Hello Capitalists,

When President Trump said America’s Golden Age was here, he wasn’t kidding. Wall Street is confident that the “Big Beautiful Bill” will pass and it looks like Jerome Powell’s days as Fed chair are numbered.

Here is everything you need to know today:

Gas prices hit 4-year low after Trump’s Israel/Iran ceasefire takes effect

After gas prices rose amid escalations with Iran, the swift and successful U.S. military strikes followed by an Israel/Iran ceasefire appear to have had a positive effect on oil prices for the American consumer.

• Four-Year Low: The national average gas price is hovering around $3.20 per gallon this week, marking the lowest summer prices since 2021 when pandemic lockdowns depressed fuel demand. Current prices are only a few cents higher than a month ago before the Israel-Iran conflict began and more than 20 cents lower than last year.

• Cease-Fire Impact: Oil prices initially jumped about 7% when Israel attacked Iran but have since fallen back to pre-attack levels, with Brent crude trading around $67 per barrel. Energy experts say gas prices should remain stable "assuming the cease-fire holds" and there's no resumption of conflict, with President Trump reportedly wanting to "avoid an oil price spike and just close down the war."

• Record Travel Expected: Despite the recent Middle East tensions, AAA projects record-breaking Fourth of July travel with 72.2 million Americans expected to travel domestically next week, including nearly 62 million by car—a 2.2% increase from 2024. The stable gas prices are supporting Americans' priority on taking vacations and family trips during the summer driving season.

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ALP Nicotine Pouches by Tucker Carlson

• The Top Line Market Numbers:

• DOW: 43294.34 - (⬆️0.73) ✅

• S&P: 6133.49 - (⬆️0.68) ✅

• NASDAQ: 20122.78 - (⬆️0.75) ✅

• CBOE VIX Volatility Index: 16.37 (⬇️0.39) ⚠️⬇️

CEOs confident “Big Beautiful Bill” will pass and lock in tax cuts

Corporate America is buzzing and it’s all about President Donald Trump’s “One Big Beautiful Bill” tax cuts. A recent survey shows that top financial execs are confident the bill is going to pass.

• CFOs Are Optimistic About Tax Cuts: The Q2 2025 CNBC CFO Council Survey (with 30 CFOs from various industries) found that most expect Trump’s bill to pass Congress, making permanent the 2017 business tax cuts, which they see as a win for corporate stability despite tariff concerns.

• Congress Faces Tight Deadlines and Disputes: Trump’s pushing for a July 4 vote, but the House and Senate are clashing over details like clean energy tax breaks and SALT deductions, with some GOP senators, like Ron Johnson, calling the bill’s cost “immoral.”

• Economic Upsides and Downsides: While CFOs see moderate economic optimism, 64% believe tariffs tied to the bill could hurt the economy, and the bill’s estimated trillions in added deficit spending are raising red flags on Wall Street.

Quote of the Day:

The S&P is about to hit a historic high as America’s Golden Age roars on

The S&P 500 climbed 0.6%, the Nasdaq gained 0.5%, and the Dow jumped 315 points (0.7%) as markets continued their march toward all-time highs. The S&P 500 now trades just 0.4% below its February record high of 6,147.43 and has surged more than 20% since hitting lows in April during the U.S. tariff scare.

• Economic Optimism: Analysts cited multiple positive factors driving the rally, including expectations of lower interest rates, less banking regulation, European stimulus, and reduced inflation and tariff pressures. Initial jobless claims also came in below expectations at 236,000, indicating continued economic strength, while Middle East tensions eased after Trump announced an Israel-Iran ceasefire.

• Defense Stocks Surge: The aerospace and defense sector hit fresh all-time highs, with the iShares U.S. Aerospace & Defense ETF reaching record levels for the first time since June 9. Smaller defense companies are outperforming larger ones, with Rocket Lab up nearly 45% year-to-date, AeroVironment gaining about 75%, and Karman up 68%, compared to more modest gains from Boeing (15%) and Northrop Grumman (6%).

Trump soft launches Powell’s replacement after months of tensions

Federal Reserve’s decisions can ripple through everything from your mortgage rates to stocks and more recently crypto? Well, big news: President Trump is getting ready to pick a new Fed chair to replace Jerome Powell and what were just rumors are getting more serious by the day.

• Trump’s Frustration with Powell: Trump’s been vocal about his dissatisfaction with Jerome Powell, the current Fed chair, mainly over the pace of interest rate cuts, and he’s now considering naming a replacement as early as September, well before Powell’s term ends in May 2026.

• Shortlist of Candidates: He’s reportedly narrowed it down to three or four potential successors, with names like Kevin Warsh, Kevin Hassett, Scott Bessent, and Christopher Waller floating around, though no final pick has been confirmed.

• Market Impact: The uncertainty around this early announcement is already being picked up by traders and investors, as it could signal a shift in Fed policy, potentially boosting expectations for faster rate cuts and affecting stock markets, with the Dow, S&P 500, and Nasdaq seeing gains amid the news.

Huge changes are coming to how wealth is calculated for home buyers

The Trump administration is planning to make a huge move in the housing market. Mortgage giants Fannie Mae and Freddie Mac are to start considering cryptocurrency as an asset when evaluating mortgage applications. This move could legitimize crypto in a whole new way, potentially making it easier for crypto holders to secure home loans without cashing out their digital assets.

• Crypto as a Mortgage Asset: The Federal Housing Finance Agency is directing Fannie Mae and Freddie Mac to include cryptocurrencies in risk assessments for single-family mortgage loans, treating them like traditional assets without requiring conversion to U.S. dollars.

• Focus on U.S.-Regulated Exchanges: Only crypto assets held on U.S.-regulated exchanges will qualify, and there will be safeguards to address the volatility of cryptocurrencies to protect lenders and borrowers.

• Mixed Reactions: While some see this as a major step toward mainstream crypto adoption, others are raising concerns about the risks due to crypto’s price swings, sparking both excitement and debate in the financial world.

Palantir soars to new all time highs, now up 490% year to date

Palantir Technologies is one of the hottest stocks in the S&P 500. It’s meteoric rise from $7.35 a share in March to today $148 is a fascinating mix of market trends, AI hype, and global events. The question now is where does it go from here?

• Short Sellers Are Backing Off: Investors who bet against Palantir are giving up as its stock keeps soaring, driven by strong retail investor enthusiasm and growing geopolitical tensions boosting demand for its data analytics software.

• AI and Government Contracts Fuel Growth: Palantir’s leadership in AI and machine learning, especially its work with government and military clients, is a key reason for its stock’s 93% surge in 2025 and 490% over the past year, making it the top performer in the S&P 500.

• Valuation Concerns Persist: Despite its momentum, some analysts warn Palantir’s sky-high valuation is hard to justify, yet the market’s excitement about its AI platform and strategic contracts keeps pushing the stock to new heights.