By Heard on the Street Staff

This is an edition of the Markets P.M. newsletter, a recap of the day's most important markets moves, delivered after the closing bell. If you're not subscribed, sign up here.

What Happened in Markets Today

The Supreme Court blocked Trump from firing Lisa Cook. The Court on Monday rejected President Trump's bid to fire Federal Reserve Gov. Lisa Cook with little legal scrutiny. In a second decision, however, it gave Trump free rein to fire officials at other independent agencies for any reason. The pair of rulings effectively delivers a split verdict on Trump's second-term effort to exert maximal control over the executive branch, protecting the Fed's special status but not other agencies.

Stocks rose with technology in the lead. The S&P 500 gained 1.2% while the Nasdaq climbed 2.1%, both breaking five-session losing streaks. The Dow Jones Industrial Average gained 306.6 points to 52,182, closing above 52,000 for the first time.

Comcast plans to separate its media and connectivity businesses. The cable company aims to complete a tax-free spinoff of NBCUniversal and Sky, establishing a pure-play media company. This would dismantle an earlier bet on combining entertainment and distribution. Comcast shares rose 4%.

Satellite pay-TV provider Dish DBS prepares for bankruptcy filing. Dish DBS, part of Charlie Ergen's EchoStar broadcast empire, is preparing to file for chapter 11 bankruptcy as soon as Tuesday, The Wall Street Journal reported. The parent company, which also owns Dish TV and Boost Mobile, has been struggling with heavy debt and subscriber losses for years.

Markets at a Glance

One Big Story

The mortgage market hangs on every word that comes out of the Federal Reserve. So what happens when the Fed says a lot less?

When markets are left to their own devices, one upshot could be more volatility in the bond markets, as traders and investors hash out their divergent views. And that in turn might mean higher rates as investors demand compensation for the uncertainty.

What's Coming Up

  • Companies reporting earnings on Tuesday include Nike and Constellation Brands.
  • Tuesday will also see the Case-Shiller 20-city housing price index for April and a consumer confidence reading for June.

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About Us

Markets P.M. catches you up on the day's most important markets moves, delivered after the closing bell. This email was written by Aaron Back, Editor of Heard on the Street, The Wall Street Journal's home for financial analysis and commentary. To send us your feedback, reply to this email. Got a tip for us? Here's how to submit.