Today's Headlines

 Today's Headlines

1. Protests in L.A. over federal immigration raids

Downtown L.A. erupted into chaos on the third night of protests over federal immigration raids as thousands threw rocks and “incendiary devises” at local law enforcement outside the Metropolitan Detention Center. In addition, a few Waymo taxi cabs were set on fire, and LAPD sent reinforcements in light of 600 National Guard troops on city streets from President Trump—an “unlawful over-reach” per Governor Gavin Newsom.

2. 12 countries added to travel ban

A proclamation by the White House went into effect at 12:01 a.m. Monday to prevent most visas from being processed for incoming persons from Afghanistan, Iran, Libya, Somalia, Sudan, Yemen and a host of six other majority African or Middle-Eastern countries as well as tighter regulations for an additional seven countries including Cuba and Venezuela. Persons with already established visas can enter, but for new arrivals, without strict exemptions, almost guaranteed denials will exist. This is the most extensive travel ban since the 2017 ban during Trump's first term.

3. U.S.-Chinese trade negotiations begin in London

Commerce Secretary Howard Lutnick and Treasury Secretary Scott Bessent met with Chinese Vice-Premier He Lifeng in London to commence a tenuous 90-day tariff extension established last month. Reportedly, all entities wish to establish road maps to decrement tariffs that have complicated more than $600 billion in U.S.-Chinese trade, however, beyond Trump's conciliatory call of President Xi over the weekend, negotiators warned issues stemming from semiconductors and rare-earth exports remain unresolved.

                                                            4. Sunnova Energy files bankruptcy protection

Sunnova, a Houston-based residential-solar developer has filed for Chapter 11 bankruptcy protection as it anticipates $10 billion-$50 billion of average liabilities due to high-interest rates, state subsidy rollbacks and the Biden administration's rescission of a $2.92 billion federal loan guarantee which impaired cash flow. Sunnova subsequently announced layoffs for 55% of its employees (about 718 jobs) as it reorganizes under Bankruptcy Code. This indicates the havoc associated with the rapidly expanding U.S. rooftop-solar space.

5. NBA Finals tied 1-1 thanks to Thunder

After losing Game 1, Shai Gilgeous-Alexander led the Oklahoma City Thunder to a 123-107 victory over the Indiana Pacers in Game 2 of the NBA Finals. The turning point came in the second quarter with a team effort that included contributions from Alex Caruso and Aaron Wiggins off the bench during a 19-2 run; Game 3 takes place Wednesday in Indianapolis as the best-of-seven series continues.

                                                             6. Coco Gauff claims U.S. title drought ends in Paris

Coco Gauff defeated Aryna Sabalenka 6-7 (5), 6-2, 6-4 at Roland-Garros this weekend to become the first American woman to win there since Serena Williams in 2015 and youngest American to win there since 2002. "I'm definitely here to stay," confirmed Gauff after winning her second major championship.

7. Oil down on weak China news but steadies on tariff predictions

Brent crude slipped approximately 0.6% to $78.70 per barrel as China's exports declined much, showing waning demand; however, prices stabilized since traders hope London negotiations will yield good news preventing another round of tariffs that would harm demand for energy.

8. Mortgage rates steady near 6.8%

According to Bankrate, 30-year fixed mortgage interest rates averaged 6.84% on Monday—10 basis points lower compared to last week; buyers are holding off on making decisions indicating housing isn't necessarily affordable right now but if this continues into later this year—especially with the Federal Reserve cutting rates—housing may unthaw briefly.

9. Core inflation inches closer to Fed targets

The Personal Consumption Expenditures price index increased only 2.1% year-over-year in April—the slowest increase in four years—which is welcome relief according to San Francisco Fed President Mary Daly; however, she noted this is “not a complete picture.” If this continues, markets anticipate the Federal Reserve lowering rates once or twice before December but each time only by one-quarter percentage point.






                                         

10. Supreme Court rules reverse discrimination easier to prove

In a unanimous decision that resulted in all justices siding with each other, Justice Ketanji Brown Jackson revived Marlean Ames's case that claimed she didn't get a job promotion because she was fired for being heterosexual rather than getting job promotion rights which LGBTQ+ persons are seemingly granted. The Court ruled that Title VII claims of reverse bias cannot be held to stricter standards than minority claims. This ruling vacates a decades-old standard taken hold by many appellate courts which could make challenges to corporate DEI policies much broader.