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Mike Dubke, communications director for President Donald Trump, has resigned after just three months on the job, The Wall Street Journal reported Tuesday, citing a White House official. The changes comes as Trump attempts to reset his administration as probes into his ties to russia are expanded, said the paper.
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Lofty levels in the U.S. stock market aren’t yet flashing worrisome signals of an imbalance that risks derailing the U.S. economy and that’s helped by actual evidence of earnings improvement, Dallas Federal Reserve President Robert Kaplan said Tuesday. Still, “some correction” in the stock market could be healthy for sustaining the economic expansion for longer, he said in an interview on CNBC. Kaplan still expects the Fed to deliver two more interest-rate hikes this year and said he looks for the central bank to start reducing its $4.5 trillion balance sheet later this year. He, unlike some colleagues on the Fed, doesn’t think the Fed should necessarily separate Fed funds policy from balance sheet actions, believing they could happen simultaneously. He does though like the idea of some flexibility to suspend one or other other if needed to react to changing conditions. Kaplan remains hesitant to factor potential fiscal-policy impact into the Fed’s economic forecast, believing proposals to date could be both potentially negative and positive for the economy. He thinks GDP growth will churn along “in the twos,” or somewhere above 2%. Expanding GDP growth to 3% will take more structural change for the economy than policy will allow, including boosting productivity, he said.
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The French economy expanded faster than initially forecast in the first quarter of the year, but still logged slower growth than its eurozone counterparts. The French statistics body INSEE said Tuesday France’s gross domestic product grew 0.4% in the first three months of the year, up from the 0.3% first estimated. That was better than the 0.3% forecast by analysts. The growth, however, was slower than the 0.5% growth seen in the fourth quarter of 2016 and below the eurozone average of 0.5%. France’s CAC 40 index traded 0.9% lower at 5,284.42 in early Tuesday trade.
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British Airways on Tuesday its IT systems were running again and it will be operating a full flight schedule at London’s Heathrow and Gatwick airports. But there are still BA customers without their luggage, as the U.K. airline said it is continuing to work to get delayed bags to passengers as quickly as possible. The carrier is dealing with the aftermath of a far-reaching computer outage over the holiday weekend that sparked chaos at major airports. Shares in BA parent International Consolidated Airlines Group S.A. were 3% lower in early trading Tuesday.
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Pro golfer Tiger Woods has been arrested on charges of driving while under the influence in Jupiter, Fla., according to multiple reports. The PGA’s former No. 1 golfer in the world was arrested at around 3 a.m. Monday on Military Trail South of Indian Creek Parkway, according to an NBC report. The golfer lives in Jupiter and has been sidelined for months as he attempts to recover from recent back surgery. The 41-year-old golfer boasts 14 majors on the PGA tour, second only to Jack Nicklaus, who holds an individual-record 18 PGA majors victories. However, Woods hasn’t been the same since undergoing a trio of back surgeries, starting in April 2014. In February, he withdrew from the Dubai Desert Classic, citing back spasms, and on April 20, announced that he had undergone successful spinal-fusion surgery.
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Takuma Sato became the first Japanese driver to win the Indianapolis 500, pulling away in the final laps at the 101st running of the race Sunday. Sato passed three-time Indy 500 winner Helio Castroneves with five laps remaining and held on for the victory. Castroneves finished second. It was just the second career IndyCar win for Sato, a former Formula One driver. Fernando Alonso, a two-time Formula One champion, was impressive in his Indy 500 debut, but was forced from the race with 21 laps remaining due to engine problems. Cars made by Honda Motor Co. dominated the race, claiming six of the top 10 spots, including Sato’s winning car.
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North Korea test-fired another ballistic missile early Monday, upping the ante amid rising tensions with the U.S. The missile was fired from a base on North Korea’s east coast and flew for about six minutes before falling into the Sea of Japan, according to South Korea’s Yonhap News. South Korea’s military confirmed the report, saying “North Korea launched an unidentified projectile from a site in the vicinity of Wonsan in Gangwon Province at dawn today.” The launch was the ninth this year by North Korea, which is believed to be steadily advancing toward a missile that can reach the continental United States. The White House said Sunday that the president had been briefed on the launch. The test comes a day after Voice of American reported a third U.S. carrier strike force was being deployed to the region.
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Snap Inc. paid less than $1 million dollars for a failing drone startup, according to a Friday afternoon report. Buzzfeed News reported that Snap acquired Ctrl Me Robotics Inc. as the startup, based in the same Southern California city as the Snapchat parent company, was winding down operations. Ctrl Me was founded to develop a system for capturing movie-quality aerial video, according to the report, and the founder and some technology is included in the small acquisition. Snap has released one hardware product, sunglasses called Spectacles that capture video for the company’s mobile app. The consumer-drone industry has suffered of late amid dominance from Chinese drone manufacturer DJI. Snap had a large IPO in March, but has struggled since, including a huge drop after its first earnings report as a public company showed a $2.2 billion quarterly loss. Snap shares closed with a 3.2% decline at $21.22 Friday.
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The tech-heavy Nasdaq and the S&P 500 closed at records Friday as stocks finished higher for the week ahead of the Memorial Day holiday. The S&P 500 index finished up 0.75 points at a record 2,415.82, led by gains in the consumer-staples and consumer-discretionary sectors. The Nasdaq Composite Index closed up 4.94 points, or less than 0.1%, at a record 6,210.19. Both benchmarks finished for a seventh day of gains. The Dow Jones Industrial Average declined 2.67 points to close at 21,080.28, less than 40 points shy of its March 1 closing record. For the week, the Dow finished up 1.3% and the S&P 500 gained 1.4%, both snapping a two-week streak of finishing lower, while the Nasdaq advanced 2.1%.
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Oil futures settled higher Friday, paring their loss for the week down to about 1.7%. Prices rebounded following a nearly 5% drop a day earlier, which was fueled by traders’ disappointment that OPEC didn’t take more aggressive measures to lower crude production. July WTI crude rose 90 cents, or 1.8%, to settle $49.80 a barrel on the New York Mercantile Exchange.
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