Bloomberg News Now: Economic Records, Mortgage Dispute, CDC Shake-up, and Global Updates

Wall Street Records and Economic Outlook

• 📈 The S&P 500 and Dow Jones Industrial Average both reached new record highs today, driven by positive economic data.
• 💡 Second-quarter GDP rebounded to 1.6% due to increased personal consumption and a significant rise in business investment, reversing a first-quarter downturn.
• ⚠️ Initial jobless claims edged down, indicating employers are retaining current staff despite economic uncertainties.

Federal Reserve Governor's Mortgage Dispute

• ⚖️ Lawyers for Federal Reserve Governor Lisa Cook suggested a clerical error was behind a mortgage dispute, countering President Trump's call for her dismissal.
• 🏛️ The lawsuit argues that the president's attempt to fire Cook is an unlawful power grab that could cause irreparable harm to the economy.
• 🗣️ The White House maintains Cook is credibly accused of lying and that the president acted within his lawful authority.

CDC Leadership Changes and Public Health

• 🚨 CDC Director Susan Maneiras was ousted following a clash with Health and Human Services Secretary Robert F. Kennedy Jr. over vaccines.
• 📉 Kennedy cited a 'deeply embedded malaise' and 'numerous clerical errors' at the CDC, leading to a broader shake-up with several other senior officials resigning.
• 🌐 These changes at the CDC could have wide-ranging consequences for public health policy and the pharmaceutical industry.

Nvidia's Forecast and Tariff Confusion

• 📊 Nvidia provided a fiscal third-quarter revenue forecast of approximately $54 billion, meeting Wall Street expectations, and rejected notions of fading interest in AI infrastructure.
• 🇨🇳 The company continues to advocate for U.S. government approval for Blackwell chip sales to China, noting the government has not yet codified its plan for a 15% revenue cut.
• 📦 A shift in U.S. tariff policy, ending a long-standing exemption for parcels under $800, is causing chaos for logistics companies and consumers, with some postal services pausing shipments to the U.S.

International and Domestic Security Updates

• 🇺🇦 Russia launched a major drone and missile attack on Kyiv, the first in weeks, killing at least 21 people and wounding 48.
• 🇺🇸 The White House has requested support from a military base near Chicago for immigration operations, offering a glimpse into potential expanded law enforcement crackdowns.