Financial Daily Dose 6.26.2020 | Top Story: Federal Reserve Limits Bank Payouts and Suspends Share Buybacks


The Federal Reserve has “temporarily restricted shareholder payouts by the biggest banks,” preventing stock buybacks and barring increases in dividend payments in the third quarter. NYTimes and Bloomberg

Market Snapshot: S&P 500 fell 1.7% to 3,030.13; Dow Jones Industrial Average decreased 2.1% to 25,199.81; Nasdaq Composite Index declines 1.6% to 9,851.85; Bloomberg Dollar Spot Index climbed 0.4% to 1,223.18; yield on 10-year Treasuries declined four basis point to 0.64%; West Texas Intermediate crude fell 2% to $37.93 a barrel; Gold was unchanged at $1,763.79. Bloomberg and WSJ

Microsoft Corp. will be permanently closing its retail stores, shifting its focus to digital storefronts. WSJ and Bloomberg

During May, personal consumption increased 8.2% from April, but recent all-time highs in coronavirus cases may diminish these gains in June. WSJ Inc. is buying an autonomous vehicle startup, Zoox Inc., for an undisclosed amount around $1 billion. Bloomberg

The recent rebound of oil will likely slow with the recent surge in coronavirus cases in Texas. WSJ

With COVID-19’s disastrous impact on energy prices, “oil and gas producer Sable Permian Resources filed for Chapter 11 protection in Texas bankruptcy court on Friday.” Law360 

Kanye West and Gap enter into a 10-year deal for “Yeezy Gap” apparel line, set to hit stores in 2021. NYTimes

Subsidiaries of pharmaceutical giant Novartis AG have agreed to pay $345.9 million in “penalties and profits for an alleged bribery scheme at hospitals in Greece and improper record-keeping in Vietnam.” Law360

Sorry kids! The parent company of Check E. Cheese has filed for Chapter 11 protection after having to close hundreds of locations due to COVID-19. Law360

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