Trump Urges GOP to Protect Medicaid, Elon Musk Steps Back from Politics

Market Update

• 📉 The Dow Jones Industrial Average closed down 115 points, the Nasdaq fell 72 points, and the S&P 500 dropped 23 points.
• 📈 Ten-year Treasury yields were at 4.47%, and two-year Treasury yields stood at 3.96%.

Trump's Medicaid Stance

• 🏛️ President Trump met with House Republicans and urged them to leave Medicaid untouched in their reconciliation package, reportedly using expletives to emphasize his point.
• 🗣️ He expressed confidence in party unity and the ability to get the deal done, encouraging holdouts to align with the budget and spending bill.
• 💰 Regarding tax policy, Representative Nicole Malliotakis noted that a $30,000 deduction would cover 98% of her district, addressing concerns about higher property taxes.

International Relations and G20

• 🌍 Secretary of State Marco Rubio suggested President Trump will not attend the G20 summit in South Africa due to the country's unaligned policies with the U.S.
• 🚫 The decision was influenced by issues brought to the agenda that do not reflect the administration's priorities.

Elon Musk's Political and Business Focus

• 🚗 Elon Musk announced he will reduce his political spending and remain as CEO of Tesla for the next five years to focus on turning around the company's sales.
• 💰 Musk, who spent at least $250 million supporting Trump last year, stated he doesn't currently see a reason for future political spending.

Regulatory and Corporate News

• 💉 U.S. regulators will require new clinical trials for COVID booster shots for healthy adults and children, potentially limiting access.
• 🚕 Lyft is reintroducing cheaper shared trips at airports to attract inflation-weary consumers.
• 🚀 Google aims to accelerate product releases in the AI era, with CEO Sundar Pichai emphasizing faster shipping of AI models and features.

Legal and Health Updates

• ⚖️ Testimony continued in Sean Diddy Combs' sex trafficking trial, with a Homeland Security agent detailing the discovery of AR-15 parts and loaded magazines with scratched-out serial numbers.
• 🤢 Health officials reported that cucumbers from Florida-based Bednar Growers have caused illnesses in at least two dozen people across 15 states.