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Good morning. America officially kicked off its yearlong 250th anniversary celebration on the National Mall, Bitcoin tumbled below a key price level as markets turned risk-off, and LaMelo Ball could be on the move with trade talks accelerating around the league.

We're also covering the latest from Washington, global headlines, business, science, sports, and culture. Forward this to a friend who wants the world in five minutes.

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The Great American State Fair opened on the National Mall last night as the formal kickoff of America's 250th anniversary celebrations. A neon Freedom 250 Ferris wheel rose in front of the Capitol with state pavilions and concert-style food across the grounds.

Trump's opening remarks ran under thirty minutes, with praise for US military operations in Iran and the January capture of former Venezuelan President Nicolás Maduro. Rep. Jared Huffman criticized the organizing group at a congressional hearing this spring, citing commercial-access concerns about America 250 sponsorships.

Senate Republicans voted down the Iran war powers resolution just before midnight — 47–50–1 — one day after a near-identical measure passed both chambers. Trump had berated Republicans at a tense Capitol luncheon; Sen. Rand Paul voted "present" to give Trump "more space and leverage to negotiate."

Sen. Bill Cassidy received a personal White House briefing from VP Vance and envoy Witkoff before reversing his vote against the war. One reversal took less than 24 hours — a measure of how quickly Oval Office pressure can undo a Senate rebellion.

A 7.2-magnitude earthquake and a 7.5-magnitude shock struck northern Venezuela less than a minute apart, with the second the largest the country has recorded since 1900. Initial damage assessments cover building collapses and infrastructure failures across the capital region and several Caribbean-coast departments.

Caracas residents described scenes of panic as the second shock hit while families were still leaving buildings from the first. International search-and-rescue teams from Colombia and Brazil have already mobilized as Caracas hospitals report a steady inflow of injuries.

Kenyan police blocked key roads in Nairobi ahead of mass demonstrations marking the first anniversary of the 2025 Gen Z protests against tax hikes. Organizers say the renewed rallies are now also targeting accountability for unprosecuted security-force abuses from last summer.

Independent MPs formed a new centrist party in Australia, moving beyond the "teal independent" movement that weakened both major parties in recent elections. Organizers say the party will occupy the political center between Labor and the Liberal-National coalition, institutionalizing what had been an ad hoc voting bloc.

The Philippines banned the gaming app Gorebox after a rare school shooting in Tacloban left three students dead and 20 injured. The teenage suspect was reportedly an active player of the app, prompting an emergency cabinet vote on broader violent-gaming restrictions.

The Pentagon reversed the voluntary flu policy after an influenza outbreak sickened around 300 new recruits at Lackland Air Force Base, where only 40% had opted in when shots became voluntary. Mandatory vaccination returns for all incoming trainees; officials said the outbreak's timing with the policy reversal was, awkwardly, "just a coincidence."

Federal prosecutors arrested Frank Carone, former NYC Mayor Eric Adams' chief of staff, on charges that he accepted a series of bribes during his time in City Hall. Indictment is the first criminal charge tied directly to Adams' inner circle since the federal corruption investigation reopened.

A federal judge ordered the Kennedy Center to file regular updates on programming and operational plans, as most of the staff have departed and many artists have re-booked elsewhere. Reports filed under the order will determine whether the Center can reopen for the fall classical season.

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Bitcoin briefly dropped below $60,000 on Wednesday, hitting its lowest level since October 2024 in what analysts now describe as the eighth month of a sustained bear market. Pullback tracks with the broader tech selloff dragging the Magnificent Seven down across spring trading.

SK Hynix soared 12% after announcing plans to raise $29.4 billion via a Nasdaq ADR listing, with trading expected to begin July 10. Micron's blowout earnings — revenue more than quadrupled on AI memory chip demand — sent a positive signal for the entire sector.

Elon Musk lost his trillionaire status as SpaceX shares fell in a global tech sell-off, dropping his fortune from $1.11 trillion to $957 billion. Musk held the trillion-dollar mark for just 13 days after SpaceX's June 12 Nasdaq debut, when his stake briefly pushed him past the threshold.

Meta is building a prediction market app separate from Facebook and Instagram, where users wager play money on real-world event outcomes. Move follows Polymarket's high-profile insider-trading cases and could redirect retail interest in event contracts.

Broadcom and OpenAI co-designed a new AI chip called Jalapeno as part of a partnership that Wall Street says Broadcom needs to defend its data-center position. The chip is set to ship in production volumes by early 2027 and competes directly with Nvidia's mid-tier accelerators.

Anthropic, now valued at $965 billion, is hiring to build AI data centers in Australia and Japan as consumer demand outruns its current infrastructure. Revenue crossed a $47 billion annual run rate in May, up from $9 billion at the end of 2025, as the world's most valuable private company races to keep pace with its own growth.

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The Charlotte Hornets are actively shopping LaMelo Ball, with multiple teams engaged and a deal possible within 24–48 hours. Ball has 3 years and $119 million remaining on his contract and becomes extension-eligible July 6, adding urgency to any deal.

Detroit Lions cornerback Terrion Arnold was arrested in Tampa on four counts of kidnapping and four counts of armed robbery — charges that carry potential life sentences. Police say Arnold orchestrated a targeted robbery in which three victims were pistol-whipped and robbed at an apartment in February; Arnold denies involvement.

Shohei Ohtani struck out eight batters in a 4-3 Dodgers win over the Twins, rebounding after a miscommunication with backup catcher Dalton Rushing allowed three early runs. Ohtani has quality starts in 11 of 13 turns this season and has reached base safely in 23 straight road games.

Fever coach Stephanie White slammed WNBA officiating after Caitlin Clark took two unpenalized hits — including an apparent fist to her throat — in a 111-109 loss to Phoenix. Clark exited with back issues; White said Clark is "not officiated the same as everybody else."

Mubi will release Murnau's lost Bible — a prop volume the 'Faust' crew compiled in 1926, containing 400 photographs long believed destroyed in WWII. Publication marks the German expressionist classic's 100th anniversary in October, with international screenings at la Cinémathèque française.

Millie Bobby Brown said she knows Eleven's fate in the Stranger Things finale but has a pact with the Duffer Brothers to keep it quiet. The Netflix wrap left fans parsing every frame of the ending.

Olivia Wilde confronts the rumors that plagued the release of Don't Worry Darling, saying the studio and unnamed others advised her not to speak out at the time. The director used the interview to address the Florence Pugh feud rumors directly for the first time.

What it is: Boeing, Lockheed Martin, and Honeywell CEOs met at the White House as the administration presses defense contractors to ramp up missile and munitions production. The meeting followed US strikes in Iran and reflects mounting White House concern about depleted stockpiles and supply-chain bottlenecks across the industrial base.

The detail: The Missile Defense Agency awarded Lockheed a $35.3 billion sole-source THAAD interceptor contract running through 2032, with $842.9 million obligated at award. Raytheon also picked up a $398.7 million AMRAAM order the same day, including sales to US allies, as the White House requested $87.6 billion in supplemental Iran-war spending from Congress.

Why it matters: Trump invoked the Defense Production Act earlier this month, citing limited production capacity, fragile supply chains, and long lead times across the munitions base. Scaling weapons output is usually measured in years, not months, complicating the administration's push and tying the Iran posture to industrial constraints that contractors have flagged repeatedly.

What to watch: Watch whether Congress moves on a pending bill that would require the Pentagon's sign-off for defense-contractor share buybacks and dividends, a measure the industry has opposed. Also watch the next round of allied procurement orders, with NATO Secretary General Rutte citing a $300 billion order book at the White House.

Five Minute Daily keeps the day’s biggest stories clear, sourced, and quick to read. Share this edition with someone who wants the world in five minutes.

—The Five Minute Daily Team