Stocks keep slumping: Everybody is still trying to figure out what the financial reform package really means. Dow is down about 60 points in early trading.
Speaking of which...: House-Senate conferees finally signed off on what's being billed as the most comprehensive financial overhaul since the 1930s. From the Washington Post:
While it would not fundamentally alter the shape of Wall Street or break up the nation's largest firms, the legislation would establish broad new oversight of the financial system. A new consumer protection bureau housed in the Federal Reserve would have independent funding, an independent leader and near-total autonomy to write and enforce rules. The government would have broad new powers to seize and wind down large, failing financial firms and to oversee the $600-trillion derivatives market. In addition, a council of regulators, headed by the Treasury secretary, would monitor the financial landscape for potential systemic risks.
Movie futures trading could be dead: As part of the financial legislation, an amendment banning the trading of derivatives based on boxoffice results was approved late last night. The amendment was strongly supported by the Motion Picture Association of America. (THR)
GDP lowered: The economy grew by 2.7 percent in the first quarter, down from the 3 percent estimate that the government released last month. Consumers spent less than first thought. (AP)
Jobless bill dies: Senate Democrats gave up their efforts to provide fresh aid to state governments and extend emergency unemployment benefits for millions of jobless workers. From the Washington Post:
Emergency jobless benefits, which provide up to 99 weeks of income support, expired June 2. Since then, more than 1.2 million people have had their checks cut off, according to estimates by the Labor Department. That number is expected to rise to more than 2 million people by the time Congress returns from its weeklong break. Unless Congress acts, the program would phase out entirely by the end of October.
Consumer sentiment rises: The June numbers are the highest since January 2008. (Reuters)
Aetna scraps rate increase: The insurer had sought an average 19 percent bump for its 65,000 individual customers in California, but math errors in its paperwork were discovered. Same thing happened with Anthem Blue Cross. (LAT)
KB losses narrow: Low mortgage rates and the federal homeowner tax credit have helped the L.A.-based homebuilder, but the credit ended in April. Net orders for homes fell. (AP)
Trouble for iPhone 4: Calls are dropping if you hold the phone in a certain way. Something about touching the wraparound antenna. (NYT)
Villaraigosa to release ticket docs: They're supposed to lay out the official duties he performed at the concerts, sports events and award shows that he attended for free. Those duties, the mayor claims, exempt him from having to disclose the tickets as gifts. (LAT)