Morning Brief: Amazon expands Prime benefits to more Whole Foods locations

Wednesday, May 30, 2018

What to watch today

On Wednesday, investors will get three key pieces of U.S. economic data as private payrolls from ADP and a second read on U.S. GDP growth in the first quarter will be released in the morning. Expectations are the GDP number will show the economy grew at an annualized rate of 2.3% in the first three months of the year.

And then in the afternoon the Federal Reserve’s latest Beige Book report will be released. The Beige Book is a collection of economic anecdotes collected by Fed officials across the country and helps form the basis of the economic discussion that will be had at the Fed meeting in two weeks’ time.

On the earnings side, highlights on Wednesday should include results from Box (BOX), Dick’s Sporting Goods (DKS), Broadcom (AVGO), Michael Kors (KORS), and Analog Devices (ADI).

Read More

Top news

Amazon offers discounts to Prime members at more Whole Foods: Amazon (AMZN) is expanding discounts to Prime members at its Whole Foods Markets, which was acquired last year. The e-commerce giant said starting May 30, 121 Whole Foods Market stores across 12 states —including northern California, Nevada, Colorado and Texas — plus all Whole Foods Market 365 stores nationwide will offer savings to Amazon Prime Members. [Yahoo Finance]

China slams surprise U.S. trade announcement, says ready to fightChina on Wednesday lashed out at Washington’s unexpected statement that it will press ahead with tariffs and restrictions on investments by Chinese companies, saying Beijing was ready to fight back if Washington was looking to ignite a trade war. [Reuters]

Volcker Rule to lose some of its bite as Fed proposes overhaul: Wall Street’s long campaign to chip away at the toughest trading restriction imposed on banks after financial crisis is finally paying off under President Donald Trump. The Federal Reserve Board, now led by Trump appointees, will meet Wednesday to start rolling back the Volcker Rule, a regulation that was key to Washington’s efforts to make the industry safer following the 2008 meltdown. [Bloomberg]

Sorrell plots comeback: Martin Sorrell is staging a comeback just six weeks after he was ousted from WPP (WPP), using the same formula as in the 1980s when he transformed a little-known shell company into the world’s biggest advertising group. One of Britain’s best known businessmen, Sorrell said he would invest 40 million pounds ($53 million) of his own money into Derriston Capital while institutional investors have pledged 150 million pounds to buy marketing companies. [Reuters]

Here’s what happened when Starbucks closed all of its US stores for racial bias trainingCoffee behemoth Starbucks (SBUX) closed all of its 8,000-plus U.S. stores for four hours on Tuesday afternoon so its 175,000 employees could participate in company-wide racial-bias training. [Yahoo Finance]

For more of the latest news, go to Yahoo Finance

Competitors at the start of the annual unofficial cheese rolling at Cooper’s Hill in Brockworth, England, Monday May 29, 2017, where a cheese has been chased down the 200 yard, (183-metre) one-in-three gradient hill, annually, since the early 1800’s. A 9-lb round Double Gloucester cheese is set in motion at the top of the hill an the competitors chase after it – the first person to cross the finish line at the bottom of the hill wins the cheese. (Ben Birchall/PA via AP)

Yahoo Finance Originals

Trump should golf more

How to make sure Russian hackers can’t attack your home router again

Home prices rise at a steady pace in March

Why Apple, Facebook and Google are worried about your ‘digital well-being’

Editor’s Note: The Morning Brief newsletter is taking a temporary break. While you won’t be receiving the newsletter in your inbox every morning you can go to Yahoo Finance at 6:30 a.m. ET to get the morning’s top news stories, a synopsis of what to watch in markets and the best of Yahoo Finance Originals. We’ll be back very soon!