Axios

The Supreme Court struck a serious blow to federal regulators today — and more hits are likely on the way, Axios Markets co-author Emily Peck writes.

• In a 6-3 decision, the court ruled that defendants accused of fraud by the Securities and Exchange Commission have the right to a jury trial.

🏦 Why it matters: The SEC, like many other agencies, often relies on administrative law judges who are part of the executive branch, rather than the judicial system.

• Forcing the SEC to take more enforcement actions to court will be far more expensive and time-consuming — which could mean the agency will end up bringing fewer of those actions.

Walgreens said it plans to close more underperforming U.S. stores as part of a "significant multiyear" program, as the pharmacy retail giant moves through a painful turnaround strategy.

Why it matters: The company has been reeling from a string of issues including worker walkouts and debt issues, Axios' Nathan Bomey and Kelly have reported.

In a potentially groundbreaking decision, the Supreme Court on Thursday ruled that defendants accused of fraud by the Securities and Exchange Commission have the right to a jury trial.

Why it matters: The decision in SEC v. Jarkesy deals a serious blow to the administrative state, part of a yearslong project by the financial sector and conservatives to weaken federal power.

The core economic fact of the 2010s was that there were not enough jobs. The key to understanding the economy of the 2020s is that there aren't enough workers.

Why it matters: Labor shortages that first emerged in the pandemic aftermath are likely to stick around, a new report from the McKinsey Global Institute finds — along with the benefits it entails for workers, headaches it causes for employers, and strains on inflation and growth.

Here's what's new on Hulu, Apple TV+, Netflix, BET+, Prime Video and Peacock.

What we're watching: "The Bear" season 3, an emotional film starring Lily Gladstone and a new Bonnie & Clyde-esque movie about mental health.

Coinbase filed a pair of lawsuits Thursday seeking to compel financial regulators to hand over internal documents and communications related to past investigations and industry actions.

Why it matters: The U.S.'s largest crypto exchange is seeking information on what it suspects has been a concerted effort to kneecap the industry.

It feels fitting to reshare one of my favorite Axios visuals tracking the career paths of Fortune 100 chief communications officers.

Zoom in: Of the Fortune 100 CCOs, roughly 62% were promoted from within and 10% are lifers who have been with the company throughout their entire career.

• 43% of CCOs started in the corporate world, followed by politics and government (24%), PR agencies (17%) and journalism (8%).

Keep reading.

The Wall Street Journal's veteran deals editor, Dana Cimilluca, is leaving the paper for a communications role at banking boutique Centerview Partners, Axios has learned.

• Why it matters: The reporting field that covers M&A, IPOs, activist shareholders, and related areas is losing a respected and highly experienced journalist to the comms side.

Keep reading

"I think the biggest risk [of using AI] — and it applies to both communicators and journalists — is breaking trust and harming the relationships that you've worked hard to build. So that means communicators must be really careful and disclose the use of AI, proofread and make sure the information they are sharing is accurate."

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The Wall Street Journal's veteran deals editor, Dana Cimilluca, is leaving the paper for a communications role at banking boutique Centerview Partners, Axios has learned.

Why it matters: The reporting field that covers M&A, IPOs, activist shareholders, and related areas is losing a respected and highly experienced journalist to the comms side.

Yahoo has hired Rob Wilk, formerly the head of Microsoft Advertising, as its head of sales across all of its major consumer franchises.

Why it matters: Yahoo is one of the largest consumer sites on the planet. The brand's growth challenge isn't finding more eyeballs — it's making more money off of the millions of people who already visit the site monthly.

As chief communications officer for iHeartMedia, Wendy Goldberg manages the narrative of the media company behind some of your favorite radio stations, podcasts and personalities.

Why it matters: Audio is undergoing a major transformation and Goldberg's team is tasked with explaining how iHeart fits into the new media landscape.

Women hold the majority of chief communication roles within the Fortune 500, according to new industry research from Patino Associates.

Why it matters: This is a demographic diversity not seen in other C-suite positions.

Chief communications officers are staying in their roles longer due to the stagnant job market, economic uncertainty and a slowdown in CEO turnover.

Why it matters: It's creating a bottleneck for up-and-coming communications talent.

The General Partnership, a venture capital firm that offers "sweat equity" contracts in addition to traditional term sheets, tells Axios that it's raised $300 million for its second fund.

Why it matters: Venture capital rarely tinkers with its core model, despite investing in innovation.

Time has struck a multiyear content licensing deal and strategic partnership with OpenAI, Axios has learned.

Why it matters: The deal with the Microsoft-backed parent of ChatGPT is part of a broader effort by Time to expand access to its content to younger and more diverse audiences globally.

Artificial intelligence is expanding in the heart of the U.S. oil patch, especially among larger firms.

Why it matters: AI's climate tech applications vs. its energy thirst gets lots of press, but new survey data underscores how AI helps incumbent industries too.

The stock market has never been as concentrated as it is now — even after the recent decline in Nvidia stock.

Why it matters: A large amount of the value of the stock market is concentrated in a handful of companies — which is to say, the performance of the stock market as a whole is increasingly a function of how just a few megacap tech stocks are faring.

Real estate brokers are scrambling to figure out workarounds to an industry-wide legal settlement that threatens to upend their businesses starting in August.

Why it matters: The settlement reached in March has the potential to revolutionize the homebuying process, and save people a lot of money — but resistance in the industry could slow down or even block that change.

Uber will pay 175 people in seven U.S. and Canadian cities $1,000 to ditch their cars for a month and use alternate transportation in its "One Less Car trial."

Why it matters: Americans are grappling with high car expenses including vehicle prices, rising car insurance and surging car repair costs.

America's schools, businesses and cities are failing to help younger workers and underrepresented communities prepare for and land well-paid jobs, JPMorgan Chase CEO Jamie Dimon told Axios in an exclusive interview.

Why it matters: Job hunting has become brutal for many workers entering the labor force for the first time. Dimon has called out colleges for not focusing enough on getting their graduates good jobs.

NASA picked SpaceX to develop and deliver a spacecraft that'll bring the International Space Station out of orbit after the operational life of the ISS ends in 2030, the space agency announced Wednesday.

Why it matters: The spacecraft, which NASA is calling the U.S. Deorbit Vehicle, needs to guide the ISS safely back through Earth's atmosphere before its planned crash into the Pacific Ocean.