TLDR

MARKET RECAP → Stocks rose on Thursday propelled by quarterly earnings reports beating Wall Street’s expectations as well as fresh economic data reports coming out displaying strength in the U.S. economy. In the crypto universe XRP has been rocketing upwards. $XRP.X ( ▲ 9.64% ) 

BENCH PRESSED → Senate Republicans advanced Trump’s ex-lawyer Emil Bove for a lifetime judgeship despite ethics alarms, whistleblower claims, and total Democratic opposition.

HOUSE MOVES ON CRYPTO CLARITY → Congress advanced key crypto bills defining oversight, boosting CFTC authority, and banning CBDCs. Industry applauds clarity but Senate passage is far from certain.

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MARKETS

Market Snapshot

Today’s S&P 500 Heatmap

Notable Earnings This Week

POLL OF THE DAY

Politics

Bench Pressed

Partisan Bench-Clearing: Senate Republicans advanced Emil Bove’s nomination to the 3rd Circuit Court of Appeals in a contentious Judiciary Committee vote, all 12 GOP members voting “yes” as Democrats staged a walkout. The dramatic protest came amid outrage over Bove’s controversial DOJ tenure and his past role as Trump’s personal attorney. If confirmed, Bove would secure a lifetime appointment.

Ethics on Trial: Democrats lambasted Bove’s record, citing DOJ purges, dropped corruption cases, and aggressive immigration enforcement. A whistleblower accused Bove of contemplating defying federal judges, allegedly saying DOJ might need to tell courts “f**k you.” Bove denied wrongdoing in his hearing, calling it a “political hit job,” while over 75 bipartisan former judges urged his rejection.

Drama, Defiance, and Déjà Vu: Cory Booker called the vote “an abuse of power,” accusing Republicans of ignoring serious allegations. Chairman Chuck Grassley dismissed concerns, pointing to prior Democratic-led votes under protest. In a parallel move, the committee also advanced Jeanine Pirro’s nomination for DC’s top federal prosecutor, another Trump ally once seen nightly on Fox News.

Crypto

House Moves on Crypto Clarity

Lawmakers launch a legislative blitz: The U.S. House pushed forward multiple crypto-focused bills in what some are calling “Crypto Week.” The Financial Innovation and Technology for the 21st Century Act (FIT21) aims to define how digital assets are regulated, giving more power to the CFTC over crypto commodities. Meanwhile, the Blockchain Regulatory Certainty Act seeks to exempt certain crypto service providers from licensing requirements.

Anti-CBDC sentiment gets airtime: Republicans advanced bills targeting central bank digital currencies (CBDCs), including the CBDC Anti-Surveillance State Act, which would block the Fed from issuing a digital dollar. The proposals reflect growing political divisions, with opponents arguing CBDCs could infringe on privacy and give the government too much financial oversight.

Industry cheers, challenges remain: Crypto advocates praised the push for clearer rules, seeing it as a step toward regulatory certainty after years of ambiguity. But the legislation still faces hurdles in the Senate and potential veto threats. Critics warn the bills favor industry interests and downplay consumer protection.

BULL VS. BEAR

KEEP READING

Inflation picks up again in June, rising at 2.7% annual rate (CNBC)

Defense manufacturing startup Hadrian closes $260 million funding round led by Peter Thiel’s Founders Fund (CNBC)

The next Fed chair's dilemma: Maintain Fed independence while pleasing Trump (Yahoo Finance)

Lovable becomes a unicorn with $200M Series A just 8 months after launch (TechCrunch)

Where Are All the AI Drugs? (Wired)

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

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• OpenBB — AI-powered research and analytics workspace

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• Quiver Quantitative — Quiver allows retail investors to tap into the power of big data with insights into things like congressional trades as they are disclosed

• Perplexity — Perplexity AI is an AI-chatbot-powered research and conversational search engine

• The Market Ear — Live news, analysis and commentary on what moves markets and trading

• Coinmarketcap.com — Crypto market data

• Finviz — Financial visualizations

• Trading Economics — Economic calendar

• CME FedWatch Tool — Market-implied probabilities of future levels of interest rates 

• Dataroma — Track stock picks and portfolios of legendary value investors such as Warren Buffett

• ChatGPT — Large language model-based chatbot powered by generative AI

• Vimcal — Lightning-fast calendar and AI scheduling assistant

• AltIndex — Alternative datasets to uncover unique insights

• GFR Smart Stock Selector — Filters stocks to help investor choices

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