SCOTUS decisions, Dow at 52,000 and more: Morning Squawk

Key Points:

• The Supreme Court ruled that President Trump can remove Federal Trade Commission members but cannot currently fire Federal Reserve Governor Lisa Cook; the court also allowed some late-arriving absentee ballots in Mississippi to be counted, impacting voting rights debates.
• The Dow Jones Industrial Average closed above 52,000 for the first time, boosted by Alphabet’s nearly 5% rally on its debut in the index, while the S&P 500 and Nasdaq are on track for their first monthly declines in three months.
• Starting tomorrow, Medicare will cover obesity drugs for the first time, expanding access to GLP-1 medications for millions and potentially benefiting producers like Novo Nordisk and Eli Lilly; meanwhile, Eli Lilly and Regeneron are part of a pilot program to speed up regulatory reviews of domestic manufacturing facilities.
• Comcast’s announcement to spin off NBCUniversal and Sky led to a stock rally, but the company’s co-CEO denied plans for imminent mergers or acquisitions, despite speculation about a potential merger with Charter Communications.
• Uber has ended its Waymo robotaxi service in Phoenix, shifting Waymo’s vehicles there to autonomous deliveries with DoorDash; Uber plans to partner with another autonomous vehicle company in Phoenix but has not disclosed which one.