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Judge refuses to block Trump bank subpoenas: Morning Brief

Thursday, May 23, 2019

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WHAT TO WATCH

Despite the dismal retail earnings out this week, it hasn’t been too bad for the big box retailers.

Next up among the bunch is Best Buy (BBY), which releases its quarterly results ahead of the opening bell. Investors will be waiting eagerly to see if Best Buy will be able to keep up the momentum for the big box retailers.

Analysts are expecting Best Buy to report earnings of 87 cents per share on $9.14 billion of revenue. Same-store sales growth is projected to have grown 1.1% during the quarter, according to data compiled by Bloomberg.

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TOP NEWS

FILE - In this May 16, 2019, file photo, President Donald Trump speaks in the Rose Garden of the White House in Washington. A judge is poised to hear oral arguments Wednesday, May 22, 2019, over Trump's effort to block congressional subpoenas seeking financial records from two banks. The hearing occurs after congressional Democrats sought the information from Deutsche Bank and Capital One. (AP Photo/Manuel Balce Ceneta, File)

Judge refuses to block Trump bank subpoenas: A New York judge refused Wednesday to block congressional subpoenas seeking financial records from two banks that did business with President Donald Trump, making it clear it wasn't a close call. The judge said in a ruling delivered from the bench that Trump and his company were "highly unlikely" to succeed in a lawsuit arguing that the subpoenas seeking records from Deutsche Bank and Capital One were unlawful and unconstitutional. [Associated Press]

Fed pushes back against rate cuts: Investors see a rate cut by the end of the year, but minutes of the Fed’s last policy meeting released Wednesday showed officials expect patience on rates to be appropriate for “some time.” They also raised their growth outlooks and sided with Chairman Jerome Powell that recent softness in prices was temporary. [Bloomberg]

Trump spurns infrastructure talks with Democrats: President Donald Trump escalated his confrontation with House Democrats over their efforts to investigate his presidency, declaring he’d refuse to work with them on bipartisan policies including an infrastructure plan unless they halt their probes. [Bloomberg]

Panasonic suspends some component shipments to Huawei amid U.S. blacklist: Japan's Panasonic Corp said on Thursday it has stopped shipments of certain components to Huawei Technologies to comply with U.S. restrictions on the Chinese company. [Reuters]

What GM wants from Trump on trade: General Motors (GM) has survived the Trump tariffs, so far. But Trump’s threats to hike tariffs on auto imports and other components could hurt the nation’s biggest automaker, along with its employees and customers. [Yahoo Finance]

Also: How GM plans to prosper when people stop buying cars [Yahoo Finance]

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