Bloomberg News Now: Trump Tax Bill Hurdles, Supreme Court Ruling on Planned Parenthood, and Market Updates

Market Performance and Economic Indicators

• 📈 The S&P 500 briefly reached a new record high, closing slightly below its previous peak, while the Nasdaq and Dow also saw gains.
• 📊 The ten-year Treasury yield stands at 4.241%, and the two-year yield is at 3.712%.
• 📉 Nike reported sales surpassing expectations despite an 11% revenue decline in the quarter ending May 31st, as they work to clear inventory.
• ⚠️ Consumer spending growth in the first quarter was the weakest since the pandemic's onset, with a downwardly revised gross domestic product annual rate of 0.5%.

Trump Tax Bill Challenges in the Senate

• 🏛️ A significant portion of President Trump's tax cut bill faces a hurdle in the Senate, as the parliamentarian ruled certain provisions, including $250 billion in Medicaid and healthcare cuts, do not meet requirements for a simple majority vote.
• 🗣️ Congressman Troy Downing expressed dismay, calling the removal of provisions a frustration as they were designed to work together.
• ⏳ Senate Republican leaders are attempting to revise the wording on Medicaid cuts, potentially delaying the bill's vote. Speaker Mike Johnson urged the Senate to minimize changes to the House-passed bill.
• 💸 New York lawmaker Nicholas Loader is reportedly disgusted with the Treasury Department's proposal on the state and local tax (SALT) deduction, deeming the Trump administration's offer "not worth countering."
• ⚖️ The House version proposes a $40,000 SALT cap, while the Senate version suggests $10,000, with lawmakers from high-tax states threatening to block the bill unless the cap is $40,000.

Supreme Court and Healthcare Decisions

• ⚖️ The Supreme Court ruled 6-3 in favor of South Carolina, allowing the state to exclude a Planned Parenthood affiliate from its Medicaid program, stating the Medicaid Act does not grant beneficiaries a privately enforceable right to choose a specific provider.
• 💉 The Secretary of Health and Human Services' Advisory Committee on Immunization Practices recommended Merck's one-time shot protecting against RSV for infants and endorsed mercury-free flu vaccinations for the upcoming fall season.

Defense and International Relations

• ⚔️ Defense Secretary Pete Hegseth criticized media reports questioning the effectiveness of U.S. strikes on Iran's nuclear program, citing preliminary assessments of severe damage, despite a Defense Intelligence Agency report indicating aspects of Iran's uranium enrichment program remained intact.
• ❓ General Dan Cain affirmed he was not pressured to provide an upbeat assessment of the strike, stating his role is to offer options and execute orders.

Federal Reserve and Transportation

• 🏦 San Francisco Fed President Mary Daly sees evidence that tariffs may not cause a sustained inflation surge, supporting a potential rate cut this fall, and believes monetary policy is in a "good place" despite a slowing labor market.
• 🚆 Philadelphia's SEPTA approved a fiscal 2026 budget, including a 21.5% fare increase starting August 24th, service reductions, and is seeking state assistance.