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Good afternoon. Here's what you should know today, April 23: | |
- Biden is expected to announce his 2024 election bid this week
- Big-name earnings over the next few days will show how companies navigated a bumpy first quarter
- Mifepristone access will remain unchanged for now
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 | | PHOTO: JOHNNY MILANO/BLOOMBERG NEWS | | |
1. Bed Bath & Beyond will start closing its stores. | |
| Once a pop-cultural phenomenon, the retailer has filed for bankruptcy to wind down its business after years of losses and failed turnaround plans. This gives the chain the breathing room to conduct going-out-of-business sales at its physical stores and solicit interest for its remaining assets. It expects to close all 360 Bed Bath & Beyond and 120 Buybuy Baby retail locations eventually. | |
| 🎥 Bed Bath & Beyond's Bankruptcy, Explained (Watch) | |
2. A widely used abortion pill will remain on the market for now. | |
| The Supreme Court on Friday preserved access to a pill used in most abortions in the U.S. during a continuing challenge of the FDA's approval of the drug. Access to mifepristone will remain until litigation concludes in the lower courts and the Supreme Court itself has an opportunity to review those decisions—a timeline that likely will take many months. For now, access to mifepristone is unchanged in states where abortion is allowed. | |
| What the Supreme Court's Decision Means for Abortion Pills (Read) Trump, Other GOP 2024 Hopefuls Struggle to Define Abortion Message (Read) | |
3. A Biden-Trump rematch is looking more likely. | |
| President Biden is expected to announce his re-election campaign this week, putting to rest questions of whether he will seek a second term as the nation's first octogenarian president. At the same time, polls show former President Donald Trump with a substantial lead in the Republican presidential field despite facing criminal charges in New York and the potential for more legal problems on the horizon. | |
| E. Jean Carroll Rape Allegation Against Donald Trump Heads to Trial (Read) | |
4. Earnings by First Republic Bank will give insight into the shortfall from last month's banking storm. | |
| The lender has been at the center of a crisis of confidence in midsize and smaller U.S. banks spurred by the collapse of several banks. First Republic's results, due Monday, will pull back the curtain on the damage after customers yanked tens of billions of dollars in deposits in the days after the banking crisis became clear. Investors will get a closer look at the health of other regional banks this week, too. A raft of earnings from big tech names and stalwarts from the food, pharmaceutical and energy sectors will also provide clues about how businesses navigated the banking turmoil and inflation's effect on the economy. | |
| The Outlook: Why the Banking Mess Isn't Over (Read) Amazon, Facebook, Google Headline Busy Earnings Week for Tech (Read) Individual Investors Are Still Hungry for Stocks—While Shunning Risk (Read) Moody's Downgrades 11 Regional Banks, Including Zions, U.S. Bank, Western Alliance (Read) | |
5. The Seattle region will vote on a $1.2 billion tax increase to bolster its mental-health services. | |
| King County, which includes Seattle, is holding a special election Tuesday for a property-tax levy to improve its mental-health system. The proposal is one of a growing number of measures put forth nationwide by local and state officials who say that a lack of resources to treat those suffering from mental illness has reached crisis levels. If passed by voters, the measure would impose a yearly tax of 14.5 cents for every $1,000 in assessed property value for nine years. | |
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