The Federal Reserve has “temporarily restricted shareholder payouts by the biggest banks,” preventing stock buybacks and barring increases in dividend payments in the third quarter. NYTimes and Bloomberg

Market Snapshot: S&P 500 fell 1.7% to 3,030.13; Dow Jones Industrial Average decreased 2.1% to 25,199.81; Nasdaq Composite Index declines 1.6% to 9,851.85; Bloomberg Dollar Spot Index climbed 0.4% to 1,223.18; yield on 10-year Treasuries declined four basis point to 0.64%; West Texas Intermediate crude fell 2% to $37.93 a barrel; Gold was unchanged at $1,763.79. Bloomberg and WSJ

Microsoft Corp. will be permanently closing its retail stores, shifting its focus to digital storefronts. WSJ and Bloomberg

During May, personal consumption increased 8.2% from April, but recent all-time highs in coronavirus cases may diminish these gains in June. WSJ

Amazon.com Inc. is buying an autonomous vehicle startup, Zoox Inc., for an undisclosed amount around $1 billion. Bloomberg

The recent rebound of oil will likely slow with the recent surge in coronavirus cases in Texas. WSJ

With COVID-19’s disastrous impact on energy prices, “oil and gas producer Sable Permian Resources filed for Chapter 11 protection in Texas bankruptcy court on Friday.” Law360

Kanye West and Gap enter into a 10-year deal for “Yeezy Gap” apparel line, set to hit stores in 2021. NYTimes

Subsidiaries of pharmaceutical giant Novartis AG have agreed to pay $345.9 million in “penalties and profits for an alleged bribery scheme at hospitals in Greece and improper record-keeping in Vietnam.” Law360

Sorry kids! The parent company of Check E. Cheese has filed for Chapter 11 protection after having to close hundreds of locations due to COVID-19. Law360