Trump Ends Canada Trade Talks, Supreme Court Rulings, and Market Updates

Market Performance

• 📈 The S&P 500 reached an all-time high, closing above 6170, marking its first record since February.
• 📊 The Nasdaq and Dow also saw significant gains, closing up 0.5% and 1% respectively.
• 📉 The ten-year Treasury yield stands at 4.272%, and the two-year yield is at 3.737%.

Trade and Tax Policies

• 🚫 President Trump announced the immediate termination of all trade talks with Canada, citing an "egregious" digital services tax.
• ⚠️ Trump threatened to impose new tariffs on Canada within the week, targeting revenue generated by platforms like Google and Facebook.
• 🏛️ Republicans have reached a tentative deal to raise the State and Local Tax (SALT) deduction to $40,000 annually for five years, with provisions for high-income taxpayers and business owners.
• 💰 This deal could add hundreds of billions in new spending for the military, border patrol, and immigration enforcement, while also raising the debt ceiling by $5 trillion.

Supreme Court Decisions

• ⚖️ The Supreme Court limited the power of judges to block government policies nationwide, ruling 6-3 that individual judges cannot grant nationwide injunctions.
• 🛂 The court did not decide on Trump's birthright citizenship order, returning cases to lower courts.
• 🧑‍🏫 In a 6-3 vote, the court ruled that public school parents have the right to opt out of classroom lessons that intrude on their religious beliefs.
• 🌐 The court upheld the $8.6 billion Universal Service Fund, which subsidizes telecom services for low-income and rural populations.
• 🩺 The legality of an Obamacare provision requiring insurers to cover preventive health services free of charge was upheld.
• 🔞 A Texas law requiring porn sites to verify user age was upheld, rejecting arguments that it violates adult speech rights.

University and Technology News

• 🎓 University of Virginia President James Ryan resigned under pressure from the Trump administration following a civil rights investigation into alleged race-based treatment and DEI programs.
• 🚗 Elon Musk announced that a Tesla Model Y SUV drove itself autonomously to a customer's home near Austin, Texas, showcasing the company's advancements in autonomous driving.