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0. Data and calendar

All values as of 6 AM ET / 3 AM PT, other than S&P500 and NASDAQ close (4 PM ET / 1 PM PT).

All times are ET.

Listen to our AI-generated podcast summarizing today’s newsletter (beware of hallucinations):

1. Elon slams Trump mega-bill as “disgusting abomination” after farewell

X: Elon Musk.

“In November next year, we fire all politicians who betrayed the American people,” Elon Musk said.
May: Musk fueled GOP criticism of Trump’s “big, beautiful” bill, saying it lacked deficit cuts.
Musk’s latest comments come just in a week after leaving the Trump admin.
The bill is estimated to increase budget deficits by $2.7T through 2034.
Jul. 4: the bill is expected to pass the Senate and become law.

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3. $TRUMP wallet announced by Magic Eden, but Trump sons deny involvement, threaten lawsuit

X: Magic Eden.

Wed.: Magic Eden, a crypto firm, announced the launch after the wallet appeared online.
“The Trump Organization has zero involvement with this wallet project,” Donald Trump Jr. posted on X following the website appearance.
The @TrumpWalletApp account on X was suspended after Trump’s sons’ comments.
Eric reportedly threatened legal action against Magic Eden over the project.
The $TRUMP memecoin project is separate to the Trump sons’ crypto project World Liberty Financial, so there is likely some internal competition going on here.