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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. Trump moves to oust Fed Governor Lisa Cook over alleged mortgage fraud

Markets are seeing a 19% chance that Trump will fire Cook by Sep. 30:

Polymarket.

Have “sufficient cause” to fire Cook, Trump said.
Trump has no authority to fire, Cook said, adding that she won’t quit.
“I will continue to carry out my duties to help the American economy as I have been doing since 2022,” Cook stated.
Planning to take “whatever actions are needed to prevent” Trump’s “illegal action,” Cook’s lawyer Abbe Lowell said.
May: the Supreme Court signaled it would shield the Fed board from Trump’s at-will removals.

Nature.

Scientists transplanted a pig’s left lung, modified with six gene edits, into a brain-dead 39-year-old man.
The organ sustained damage after it was transplanted but functioned to some degree.
It was removed after 9 days.
The test didn’t prove the transplant could sustain life because the patient’s right lung remained, critics said.
The pig’s lung showed damage within 24 hours of the transplant, with antibody-mediated rejection observed at days 3 and 6.

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X: Elon Musk.