Hello Capitalists,

Trump just put the coke back in Coca-Cola… just kidding, but he did put real sugar back in America’s favorite soft drink. The markets are surging to impressive peaks today as signals of a robust economy continue to appear daily.

Here’s everything you need to be following today:

• DOW: 44427.36 - (⬆️0.39) ✅

• S&P: 6292.39 - (⬆️0.46) ✅

• NASDAQ: 20896.24 - (⬆️0.80) ✅

• CBOE VIX Volatility Index: 16.79 (⬇️0.37) ⚠️⬇️

Trump just put real cane sugar back in America’s favorite drink

President Donald Trump announced that Coca-Cola will switch to using real cane sugar in its U.S. beverages, following his discussions with the company’s CEO.

• Trump’s Announcement: President Donald Trump stated on Truth Social (here) that Coca-Cola agreed to use real cane sugar in its U.S. drinks after a January meeting with CEO James Quincey, reversing the company’s 1980s switch to high-fructose corn syrup prompted by sugar tariffs.

• Health Context: The move aligns with Health and Human Services Secretary Robert F. Kennedy Jr.’s push to eliminate processed foods, though it’s unclear if Kennedy supports the switch, as cane sugar poses similar health risks like weight gain and diabetes.

  

• Coca-Cola’s Response: Coca-Cola has not confirmed the change, with a spokesperson noting only that more details on new offerings will be shared soon, leaving uncertainty about whether high-fructose corn syrup will be fully replaced.

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US retail sales for June surge beating expectations by 5x

U.S. retail sales surged in June, exceeding economists' expectations as consumers boosted spending despite concerns over President Donald Trump's tariffs, the Commerce Department reported Thursday.

• Retail Sales Growth: U.S. retail sales increased by 0.6% in June, surpassing the forecasted 0.1% rise, following a 0.9% decline in May (check out the full data here)

• Tariff Impact Concerns: The rebound in sales comes amid investor scrutiny of how President Trump's tariffs, including a 25% duty on imported cars and parts, might affect consumer spending and prices.

• Category Performance: Sales rose across most categories, with notable increases at bars and restaurants, though some of the growth may reflect higher prices due to tariffs.

• Consumer Confidence: The uptick in retail spending aligns with signs of stabilizing consumer confidence, despite earlier declines in April and May driven by tariff-related caution.

The war of words over Jerome Powell and the Fed’s actions ratchets up as “Regime Change” narrative grows

Former Federal Reserve Governor Kevin Warsh, a top contender to replace Chair Jerome Powell, called for a "regime change" in Federal Reserve policy and proposed a new partnership with the Treasury Department to manage debt issuance and lower borrowing costs.

• Call for Policy Overhaul: Kevin Warsh, a former Federal Reserve Governor and potential successor to Jerome Powell criticized its hesitancy to cut interest rates and its handling of inflation.

• Proposed Treasury Partnership: Warsh suggested a new Fed-Treasury accord, similar to the 1951 agreement, to coordinate debt management and align the Fed’s balance sheet objectives with Treasury goals to reduce borrowing costs.

• Support for Quantitative Tightening: While Warsh supports the Fed’s current strategy of shrinking its balance sheet through quantitative tightening, he emphasized the need for collaboration with the Treasury to optimize economic outcomes.

• Political Context and Criticism: Warsh’s comments align with President Trump’s push for lower interest rates and criticism of Powell, including over a costly Fed building renovation, amid speculation about Powell’s potential early replacement.

House passes Crypto rules bill after record breaking vote as “Crypto Week” rolls on

The U.S. House of Representatives advanced a trio of cryptocurrency regulation bills late Wednesday night.

• Legislative Progress: The House moved forward with three crypto-related bills: the GENIUS Act for stablecoin regulation, the CLARITY Act to define regulatory roles for digital assets, and a bill to prevent the Federal Reserve from issuing a central bank digital currency (CBDC).

• Political Challenges: The bills faced significant resistance from conservative House Republicans, with opposition led by figures like Rep. Marjorie Taylor Greene, who demanded a CBDC ban in the GENIUS Act, causing a 10-hour delay and setting a record for the longest open House vote. (Read more here)

• Trump’s Influence: President Donald Trump’s intervention, including a Truth Social post urging Republican support, was pivotal in flipping enough "no" votes to "yes" to advance the bills, aligning with his "Crypto Week" agenda to position the U.S. as a digital asset leader.

• Industry Impact: The advancement of these bills, particularly the GENIUS Act, which passed the Senate in June, is seen as a potential win for the crypto industry, though the CLARITY Act faces a tougher path to becoming law due to its complexity and Democratic concerns.

Ukraine touts “Battle-ready Drones for Weapons” deal between Zelensky and Trump

President Donald Trump and Ukrainian President Volodymyr Zelensky are discussing a potential deal for the U.S. to purchase battle-tested Ukrainian drones.

• Drone Deal Discussions: Ukrainian President Volodymyr Zelensky revealed ongoing talks with U.S. President Donald Trump about a "mega-deal" where the U.S. would buy Ukraine’s battlefield-proven drones, while Kyiv would purchase U.S.-made weapons to bolster its defense capabilities. (Read what he said here)

• Strategic Importance of Drones: Zelensky emphasized the critical role of drones in Ukraine’s defense against Russia’s invasion, noting their effectiveness in striking targets deep in Russian territory and their value to the U.S. arsenal.

• Mutual Benefits: The proposed deal aims to enhance both nations’ aerial capabilities, with Zelensky expressing readiness to share Ukraine’s drone expertise with the U.S. and European partners.

• Broader Defense Agreements: The discussions align with Zelensky’s announcement of future U.S. agreements to strengthen Ukraine, as the U.S. increases its defense budget for small drones, influenced by lessons from the Russia-Ukraine conflict.

Uber inks a deal with Lucid and start up Nuro to

Uber Technologies Inc. announced a partnership with electric vehicle maker Lucid Group Inc. and autonomous vehicle startup Nuro.

• Partnership Details: Uber is investing $300 million in Lucid and an undisclosed amount in Nuro to deploy over 20,000 Lucid Gravity SUVs equipped with Nuro’s Level 4 autonomous driving technology over six years, starting in a major U.S. city in 2026.

• Vehicle and Technology: The robotaxis will be $80,000 Lucid Gravity SUVs (check them out here) with a 450-mile range, integrated with Nuro’s self-driving system, designed for safety and scalability, with a prototype already tested at Nuro’s Las Vegas facility.

• Strategic Context: This deal follows Uber’s partnership with Waymo and reflects its pivot to collaborating with autonomous tech firms after exiting its own self-driving unit in 2020, aiming to dominate the robotaxi market.

• Market Impact: Lucid’s interim CEO Marc Winterhoff highlighted the partnership as a chance to enter a new market, while Uber CEO Dara Khosrowshahi emphasized bringing autonomous driving to more people globally.