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Debt ceiling debate, Twitter's media push, Kohl's: Top stories

Yahoo Finance Live breaks down some of today's top headlines, including the debt ceiling impasse, Twitter's media push with Florida Gov. Ron DeSantis set to announce his 2024 presidential bid, and Kohl's shares surging after its surprise profit.

Video transcript

JULIE HYMAN: Here are three things you need to know this morning. First, debt ceiling talks. Oh, they aren't going so well. After leaving the Capitol yesterday, House Speaker Kevin McCarthy said the parties had yet to reach a deal avoiding an unprecedented debt default. Key Republican negotiator, Garret Graves, added to that downbeat tone. He said, both sides were at a standoff.

The Senate and House still need time to review any deal, if and when it happens. Then they need to vote on the legislation. That means making the so-called X date of June 1st is looking less and less likely.

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And Florida Governor Ron DeSantis is set to announce his 2024 presidential bid this evening on Twitter. CEO Elon Musk will host a Twitter space's interview with DeSantis who's seen as Donald Trump's main rival for the Republican nomination. The event brings back to the fore the idea of Twitter maybe becoming a media platform. That possibility was ignited earlier this month when former Fox News host, Tucker Carlson, said he was launching a show on the site. We're going to speak with NPR's David Garrett on the future for the platform after a public spat ensued when NPR was designated state affiliated media.

And a silver lining amid the retail doom and gloom from Kohl's. All places reporting a surprise quarterly profit amid a push to reinvent itself and lure back customers hit by rising inflation. Net income coming in at $14 million for the first quarter, that's $0.13 a share. The Department Store CEO Tom Kingsbury, who's only been on the job for about three months, he said, Kohl's got hold of excess inventory and brought in customers. Thanks, in part, to the lure of Sephora. Last year, it expanded the beauty shops to all of its stores in a bid to attract a younger customer base.