Stocks started a holiday-shortened week with fresh records in sight, as hopes rise that the U.S. and its top trading partners are closing in on deals over the sweeping tariffs introduced by President Trump. Here's what's happening ...

• In a whirlwind weekend push, last-minute changes to Trump’s “Big Beautiful Bill” have clean energy advocates crying foul. The Senate’s revised package guts solar and EV credits earlier than expected, adds new taxes on renewables, and even rebrands coal as a “critical mineral” to qualify for fresh subsidies. Meanwhile, fossil fuel producers are getting a red-carpet rollout, with expanded tax credits and leasing perks. The bill’s price tag? A cool $3.3 trillion added to the national debt, per the non-partisan Congressional Budget Office. That’s not including interest. There is some worry this could strand billions in green investments and spike electricity bills by the decade’s end—just as AI data centers drive up demand. UPDATE: The Senate just passed the bill this morning, 51-50! *

• After shocking us with panic and worry, the second quarter roared to a big finish. As 2025 kicked off, everyone was buzzing about a stellar year for stocks. Tax cuts were on the horizon, deregulation was in the works, and there was even talk of the Federal Reserve slashing interest rates further. Sure, there were whispers about potential tariff hikes, but nobody – and I mean nobody – saw the market panic coming when President Trump rolled out his tariff plans on April 3. The S&P 500 nosedived, dropping a whopping 10.4% in just two days. But then, in a twist, the president eased up on the tariff increases, pending trade negotiations by July 9. And guess what? The S&P 500 took off like a rocket. From its low on April 7, the index surged nearly 28%, closing Friday at a record 6,173 after hitting an intraday high of 6,188. The current environment is bullish and has momentum, but it won't last forever. There are plenty of risks to come over the next six months, including ongoing tensions in the Middle East, continued trade negotiations, and the constant will-they, won't they interest rate cuts. **

• Canada’s pulling the plug on its Digital Services Tax after Trump threatened to walk away from trade talks. The tax would’ve slapped a 3% fee on U.S. tech giants—think Meta, Amazon, Google, and Uber—for revenue earned from ads, marketplaces, and selling Canadian user data. The tax technically took effect last year, but Monday was supposed to be payday: nearly $3B in retroactive payments dating back to 2022. That’s now off the table, as Ottawa tries to smooth things over and lock in a deal with the U.S. by July 21. No word yet on whether this will ease tensions over tariffs still hanging in the air—but for Big Tech, it’s a clear win. ***

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