If a speculator is correct half of the time, he is hitting a good average. Even being right 3 or 4 times out of 10 should yield a person a fortune if he has the sense to cut his losses quickly on the ventures where he is wrong. -Bernard Baruch

1. UK Court Decided Suspension of Parliament Unlawful — Prime Minister Boris Johnson acted unlawfully when he suspended Parliament this month for five weeks, according to the British Supreme court, opening the door to new challenges to his Brexit strategy. Sterling rose nearly 0.4% on the back of the decision to trade at $1.2478. The President of the Supreme Court, Brenda Hale, said there was no justification for the government taking such extreme action, but that it was for parliament to decide what to do next.
2. FAA Announces 737 Max Return Up to Individual Countries — each country will make “its own decision” on when the Boeing (NYSE:BA) 737 MAX returns to service, according to FAA Administrator Steve Dickson, who has not yet set a timeline on when to allow the jets back in U.S. skies. The planes have been grounded worldwide since mid-March after two crashes within five months of each other killed 346 people. On Monday, Boeing also announced that it will pay $144,500 to each of the victims’ families from a $50M financial assistance fund.
3. Juul Under Criminal Investigation — Federal prosecutors in California are conducting a criminal probe into e-cigarette maker Juul (JUUL), in which tobacco giant Altria (NYSE:MO) owns a 35% stake, WSJ reports. Regulators have criticized Juul for fueling a teen vaping “epidemic,” while lawmakers have urged the FDA to pull most e-cigarettes off the market. It follows an outbreak of a deadly lung disease linked to vaping that has sickened at least 530 people and killed eight. Massachusett is imposing a four-month ban on sales of all vaping products amid a national health emergency that so far has been linked to nine deaths and has sickened at least 530 people. T
4. Pelosi Announces Impeachment Inquiry into Trump Amid Alleged Abuses of Power — the House started an impeachment inquiry into President Donald Trump as a swell of Democrats denounce the president over alleged abuses of power, House Speaker Nancy Pelosi. Based on past history of Clinton impeachment, the S&P 500 fell as much as 4.9% on October 8, 1998, the day the House voted to begin impeachment proceedings against President Clinton, before trimming losses to end the day down 1.2%. By the time Clinton was acquitted by the Senate in February 1999, the index was up 28%. Markets shrugged off an impeachment inquiry against President Nixon on February 6, 1974, but the S&P 500 fell around 30% until his resignation. There were other forces at play, however, including Nixon’s decision to suspend the gold standard and a recession following the oil shock of late 1973.
5. Amazon Pilots Care Clinics — building on previous healthcare efforts, a new pilot is being launched for Amazon (NASDAQ:AMZN) workers in the Seattle area, offering a virtual primary care clinic with an option to send nurses to employees’ homes. Amazon has already partnered with JPMorgan (NYSE:JPM) and Berkshire Hathaway (BRK.A, BRK.B) – on an effort called Haven – which explores how to move the needle on healthcare expenses for their combined 1.2M employees. In addition, the company has a pharmacy division under PillPack and an R&D group sometimes referred to as Grand Challenge or 1492.
6. IPO Market Weakens — the IPO market took another hit as Endeavor Group Holdings yanked its planned offering and Peloton Interactive’s shares skidded on their first day of trading. The entertainment company became the second big casualty of the IPO market’s recent chill after WeWork’s parent company pulled its offering earlier this month. It is the second time Endeavor has hit the brakes on its IPO this year. Part of the reason Endeavor pulled its deal, according to people familiar with the matter, was the poor performance of Peloton in its debut. Investors soured on shares of Peloton, the startup known for its exercise bikes that allow users to join along in virtual spin classes from home, pushing them 11% below their IPO price of $29.

The week ahead — Economic data from Econoday.com: