TL;DR

Trump resumes Ukraine arms, Levi Strauss raises outlook, Fed faces White House scrutiny over $2.5B HQ.

Highlights

• Trump invokes emergency authority for $300M in Ukraine arms, resuming paused artillery and missile deliveries 1.
• Pentagon orders accelerated domestic drone production under new executive order, aiming to expand U.S. unmanned capabilities 4.
• White House budget chief escalates criticism of Fed Chair Powell over $2.5B headquarters renovation, citing alleged mismanagement 3.
• Levi Strauss raises 2025 outlook after Q2 beat, absorbs tariff costs, and hikes dividend; shares up ~8% after hours 5.
• Pump.fun acquires Kolscan wallet tracker ahead of $1B token sale, triggering a sharp rally in related Solana tokens 6.
• Second Circuit upholds New York law allowing lawsuits against gun makers, increasing legal risks for the industry 7.
• House introduces bipartisan SCORE Act to standardize college athlete NIL compensation, with markup set for July 15 10.
• Democrats challenge Trump administration’s education funding cuts in key states via NAACP amicus brief 11.
• Trump threatens to withhold GOP endorsements over opposition to $9B rescissions bill, including PBS/NPR defunding 12.
• ICE raid at California farm sparks protest standoff; no major injuries reported 13.
• Oklahoma City Thunder secure Jalen Williams, Shai Gilgeous-Alexander, and Chet Holmgren on $822M in extensions 14.

Commentary

Defense and policy headlines dominated after the close. Trump’s move to invoke emergency authority for Ukraine arms shipments 1 and the Pentagon’s push to accelerate drone production 4 signal renewed U.S. defense sector momentum. These actions may drive short-term interest in defense contractors and drone manufacturers such as AeroVironment, Inc. , Kratos Defense & Security Solutions, Inc. , Northrop Grumman Corp. , and related ETFs like iShares Defense Industrials Active ETF and Themes Transatlantic Defense ETF 4, especially as geopolitical tensions in Eastern Europe and the Middle East persist 14.

On the regulatory front, the White House’s public escalation against Fed Chair Powell over the costly Fed headquarters renovation 3 adds to uncertainty around central bank independence. While the Supreme Court has affirmed limits on presidential intervention 3, any perceived pressure on the Fed could inject volatility into Treasuries and the dollar, particularly with rate policy in focus.

Levi Strauss stood out in corporate earnings, raising guidance and boosting its dividend after a strong quarter, despite absorbing tariff costs 5. The market rewarded its operational resilience and pricing power, a positive signal for consumer names with diversified supply chains 5. In crypto, Pump.fun’s Kolscan acquisition and upcoming $1B token sale highlight ongoing speculative activity in Solana-based assets 6.

Elsewhere, legal and legislative developments are notable: the Second Circuit’s ruling on New York’s gun industry liability law increases headline risk for firearms manufacturers 7, while the bipartisan SCORE Act could reshape the college sports compensation landscape 10. Education funding and immigration enforcement remain politically charged 1113, but are unlikely to drive near-term market moves.