TL;DR

Trump tariffs blocked but remain pending appeal; Bitcoin tops $110K; Disney secures full Hulu ownership.

Highlights

• US courts have blocked Trump’s IEEPA tariffs (10% baseline, 125% on China), but tariffs remain during appeal; litigation could reach the Supreme Court and importers await possible refund guidance 1.
• Bitcoin surged above $110,000, triggering over $200M in short liquidations; ETF inflows and steady Fed expectations cited as drivers 3.
• Senate Majority Leader Thune filed cloture on the GENIUS Act stablecoin bill, with a key procedural vote expected this week; the bill has bipartisan and Trump support 7.
• Disney will pay $438.7M plus $8.61B to acquire NBCUniversal ’s 33% Hulu stake, securing 100% ownership by July 24 4.
• CBO revised the US debt ceiling deadline to mid-August–end September 2025, two weeks later than previous estimates 11.
• President Trump signaled improved relations with Elon Musk, confirming continued White House use of Tesla and Starlink; Tesla shares rose 2.5% 5.
• Apple announced macOS Tahoe will be the last version to support Intel Macs, fully shifting to Apple Silicon from macOS 27 12.
• Paramount Global CFO Naveen Chopra will join Roblox as CFO on June 30; Andrew Warren named interim CFO at Paramount 13.
• Pentagon deploying up to 700 Marines to Los Angeles to reinforce National Guard amid ongoing immigration protests; mission limited to federal asset protection 14.
• US–Iran nuclear talks remain deadlocked; next direct meeting set for June 12, with a sixth round of indirect talks scheduled for June 15 in Muscat, Oman 89.
• Missile launched from Yemen toward Israel failed to reach target; IDF issued evacuation orders for three Houthi-controlled Yemen ports 10.

Commentary

US tariff policy remains a source of uncertainty as courts have blocked the Trump administration’s IEEPA tariffs, but kept them in effect pending appeal 1. Importers continue to pay the tariffs, and the administration is exploring alternative legal authorities to maintain them 1. Ongoing litigation, including multiple lawsuits, could ultimately reach the Supreme Court, keeping trade-sensitive sectors on watch for further developments and potential refund processes 1.

Crypto markets saw significant volatility, with Bitcoin breaking above $110,000 and triggering a wave of short liquidations 3. Strong spot ETF inflows and expectations that the Fed will hold rates steady have supported bullish sentiment 3. The Senate’s movement on the GENIUS Act stablecoin bill, with bipartisan and Trump backing, could provide regulatory clarity and further institutional participation if passed 7.

Macro risk is somewhat reduced by the CBO’s updated debt ceiling estimate, pushing the deadline to late Q3 and easing immediate default concerns 11. In equities, Disney ’s full acquisition of Hulu positions the company for deeper integration in streaming 4, while Apple ’s final phase-out of Intel Macs underscores its shift to Apple Silicon 12. Paramount’s CFO transition 13 and Tesla ’s 2.5% gain on perceived White House détente with Musk are notable corporate moves 5.

Geopolitical risks persist, with US–Iran nuclear talks stalled and further meetings scheduled this week 89. The failed missile launch from Yemen toward Israel and subsequent IDF evacuation orders for Yemen ports highlight ongoing Middle East tensions 10. The Pentagon’s deployment of Marines to Los Angeles is notable domestically but appears contained to asset protection 14.

Traders should monitor tariff litigation, crypto legislation, and debt ceiling headlines for near-term catalysts. Sectors sensitive to trade, crypto, and streaming may see continued volatility.