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Welcome to The Hill’s Business & Economy newsletter

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Business & Economy

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The Big Story

Markets jump after Powell rebuffs Trump

Financial markets finished the week on a high note after Federal Reserve Chair Jerome Powell stood his ground against President Trump in a rare joint appearance by the two men Thursday.

The S&P 500 finished 0.4 percent up, and the Dow Jones Industrial Average finished up 208 points or 0.47 percent.

The tech-heavy Nasdaq Composite gained about a quarter of percent to close above 21,108.

Top gainers on the day included Comfort Systems USA, Bel Fuse, Deckers Outdoor Corp. and IES Holdings, according to Morningstar.

The bond market also cooled off Friday. The 10-year Treasury yield finished slightly down after trading higher during the day as did the 30-year.

The bond market has exhibited major stresses this year through Trump’s trade war. Outflows from long-dated U.S. public and private bond funds reached close to $11 billion in the second quarter, according to a June Financial Times analysis using EPFR data.

Friday’s gains followed a confrontation between Trump and Powell on Thursday in which Powell repelled an attack from Trump — this time not on social media but on television.

The Hill’s Tobias Burns has more here.

Welcome to The Hill’s Business & Economy newsletter, I’m Aris Folley — covering the intersection of Wall Street and Pennsylvania Avenue.

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Essential Reads

Key business and economic news with implications this week and beyond:

White House mulling a rare tool to block spending without Congress: What to know

Trump administration officials are weighing a controversial maneuver aimed at allowing them to block federal funding previously authorized by Congress without lawmakers’ approval. White House budget chief Russell Vought said earlier this month that the gambit, known as “pocket rescissions,” is one of the options on the table for the administration as it continues its quest to reduce federal spending.

Full Story

Here are the cities where new college grads are landing jobs

For the second year in a row, Raleigh, N.C., tops the list of best U.S. cities for recent college graduates thanks to its job opportunities, comparatively affordable cost of living and strong hiring, according to a study from payroll provider ADP.

Full Story

Trump to meet with EU leader in Scotland for trade talks

President Trump will meet Sunday in Scotland with the head of the European Commission, Ursula von der Leyen, for the two sides to discuss trade.

Full Story

Volkswagen takes $1.5B profit dent after Trump’s auto tariffs

President Trump’s auto tariffs have riddled Volkswagen, which said it was hit with a $1.5 billion (1.3 billion euro) profit dent after the onset of the new U.S. trade policies.

Full Story

The Ticker

Upcoming news themes and events we’re watching:

The Federal Open Market Committee (FOMC) is set to make a decision on interest rates next Wednesday at 2 pm EDT
The Senate is expected to consider its first batch of government funding bills for fiscal 2026 next week.

In Other News

Branch out with more stories from the day:

Crypto lobbying skyrockets under Trump; 27 firms file first-ever lobbying forms

The cryptocurrency lobby rapidly expanded its presence on Capitol Hill in recent months as lawmakers took their first bite at legislation to regulate digital currency, according to disclosures filed this week. At least 27 crypto companies or advocates filed their first-ever lobbying disclosures this year across some 20 firms, reflecting an increasing appetite for influence in a more crypto-friendly Washington.

Full Story

Good to Know

Business and economic news we’ve flagged from other outlets:

S&P 500 posts fifth straight record close this week, powered by solid earnings (CNBC)
Tariffs will drive up U.S. prices even with Trump trade deals, experts say (CBS News)
Photos of renovations at the Federal Reserve’s Great Depression-era headquarters (The Associated Press)

What People Think

Opinions related to business and economic issues submitted to The Hill:

You’re all caught up. See you next week!

Markets jump after Powell rebuffs Trump

Business & Economy

Business & Economy

Markets jump after Powell rebuffs Trump

Paul Klee

Michael Parkes

Wassily Wassilyevich Kandinsky

Business & Economy

Business & Economy

Markets jump after Powell rebuffs Trump

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