Bloomberg - Evening Briefing - Good news for Trump

Bloomberg Evening Briefing

In a potential victory of sorts for Donald Trump, the US Supreme Court suggested it might drag out his claim of immunity from prosecution, likely dooming any chance of a pre-November trial on charges he sought to subvert the 2020 election. Hearing arguments Thursday in Washington, the justices did express skepticism toward the ex-president’s sweeping claim of immunity over his effort to prevent Joe Biden from taking office. But Chief Justice John Roberts said he disagreed with part of an appeals court opinion letting the trial go forward, and he discussed returning the case to the lower courts for a closer look at the allegations. “The Court of Appeals did not get into a focused consideration of what acts we’re talking about or what documents we’re talking about,” Roberts said. The 2024 election went unmentioned over the course of the two-hour 40-minute argument before the court, which is controlled by a Republican-appointed supermajority. But Trump-appointee Amy Coney Barrett did at one point acknowledge that Special Counsel Jack Smith “has expressed some concern for speed and wanting to move forward.” 

Here are today’s top stories

The Jan. 6 case is just one of four prosecutions the Republican candidate faces. In Trump’s ongoing trial in Manhattan, former National Enquirer publisher David Pecker said he spoke to Trump during the 2016 campaign before agreeing to buy and bury a former Playboy model’s story about an extramarital affair. Pecker testified Thursday that he agreed to pay $150,000 to Karen McDougal for her story, but not publish it. The former CEO of American Media Inc. also talked about his dealings with adult film star Stormy Daniels, who made similar claims about Trump. The testimony bolsters allegations by Manhattan prosecutors that Trump participated in a scheme to falsify business records to cover up payments of $130,000 to Daniels to buy her silence—and thus keep her story out of the public eye in the run up to the 2016 election.

US economic growth slid to an almost two-year low last quarter while inflation rose, interrupting a run of strong demand and muted price pressures. Gross domestic product increased at a 1.6% annualized rate, below all economists’ forecasts, the government’s initial estimate showed. Federal Reserve policymakers—who were already expected to hold interest rates at a two-decade high when they meet next week—may face renewed pressure to further delay any cuts and even to consider whether borrowing costs are high enough. 

Real estate brokerage stocks tumbled Thursday on those waning expectations for rate cuts, and as a disappointing earnings release raised concern about the sector’s outlook. Shares of Anywhere Real Estate sank 7%, and are now down 38% this year, after the real estate services company reported first-quarter results that were weaker than consensus estimates. Industry peers including Opendoor Technologies and Redfin dropped as well.

A laid-off YouTube employee is down to his last paycheck. A former startup worker has to borrow money from his family to pay his mortgage. A veteran financial consultant can barely land an interview. They’re all victims of stalled white-collar hiring across much of the US. Industries such as finance, technology and media, and professional services like law and accounting, have turned into a pocket of weakness in an otherwise-robust labor market.

Four months into office, Argentine President Javier Milei has pulled off a critical feat in a country long ravaged by runaway inflation: He stabilized the currency. The peso has not only stopped plunging day after day, but in one key foreign-exchange market it’s actually rallying sharply

Support among US swing-state voters for American aid to Israel has plunged since the war in the Gaza Strip began, according to the latest Bloomberg News/Morning Consult poll. Fifty-one percent of registered voters in the seven states that will decide the 2024 presidential election said they either strongly or somewhat support aid to Israel, the poll found. That’s down 10 percentage points from November.

Oracle is moving its headquarters out of the city. Tesla is pulling back after a rapid expansion. Almost a quarter of commercial office space is vacant, and nowhere in the country have residential real estate prices fallen further from their pandemic peak. Austin, Texas, became a Covid-era haven that lured Elon Musk and a host of California refugees with low taxes and sunny weather. But lately that’s changed: On Tuesday, Larry Ellison announced his software company will shift its headquarters from the Texas capital to Nashville, Tennessee. And there’s more bad news.

Austin is falling out of favor Photographer: Sergio Flores/Bloomberg

What you’ll need to know tomorrow

Where to Eat in the Hamptons This Summer

For Wall Street types already looking toward summer, the Hamptons are going to be as busy as ever. Open houses for new listings have been packed and the rental market is robust. As Memorial Day looms, visitors are even plotting their dining and nightlife reservations in eastern Long Island’s monied hamlets. If you are one of them, or even if you aren’t, here are nine great places to go when you do head out East.

Look out for the raclette cheeseburger at Village Bistro. Source: Village Bistro

Older messages

Metal is back

Wednesday, April 24, 2024

Bloomberg Evening Briefing View in browser Bloomberg Metal is back. Some of the world's biggest energy trading companies are returning to the sector years after getting burnt in notoriously

Banning the non-compete

Tuesday, April 23, 2024

Bloomberg Evening Briefing View in browser Bloomberg In a major victory for prospective employees looking down the barrel of a non-compete clause, the US Federal Trade Commission voted Tuesday to adopt

Earnings bulls

Monday, April 22, 2024

Bloomberg Evening Briefing View in browser Bloomberg Robust earnings from corporate America will pull the S&P 500 Index out of its latest morass, despite rising concerns about a significant jump in

The economics of uncertainty

Saturday, April 20, 2024

Bloomberg Weekend Reading View in browser Bloomberg The 360-degree view of the world economy this week can be summed up as cautiously optimistic. Or maybe optimistically cautious. Either way, the

Wall Street’s ‘tech wreck’

Friday, April 19, 2024

Bloomberg Evening Briefing View in browser Bloomberg US equities sold off sharply on Friday, sending tech stocks to their biggest weekly loss in 17 months. The S&P 500 closed down 0.9%, dropping

You Might Also Like

Big stock selloff

Wednesday, July 24, 2024

Bloomberg Evening Briefing View in browser Bloomberg A steep selloff in high-flying technology stocks sent the S&P 500 Index down to its worst day since December 2022. The US equities benchmark

👛 Chinese consumers cut back

Wednesday, July 24, 2024

Chinese demand for luxury goods falters, the UK economy is on the up, and a hydrogen-powered air taxi | Finimize TOGETHER WITH Hi Reader, here's what you need to know for July 25th in 3:09 minutes.

Issue #248: Do Trump and Harris really need my measly $2?

Wednesday, July 24, 2024

plus Brisket + a snowboarding cat ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌

Harry's Take 7-24-24 S&P 500 Outperforms Expected Returns

Wednesday, July 24, 2024

image Harry's Take July 24, 2024 Another Simple Indicator Shows We Are Way Overdue for a Stock Crash All types of indicators of excessive valuation for stocks have been flashing for a good while

Harris on the attack

Tuesday, July 23, 2024

Bloomberg Evening Briefing View in browser Bloomberg As US President Joe Biden announced he would address the nation Wednesday on his decision to not seek a second term, Vice President Kamala Harris

🪙 Ether makes its ETF debut

Tuesday, July 23, 2024

Alphabet's results are in, ether spot ETFs are launched, and the family that was shipwrecked for 38 days | Finimize TOGETHER WITH Hi Reader, here's what you need to know for July 24th in 3:14

Is now the right time to invest in gold?

Tuesday, July 23, 2024

Here's how to do it! ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌

Are These 3 Factors Delaying Your Retirement?

Tuesday, July 23, 2024

Most Americans retire by 64. Why not all? ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌

This 2 sentence phrase simply pays... week after week

Tuesday, July 23, 2024

Unique opportunity inside ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌

The Economic Mind of JD Vance

Tuesday, July 23, 2024

The GOP VP candidate represents a sharp break from the Republicanism of yesteryear. View this email online Planet Money Hello JD Vance, Goodbye Ronald Reagan? by Greg Rosalsky Last week, former