Morning Brief: Supreme Court likely to have a strong business vote for decades

Thursday, June 28, 2018

What to watch today

Investors will face the week’s busiest schedule with the U.S. economic highlight coming from the third estimate of first quarter GDP growth, which is expected to show the economy expanded at an annualized rate of 2.2% in the first three months of 2018. The weekly report on initial jobless claims as well as the Kansas City Fed’s June reading on manufacturing activity will also fill out the economic agenda. And on the earnings side, notable companies expected to report results Thursday include Nike (NKE), McCormick (MKC), Accenture (ACN), and the Dow’s newest member Walgreens Boots Alliance (WBA).

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Top news

Supreme Court Justice Anthony Kennedy has announced he plans to retire after three decades as a pivotal vote on the highest US judicial body.

Supreme Court likely to have a strong business vote for decades: The retirement of the U.S. Supreme Court’s swing voter, Anthony Kennedy, ensures that his seat will be occupied by another justice who sides with corporate rights. The departure of Kennedy, 81, gives President Donald Trump an opportunity to shape the Supreme Court for decades to come. Justice Kennedy is known as a swing voter who has sided with liberals on many social issues, while casting votes with conservatives on cases involving businesses. [Yahoo Finance]

Amazon wants to foster small independent delivery fleets: Amazon (AMZN) said it would offer incentives to entice entrepreneurs to set up their own small package-delivery businesses as part of Amazon’s latest effort to solve the challenge of getting goods the last mile to customer doorsteps. [Reuters]

Automakers warn U.S. tariffs will cost hundreds of thousands of jobs, hike prices: Two major auto trade groups warned the Trump administration that imposing up to 25% tariffs on imported vehicles would cost hundreds of thousands of auto jobs, dramatically hike prices on vehicles and threaten industry spending on self-driving cars. A coalition representing major foreign automakers including Toyota, Volkswagen, and Hyundai, said the tariffs would harm automakers and U.S. consumers. [Reuters]

Apple gets second supplier for OLED iPhone screens: Apple (AAPL) is close to getting its first batch of organic light-emitting diode screens from South Korea’s LG Display Co., according to people familiar with the matter, a key step in the U.S. company’s push to reduce iPhone costs and its dependence on Samsung Electronics Co. [CNBC]

Chipotle to close up to 65 stores, revamp menu under new CEO: Chipotle Mexican Grill (CMG) will shut up to 65 underperforming restaurants and revamp its marketing under Chief Executive Officer Brian Niccol, executives said in the chain’s investor call on Wednesday. Chipotle’s share price has risen more than 80% since Niccol’s hiring was announced in February as the company focused on how the chain could raise online sales.

For more of the latest news, go to Yahoo Finance

Soccer Football – World Cup – Group F – South Korea v Germany – Berlin, Germany – June 27, 2018 – Germany fans react as they watch the match at a public viewing area at Brandenburg Gate. REUTERS/Hannibal Hanschke TPX IMAGES OF THE DAY

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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.