Morning Brief: Failed Trump-Kim summit is a lesson for White House

Friday, May 25, 2018

What to watch today

On Friday, investors will end the last full week of May with a modest schedule with the April reading on durable goods orders set for release as well as the final look at consumer sentiment in May from the University of Michigan.

And on the earnings side, notable reports set for release should include Foot Locker (FL), Big Lots (BIG), The Buckle (BKE), and Hibbett Sports (HIBB).

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Top news

(AP Photo/Eugene Hoshiko)

Failed Trump-Kim summit is a bitter lesson for the White House: A historic summit between Donald Trump and Kim Jong Un — abruptly agreed to with little plan for how events would unfold — collapsed as the leaders talked past each other on their goals, phone calls weren’t returned and rhetoric turned from hopeful to sour. U.S. officials insist they’re optimistic the meeting will happen, eventually. And North Korea’s Vice Foreign Minister Kim Kye Gwan said Friday that his country remains willing to meet the U.S. any time. The failure to deliver the much-advertised summit set for June 12 in Singapore is a bitter lesson for the Trump administration. [Bloomberg]

U.S. gasoline prices rise near $3/gallon: Filling the fuel tank for vacation driving this summer will be pricier than it has been in nearly four years for American motorists, as gasoline prices nationwide rise toward the expected average seasonal price of $3 a gallon. [Reuters]

Apple’s $539M in damages is a ‘big win’ over Samsung: Samsung Electronics Co. took a gamble when it appealed a finding it infringed Apple Inc.’s smartphone design patents, and a friendly subsequent ruling from the U.S.’s highest court made it seem like the bet would pay off. Instead, Apple (AAPL) won an additional $140 million. Seven years after the start of a global patent battle, a jury in a lower court in San Jose, California, delivered a verdict Thursday heavily favoring Apple in a trial that could reshape how companies view the value of patents that protect the shape and design of products. [Bloomberg]

Amazon’s Alexa eavesdropped and shared the conversationA couple’s private conversation was mysteriously recorded by their Amazon Echo device and sent to one of their contacts, igniting privacy concerns about the voice-activated gadgets the online retailer wants to make as commonplace in homes as televisions. [Bloomberg]

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Jack Johnson, the first black world heavyweight champion, poses in New York City. President Donald Trump on Thursday, May 24, 2018, granted a rare posthumous pardon to boxing’s first black heavyweight champion, clearing Jack Johnson’s name more than 100 years after a racially-charged conviction. (AP Photo/File)

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