TLDR

MARKET RECAP → Markets gained on Thursday as investors brushed off tariff tumult. The Dow Jones Industrial Average climbed, while the S&P 500 and the Nasdaq Composite obtained fresh all time highs.

TRUMP VS. FED CLASH ESCALATES → Trump’s budget chief criticizes Powell: OMB Director Russell Vought accused Fed Chair Jerome Powell of “gross mismanagement” and misleading Congress about the spiraling cost.

AMAZON (AMZN) LAYOFFS HIT IMMIGRANTS → Trump’s rollback of humanitarian immigration programs forced Amazon to terminate legally working warehouse employees just before Prime Day, leaving many in legal and financial jeopardy.

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POLL OF THE DAY

Politics

Trump vs. Fed Clash Escalates

Trump’s budget chief criticizes Powell: OMB Director Russell Vought accused Fed Chair Jerome Powell of “gross mismanagement” and misleading Congress about the spiraling cost of the Federal Reserve’s headquarters renovation. The $2.5 billion project, $700 million over budget, allegedly features VIP dining rooms and rooftop gardens, claims Powell firmly denies.

Calls for accountability grow: Vought warned the project may violate federal planning laws and urged halting construction until new approvals are obtained. This marks another escalation in Trump’s long-running clash with Powell over monetary policy and Fed independence.

Powell’s position legally protected: Despite Trump’s push, a recent Supreme Court decision reinforces protections that prevent presidents from firing Fed board members without cause.

Tech

 Amazon Layoffs Hit Immigrants

Trump's immigration shift ends jobs for legal workers: Dozens of Amazon (AMZN) warehouse employees, mostly from Haiti, Venezuela, and Nicaragua, lost their jobs after the Trump administration revoked Biden-era humanitarian parole and temporary protected status programs. Many had valid work permits and were following the legal process, but without renewed documentation, they were dismissed.

Layoffs hit just before peak demand: The firings came in late June, days before Amazon’s Prime Day, typically a crucial staffing period. Amazon says it complied with federal requirements, offering counseling and legal aid resources. But the impact is deeply personal as affected workers now face deportation risk, financial hardship, and legal limbo.

Workers left behind as policy reverses: Many of those terminated were contributing, taxpaying employees with pending asylum or visa applications. Despite DHS claims that conditions in Haiti have “improved,” experts and immigrants describe a country still plagued by violence, gangs, and humanitarian crises.

BULL VS. BEAR

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Trump’s tariffs on Brazil could make your coffee even more expensive (CNBC)

With Varda Space, leading Silicon Valley players make big bet on making drugs in space (TechCrunch)

Delta turns off the seatbelt sign with vote of confidence (Morning Brew)

Ford debuts plan to increase sales that car buyers will love (The Street)

How to Change Your Money Mindset: 9 Tips for Abundance Thinking (ML)

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