[Posted 2:30 PM ET, Friday]
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Edition 1,419
Happy 250, Friends. I’ve posted on this site more than once Ronald Reagan’s Farewell Address from January 1989, and from it I’ve used a phrase rather often, especially in that other column I do, Bar Chat…when Reagan at one point goes, “Not bad…not bad at all.”
He was describing the American adventure, and the accomplishments of his two terms in office.
So, I’m going through some books the other day, deciding which ones to take to the local library for donation, and in one of them I had a bookmark that I picked up at the Ronald Reagan Presidential Library when I was there years ago.
There’s a portion of his farewell address on the bookmark, which certainly applies to today, especially with immigration such a big topic since day one of President Donald Trump’s second term. It sums up the meaning of our 250th birthday pretty well, and this grand experiment in democracy.
Ronald Reagan:
“I’ve spoken of the shining city all my political life, but I don’t know if I ever quite communicated what I saw when I said it. But in my mind it was a tall, proud city built on rocks stronger than oceans, windswept, God blessed, and teaming with people of all kinds living in harmony and peace; a city with free ports that hummed with commerce and creativity. And if there had to be city walls, the walls had doors and the doors were open to anyone with the will and heart to get here. That’s how I saw it, and see it still.”
I’ve talked often of how my world view was shaped as a young kid, thanks to terrific parents who took me to Europe three times by the time I was 15. These weren’t short trips. Try seven, four and three weeks.
The last one I’ve told you was to Eastern Europe, 1973, the height of the Cold War, and yet we went to Bulgaria, Poland, Hungary, Czechoslovakia, and the Soviet Union, including Moscow, Leningrad and Kiev, which was part of the USSR back then, now Kyiv.
I saw my relatives in Prague and Budapest, spent time on a foggy night at Warsaw’s Tomb of the Unknown Soldier, mesmerized, in a scary way, by the goose-stepping soldiers guarding it, and we went to Lenin’s Tomb.
With the travel bug, I’ve since been all over the world, multiple times, by myself, and experienced a lot.
But always, always, when I landed back at JFK or Newark Liberty International Airport, it was the same feeling…it’s good to be home.
I know you all have had the same response when you’ve traveled abroad.
It’s been funny watching the reaction of all the World Cup fans from overseas telling our reporters and posting on social media how great America is, and its people…us.
This nation has made a ton of mistakes over its 250 years, and we’re making a big one in not supporting Ukraine as we should at this moment. And with changes to our immigration system, we aren’t making it easier for those who want to come to America and make a new life, legally!
As an editorial on our 250th in the Wall Street Journal observed this week:
“(The) larger American story is one of adaptation and resilience. Our political system has shown it can overcome stasis when the moment demands it. The U.S. has also tossed up leaders who carried the country through crisis and rapid change. That we can’t see those leader now doesn’t mean we won’t again.
“The institutions of the founding era were created to survive weak or willful political leaders, and so they remarkably have. The rule of law persists, and the Supreme Court is revitalizing the separation of powers, the Bill of Rights and the colorblind Constitution.
“Above all, the freedom born in the Declaration still allows creative Americans to raise their families, worship as they please, pursue their livelihoods and dreams, and build a prosperous nation. As long as we protect that freedom, America will remain the grand experiment the Founders risked their lives, fortunes and sacred honor to create.”
It’s tough for many of us to keep the faith at times, but we have to. Teach your ever-impressionable young children about the lessons to take from our history. How for every step back, we seem to take two steps forward. And that there is no other country on Earth quite like ours.
Happy Birthday, America!
—
Tale of the Tape
Oil / West Texas Intermediate (WTI)
Friday, Feb. 27…$67.30
Friday, July 3…$68.72
Nationwide averages at the Gas Pump [Source: AAA]
Friday, Feb. 27…regular $2.98; diesel $3.75
Friday, July 3…regular $3.82; diesel $4.81
As it went down, day by day, in the Iran War and negotiations….
Going back to last Friday night, the U.S. struck Iran to respond to a drone attack a day earlier on the cargo ship in the Strait of Hormuz that I wrote about last WIR, with President Trump saying Iran’s action (that of the Iranian Revolutionary Guards Corps / IRGC) was a provocation that violated the ceasefire.
U.S. Central Command said the military struck missile and drone locations and coastal radar sites in Iran.
The strikes came shortly after Trump told reporters Friday afternoon, “You’ll find out,” whether the U.S. would respond to the drone attack from Thursday.
“I don’t like the fact that they took a shot yesterday, actually four of them,” Trump said at the White House. When asked why there would be strikes when Trump has insisted talks with Tehran were going well, Trump said of Iran: “They’re a little bit different.”
The U.S. and Iran are still negotiating terms of the deal, including issues such as getting ships through the key Strait and addressing the future of Iran’s stockpile of highly enriched uranium. Under the interim deal, the two sides have 60 days to work out the details.
Shipping analysts said the drone strike cast a shadow over what had been a growing stream of trapped vessels finally leaving the Gulf and an increasing flow of tankers carrying crude oil.
Also, Friday, Ambassadors from Israel and Lebanon announced an agreement described as a step toward peace following months of conflict between Israeli troops and the Lebanese militant group Hezbollah.
Israeli Prime Minister Benjamin Netanyahu said the plan was a “great achievement” for Israel.
“The most important thing, first and foremost, is that Israel will remain in the security zone in southern Lebanon,” he said, adding that they will stay until Hezbollah is disarmed and no longer poses a threat to Israel.
Lebanese in Beirut are split on the agreement, with protests on both sides over the weekend, many saying the government sold out to Israel.
Iran then claimed Saturday that it had targeted U.S. sites in the Persian Gulf after American aircraft hit Iranian weapons sites on Friday.
Iran’s foreign ministry in a statement on Saturday called the U.S. attack “an explicit violation of the first paragraph of the Memorandum of Understanding” the two countries signed earlier this month. The IRGC claimed that it struck U.S. sites in response, though it wasn’t clear which and Iran has previously claimed retaliatory attacks that remain unconfirmed.
Vice President JD Vance said the U.S. had “honored” the deal.
“If they have disagreements about how the MOU is being applied, they can pick up the phone,” he said on X on Friday. “But violence will be met with violence.”
It was then reported Iran targeted Bahrain with drones while a ship in the Strait separately came under attack Saturday.
A multinational maritime body overseen by the U.S. Navy said Saturday that it would expand a route near Oman in the Strait to allow for both inbound and outbound traffic. That likely sets up a new flashpoint with Tehran, which sees the Strait as a key source of leveraging ongoing talks with the U.S.
Iran’s military then said it had launched strikes against U.S. targets in Bahrain and Kuwait early Sunday. The IRGC said in a statement carried by the country’s state media that it had targeted eight American targets, at a U.S. naval base in Bahrain and the Ali Al Salem Air Base in Kuwait, in retaliation for American attacks.
It announced the strikes shortly after the U.S. military said it had conducted the airstrikes on multiple targets in Iran in “direct response” to an Iranian attack earlier in the day on an oil tanker in the Strait of Hormuz. A British ship monitor reported the tanker had been hit by a projectile, but Iranian officials have not taken credit for the strike.
President Trump posted on Truth Social, Saturday night:
“United States aircraft just struck Iranian missile and drone storage locations, and coastal radar sites, for violating the Cease Fire Agreement, AGAIN! It is very possible that they will never learn! There may come a point when we are no longer able to be reasonable, and will be forced to militarily complete the job that we very successfully started. If that happens, the Islamic Republic of Iran will no longer exist! President DJT”
There were no immediate reports of American casualties or of major impacts or damage to U.S. assets early Sunday, according to U.S. officials, while Kuwait’s army said early Sunday that it was responding to hostile missiles and drone threats, and Bahrain’s interior ministry said alarm sirens had sounded, although neither country identified the source of the threat.
Iran’s IRGC said in its statement on Sunday that American bases in the region “will be experiencing hell during these days.”
Iran’s state broadcaster reported explosions in the coastal cities of Sirik, Kong and Bandar-e Lengeh near the Strait, an area that has been the target of past attacks. The official state news agency, IRNA, characterized the strikes in its news bulletin as a “violation of the cease-fire.”
Each side seems to be testing each other’s red lines and threats, analysts say, but neither seems eager to return to a full-blown war.
But later Sunday, the U.S. and Iran agreed to end the back-and-forth fighting around the Strait of Hormuz and resume peace talks.
The U.S. offered to hold talks with Iran at a summit in the Qatari capital of Doha, taking place as early as Tuesday, with the talks focusing on Hormuz.
Foreign Minister Abbas Araghchi said on Sunday that Iran is assuming sole authority over the Strait: “The management and full restoration of maritime traffic in the Strait of Hormuz is Iran’s responsibility,” Araghchi said, according to state media. ‘No other country or entity has any responsibility or authority in this matter.”
His statement is at odds with American arguments that the deal doesn’t give Iran control and that navigation must be unimpeded in the international waterway.
Speaking Monday, Iranian President Pezeshkian said $6 billion in frozen assets in Qatar was to be released, as the Wall Street Journal first reported would be the case.
Pezeshkian’s mention of the funds appears to be aimed at selling the Iranian public on the interim deal, which he called a “great victory for the Iranian people,” as Iran’s grip on the Strait has been challenged. So far, U.S. officials say no frozen Iranian assets have been released. Qatar as well has not acknowledged any such transfer.
Pakistan said talks would resume Tuesday between the U.S. and Iran on the terms of their interim deal.
Traffic through the Strait picked up for the first time on Monday since Iran’s recent attacks on ships in the waterway, with more operators sending crude tankers into the Persian Gulf.
Around 24 commodity ships including those that haul oil and liquefied natural gas, as well as bulk carriers, transited the Strait in both directions on Monday, data from Kpler shows. The trend continued on Tuesday.
Taken together, the oil tankers can hold around 11 million barrels of crude, and their movements point to increasing confidence by shipowners to transit the waterway.
Meanwhile, Iran reiterated its determination to control maritime traffic through the Strait, raising the stakes ahead of fresh talks in Qatar on formally ending the war.
Speaking to state television, Deputy Foreign Minister Kazem Gharibabadi said Iran wants to work out an agreement with Oman, which borders the southern side of the Strait, to oversee ships passing through Hormuz. But Iran will move forward with its own plans “if for any reason Oman is not interested in doing so,” he said.
“We have warned the Omanis that other countries have no right to interfere in this matter,” Gharibabadi said.
The stance adds to the pressure around the next round of talks.
U.S. special envoy Steve Witkoff and President Trump’s son-in-law, Jared, then went to Doha to discuss negotiations with mediators, Qatar’s foreign ministry spokesman said, but they are not meeting Iranian officials there.
Wednesday, though, it was reported Iran and Oman are moving forward with plans to collect payment for ships transiting the Strait, despite public American objections, according to an Iranian official and four diplomats with knowledge of the matter, as reported by the New York Times.
Reminder…before the war, the Strait of Hormuz was an international shipping route between Iran and Oman that vessels sailed through for free.
Oman recently delivered a formal proposal to the United States and other Western allies that outlined a plan in which shipping companies would pay service fees to use the Strait, the Times reported.
But one regional diplomat said any fees in the Strait would be voluntary. The Iranian official, however, said that the payments would be obligatory.
Iran and the U.S. the concluded a round of indirect talks on Wednesday with no sign they had made headway toward a lasting peace, focusing instead on issues that they said had been resolved when an interim agreement was announced two weeks ago.
Negotiators for the two countries spent two days in Doha discussing maritime traffic in the Strait of Hormuz and unfreezing Iran’s funds, two critical issues the initial agreement.
The next meeting will take place after funeral processions for Iran’s late Supreme Leader Ayatollah Ali Khamenei, who is due to be buried on July 9.
President Trump told reporters on Wednesday that the two sides were making progress on possible limits to Iran’s nuclear program. “The denuclearization of Iran is moving along well,” he said. “They’ve had very good meetings, and we’ll see.”
Which was total B.S. The nuclear program, by all accounts, did not come up in the talks this week.
And Vice President JD Vance admitted as much, saying the matter would be addressed later.
Iran’s joint military command warned Thursday that all oil tankers moving through the Strait must use its approved routes or face a “forceful response,” though the market ignored the threat and there have been increased flows through the waterway.
On a related issue, Bloomberg reported “A hoard of Iranian oil is building up at sea, as the Islamic Republic struggles to find buyers before the expiration of a 60-day window granted by Washington.
“A failure to quickly sell the crude would deprive Tehran of much-needed revenue and could weaken its hand in negotiations with Washington. The Islamic Republic has until mid-August to find buyers after the U.S. lifted sanctions on the oil in the middle of June and ended a blockade of Iranian ports.”
And as I’ve noted previously, Chinese demand has plummeted – and they are Iran’s main customer.
Part of the problem for Iran is that while the U.S. relaxed its sanctions, the European Union and UK restrictions are still in place, complicating insurance, while some ports may be hesitant to accept the dark-fleet vessels that Iran uses to carry its crude.
Regarding Khamenei’s funeral, some facets of which started today in Tehran, it’s not known if his son, the successor, Mojtaba Khamenei, will be seen in public, or at least video, next week.
But Israel has repeatedly threatened to kill Mojtaba (and Iran’s foreign minister and parliament speaker), which drew a warning from Iran’s joint military command Thursday:
“We warn the enemies of a strong Iran, especially the United States, the Israeli regime and their regional and extraregional accomplices, to avoid any miscalculation and to consider the harsh and regret-inducing responses that the sons of the Iranian nation in the armed forces will give to any threat of aggression against our beloved country.”
[Regarding Foreign Minister Araghchi and Parliament Speaker Ghalibaf, the Washington Post reported today that the Trump administration, through back channels, warned Iran that Israel was looking to take out the two.]
—
Wall Street and the Economy
On the economic data front, we had a big jobs report for the month of June on Thursday, and it was weak, 57,000 on nonfarm payrolls vs. expectations for 110,000, while May’s figure was revised lower. Average hourly earnings rose 0.3%, 3.5% year-over-year, which isn’t keeping up with the inflation rate of 4.2%, while the unemployment rate ticked down to 4.2%.
The economy, on average, has added 92,000 jobs a month over the first half of this year, after shedding 8,000 jobs each month over the final six months of 2025.
The yield on the inflation / Fed sensitive 2-year Treasury fell a bit in response as the report alleviated pressure on the central bank to raise interest rates…at least not at the July meeting (July 28-29).
Speaking at the European Central Bank’s annual Forum on Central Banking in Sintra, Portugal, Wednesday, Federal Reserve Chair Kevin Warsh said price risks have come down in recent weeks, while repeating his determination to bring inflation back to the bank’s 2% target.
“Expectations of inflation over the first four weeks of this period have come down, inflation risks have come down,” Warsh said, while doubling down on his message of last month that the central bank will deliver price stability.
“We’re going to deliver price stability in the U.S., that’s what this committee has signed up to do, and our objective is to do that,” he said. “Tactics, the strategy and the rest, that’s still to come,” Warsh added.
Warsh also emphasized the Fed’s autonomy in determining the proper policy course – in the face of consistent calls by President Donald Trump for slashing interest rates.
“We’ve been an independent central bank for a very long time. We’re going to be an independent central bank at this moment and you’re going to see no changes on that,” he said in a panel discussion.
Warsh repeated he isn’t going to offer “forward guidance” with regard to upcoming interest-rate policy.
In other data releases, the June ISM manufacturing reading came in at 53.3 (50 the dividing line between growth and contraction), while the Chicago PMI was a less than forecast 56.7.
May construction spending was up 0.1%, while factory orders in the month fell 1.3%.
And the April Case-Shiller 20-city National Home Price Index rose 1.1% in the 12 months through April, compared with an upwardly revised 0.9% increase in March. It was the eleventh consecutive month inflation outpaced home price growth.
The Atlanta Fed’s GDPNow barometer for second-quarter growth fell to 1.2%.
Freddie Mac’s 30-year fixed-rate mortgage declined to 6.43%.
No market-moving economic data on the docket for next week.
Separately, the Supreme Court ruled that Federal Reserve Governor Lisa Cook can stay in her job for now, reinforcing the central bank’s independence from the White House and dealing a setback to President Trump.
Voting 5-4, the high court said Cook can remain at the Fed while she fights Trump’s bid to oust her over unproven mortgage fraud allegations. Chief Justice John Roberts and Justice Brett Kavanaugh joined the three liberals in the majority.
Roberts wrote that “monetary policy should not be subject to political interference.”
The justices faulted Trump for not giving Cook notice and a chance to be heard before trying to remove her from her position. The court stopped short of saying whether the allegations, if true, would be sufficient grounds for removing Cook in the midst of her 14-year term. Roberts said the court was ruling “on narrow grounds.”
Trump on Truth Social shortly after the ruling:
“The Cook Lawsuit, having to do with her suitability in sitting on the Board of the Federal Reserve, was sent back by the Supreme Court on a strictly procedural basis. We will take appropriate action immediately to make sure that someone who has committed wrongdoing will not be making vital decisions concerning the Welfare of the United States of America! Thank you for your attention to this matter.”
And, the Trump administration said the U.S. will not renew the current version of the U.S.-Mexico-Canada Agreement (USMCA), one of the landmark achievements of the president’s first term.
In recent months, Trump has floated trade grievances with the two neighboring countries and has suggested he might not renew the USMCA, when it came up for review this summer.
U.S. Trade Representative Jamieson Greer sealed that fate this week, with an official statement saying the U.S. decided not to renew the agreement after conducting the joint review with Mexico and Canada.
The initial deal specified that the three countries would review the deal by July 1, 2026 – six years after the deal went into effect – and decide whether to renew it for another 16 years.
Now that the U.S. has announced it will not renew the deal in its current form, a 10-year countdown kicks off for the three countries to hold annual reviews to see if they can come to a new agreement. The original deal will stay in effect until July 1, 2036 – or until there’s a new agreement in place.
Just more uncertainty for businesses on all three sides.
The U.S. said it intends to proceed with a third round of negotiations with Mexico related to the USMCA during the week of July 20.
Europe and Asia
We had final PMI readings for the month of June in the eurozone, the composite index at 50.0, with manufacturing 51.4, services 49.4.
Germany: manufacturing 50.3, services 48.6
France: mfg. 51.2, services 46.8
Italy: mfg. 52.2, services 50.2
Spain: mfg. 49.7, services 54.2
Ireland: mfg. 54.9, services 54.2
Netherlands: mfg. 55.5
Greece: mfg. 53.8
UK: mfg. 52.5, services 48.8
Chris Williamson / Chief Economist at S&P Global Market Intelligence
“An easing of downturn in eurozone service sector business activity during June is welcome news and, in conjunction with manufacturing growth, means the wider economy has stabilized after two months of falling output.
“A key drag on economic growth since the outbreak of the war in the MiddleEast has been the subduing of demand from consumers due to the energy price spike, but these inflationary pressures have shown signs of cooling markedly in June. Input cost inflation in the service sector fell in June to the greatest extent since data were first available in 1998, barring only that seen in the Covid-19 lockdown of early 2020. This has helped support a revival of growth of services activity in some of the sectors which had been hardest hit by the war, notably leisure and tourism.”
Regarding this last comment, ‘leisure and tourism,’ I’d add ‘only to face the record European heatwave that has many rethinking future plans for travel in Europe during the summer months.’
My man, Mr. Williamson, does conclude, however:
“The near-unprecedented cooling of cost pressures will take the heat out of some of the more hawkish views among ECB policymakers, reducing the odds of further rate hikes in the near future as rate settlers await greater clarity of growth prospects and, most importantly, how rapidly price pressures are fading.”
Speaking of cost pressures, we had a flash estimate of June inflation for the euro area, 2.8%, down from 3.2% in May. Ex-food and energy, core, it was just 2.2%, down from 2.3% the month prior.
The eurozone unemployment rate for May was 6.2%, unchanged from April.
China’s official government PMI readings for June (courtesy of the National Bureau of Statistics) had manufacturing at 50.3, services 50.2
But the private RatingDog manufacturing PMI was 51.7, with services at 54.1.
Japan’s June PMIs had manufacturing at 54.8, services 52.2.
May retail sales were up a strong 1.9% over April, 5.3% year-over-year.
Taiwan’s manufacturing PMI was 55.2, South Korea’s 52.1.
Street Bytes
—It was a terrific second quarter for stocks, with the S&P 500 up 15%, Nasdaq 21%, the best quarter in six years for both, lifted by a bumper round of corporate earnings and hopes for an end to the Iran War. [The Dow Jones rose 13%, its best quarter since 2022.]
Gold, on the other hand, fell 14%, its worst quarter since 2013.
For the holiday-shortened week, the Dow Jones surged 2.0% to close at a new record, 52900. The S&P 500 rose 1.8% and Nasdaq 2.1%. [The Russell 2000 small-cap index, however, fell 0.5%.]
—U.S. Treasury Yields
6-mo. 3.93% 2-yr. 4.14% 10-yr. 4.48% 30-yr. 4.99%
The aforementioned 2-year Treasury fell from a high of 4.18% to 4.14% on the slightly encouraging comments from Kevin Warsh. The yield on the 10-year, on the other hand, rose 11 basis points on the week.
—President Trump posted on Truth Social Monday night:
“Gasoline Retailers must get their Prices down, IMMEDIATELY! They’re too high considering that Oil is now at $68 a Barrel, and heading south. The Retailers must quickly react to this statement, and do what they know is right – DROP YOUR PRICE FOR OUR GREAT AMERICAN PEOPLE! There will be no gauging, which is totally illegal. If Retailers don’t do this, big problems lie ahead! Start targeting around $2.50 a Gallon number, and California should stop charging such heavy Taxes on their Gasoline….”
I would just remind the president that gasoline futures are at $2.95. He needs to start there. Add refining costs, federal and state taxes, and distribution and marketing to that.
Speaking of gas futures, on Feb. 27, prior to the war, they were at $2.26 (and the average price at the pump nationwide was $2.98).
Gas futures then rose to $2.79 on March 9, and $3.74 on May 19, when the nationwide pump price was at $4.56 or thereabouts.
This is how it works, Mr. President.
Meanwhile, the world’s top crude oil importer, China, is set to take even fewer barrels this month, extending its exceptionally subdued appetite since the start of the Iran war.
China’s seaborne crude imports will average about 6.4 million barrels a day in June, according to preliminary data from market intelligence firm Kpler. That’s the lowest since October 2016 and about 8% less than May.
China has cut purchases by about 4 million barrels a day from usual levels since the war broke out, and the unexpected decline has helped balance global supply and demand and cap prices below $100 a barrel, prior to the truce between the U.S. and Iran that has allowed some flows to resume through the Strait of Hormuz.
Beijing has absorbed the enormous supply shock by curbing oil products exports, reducing refinery runs and tapping commercial stockpiles. But a weak economy and an accelerating shift to electric vehicles that’s likely to leave permanent demand losses, has curtailed its need for oil – at least for the foreseeable future.
—The U.S. government removed foreign access restrictions on Anthropic PBC’s Fable 5 artificial intelligence model, clearing it for wider distribution after the startup resolved the Trump administration’s safety concerns.
The Commerce Department had imposed an export control rule via a private letter on June 12 requiring the company obtain U.S. permission before allowing any foreign national, regardless of location, to access its powerful Mythos 5 AI model and Fable 5, a similar model intended for broader release. In response the AI company disabled the models and has been in discussions with officials to satisfy their concerns. Some of the restrictions on Mythos had been eased on June 26.
The San Francisco-based company has also begun developing a framework for analyzing jailbreaks and evaluating responses together with Amazon, Microsoft, Alphabet’s Google and other partners in Project Glasswing, a collective of roughly 200 organizations cleared by Anthropic to use Mythos to hunt for cyber vulnerabilities.
—Meta Platforms shares spiked 8% higher on reports it plans to build a cloud business to sell excess artificial-intelligence computing capacity.
Meta hopes to generate revenue from selling excess computing power to third parties, Bloomberg first reported.
Whether that means offering access to general computing capacity or access to Meta-hosted AI models, it marks a major pivot for the company, which historically has used its infrastructure for internal workloads rather than commercial cloud services.
The company didn’t comment, but if the report proves to be true, it’s bad news for so-called neoclouds (like CoreWeave and Nebius Group) that are also in the business of selling AI computing power as Meta pivots from a major customer to a potential rival.
Entering the commercial cloud market would also bring Meta into direct competition with Amazon, Microsoft and Alphabet’s Google.
Meta plans to spend roughly $135 billion on its data-center buildout this year, doubling down on its expansion even as investors fret over Meta’s ability to generate returns on the massive investment.
A cloud business might ease these concerns. Previously, the company had to justify AI investments purely through internal operations, whereas rivals could point to their cloud-computing divisions.
—Bitcoin has been tanking, with the world’s largest cryptocurrency trading below $60,000 this week, down from its high of $125,000 last October, before recovering to $62,100 as of 1:30 PM Friday.
The market rout comes amid declining confidence in the Bitcoin-amassing giant Strategy (MSTR), which currently holds almost $51 billion in the cryptocurrency, or roughly 4% of the world’s total supply, according to the company’s own data.
The shares were trading around $85 for much of the week, before closing at an even $100 (after hitting a high of $457 last July 16), while its preferred stock has its own issues, and so investors are rather concerned that executive chairman Michael Saylor has a strategy to deal with what has become a crisis.
Saylor has been scrambling, using cash reserves to pay off $1.5 billion of debt, and when Bitcoin’s price hit $58,000, Strategy’s average cost per coin was around $75,000, per the company.
The crypto downturn also comes as consumers grow increasingly concerned about a potential interest rate hike, as increased rates usually prompt investors to flee from riskier assets like crypto.
I’ve gotten a kick out of proponents of Bitcoin who have been saying for six months, ‘Oh, this happens every four years and it always has bounced back, and to new highs.’
Saylor then said he was unveiling a sweeping overhaul of the financing model underpinning its Bitcoin strategy, giving itself broader powers to sell the cryptocurrency, buy back securities and preserve liquidity as it adapts to mounting pressure on the structure that fueled years of aggressive accumulation.
The company said it may sell up to $1.25 billion of Bitcoin to bolster its cash reserves and established two repurchase programs of up to $1 billion each for common and preferred shares.
Bottom line…Strategy is moving beyond its identity as a mere treasury company, departing from the longtime buy and hold scheme touted by Saylor.
TSA checkpoint numbers vs. 2025….
7/2…107 percent of 2025 levels
7/1…110
6/30…89
6/29…91
6/28…99
6/27…86
6/26…112
6/25…111
—Comcast plans to separate its media and connectivity businesses, creating two separate publicly traded companies it hopes will be better positioned to grow or pursue deals in rapidly evolving industries.
The cable company plans to complete a tax-free spinoff of NBCUniversal and Sky, creating a pure-play media company led by Mike Cavanagh, who is currently Comcast’s co-chief executive. Former chief financial officer, Michael Angelakis, will return to run Comcast.
The shares surged 20%.
The deal will transform a titan of the connectivity and entertainment industries that has used its scale as a flywheel and to help fund new business ventures. The health and size of Comcast’s core connectivity business allowed it to invest in major sports rights deals and build its streaming business, Peacock.
Now, company leaders believe the media and connectivity businesses are ready to stand alone.
NBCUniversal will include Universal’s film and television studios, its growing theme parks division, the NBC and Telemundo networks, Bravo, Peacock streaming service, and the European media business, Sky.
The remaining Comcast business will consist of the company’s broadband, wireless and cable television operations. Comcast has been working to stem broadband and cable TV subscriber losses, while expanding its Xfinity Mobile wireless business.
The company divested cable channels including MSNBC, CNBC, USA and Syfy into Versant earlier this year.
Industry analysts say Comcast is positioning itself for the next round of media industry merger and acquisition activity. Others say Comcast would be best served by chilling out and letting NBCUniversal et al play out for a while. Plus it will take about a year for the complete spinoff to be completed, the breakup requiring regulatory approval first.
—GM reported second quarter U.S. sales of approximately 715,000 vehicles, a drop of 4.2% compared to a year ago, but said it remained the top-selling automaker in the country on the strength of its trucks, SUVs, and crossovers.
The Big Three automaker pinned much of the year-over-year decline on discontinued models, counting more than 12,000 units from vehicles GM dropped, which include the Cadillac XT4 and XT6 and the Chevrolet Malibu.
GM North America president Duncan Aldred said customer demand is “resilient, especially for our trucks and SUVs,” and that the company is holding “discipline on inventory, pricing and incentives to deliver strong margins.”
The biggest decline percentage-wise came from GM’s EVs. Sales of the Chevrolet Equinox EV fell 61.8% to 6,600, the Blazer EV dropped 68.1%, the GMC Hummer EV slid 56.8%, and the Cadillac Lyriq was off 16.1%.
The pullback follows the expiration of the federal EV tax credit, which pulled demand forward into late 2025. Even so, GM said its share of the U.S. EV market rose about a percentage point this year to an estimated 13.5% to 14%, keeping it the No. 2 EV seller behind Tesla.
GMC Sierra pickup sales rose 5% to 95,147, which GM called its best-ever Sierra quarter, led by an 11.3% gain in the light-duty Sierra.
—Ford reported a 10.3% drop in second-quarter U.S. sales, to 549,200 vehicles, as electric-vehicle demand tumbled, F-Series and SUV volumes slipped, and the automaker worked through the discontinuation of two models.
The quarter was down across most of the lineup and first-half sales fell 9.6% to just over 1 million vehicles. Ford notes that, excluding the Escape and Lincoln Corsair phase-outs and a 69% cut in daily rental sales, it said Q2 sales would have risen an estimated 0.5%.
Despite this, Ford said its estimated June retail market share rose 0.2 percentage points to 12.3%.
But waning EV demand continued to hit results. Ford EV sales 40.7% in Q2 to 9,746, with the Mustang Mach-E off 30.9% and the now discontinued F-150 Lightning down 58.6%. Hybrids slid 20% for the quarter, noteworthy given gains seen by rivals like Honda and Toyota. Through the first half, Ford’s EV sales are down 57.4%.
Ford CEO Jim Farley, however, is a big proponent of their upcoming EV plans, seeing it as addressing a number of markets – including entry level models for those seeking affordable options.
“We’re going to be launching five or six new affordable vehicles,” he said in an interview, “and the first one is transformational. It’ll be our less-than-$30,000 new electric truck coming out next year.”
—Tesla reported huge second-quarter delivery numbers as the EV maker reported another quarter of recovering sales.
Tesla reported 480,126 deliveries vs. 397,466 expected per Bloomberg consensus, up a whopping 25% from a year ago and 34% growth from the first quarter. Tesla sales were hit a year ago following the changeover to the new Model Y and backlash over CEO Elon Musk’s political positions, but seem to be rebounding in a big way.
But Tesla’s U.S. sales are still down 20%, according to Cox Automotive, as Tesla doesn’t independently break down sales by country.
And the shares fell, despite the sales rebound, because investors are now looking at Tesla’s robotaxi and humanoid robot (Optimus) projects that Elon Musk has been touting far more than the car side of the business.
—Nike shares fell after the company reported another sales decline in the latest quarter as it continued to hit hurdles with weakness in China.
The sneakers and apparel company said the results were in line with their expectations, despite facing what it called an increasingly challenging operating environment in which sell-through remains under pressure.
“While we continue to face top-line headwinds, we’re encouraged by progress in performance product and are focused on consistent execution, improved profitability and scaling our wins to realize our full potential,” CEO Elliott Hill said.
Nike has been working through a turnaround plan under Hill, who rejoined the company in 2024.
It has made progress in some areas – including its running, wholesale and North American businesses – but has hit hurdles in China, as well as with its Converse brand and sportswear offerings.
Nike on Tuesday posted a fourth-quarter profit of $1.07 billion, or 72 cents a share, up from $211 million, or 14 cents a share, a year earlier. The recent quarter’s per share figure includes a 52-cent boost related to the expected recovery of IEEPA tariffs.
Fourth-quarter revenue ticked down 1% to $10.97 billion, from $11.1 billion, compared with analyst estimates of $10.85 billion.
Wholesale revenue rose 4%, while direct revenue fell 7%.
Sales rose 3% in North America and 1% in the Asia Pacific and Latin America markets, though they fell 1% in Europe, the Middle East and Africa. The company had a steep decline in China, where sales slid 12%.
—General Mills’ shares rose after the Cheerios maker said its seeing payoff after a year of cutting base prices on its products.
“Rather than hope for the consumer to improve, we are moving with even greater urgency to meet consumers where they are and capture more of the growth that’s currently available,” said CEO Jeff Harmening.
Now that the price cuts are mostly complete, General Mills is looking for growth to come from new protein – and fiber-heavy offerings, along with bolder flavors.
The Minnesota company’s quarterly results on Tuesday topped expectations for adjusted profit and sales, though its shares remain about 25% lower over the past 12 months.
—Constellation Brands said higher gas prices and economic uncertainty dampened sales of its alcoholic beverages after a promising start in its most recent quarter.
Stronger purchasing trends that began the quarter gave way to a pullback, as higher gas prices from the war in Iran compounded an existing multi-year inflation cycle, the beverage company said Tuesday.
The financial pressures were particularly pronounced among lower-income households, who became more discerning with their spending and sought out more value, which contributed to slower trends as the quarter progressed.
Constellation, which serves as the U.S. importer for Corona and Modelo beers, has been struggling with subdued demand among Hispanic consumers in recent quarters. However, that underperformance by businesses that serve beer in zip codes with larger Hispanic populations was moderating, despite overall consumer pressures.
The company reported adjusted earnings of $3.43 a share, with analysts expecting $3.19 a share.
Net sales fell to $2.43 billion from $2.52 billion a year prior, but beat estimates of $2.39 billion.
Beer sales grew 2%, to $2.28bn, driven by favorable pricing and higher shipment volumes. Declines of Modelo Especial and Corona Extra were partially offset by growth in the Pacifico, Victoria and Modela Chelada brands.
You know, it’s been decades since I last had a Pacifico, mused the editor.
For the full year, the company is expecting beer sales and organic wine and spirit sales to both fall to a range between down 1% and up 1%.
—New York/New Jersey commuters should be pleased that a federal judge has permanently blocked the Trump administration from withholding funds from a $16 billion rail tunnel project that would connect New York and New Jersey under the Hudson River.
The states sued in February, arguing the administration’s freeze was politically motivated and arbitrary and capricious.
Back in October, Trump stated the funding is “terminated because the Democrats are so foolish.”
“Right now, there is no funding – because it’s up to me,” Trump continued.
About $12 billion in funding for the project comes in the form of federal grants, while $4 billion comes from federal loans to be repaid by New York and New Jersey and by the Port Authority of New York and New Jersey.
In her opinion, U.S. District Judge Jeannette Vargas, “Defendants make no attempt to justify their actions as consistent with the governing federal regulations.”
This is a critical project for the future of my area, and, frankly, the long-term health of New York.
Meanwhile, the heatwave this week has wreaked havoc on NJ Transit, with huge delays due to heat-related signal issues.
Foreign Affairs
Russia/Ukraine: As the week started, the Kremlin was scrambling to respond to an intensifying campaign of Ukrainian drone attacks reaching ever deeper into Russia, hitting key arms production facilities, destroying an ever-greater share of oil-refining capacity, and causing fuel shortages across the country.
As the week progressed, swarms of Ukrainian drones hit oil facilities across Russia as well as the VZPP-S semiconductor devices plant, a major producer of components for Russian ballistic missiles in Voronezh, the Dubna Satellite Communications Center near Moscow, and a chemical plant that is key for producing Russian ammunition in Tula.
In Russia-occupied Crimea, rolling power outages were triggered across the peninsula by Ukrainian strikes, and fuel sales have been suspended, causing Russian-installed authorities there to declare a state of emergency Friday.
Ukraine’s aim is simple: Put enough pressure on Putin on the home front that he ultimately agrees to end the war, what President Zelensky is calling a 40-day “influence operation.”
But so far, Putin has shown nothing but defiance. Even as life grows worse for Russians as a result of the conflict, it’s far from clear that the one man who matters will be sufficiently moved.
In a poll conducted by Gallup between March and May, 60 percent of Russians said the economic situation in their city or region was getting worse.
An AP count shows over 50 reported attacks by Ukraine on oil refineries, depots, terminals and other oil infrastructure in Russia and the illegally annexed Crimean Peninsula since late March. Often, the same facility is hit more than once.
As a result, the amount of crude oil Russia processed into fuel in June was down 25% from a year ago, to 3.95 million barrels per day – the lowest level in over two decades, said Gary Peach, oil markets analyst at Energy Intelligence.
“The outages are extraordinary,” he said.
Ukraine then launched a major drone attack on Moscow, overnight Monday, less than two weeks after Kyiv launched a large-scale drone assault on the Russian capital.
Moscow Mayor Sergei Sobyanin reported that Russian air defenses had shot down more than 60 drones, and that emergency services were working at crash sites. He did not mention any injuries.
But as Wednesday progressed, President Zelensky, in Ireland for meetings with Irish leaders, rushed back home, as Ukrainian intelligence indicated that Russia was preparing another “massive strike” on Kyiv. Zelensky urged people to heed air-raid alarms and be “especially careful.”
And then air-raid sirens wailed in Kyiv just a few hours later, signaling the start of a long and loud night for residents, many of whom heeded the warnings and were already camped out in subway stations with sleeping bags and pets.
Mayor Vitali Klitschko of Kyiv implored people to stay in shelters as the night wore on and ballistic missiles entered Ukraine’s airspace.
“Putin wants to keep fighting,” Zelensky said in Ireland before quickly exiting. “That is why he must face conditions that make it impossible for him to keep this war going.”
When the attack was over, the toll was immense. At least 30 dead, 100 injured, with Ukraine’s air force saying Russia had launched 74 missiles and 496 drones overnight, mainly targeting the capital.
While the country’s air defenses were able to repel most of these, 25 ballistic missiles and 12 drones struck 33 locations.
Ukraine undoubtedly will now launch another largescale attack on Russia, including Moscow.
–A new study found that more than two million Russian and Ukrainian troops have been killed or wounded since Russia invaded four years ago. It’s a bleak accounting of a war that continues to grind on.
The count, according to the Center for Strategic and International Studies, which uses data from the American and British governments because both Ukraine and Russia are known to shield their true casualty counts, found that Russia, which sent many more troops to the battlefield, has borne the heavier toll: Ukraine has suffered 125,000 to 150,000 deaths, while about 450,000 Russian troops have been killed. Russia’s toll is roughly four times the number of U.S. fatalities in all conflicts combined since World War II.
Random Musings
–Presidential approval ratings….
Rasmussen: 40% approve of President Trump’s job performance, 58% disapprove (July 3). A big drop from last week’s 46-53 split.
–In a major expansion of presidential authority, the Supreme Court cleared the way on Monday for President Trump to fire independent government regulators despite federal laws meant to protect their jobs. But as noted above, the justices carved out an exception for the Federal Reserve in the Lisa Cook case.
The court’s 6-to-3 ruling to broadly allow the firings, with the three liberal justices dissenting, represented a significant shift in power from Congress to the president and could usher in a drastic change to the federal government’s structure by giving the president more direct control over independent agencies.
The case specifically tested whether the president could oust Rebecca Kelly Slaughter, a Democratic member of the Federal Trade Commission, simply because she does not align with his agenda and despite a law that says the president can only remove commissioners for “inefficiency, neglect of duty or malfeasance in office.”
But the decision has implications for more than two dozen agencies – including those charged with protecting consumers, workers, the environment and nuclear safety – that have traditionally been insulated from complete presidential control by laws with similar protections.
A majority of the justices have long been sympathetic to the argument the Trump administration was making that the Constitution vests all executive power in the president and that he must be able to control everything the executive branch does.
Several justices had for years said that they were eager to overturn the 1935 precedent, Humphrey’s Executor v. United States, that has protected independent agencies. That case also involved the F.T.C.
—And in another huge ruling issued by the Supreme Court on Monday, the justices by a vote of 5-to-4 upheld Mississippi’s grace period for late-arriving mail-in ballots, rejecting a push by the administration to invalidate a state law.
The ruling means Mississippi’s law, which allows elections officials to count ballots postmarked by Election Day and received up to five business days later, will remain in place, at least through the midterm elections.
Chief Justice John Roberts Jr. and Justice Amy Coney Barrett joined the court’s three liberals in supporting the state law, which many of us found a surprise.
The decision is a blow to efforts by Republicans and President Trump to roll back mail-in balloting and will also leave in place similar laws in at least 18 other states and territories, including 2026 battleground districts in Nevada and California.
President Trump, as is well known, has long criticized voting by mail, falsely claiming that the practice is open to fraud and helped lead to his defeat in the 2020 presidential election.
It’s kind of rich seeing as the president, Melania and others in the family have long used mail-in ballots.
Yours truly has been voting by mail for decades.
Trump posted on Truth Social shortly after the ruling:
“In light of the tremendous loss in the Supreme Court today concerning Voter’s Rights, and the fact that ‘people’s’ votes are allowed to be counted LONG AFTER an Election is over, it is more important than ever to pass THE SAVE AMERICA ACT, which is,
1 ALL VOTERS MUST SHOW PHOTO I.D. (IDENTIFICATION!).
2 ALL VOTERS MUST SHOW PROOF OF CITIZENSHIP.
3 NO MAIL-IN BALLOTS (EXCEPT FOR ILLNESS, DISABILITY, MILITARY DEPLOYMENT, OR TRAVEL!).
“There is no excuse for a politician, or otherwise, to be against the above three requirements. There is only one reason to oppose – CHEATING! The House of Representatives has approved this vital Act, THREE TIMES. The United States Senate seems unable to do so. In a time when there is a powerful Communist Movement taking place in our Country, one more dangerous than World War I, World War II, Pearl Harbor, or September 11th, all Dumocrats, and our five Republican Senate Hold Outs, Lisa Murkowski, Susan Collins, Thom Tillis, Bill Cassidy and Mitch McConnell must vote to SAVE OUR COUNTRY. There can be no more excuses. Thank you for your attention to this matter.”
–Related to the above, the FBI is assigning an army of 260 investigative analysts to a “priority” investigation related to the 2020 election in Fulton County, Ga., a reflection of President Trump’s ongoing push to prove his baseless claims that the election was rigged.
A memo obtained by the New York Times says that the surge is part of a “priority” effort by FBI director Kash Patel. The analysts will work to complete “approximately 708 records checks,” according to the memo. The type of records being checked is unknown.
Few presidential contests in modern American history have been as thoroughly investigated as the 2020 election, but the debunked claims about ballot anomalies have been revived inside the White House by Kurt Olsen, an election denier who works in the administration.
This is sickening.
—Tuesday, the Supreme Court then struck down President Trump’s attempt to curtail birthright citizenship, a rejection of his most aggressive crackdown on illegal immigration.
The decision rebuffs Trump’s bid to upend the deep-rooted understanding that virtually everyone born on American soil is automatically a U.S. citizen. That understanding, Chief Justice John Roberts wrote, was enshrined in the Constitution in 1868.
“Citizenship, then and now, was the right to have rights – to freely participate in our political community,” Roberts wrote. “The Framers of the Fourteenth Amendment extended that promise to every free-born person in this land. We keep that promise today.”
Six justices – three conservative and three liberals – ruled against Trump, though only five did so on constitutional grounds. The court’s three most conservative justices dissented.
The case challenged an executive order that Trump issued on the first day of his second term. It declared that future children born in the U.S. wouldn’t be considered citizens if their parents were living in the country illegally or were visiting the country on temporary visas.
The executive order never took effect. It was quickly blocked by multiple lower courts because it appeared to conflict with the 14th Amendment, which states that “all persons born or naturalized in the United States, and subject to the jurisdiction thereof, are citizens of the United States.”
The executive order also seemed to contravene an 1898 Supreme Court decision that confirmed that U.S.-born children of immigrant parents are entitled to American citizenship.
Justice Amy Coney Barrett, already under fire from the right for her majority opinion on mail-in ballots, joined Chief Justice Roberts on this case as well.
Editorial / Wall Street Journal
“While birthright citizenship has certainly been abused, one positive result of Tuesday’s ruling is that today’s ‘Dreamers’ will give birth to citizens, rather than a second generation living in limbo. The ability to assimilate newcomers has always been an American strength, while falling birthrates will soon make that an even greater American advantage.
“If birth tourism is as big a problem as Mr. Trump says, he can make a sustained case for a constitutional amendment.”
—The Supreme Court on Tuesday also upheld state laws barring transgender girls and women from playing on school athletic teams, the vote 6-to-3.
—New Jersey Republican Rep. Tom Kean Jr. (my congressman) revealed Tuesday that he spent months away from Congress being treated for depression.
“It is physical, it is emotional, and until you experience it yourself, it is difficult to fully understand how powerful this illness can be,” he said on the House floor.
Kean’s reappearance comes after he won an uncontested primary on June 2 and months since he last voted in the House.
“Today I stand before you healthier, stronger and excited to return to the work that I love,” Kean said.
Kean last voted in the House on March 5, but his absence wasn’t explained until Tuesday. [Though this was the rumor.]
Kean now faces reelection and the Cook Political Report labels it a “toss-up.”
I doubt I’ll be voting for him. He wasn’t honest with us.
—Melat Kiros, a 29-year-old democratic socialist, defeated Rep. Diana DeGette in a primary on Tuesday in the Denver area, in another show of force for the progressive wing of the Democratic Party.
The triumph of Ms. Kiros unseats a 15-term incumbent and further propels the insurgent coalition that swept a series of congressional contests last week in New York.
Kiros, an immigrant and first-time candidate, is now almost ensured of victory in November, as this is a solidly Democratic district. She is a lawyer and doctoral student in public affairs.
The result in Colorado further sets off alarm bells for centrists, as this shows the appeal of progressive candidates to voters outside coastal metropolitan areas.
—President Trump’s reported income soared to more than $2.2 billion in 2025, as the president took in more than $1.4 billion from cryptocurrency, digital tokens and related partnerships, according to his latest financial disclosure forms.
The 927 pages of disclosures, released Tuesday, indicated that Trump’s income substantially increased after he reentered the White House last year.
In addition to income from crypto ventures, Trump reported over $620 million in real estate, hotel and golf-related income.
The president also reported receiving $86.5 million from settlements in five separate lawsuits against ABC, CBS, YouTube, Meta and the social media platform X.
The 2025 disclosure includes $635 million in royalties from a license agreement with Celebration Coins; at least $525 million in proceeds from token sales by World Liberty Financial, a cryptocurrency project founded by Trump and his sons; $65 million in proceeds from World Liberty Financial’s equity sale; and $196 million in net proceeds from a stablecoin transaction.
Trump also saw increased income from his golf clubs and resorts, including $77 million from Mar-a-Lago, up from $56 million.
In response to a request for comment about Trump’s significant increase in income from crypto and similar ventures, White House spokeswoman Anna Kelly said that Trump had “proudly made the United States the crypto capital of the world through executive actions, supporting legislation like the GENIUS Act, and other commonsense policies to drive innovation and economic opportunity for all Americans.”
Editorial / New York Post
“It was bad when the Bidens did it, and it’s just as bad when the Trumps do it.
“Insider deals, finders’ fees and backdoor introductions to family members are business-as-usual in Third World banana republics, but these slimy practices have now been normalized in the White House, to the shame of the nation.”
And then the Post mentioned the following….
The New York Times reported that the sons of both President Trump and Commerce Secretary Howard Lutnick are profiting mightily from deals the Trump administration is cutting with various business partners, the deals going through Lutnick’s Commerce Dept.
A recent deal with Kazakhstan to access one of the world’s largest untapped reserves of tungsten, a metal that the United States desperately needs for the production of missile warheads, fighter jets, computer chips and other critical goods, is but one example.
It’s Donald Trump Jr. and brother Eric Trump who are profiting, along with Howard Lutnick’s family and Cantor Fitzgerald, an investment company controlled by the Lutnick family and overseen by his sons Brandon and Kyle Lutnick, who can help on the financing side, earning millions of dollars in feels.
“The (Kazakh deal) is hardly an outlier. One or both families have financial ties to at least 14 companies that are actively working with the federal government on critical mining deals, including the Kazakhstan project, according to federal filings examined by the New York Times.
“All 14 of these companies have either benefited directly from offers of financial assistance from the Trump administration, or have pending permit applications before the Commerce Department, which Mr. Lutnick oversees, the Times found. The total amount of federal funding that the Trump administration has provided or is considering providing to the companies exceeds $8.9 billion, according to public statements by the companies and federal government.”
New York Post Editorial, continued….
“The Lutnick and Trump boys have been sloshing around in the muck since their dads came to power 18 months ago.
“They’ve profited handsomely from cryptocurrency deals while the government their fathers control was setting crypto policy.
“Democrats in Congress are pressing for an investigation into Trump sweetheart deals.
“If they take the House in the midterms, these hearings are surely coming.
“It would behoove the Trump administration, and the nation as a whole, if the president gets ahead of the growing scandal, acts transparently and cleans up the whole mess before it swamps his final two years in office – and defines his legacy.”
Thursday, in an interview with CNBC’s Joe Kernen, the president said he didn’t know about his family’s cryptocurrency ventures that helped him earn more than $1.4 billion. Really, he said that.
“By the way, I could know about it. I didn’t. I mean, there’s nothing illegal, there’s nothing wrong with it. I could know,” Trump said when asked whether he knew about the crypto ventures.
—The president posted Tuesday night, in part:
“BIG NEWS! For the first time ever, the Republican Party will hold a MIDTERM CONVENTION. It will be in Dallas, Texas – One of my favorite places in the World….
“It will be a RALLY like none other!”
Sept. 9 and 10. I wonder who the keynote speaker will be? [Cough cough….]
—Texas approved a sweeping, new state book list last Friday, establishing for the first time a common set of books that millions of students across the state must read, including excerpts from the Bible.
It is highly unusual – perhaps unprecedented – for a state, rather than a school or a teacher, to mandate a reading list for every grade level for all public-school students.
The list was being edited up until it passed late Friday, but the draft included books like “Charlotte’s Web” by E.B. White (third grade), “Night” by Elie Wiesel (eighth grade) and “Hamlet” by Williams Shakespeare (12th grade).
A Bible excerpt was included in most grade levels, spurring fierce debate.
Critics argue that including the Bible in English class violates separation of church and state, and is part of a broader effort to infuse Christianity in Texas public schools.
The new Texas list is also an effort to raise the level of rigor and get more students reading. Fewer students are reading full books in English class or at home, and U.S. reading scores are in a decade-long slump. Some education leaders and policymakers believe emphasizing whole books is increasingly essential for combating the rise of tech and A.I.
The selections have drawn criticism for putting an emphasis on older texts, often written by white and male authors, in a state where more than half of students are Hispanic or Black.
The Texas list did not include some of the most commonly taught books around the country, including “Romeo and Juliet” and “The Great Gatsby,” the No. 1 and No. 2 most assigned books in U.S. high schools, according to the National Council of Teachers of English.
It also avoided some popular classics that have been contested in recent years, like “To Kill a Mockingbird.”
The list would not go into effect immediately, but be rolled out as a requirement in the coming years.
—Beijing admitted in a statement last Saturday that the pilot of a light sport aircraft that hit Beijing’s tallest skyscraper the previous day was killed. Only the pilot was in the two-seater plane when it hit Citic Tower.
In addition, 13 people were injured in the incident.
The statement came hours after silence, this being a heavily secured, closely watched part of Beijing with a strict no-fly zone. As in, nothing on how it could have possibly happened.
The government then said today it was suicide.
—A new Gallup poll finds that only 53% of U.S. adults are “extremely” or “very” proud to be an American, the lowest reading in the trend dating back to 2001.
Much of the falling positivity comes from Democrats, who have become increasingly disenchanted with the country since Donald Trump’s first term.
Only 14% of Democrats and 28% of independents say they are “extremely” proud to be an American, according to Gallup’s new poll, compared with 70% of Republicans.
An AP-NORC poll found that Republicans are especially likely to be proud of the nation’s armed forces. About 9 in 10 Republicans say the military makes them “extremely” or “very” proud, compared with about 6 in 10 U.S. adults.
—Europe’s record-breaking heatwave moved to the east of the continent over the weekend. WHO chief Tedros Adhanom Ghebreyesus said more than 1,300 excess deaths had been recorded since June 21 “linked to high temperatures in Europe.”
“Heat stress is often called the ‘silent killer’ – and European homes, workplaces and schools were not built for these temperatures,” he said.
On Sunday morning, France’s national health ministry said there had been around 1,000 more deaths than expected in the country since Wednesday. And then France raised the tally to 2,025 excess deaths at week’s end.
Belgium reported 1,222 excess deaths during the heatwave – with almost half being people aged 85 and over.
The country’s health ministry said the number of deaths during a heatwave was “unprecedented.”
“Europe is the fastest-warming continent on Earth, heating at twice the global average,” Tedros warned.
Millions of people across the continent are currently “living under extreme heat, hundreds have died, schools are shut, grids are buckling,” he added.
Temperatures broke June records in Germany, Belgium and the Netherlands last Friday, with Germany’s highest ever temperature of 41.3C (106 F) recorded provisionally in the southwestern city of Saarbrucken, just over the border from France.
The Dutch province of Limburg recorded 39.4C (103 F). Dutch authorities said Thursday that the heatwave led to about 480 excess deaths – most of whom wee aged 80 and older.
Czech meteorologists measured a record 40.9 degrees north of Prague, while Austrian forecasters said their national record would fall on Sunday. And in Serbia it hit 39C (102 F).
The Danish Meteorological Institute reported a 37-degrees (98.6 F) reading north of the city of Aarhus on Saturday, the highest on record since measurements began in 1874.
In Switzerland, the Beznau nuclear power plant took both reactors off grid last Friday because the temperature in the River Aare reached 25C (77 F), which is considered too high to cool the reactors sufficiently.
The heating up of the River Danube led Hungary’s Paks nuclear power plant to cut output at one of its reactors.
And now it’s our turn to feel the heat, many records being broken this holiday week in the U.S.
I mean, heck, it hit 102, air temp, in Summit, NJ, Thursday, and is on track for 102 or 103 today.
New York’s Central Park had its first 100-degree day in 11 years.
—Four people died in flash flooding in Kentucky last Saturday. And three firefighters died, two injured while tackling fires on the Colorado-Utah border last weekend.
—Thursday, rescuers pulled a 43-yeaer-old security guard alive from a collapsed basement in the Venezuelan coastal town of La Guaira, ending a grueling days-long operation that became a symbol of hope after the devastation of twin earthquakes that have killed over 2,500 (2,595 as of Thursday), though with thousands and thousands still missing under rubble.
But Hernan Alberto Gil Flores was extracted July 2 after being trapped since June 24. Rescuers initially made contact with him over the weekend.
—
Pray for the men and women of our armed forces…and all the fallen.
Slava Ukraini!!!
God bless America!
—
Gold $4091…Silver $62.39
Oil $68.72
Bitcoin: $62,106 [1:30 PM ET, Friday]
Regular Gas: $3.82; Diesel: $4.81 [$3.16 – $3.68 yr. ago]
Returns for the week 6/29-7/3
Dow Jones +2.0% [52900]
S&P 500 +1.8% [7483]
S&P MidCap -0.4% [3802]
Russell 2000 -0.5% [2996]
Nasdaq +2.1% [25832]
Returns for the period 1/1/26-7/3/26
Dow Jones +10.1%
S&P 500 +9.3%
S&P MidCap +15.1%
Russell 2000 +20.7%
Nasdaq +11.2%
Happy Fourth!
Brian Trumbore
