Colorado Primary and Book Publishing Trends

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Plus, the SNP and the NASDAQ close out their best quarter since twenty twenty. It's Tuesday, june thirtieth I'm Alex Oslev for the Wall Street Journal. This is the PM edition of What's News, The top headlines and business stories that move the world today We're starting the show today with the Supreme Court. It was the last day of the term, and the justices issued several major opinions. First up in a six to three vote, they rejected President Trump's attempt to curtail birthright citizenship. aim to cancel citizenship for people born in the US. if their parents were living in the country illegally or if their parents were in the US on temporary visas. It was a signature immigration policy that Trump issued on the first day of his second term But the executive order was blocked by lower courts. It never went into effect. And now a majority of the Supreme Court has said it's unconstitutional For more on the decision and its implications for Trump's immigration agenda, journal legal affairs reporter Lydia Wheeler joins me now from Washington Lydia, why did the justices strike down this order So the whole debate centers on the fourourteenth Amendment and exactly what it says, which is all persons born or naturalized in the U. S and subject to the jurisdiction thereof citizens. Chief Justice John Roberts wrote the court's majority decision, and he said that there was scant evidence that birthright citizenship is limited just to those people who are domiciled in the United States Which is exactly what the Trump administration basically tried to claim. Roberts said that if Congress intended basically to limit American citizenship just to children of people domiciled in the US, that they would have conveyed that, right? And that nothing in the text of the fourourteenth Amendment actually says that. He said, now whereere do you see the words father or lawful or temporary But this was a six to three decision. So what did the dissenters say? We saw dissents come in from justices Clarence Thomas, Neil Gorsuch, and Samuel Lito, and these are the court's staunchest conservative members. Justice Thomas said that the court's historical analysis was inaccurate. He said that the fourteenth ammendment was designed and understood to secure equal rights for newly freed black slaves and basically to ensure that they would never again be treated as second class citizens Justice Samuelito, he said that the court basically made a serious mistake with this decision. He said that when the fourourteenth Amendment was adopted, that it was really meant only for children who at birth owe an allegiance to the United States This decision is the third time this year that the Supreme Court has blocked one of Trump's signature initiatives. The other two were his tariffs and his effort to remove Lisa Cook from the Fed What does that tell us about how the court sees its relationship with President Trump's policy agenda and also his effort to expand presidential authority gave Trump full reign to fire whoever he wants from whatever agency that he wants except the Fed. And you know, Republicans then won big today with the court's decision to strike down limits on how much political parties can spend in coordination with their preferred political candidate. And so really, the president is walking away here, think a lot to gain and a lot of big wins from the court this term. That was WSG legal affairs Reporter, Lydia Wheeler. Thank you, Lydia Thanks so much. The court also ruled today that states can ban transgender women and girls from playing on female sports teams. The decision largely divided the justices along ideological lines. It means that the twenty seven states with those bans can keep them President Trump today praays the opinion and two updates on the food industry The U. S. Agriculture Department is planning financial aid of up to five hundred million dollars for smaller meat packing companies these slaughter houses are struggling with dwindling cattle supplies, which has sent beef prices surging The program is for US companies, and it excludes the four largest beef processors in the country. That's Tyson Foods, JBS, Cargill, and National Beef And antitrust officials say that part of the reason eggs were so expensive last year was market manipulation by three large egg companies Those producers, Calmane Foods, Hickman's Egg Ranch and Versova, have now agreed to settle the claims by donating more than fifty million eggs to food banks and paying more than three million dollars Kalmane and Versva denied wrongdoing, while the former CEO of Hickman's Egg Ranch declined to comment Separately, the Food and Trug addministration said that Xin can market its nicotine pouches as less harmful than cigarettes Zin doesn't contain tobacco, and it's the most popular nicotine pouch brand in the U.S. It's a product of Swedish Match USA, which is owned by Philip Morris International coming up why a music publisher is looking to buy the rights to old books, That story, and more after the break AI isn't just changing how we do business, it involves a new kind of leadership On the season one finale of Tech Puential, we trace the through lines across episodes, revisiting powerful insights from executives who are helping redefine technology leadership for the age of AI Learn why tech is now a shared enterprise agenda and how you can drive real, durable value for your organization. Where technology and influence converge, new opportunities can emerge. That's Techfluential, a podcast from Deloitte and Custom Content from WSJ Stocks closed out a blockbuster quarter today with another rally. The NASDaQ led today's gains, adding one point a half percent. For the quarter, the S andP five hundred rose fifteen percent, and the NASDAQ jumped twenty one percent, the biggest increases for both since the second quarter of twenty twenty. Journal Markets reporter Hannah Aron Lang says those gains came during a particularly volatile period. So in spite of these uncertainties looming over markets in the second quarter, whether that was the war in Iran or a really rapidly shifting outlook on interest rates We saw double digit gains for all major US stock indexes across the board. And that was really because of this frenetic chip stock rally, right? Investors were piling into shares of semiconductor companies. This has emerged as the kind of next leg of the AI trade. There are still some key risks hanging over markets. invvestors are starting to look around and wonder When we'll start to see these good vibes spread throughout the market beyond just the tech sector The Journal has learned that Warren Buffett is skipping his usual midyear donation to the Gates Foundation for the first time in two decades He's waiting to see the findings of an outside law firm's review of the foundoundation's ties to Jeffrey Epstein Buffett has given roughly forty eight billion dollars to the foundation since two thousand six Buffet declined to comment. Representatives for the Gates Foundation didn't respond to requests for comment And Saudi Arabia's sovereign Wealth fund holds more than one trillion dollars in assets, but it's not getting much return on its investments. The fund's annual report out today shows that most of the asset growth is coming from government injections and borrowing Its portfolio is weighed down by mega projects with unrealistic designs and costs and lackluster tech investments. The performance adds to the list of fiscal challenges in the country, which is expected to face huge bills as a result of the war with Iran In US politics today, New Jersey Republican repepresentative Tom Kaine jror had his first day back at the Capitol after being absent for four months In an April social media post, Kaine wasn't specific about the health issue that was keeping him away T in the speech on the House floor, he disclosed that he had been hospitalized and diagnosed with depression. When I said, I hopeed to return in a matter of weeks, I believed it Those were the best estimates the doctors could provide as the over forty eight million of my fellow Americans being treated for this illness have come to discover There is no timeline for healing seat is one that Democrats hope to win back in a competitive race in the midterms Kain didn't respond today when a reporter asked him whether he planned to continue to run for reelection And in Colorado, voters are going to the polls for the state's primary election And our reporters are keeping an eye on a contested House race Democrats Diana Deigette, who has been a representative for almost thirty years, is facing a challenge from twenty nine year old Democratic socialist Melat Kiros. Elizabeth Findel covers politics for the journal and joins me now from Denver Elizabeth what are some of the issues on the ballot in this race You know, it's interesting because Representative De Gette has been a very progressive leader during her time in office, but she's being challenged from the left iros is telling voters that she wants to have Medicaid for all, wants to abolish ICE, wants to stop arms to Israel. The reason this congressional race is getting so much attention all of a sudden is people want to see whether there is a broader trend outside of New York as far as democratic socialists gaining momentum and it's somewhat of a test case of that Colorado was a swing state for a long time, arguably even a red state and became very blue very quickly. And it's become a little bit of a laboratory of democratic politics. That was Journal Reporter, Elizabeth Findendell. Thanks, Elizabeth. Thank you. I appreciate it Oh The deal boom that took over music may now be coming for books Primary Wave Music, a music publisher that acquires and markets the catalogues of artists, including Stevie Nicks and Prince, is working on a new venture It's kicked one hundred million dollars to buy the rights to major authors' old books. The company, along with writer and entrepreneur Richard Herwitz, is betting they can unearth new revenue by presenting past titles for the book talkalk era For more, I'm joined by Melissa Korn, deputy bureau Chief for the Wall Street Journalals media team. Melissa, the back catalog has existed basically forever. Why is this venture pursuing this now? In part because it's been so successful on the music side. Private equity investors, labels, lots of big enterprises have gotten into the rights business on the music side. So books are just another form of IP. So it's kind of an easy shift over to that I think the other reason is Publishers are often putting even less attention and money into marketing older books now, frankly, even newer books. So the folks behind this project see a real gap in the market and an opportunity there Is there really appetite for more books to be out there? I mean, are people reading enough I mean, I certainly am The answer is, yes, people are reading a lot. They're not reading every type of book But there are certain genres that are doing well and certain authors who can kind of give some new life to their old works And there every once in a while, especially with social media now You see Some book from twenty, thirty years ago really pop up and go viral again. That was the journal's Melissa Korn. Thanks, Melissa. Thanks And that's what's news for this Tuesday afternoon Tod's show is produced by Anthony Banscy and Alexis Smooore with supervising producer Tolly Arbell I'm Alex Oale leftf for the Wall Street Journal. We'll be back with the new show tomorrow morning. Thanks for listening This episode is brought to you by Charles Schwab Decisions made in Washington can affect your portfolio every day But what policy changes should investors be watching Washington Wise is an original podcast from Charles Schwab that unpacks the stories making news in Washington right now and how they may affect your finances and portfolio Listen at schchwab d. com slash Washington Yise