters]

Amazon cracks down on shoppers who abuse returns: The e-commerce giant bans shoppers from the site for infractions such as returning too many items, sometimes without telling them what they did wrong. Amazon (AMZN) has cultivated an image as a customer-friendly company in part by making it easy for shoppers to send back items they don’t want. But shoppers are finding out there are some customers Amazon has determined aren’t worth keeping. [The Wall Street Journal]

For more of the latest news, go to Yahoo Finance

A worker dumps a bucket of freshly picked cherries into a bin in Acampo, California. Adverse weather conditions over several months leading up to California’s cherry harvest has damaged much of the state’s crop. According to the California Cherry Board, overall cherry production could be down more than 60%. (Photo by Justin Sullivan/Getty Images)

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