Good morning investors! The S&P 500 hit another record high yesterday as greed continues to rule. Even Bitcoin jumped. Moreover, Ripple has applied for a U.S. banking license.

Today we cover:

  • A look at the tax bill

  • Tesla deliveries disappoint again

  • Price hikes are here

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📊 Economy and News

Trump’s “Big Beautiful Bill” Boosts Chipmaker Tax Credits, Limits Student Loan Repayment Options

President Trump’s “One Big Beautiful Bill,” passed by the Senate on July 1, 2025, raises tax credits for U.S.-based semiconductor firms like Intel, TSMC, and Micron from 25% to 35% to bolster domestic chip production. Building on the 2022 CHIPS Act, the bill aims to strengthen the U.S. supply chain amid tariff threats, encouraging firms to expand manufacturing by 2026. However, it awaits House approval by July 4.

The bill also includes tax deductions for car loan interest ($10,000), tips ($25,000), overtime pay ($12,500-$25,000), and seniors ($6,000), but these benefit higher earners more due to tax bracket differences.

Low-income households may see limited gains, as deductions require taxable income exceeding the standard deduction ($15,750 for singles, $31,500 for couples in 2025).

For student loan borrowers, the bill cuts repayment options to two starting July 2026: a standard plan (10-25 years) and a Repayment Assistance Plan (1-10% of discretionary income). Borrowers on the blocked SAVE plan must choose by July 2028, or be shifted to the income-based plan, potentially raising payments significantly.

Global hits:

Yay: The United States has struck a trade deal with Vietnam. The agreement includes a 20% U.S. tariff on Vietnamese goods, as well as a 40% “transshipping” tariff. This is major since a lot of goods imported in the US are manufactured in Vietnam.

Also, Maersk estimates effective US tariffs average 21% currently, down from 54% peak.

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📈 Stocks

S&P 500 6,227.42 (+0.47%)
DJIA 44,484.42 (-0.024%)
NASDAQ 20,393.13 (+0.94%)(-%)
BRENT CRUDE 69.11 (+2.99%)(
* Prices as of Jul 3rd, 12:20 AM UTC

Tesla Faces 14% Delivery Drop Amid Policy and Competition Challenges

Tesla reported a 14% decline in Q2 2025 vehicle deliveries, totaling 384,122 vehicles, down from 443,956 a year ago, marking its second consecutive quarterly drop. Production reached 410,244 vehicles, including 396,835 Model 3 and Model Y units. Despite beating some analyst expectations (387,000 predicted by FactSet), Tesla’s stock is down 22% in 2025, the worst among tech megacaps.

Trump’s “One Big Beautiful Bill,” passed by the Senate on July 1, 2025, raises chipmaker tax credits to 35% but could harm Tesla’s solar and battery business, potentially cutting EV sales by 100,000 annually by 2035, per Energy Innovation. The bill awaits House approval by July 4.

On the other hand, Rivian reported 10,661 deliveries in the Q2, 22% less than last year’s spring.

Check this: Microsoft will cut less than 4% (9,000 workers) of its global workforce across teams , role types and geographies. Also, Amazon’s Jeff Bezos sold $737 million in Amazon stock after his $50M Venice wedding.

Lastly, Robinhood stock hit the $100 mark for the first time, despite failing to join the S&P Index. The company plans on bringing thousands of tokenized stocks, ETFs, and private equities fully on-chain. However, OpenAI said it did not partner with Robinhood on the tokens and emphasized no equity transfer was approved.

Healthcare falls: Centene (CNC) crashed 40% after warning of a $1.8B earnings miss, driven by expiring Covid-era rules and a GOP bill cutting health benefits for millions. With 50% of premiums from Medicaid, Centene faces shrinking margins as fewer, sicker customers remain.

Analysts, like Jefferies' David Windley, noted the company underestimated the impact. Other insurers also fell: Molina Healthcare (MOH) dropped 21.97%, UnitedHealth (UNH) declined 5.7%, and Oscar Health (OSCR) fell 18.73%, per the finance card above, marking a grim day for the sector.

💵 Personal Finance

Tariff-Driven Price Hikes Are Here

Tariff-induced price increases are impacting major U.S. department stores, with DataWeave’s analysis revealing a significant uptick in apparel, footwear, and bag prices at retailers like Macy’s, Nordstrom, and Dillard’s since May 2025.

Footwear prices have risen notably, with Macy’s reporting a 4.2% increase, Nordstrom 3.1%, and Dillard’s 2%, while apparel and bags saw smaller hikes, such as DSW’s 2% and REI’s 2.6% in bags.

A new U.S. trade deal with Vietnam, announced on July 2, imposes a 20% tariff on Vietnamese goods, with up to 40% for transshipped items from countries like China, affecting retailers like Nike and Lululemon, who rely on Vietnam’s manufacturing.

These tariffs, combined with existing duties, are driving up costs, particularly for footwear and private-label products sourced from China.

Retailers are attempting to mitigate these costs, but as former Walmart CEO Bill Simon noted, “Companies are mitigating what they can and are passing on the rest.”

With consumer confidence at a 12-year low, the Footwear Distributors and Retailers of America predict 6-10% price increases in 2025, though consumer shifts to untariffed alternatives may limit broader inflation.

💰 Be a Better Investor

“Debt is a social and ideological construct, not a simple economic fact.”

Noam Chomsky

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