Supreme Court, College Sports, Immigration, and Global Markets: Bloomberg News Now

Supreme Court and Social Security Data

• 🏛️ The Supreme Court has allowed the Trump administration's request to access sensitive Social Security information, lifting privacy restrictions for millions.
• 📌 This decision grants the Department of Government Efficiency (DOGE) full access to personally identifiable information in the Social Security Administration database.
• ⚖️ The court also blocked a judge's order requiring officials to testify and produce records to a watchdog group.

College Sports Transformation

• 💸 A federal judge has approved a multibillion-dollar settlement, marking a significant shift in college sports history.
• 🏈 Schools will be permitted to pay their athletes as soon as next month, with plans to share up to $2.5 million with athletes annually.
• 💰 Over the next decade, $2.7 billion will be paid to former players who were previously barred from such revenue.

Immigration and Legal Cases

• 🇺🇸 Kilmer Abrego Garcia has been returned to the U.S. to face federal charges for illegally transporting undocumented immigrants.
• 🚨 Garcia was mistakenly deported to El Salvador and is now facing charges that could lead to life imprisonment.
• 💥 Protests erupted in Los Angeles amid major immigration raids by U.S. Immigration and Customs Enforcement (ICE) agents, involving heavily armed officers and flashbang grenades.

Economic and Market Insights

• 📈 U.S. stocks saw gains following a stronger-than-expected jobs report, though BlackRock's Rick Rieder suggests the Fed may lack clear direction.
• ⚠️ The president of the St. Louis Fed, Alberto Musalem, warned that President Trump's tariffs could lead to a sustained period of inflation in the U.S., potentially lasting longer than a quarter or two.
• 🤝 Treasury Secretary Scott Bessant is set to meet with China's representatives in London for trade talks.
• 🌾 Vietnamese businesses have signed agreements worth approximately $3 billion to import U.S. agricultural products.

Business and Viral Trends

• 💊 Eli Lilly has seen a 60% increase in sales of its weight loss and diabetes drug Mounjaro in India for May.
• 🧸 The plush toy Labubu from China's Pop Mart has become a social media sensation, contributing to a significant revenue increase for the company.

Sports Update

• 🏒 The Stanley Cup final heads back to Florida for Game three after the Panthers defeated the Oilers 5-4 in overtime in an epic Game two.