Bloomberg News Now: Fed Probe, Meta & Citi Layoffs, Apple AI, and More

Market Performance and Economic Unease

• 📈 Stocks edged higher on Wall Street, but unease over interference in monetary policy kept a lid on market gains.
• 📊 The S&P 500 gained 11 points, the Nasdaq 63 points, and the Dow 86 points.
• 📉 Ten-year Treasury yields closed at 4.18%, and two-year yields at 3.54%.

Corporate Layoffs and Restructuring

• 📉 Meta is reportedly planning to cut 10% of jobs at its Reality Labs division, affecting those working on virtual reality headsets and a VR-based social network.
• 💼 Citigroup is set to cut about 1,000 jobs as part of CEO Jane Fraser's plan to control costs and improve returns.

Federal Reserve Independence Under Scrutiny

• 🏛️ Three former Fed heads and four former Treasury secretaries have criticized a Department of Justice investigation into Fed Chair Jay Powell, stating it undermines the central bank's independence.
• 🗣️ Republican Representative French Hill called the charges a distraction, while Senator Tom Tillis vowed to oppose Trump nominees to the Fed until the investigation is resolved.
• ⚠️ Treasury Secretary Scott Bessent reportedly told President Trump that the probe into Fed Chair Powell would be bad for financial markets.
• ⚖️ Senator Elizabeth Warren accused President Trump of weaponizing the DOJ to control the Fed for political gain, warning of disastrous economic consequences.

Tech and AI Developments

• 🤖 Apple has reportedly partnered with Google's Gemini to power its AI-powered Siri later this year, recognizing Gemini's technology as a strong foundation.
• 🗣️ This move comes as Amazon launched Alexa Plus, highlighting the ongoing competition and advancements in voice commerce and AI assistants.

International Trade and Business Valuations

• 🇨🇦 Canadian Prime Minister Mark Carney will visit China to discuss trade, energy, agriculture, and security with President Xi Jinping, aiming to rebuild relations and reduce economic reliance on the U.S.
• 🏀 A minority stake in the Golden State Warriors' holding company is reportedly for sale, valuing the company at over $11 billion.

Sports News

• 🏌️ Brooks Koepka is returning to the PGA Tour just five weeks after leaving LIV Golf, agreeing to a one-time program for elite players.