Iran Trump said the ceasefire was over at a NATO summit. Oil spiked 5%. Markets shrugged. That shrug is the story. Overnight strikes in the Strait of Hormuz. PepsiCo missed earnings. Home sales fell. Chips bounced. The market absorbed all of it and finished green. Either investors know something, or they are pricing in a world that no longer exists.
Federal Reserve The Fed chair said nothing. Today's minutes are the most important document he's ever released. Nine officials want a hike. Eight want to hold. One wants a cut. Warsh submitted no projection at all. Today at 2 PM the only on-record statement about September's rate decision drops — and it will move everything.
Semiconductors Samsung made 19 times more profit than last year. Its stock fell 7%. Welcome to earnings season. SpaceX joined the Nasdaq-100 and immediately dropped 6%. DeepSeek is building a chip to replace Nvidia. Amazon wants $25 billion. And Trump told Walmart to cut prices on Truth Social. Tuesday had range.
Markets The President rang the stock market's opening bell from the Oval Office today. That sentence used to be impossible. Trump Accounts launched, Russia-Ukraine entered a new phase over the holiday weekend, OpenAI wants the government to own a piece of it, and Anthropic just signed a $19 billion power deal. The holiday is over. The week is not waiting.
Jobs Data The jobs number missed. Gold just hit $4,092. The Fed's nightmare has a name now. 57,000 jobs added in June against expectations of 110,000. Gold surged. The rate hike narrative just got complicated. And a tariff deadline nobody was watching expires in three weeks.
National Security Trump decided to keep talking to Iran. Khamenei's funeral is scheduled for July 4th. Nobody is calling that a coincidence. A Republican revolt killed Congress's own to-do list, a $3.7 billion merger collapsed because of a U.K. regulator, and the Strait of Hormuz just got a security rating nobody wanted. Wednesday had range.
National Security Five of America's biggest drug companies got letters from Congress today. Read those letters carefully. A pharma national security investigation, a best quarter in six years nobody is celebrating loudly, and a drone company you've never heard of that just told you more about the future of war than the Pentagon did.
Markets Iran requested the meeting. That's the whole story. A compute shortage, a record Dow close, and a phone call nobody saw coming, four unrelated headlines today that are actually one story about leverage.
