The Supreme Court issued multiple significant rulings on June 29, deciding that President Donald Trump has the power to remove Federal Trade Commission Commissioner Rebecca Slaughter and other members of independent federal agencies under the executive branch, while ruling in a 5-4 decision that Trump cannot fire Federal Reserve Governor Lisa Cook from the central bank. The court also ruled that Mississippi can count some absentee ballots received after Election Day, a decision Trump called a "tremendous loss" as Republicans sought to curb mail-in voting. These decisions came as the Dow Jones Industrial Average posted its first-ever close above 52,000, while Medicare prepared to begin covering obesity drugs starting July 1 with a $50 per month copay for eligible enrollees.
Supreme Court Rules on Trump's Authority to Fire Federal Officials
The Supreme Court decided that Trump had the power to remove Federal Trade Commission Commissioner Rebecca Slaughter, as well as other members of reportedly independent federal agencies that work under the executive branch. However, the court ruled in a 5-4 decision that Trump could not fire Federal Reserve Governor Lisa Cook from the central bank, for now.
In a separate ruling, SCOTUS said Mississippi can count some absentee ballots received after Election Day, representing a blow to Republicans' efforts to curb mail-in voting. Trump called the mail-in ballot decision a "tremendous loss" and pushed for a controversial voter-identification bill.
Dow Jones Posts First Close Above 52,000
The Dow Jones Industrial Average posted its first-ever close above 52,000. The index had help from Google parent Alphabet, which rallied nearly 5% on its first day in the blue-chip index.
While the Dow has added more than 2% month to date, the S&P 500 and Nasdaq Composite are both on track for their first down months in three. The Russell 2000 is on track for its largest first-half gain since 1991.
Medicare Expands Obesity Drug Coverage Starting July 1
As of July 1, Medicare will start covering obesity drugs for the first time. The policy change could bring in a huge new patient population for GLP-1 producers Novo Nordisk and Eli Lilly.
Medicare Part D previously covered some GLP-1s for conditions such as diabetes or cardiovascular disease, but federal law had prevented coverage on the sole basis of obesity. With the policy change, eligible enrollees can get the drugs for a copay of $50 per month. Medicare director Chris Klomp said last week that millions of Americans are expected to gain access through the new program.
Separately, Eli Lilly and Regeneron were among the first seven companies regulators selected for a pilot program to accelerate reviews of domestic manufacturing facilities. Under the initiative, regulators can start evaluating projects while they're under construction.
Comcast Announces NBCUniversal and Sky Spinoff Plans
Comcast shares rallied after the telecom giant announced its plans to spin off NBCUniversal and Sky into a publicly traded company. Comcast co-CEO Brian Roberts dismissed expectations that the announcement was a precursor to mergers and acquisitions, telling investors on a call that the announcement was "absolutely not" related to any M&A plans.
Some on Wall Street are wondering if Comcast could look to merge with cable company Charter Communications, in which case the media business would look more like Disney.
Waymo Ends Uber Robotaxi Partnership in Phoenix
Uber users can no longer hail Waymo robotaxis in Phoenix. Waymo vehicles in Phoenix will now be used for autonomous deliveries with DoorDash. Uber said it would partner with another autonomous vehicle company in the Phoenix market, but did not say which one.
For its part, Waymo is still operating rideshare services in other cities, with plans to add Nashville later this year via Lyft.
Retirement Savings Gap Between Genders
According to a new Vanguard report, men had $194,597 saved in their retirement accounts at the end of 2025, while women had $146,476. While experts don't see online Trump Accounts as solving the retirement savings gap between genders, they believe it could help.
FAQ
What did the Supreme Court rule about Trump's ability to fire federal officials?
The Supreme Court decided that Trump had the power to remove Federal Trade Commission Commissioner Rebecca Slaughter and other members of independent federal agencies under the executive branch. However, the court ruled in a 5-4 decision that Trump could not fire Federal Reserve Governor Lisa Cook from the central bank, for now.
When does Medicare start covering obesity drugs?
Medicare will start covering obesity drugs for the first time on July 1. Eligible enrollees can get the drugs for a copay of $50 per month. Medicare director Chris Klomp said last week that millions of Americans are expected to gain access through the new program.
What happened to the Waymo-Uber partnership in Phoenix?
Uber users can no longer hail Waymo robotaxis in Phoenix. Waymo vehicles in Phoenix will now be used for autonomous deliveries with DoorDash instead. Uber said it would partner with another autonomous vehicle company in the Phoenix market, but did not say which one.
