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Good afternoon. Here's what you should know today, June 29: | |
- The market rally is broadening, to investors' delight
- The Supreme Court is only getting started with Trump 2.0
- Families making $250,000 still don't feel rich
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| Thanks for reading What's News! Look for the 🔐 to enjoy a free article on us—and share the link with a friend (or forward the whole newsletter!). | |
 | | Senate Majority Leader John Thune
PHOTO: AL DRAGO/BLOOMBERG NEWS | | |
1. Trump's "big, beautiful" bill narrowly cleared a hurdle in the Senate. | |
| The GOP-controlled chamber voted yesterday to advance the tax-and-spending megabill. It took Republicans more than three hours to wrangle all the votes needed to clear an initial vote, putting the Senate potentially on track to pass the bill by tomorrow. It would then head to the House, where its fate is uncertain (🔐read for free), as it would likely increase budget deficits by more than many House Republicans say they can stomach. President Trump wants the bill passed by the Senate and the House and on his desk by a self-imposed deadline of July 4. Check out what's in the megabill here. | |
2. The stock-market rally is moving beyond Big Tech. | |
| The number of stocks in the benchmark S&P 500 closing above their 50-day moving average has climbed recently to levels last seen in the fall. In another sign of breadth, a measure that tracks the number of stocks rising versus those declining notched a new high on Friday. While the so-called Magnificent Seven tech stocks still hold investors' attention—and sway over the market—a broader participation in the recovery has helped propel the Nasdaq Composite and the S&P 500 to all-time-highs in June. It could also signal that stocks will keep climbing through the summer, analysts say. | |
3. The Supreme Court's summer break might be short-lived. | |
| In its annual term that wrapped up Friday, the court gave states room to restrict transgender medical care for minors, bolstered parents' rights in objecting to LGBTQ themes in their children's classrooms and, in its biggest act, clipped the power of federal judges to block President Trump's policies nationwide. The justices gave the president a number of early, though temporary, victories, but Trump has only begun to add to the court's workload, and a raft of emergency appeals from his administration is set to continue during the summer. | |
4. In Iran, airstrikes have given way to executions, arrests and paranoia. | |
| As soon as U.S. and Israeli bombs stopped raining down on Iran, the country's theocratic leaders and the security forces emerged from their bunkers and began waging a new campaign—this time against their own people, targeting alleged spies, dissidents and opposition figures. People are being stopped and having their cars, phones and computers searched. More than 1,000 people have been detained over the past two weeks for allegedly aiding Israel, according to Amnesty International. As people try to resume normal life, the atmosphere in Tehran remains tense. | |
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