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Good morning. Gavin Newsom is making his boldest economic pitch yet with a nationwide billionaires tax, OpenAI appears ready to delay its long-awaited IPO, and Supergirl is off to a strong theatrical start.

We're also covering renewed tensions in the Middle East, rising health care costs, markets, sports, science, and the stories worth knowing before you start your day.

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US forces struck targets inside Iran on Friday in response to a drone attack on a cargo ship in the Strait of Hormuz the day before. Pentagon described the action as "the most significant test yet" for the interim ceasefire signed by the two countries last week.

Iran has not publicly claimed responsibility for the tanker strike, and the International Maritime Organization paused all evacuation efforts in the Strait. Both Brent and WTI crude jumped on the news after weeks of softening on the prospect of a permanent deal.

California Governor Gavin Newsom called for a nationwide billionaires tax as part of what he is calling an "economic reset for America," his clearest pre-2028 policy rollout to date. Newsom backed a "modern Buffett Rule" minimum tax on the ultra-wealthy while reaffirming his opposition to the state-level wealth tax Californians vote on in November.

The plan was rolled out via a Substack post and an accompanying video posted to his social-media feeds. Newsom told supporters the federal tax code, corporate code, and inheritance code were "written for a different set of Americans," echoing proposals that other prospective 2028 Democratic candidates have surfaced this spring.

Five million Americans have lost ACA coverage since last year, as premiums roughly doubled after Congress failed to extend enhanced subsidies. More than one million fewer people signed up for a plan for 2026, and another four million dropped coverage mid-year by failing to pay their premiums.

Trump officials attribute the surge in non-payment to fraud, while health policy experts point directly to unaffordable costs. Economists are monitoring the market for a potential "death spiral" — a collapse triggered when enough healthy enrollees exit to leave only the sicker, more expensive patients behind.

A Seoul court sentenced Kim Keon Hee — wife of ousted President Yoon Suk Yeol — to seven years in prison for accepting luxury gifts, including a $25,000 watch and designer jewelry, in exchange for political favors. Kim's lawyers called the verdict "loosely interpreted" and announced plans to appeal.

Dmytro Kozyura, former head of Ukraine's SBU counterterrorism department, was convicted of treason and sentenced to life in prison for passing defense secrets to Russian intelligence since 2018. Ukrainian authorities revealed they had used Kozyura to flood Russian handlers with disinformation for months before arresting him in an operation codenamed "Rat."

Canada's economy is facing more trouble than most analysts forecasted at the start of the year, with PM Mark Carney now leading a contraction in three of four economic indicators. Public-sector hiring caps and US-tariff fallout are the two factors economists cite most often.

The Cottonwood fire has consumed 72,000 acres in Utah's Wasatch Range, destroying more than 100 condos and cabins in a fast-growing ski community that residents had nicknamed a "hidden gem." Crews are battling steep terrain and dry winds as the blaze continues to expand on multiple fronts.

Former National Oceanic and Atmospheric Administration employees launched Climate.us this week, restoring 15 years of climate data, graphs, and educational materials that disappeared when the Trump administration shut down Climate.gov last year. Rebecca Lindsey, former NOAA program director, leads the project along with two other former agency scientists.

Pete Buttigieg said his family was briefly separated from their children after police and Child Protective Services responded to a false anonymous tip at the home. Potential 2028 presidential contender used the incident to flag growing political swatting risks.

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The Nasdaq closed Friday at 25,297 — its fifth consecutive declining session — as investors rotated out of technology into defensive positions on geopolitical and AI cost concerns. Semiconductor shares led the broader retreat, with the S&P 500 slipping to 7,354 and the Dow shedding 44 points.

OpenAI is leaning toward delaying its public listing to next year after SpaceX — which raised $85 billion at its June 12 IPO — tumbled from $225 to $153 per share in under two weeks. Prediction markets now put the odds of a 2026 listing at just one in three, with CEO Sam Altman reportedly waiting for a $1 trillion valuation in calmer conditions.

President Trump's economic advisers are giving Fed chair Kevin Warsh space on interest rates even as the President repeats his public call to cut. Tension stems from inflation that several Fed regional presidents now describe as running "unambiguously" hotter than the central bank's two percent target.

A new wave of biotech startups is targeting epigenetic markers — the chemical "switches" that control gene expression — rather than altering DNA directly, with one firm reporting cholesterol levels cut in half in early clinical trials. Researchers say the approach also shows promise for rare muscular disorders and avoids some of the permanence concerns that have shadowed traditional gene editing.

The NSF's Ocean Observatories Initiative narrowly avoided defunding after a last-minute reversal on June 18, while the Argo float program — which tracks global ocean conditions across thousands of sensors — now has only four months of financing secured. Scientists warn that gaps in US ocean data infrastructure could take decades to rebuild.

SpaceX's next-generation Starship breathed fire for the first time during a static engine test, about a month after the debut launch of its "Version 3" rocket. The fast turnaround suggests Elon Musk's team is keeping its iterative cadence despite the program's recent setbacks.

Cape Verde reached the World Cup knockout stage for the first time ever, drawing with Saudi Arabia to claim second place in Group H and becoming the smallest nation in history to advance past the group stage. Uruguay crashed out after a 1-0 loss to Spain ended their campaign, while Egypt also made history advancing from Group F for the first time.

Derek Hill robbed Juan Soto of a two-run homer with a spectacular catch as the Phillies beat the Mets 2-1 behind Zack Wheeler. Win extended Philadelphia's NL East lead while the reeling Mets dropped their seventh straight.

Ousmane Dembélé scored a first-half hat trick, including a goal off a Mbappé feed, as France beat Norway 4-1 at the World Cup. Three goals in 32 minutes is one of the fastest individual triples in recent tournament history.

Toronto selected Gavin McKenna with the top pick Thursday night, with nine trades reshaping rosters across rounds two through seven continuing Saturday on ESPN+. Teams are filling out their rosters through the afternoon as general managers make their remaining picks and trade calls.

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Veteran anchor Alex Witt is departing MSNBC after nearly three decades, as the network drops live weekend shows in favor of taped video podcasts starting Saturday. Antonia Hylton takes over the Saturday-Sunday daytime anchor slot, marking the biggest structural shift in MSNBC's weekend lineup in years.

Milly Alcock's debut as Supergirl generated $7.8 million in Thursday preview screenings, positioning DC Studios for a strong opening weekend. Alcock's Supergirl is one of summer's most anticipated superhero entries and a key test of DC's push to rebuild theatrical momentum.

HBO's new Larry David comedy "Life, Larry and the Pursuit of Unhappiness" is produced by Barack Obama's Higher Ground, and finds David in cravats and woolens reimagining the writing of the Declaration of Independence. The former president reportedly talked David into returning to TV after "Curb Your Enthusiasm" wrapped.

What it is: America's 250th anniversary has become a banner year for Revolutionary-era reenactors and interpreters, especially the ones who portray George Washington. Sites like Millstone Township, New Jersey are seeing crowds packed around encampments where actors in period uniform drill alongside drum-and-fife corps for visitors taking family photos.

The detail: John Koopman III, a Connecticut reenactor, recently completed three Revolutionary-era events in a single weekend with his horse Bear. Koopman's Washington uniform was tailored to the first president's exact measurements by a Mount Vernon costumer, with the kit and saddle each running several thousand dollars before any of the consumable supplies a typical encampment burns through over a weekend.

Why it matters: Reenactors say Washington's life is generating renewed interest among visitors looking for ways to participate in the 250th anniversary beyond official programming. Many cite Washington's compromises, his refusal of a third term, and his cross-factional leadership as the lessons they hope visitors take home from an encampment stop.

What to watch: Watch attendance numbers at Revolutionary-era historical sites through July 4, with Mount Vernon, Valley Forge, and Yorktown all expecting record visitor counts. Also watch how the reenactor community handles the surge — costume tailoring is a small artisan economy with limited supply chains for kits like Koopman's.

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—The Five Minute Daily Team