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Thursday Afternoon News Updates: Brutal Jobs Numbers, Trump's Stock Schemes, DOJ's Jack Smith Leak, and More – 7/2/26
Your Thursday afternoon update is here.
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Hi all, Ben here. It’s Thursday, and there is a whole lot I want to cover today, so let’s dive right in. Here’s what we’re tracking:
More on Trump’s obscene financial disclosures and the Micron conflict of interest
Trump Cabinet officials getting booed
The empty fairgrounds continue at Trump’s so-called Great American State Fair
A brutal June jobs report
Trump officials scrambling to spin that report
Stalled U.S.-Iran talks in Doha
Russia’s massive overnight assault on Kyiv
Funeral plans for Khamenei and calls for “vengeance”
Behind-the-scenes reporting on the Witkoff and Kushner push to get Iran to “think bigger”
The manufactured outrage over Mayor Mamdani’s thermostat advice
A DOJ leak involving the hidden Jack Smith report and a blown Epstein files deadline
Heat and fireworks pollution concerns ahead of July 4th
The FBI surging resources into the Georgia 2020 election probe
Exclusive MeidasTouch reporting on a new Democratic report alleging Trump allies misled donors and diverted money from America’s 250th birthday celebration into a shadow operation called Freedom 250
Before I go any further, if you haven’t yet joined as a paid subscriber, consider doing so now by clicking here to support our work. This is how we grow. It will give you access to all recaps like this, our exclusive Ask-the-Editor series, and more. Plus, it is the best way to help support the growth of this network.
Let’s get into it.
Micron, Crypto, and a Trump’s Schemes
Trump posted this morning praising Micron, calling it a great American company for pledging 250 million dollars into so-called Trump Accounts. He claimed the stock jumped nine points as a result and thanked the company personally. There’s just one small problem. Micron stock has actually been sliding over the past several days, not climbing.
There’s a bigger problem too. As MeidasTouch reported yesterday, Trump’s own financial disclosure forms show he purchased a meaningful chunk of Micron stock before this announcement. He conveniently left that part out of his glowing post. And let’s get into Micron for just a moment. The company reported record profits this year while also collecting nearly three billion dollars in taxpayer-funded government incentives. So the president is publicly cheerleading a stock he personally owns, timed to a corporate announcement, while that same corporation cashes taxpayer checks. By the way, Micron’s growth over the past few years has been in large part thanks to former President Biden and his CHIPS Act. Worth noting.
Booed at His Own Event
Trump sent his top officials, Defense Secretary Pete Hegseth, Stephen Miller, and Acting Attorney General Todd Blanche, to address National Guard troops as part of a D.C. Safe and Beautiful Task Force Ceremony at Meridian Hill Park. A protest erupted nearby, and the noise from demonstrators was loud enough that it nearly drowned out the speakers. Hegseth tried to play it off, saying the background noise was the sound of what he called “ingrates” blinded by ideology. Blanche visibly struggled to get through his remarks over the crowd. Meanwhile Miller delivered his usual rhetoric.
Great American State Fair Updates
Fox News, of all networks, accidentally has provided the best coverage of how badly this event flopped (while trying to claim it’s been a massive success). Fox’s live shots have shown tens of people scattered across the fairgrounds, and at some points, literally not a single person in the frame. Agriculture Secretary Brooke Rollins went on Fox to insist the event was hitting every mark and claimed 150,000 people would show up over the course of the week.
One attendee who did show up, wearing Trump gear, ended up needing medical attention after overheating in the 96 degree heat because several of the booths had no air conditioning. She said she started seeing stars, found a baptism tent, and jumped in the water to cool off before heading to a medical tent for electrolytes.
And per MeidasTouch’s exclusive reporting, there’s now a Democratic investigation to go with the empty fairgrounds. MeidasTouch DC Bureau Chief Scott MacFarlane has obtained a new 52-page report from House Natural Resources Committee Democrats describes how Trump allies effectively hijacked the congressionally approved America 250 celebration and replaced it with a shadow operation called Freedom 250, which allegedly misled donors into sending money intended for the nonpartisan birthday commission straight into Freedom 250’s own bank accounts instead. Committee Democrats say confidential disclosures show donors were affirmatively misled by fundraisers, including Trump’s own lead fundraiser.
The report also alleges sponsorship packages were sold for as much as ten million dollars, some tied to a photo opportunity with Trump himself, and that a contractor connected to the January 6th rally on the White House Ellipse has now collected tens of millions of dollars in federal contracts tied to the anniversary events. Ranking member Jared Huffman put it bluntly, describing what he called a feeding frenzy where insiders profited off a supposedly patriotic celebration.
The Jobs Report Trump Doesn’t Want You Reading
The economy added just 57,000 jobs in June, far short of the 115,000 economists expected. April and May were both revised sharply downward, a combined loss of 74,000 jobs from what was originally reported. On top of that, 720,000 people left the labor force entirely, 507,000 fewer people are employed than before, and the employment to population ratio fell to 59 percent, its lowest point in roughly five years. Inflation sits at 4 percent, still outpacing wage growth of 3.5 percent.
Washington Post economics writer Heather Long summed it up about as clearly as anyone could. The unemployment rate technically dropped to 4.2 percent, but only because so many people gave up looking for work that they no longer count in the statistic. Hospitality alone lost 61,000 jobs, a sector you’d expect to be booming with the World Cup happening in the United States right now. Economist Justin Wolfers pointed out that virtually all net job growth since Trump took office has come from healthcare and social assistance, while the rest of the economy has actually shed jobs. He also highlighted that the manufacturing revival Trump promised never materialized, with payrolls still down since the start of his so-called Liberation Day tariffs, even after the Supreme Court struck those tariffs down.
But hey, at least Trump made at least $1.4 billion in crypto last year.
The Spin Machine Kicks Into Gear
Faced with all that, Trump’s cabinet did what it always does. Energy Secretary Chris Wright claimed the country would be dealing with blackouts under a hypothetical Kamala Harris presidency. Trade Representative Jamieson Greer took aim at unemployed graduate workers, dismissing people with advanced degrees as having failed upward. UN Ambassador to NATO Matt Whitaker, when given the chance to talk about what makes America great, chose to highlight convenience food chains rather than healthcare, wages, or paid leave. And over on Fox Business, host Maria Bartiromo described the moment as feeling like the golden age, prompting a widely shared MS NOW supercut showing administration officials, Howard Lutnick, Scott Bessent, and Kevin Hassett among them, repeatedly promising spectacular growth just around the corner, quarter after quarter, for over a year now.
Manufactured Thermostat Outrage
Meanwhile, MAGA media spent real energy manufacturing outrage over New York Mayor Zohran Mamdani suggesting residents set their air conditioning to 78 degrees during a heat wave to ease strain on the power grid. Fox panelists mocked him as a communist. Ted Cruz, Rand Paul, Sarah Huckabee Sanders, Marjorie Taylor Greene, and Nikki Haley all piled on with variations of the same joke. It seems everyone on the right got the same memo. The problem is that this exact recommendation has been standard guidance from utility regulators in Texas, Florida, Arizona, Ohio, Missouri, Maryland, North Carolina, and many other states, for years, under governors from both parties, including Republicans. Haley herself posted nearly identical energy conservation advice back in 2015 as governor of South Carolina, a fact that resurfaced almost immediately after she tried to dunk on Mamdani. New York outlets have run nearly identical guidance for decades. It’s the same recommendation Eric Adams gave New Yorkers. Even Rudy Giuliani gave the same guidelines. This wasn’t a scandal. It was recycled outrage aimed at a Democratic mayor for repeating advice Republican officials give constituents every single summer. It’s a microcosm of the way the MAGA media works, which is why I wanted to flag it here.
Iran, Ukraine, and a Region Still on Edge
Reuters reported that the latest round of indirect U.S.-Iran talks in Doha wrapped up with no real progress, both sides essentially re-litigating issues they had already claimed to resolve under the interim agreement announced two weeks earlier. Axios reporter Barak Ravid added that Steve Witkoff and Jared Kushner have been pressing Iran to abandon its demand for tolls in the Strait of Hormuz, arguing Iran could make far more money simply developing its oil resources freely if sanctions were lifted. It’s a hard sell to a country that has watched this administration break commitments before.
In Ukraine, Russia launched one of its most devastating strikes of the war overnight, more than 70 missiles and nearly 500 drones aimed largely at Kyiv, killing at least 13 people and leaving residential buildings in flames. And in Iran, funeral preparations continue for Khamenei, with Pakistan’s prime minister expected to attend events running from July 4th through the 9th, while Iran’s parliament speaker has called on citizens to flood the streets and demand what he called vengeance for Khamenei’s blood.
Epstein Files, a DOJ Leak, and More
Back at home, a court-ordered deadline stemming from MeidasTouch host Katie Phang’s lawsuit for the Trump administration to release additional Epstein files came and went today with no compliance whatsoever (at least not yet). Separately, journalist Kyle Cheney reported that the Justice Department accidentally handed over a copy of Volume II of the Jack Smith report to defense lawyers in an unrelated case. Prosecutors had to notify the judge. This is the same report Trump has been desperate to hide from the public, and the Judge Cannon effectively buried.
And the FBI, under Director Kash Patel, is now surging hundreds of intelligence analysts nationwide into a priority investigation tied to the 2020 election results in Georgia, according to MS NOW, with each analyst expected to complete more than 700 records checks by mid-July. Overtime has reportedly been authorized, including on weekends and holidays, all in pursuit of a conspiracy theory that Republican-led investigations in Georgia have already debunked.
What’s Coming for the Fourth
As if the scorching heat wasn’t already a problem, a Washington Post exclusive reveals that internal National Park Service modeling predicts the July 4th fireworks show on the Mall could produce hazardous, even very unhealthy, air pollution levels across central D.C. So between the heat, the smoke, and the ongoing spin, that is the backdrop heading into Trump’s big anniversary weekend.
Thanks for reading and for spreading the word. We’ll see you back later with more, and remember to listen to the MeidasTouch Podcast for additional updates.



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