Here are the most important news items that investors need to start their trading day:
1. Rally set to resume
U.S. stock futures climbed Monday morning as the S&P 500 comes off a four-week winning streak. The coming days will offer a bevy of clues about how the Federal Reserve will handle further rate hikes in its bid to tame inflation. The May consumer price index due Tuesday will offer the latest read on how much prices are increasing. Inflation has eased, but remains stubbornly high after a string of Fed rate hikes since last year. The central bank’s policy decision, and fresh hints about its future plans, will follow on Wednesday. Heading into the week, traders see it as more likely than not that the Fed will pause the torrent of hikes this month. The Fed raised its benchmark borrowing rate by a quarter of a percentage point last month. Follow live market updates here.
2. Part of I-95 collapses
A tanker fire caused part of Interstate 95 in northeast Philadelphia to collapse on Sunday. No injuries or deaths have been reported yet, but officials have not been able to reach a tanker truck trapped under the rubble, according to NBC News. The stretch of the highway that connects New York City and Philadelphia, and is a key corridor for commuters and goods, could take “months” to repair, Pennsylvania Gov. Josh Shapiro said. He noted that the roadway “supports our economy and plays an important role in folks’ everyday lives.”
3. JPMorgan settles with Epstein victims
JPMorgan Chase has settled a lawsuit filed by one of the victims of late sexual predator Jeffrey Epstein, the bank said Monday. The Epstein accuser alleged JPMorgan kept Epstein as a client even after warning signs about him emerged, and that the financier used funds from his accounts at the bank to facilitate sex trafficking. The settlement covers claims against the bank by all Epstein victims. A U.S. Virgin Islands lawsuit against JPMorgan, along with the bank’s legal actions against former executive Jes Staley, are ongoing. The bank said the sides “believe this settlement is in the best interests of all parties, especially the survivors who were the victims of Epstein’s terrible abuse.”
4. Soros yields control
Philanthropist George Soros will hand over control of his sprawling $25 billion operation to his 37-year-old son Alex. The elder Soros, 92, has channeled billions of dollars into Democratic causes in the U.S. over the years, becoming a target of right wing and antisemitic conspiracy theories. Alex Soros told The Wall Street Journal that he is “more political” than his father. Donald Trump’s bid to reclaim the White House next year has alarmed the younger Soros, and he suggested he could get heavily involved in efforts to defeat the former president next year.
5. Former AG dishes on Trump
At least one of Trump’s former allies is not leaping to his defense, after the ex-president was indicted on 37 federal counts alleging he kept hundreds of classified documents from his time in the White House and tried to prevent their return to U.S. officials. Bill Barr, who served as attorney general under Trump, called the indictments “very damning” during a “Fox News Sunday” interview. Barr said that “if even half of it is true, then he’s toast.” He also called it “ridiculous” to suggest Trump is a victim of a witch hunt — which many Republicans are arguing. Trump is due to be arraigned Tuesday in the case.
– CNBC’s Sarah Min, Jihye Lee, Ashley Capoot and Holly Ellyatt contributed to this report.
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