Top News in Finance for June 23, 2023

KEY POINTS

Dive into this week’s key financial happenings with our succinct, easy-to-understand summaries of the most crucial economic events. Designed to keep you up-to-date, our roundup empowers you to navigate the week ahead and seize unfolding opportunities

• Stock market endures soft patch
• Starbucks hit by employee strikes over Pride Month
• Overstock acquires Bed Bath & Beyond assets
• Supreme Court to rule on Biden’s student loan forgiveness plan
• 3M closes $10.3 billion ‘forever chemicals’ lawsuits

Stock Market Experiences a Downturn

In the face of a looming losing streak, major indexes witnessed a dip. The Nasdaq, S&P 500, and Dow Jones all reported losses, threatening to end multi-week winning trajectories. The market’s lull appears influenced by the Fed’s prospective decision to raise interest rates later this year.

Starbucks Employees on Strike

Starbucks will see protests across approximately 150 outlets, as employees strike against the prohibition of Pride month decorations. This disagreement between Starbucks and its employees’ union highlights the tension between corporate involvement and LGBTQ+ campaigns.

Overstock Acquires Bed Bath & Beyond’s Digital Assets

E-commerce giant, Overstock.com, emerged victorious from the bankruptcy auction of Bed Bath & Beyond’s digital assets and intellectual property, securing them for $21.5 million. However, the fate of Bed Bath’s most lucrative segment, Buy Buy Baby, remains undecided.

Key Student Loan Forgiveness Verdict on the Horizon

The Supreme Court is anticipated to pass judgement on challenges to the Biden administration’s student loan forgiveness plan. The potential cancellation of up to $20,000 debt for many Americans hangs in the balance.

3M Settles ‘Forever Chemicals’ Lawsuit

Industrial product manufacturer 3M has agreed to a substantial $10.3 billion settlement over its production of ‘forever chemicals’ or PFAS, bringing an end to thousands of lawsuits. This news has positively affected 3M’s shares in pre-market trading.