Trump Trade: House Democrats call on FCC chair Carr to resign

Catch up on the top industries and stocks that were impacted, or were predicted to be impacted, by the comments, actions and policies of President Donald Trump with this daily recap compiled by The Fly:

CALLS FOR RESIGNATION: House Democratic leaders, including Democratic Leader Hakeem Jeffries, Whip Katherine Clark, Caucus Chair Pete Aguilar, Caucus Vice Chair Ted Lieu, Assistant Leader Joe Neguse, and DCCC Chair Suzan DelBene, released a statement saying, “Brendan Carr, the so-called Chairman of the Federal Communications Commission, has engaged in the corrupt abuse of power. He has disgraced the office he holds by bullying ABC, the employer of Jimmy Kimmel, and forcing the company to bend the knee to the Trump administration. FCC Chair Brendan Carr should resign immediately. Donald Trump and the Republican Party’s war on the First Amendment is blatantly inconsistent with American values. Media companies, such as the one that suspended Mr. Kimmel, have a lot to explain. The censoring of artists and cancellation of shows is an act of cowardice. It may also be part of a corrupt pay-to-play scheme. House Democrats will make sure the American people learn the truth, even if that requires the relentless unleashing of congressional subpoena power. This will not be forgotten.”

After Federal Communications Commission Chairman Brendan Carr blasted late-night host Jimmy Kimmel over his remarks related to the killing of Charlie Kirk, executives at Sinclair (SBGI) and Nexstar (NXST), owners of over 60 ABC stations, said they would “indefinitely preempt” the show starting that night, Joe Flint, Suzanne Vranica, and Isabella Simonetti of The Wall Street Journal report. Kimmel planned to address comments made by Carr on his show Wednesday night, but co-chairman of Disney (DIS) Entertainment Dana Walden and other senior executives briefed on his plan believed his approach could make the situation worst, people familiar with their conversations said. Additionally, due to threatening emails received by staff on Kimmel’s show, Walden and Disney CEO Bob Iger decided to temporarily take “Jimmy Kimmel Live!” off the air, sources added.

ANTITRUST PROBE: China is dropping an antitrust probe into Google (GOOGL), which centered on the dominance of the company’s Android operating system and its impact on Chinese phone makers that use the software, Cheng Leng, Zijing Wu, and Eleanor Olcott of The Financial Times report, citing two people briefed on the decision. The decision displays a tactical recalibration by Beijing, which is now focusing its regulatory firepower on Nvidia (NVDA) as a point of leverage in trade discussions with U.S., two people told the Times.

NO INVOLVEMENT: Nvidia says Trump administration had “no involvement”  in the Intel (INTC) partnership. The company believes Trump administration would have been “very supportive” of deal.

MANUFACTURING BOOST: The Trump administration is considering a plan to spur domestic factory construction using a $550B investment fund from Japan, The Wall Street Journal’s Brian Schwartz and Gavin Bade report. The plan would give priority to sectors like semiconductors and critical minerals, offering preferential treatment and access to federal resources. It comes as the president has secured a government stake in Intel (INTC), negotiated a “golden share” in U.S. Steel (X), and persuaded chip companies to give the U.S. a cut of certain sales to China.

REQUEST: U.S. President Donald Trump has asked the U.S. Supreme Court to allow him to fire Federal Reserve Governor Lisa Cook, Bloomberg’s Zoe Tillman reports. The Justice Department has requested that the highest court at least temporarily halt a federal judge’s ruling that has allowed the Fed governor to remain in her role for the time being, the author notes.