CENTCOM struck Iran overnight. The ceasefire lasted 20 days.

Markets at a Glance

S&P Futs 7,496 ↓0.1%

Gold $4,153 ↓0.4%

Dow Futs 52,872 ↓0.1%

10-Yr 4.50% ↑2bp

WTI $72.25 ↑5.4%

Bitcoin $63,200 ↑0.5%

Everywhere I look I see headlines about Iran…

SpaceX…

Elon becoming the first trillionaire in history…

And the ongoing chatter about whether or not we're in an AI bubble…

But I have yet to see anyone whisper a word about why President Trump just "redacted" 750 White House files behind closed doors…

Or why right after, he wrote a check amounting to $300 million of his own money into a company sitting directly in the path of what comes next.

Mind you — these files were designed to "protect America" from "serious harm"… and Trump "REDACTED" them from existence.

The trillion-dollar question is…

Why?

I did some digging and it turns out Trump is hiding a BIG secret.

But probably not what you'd expect.

The Big Stories

1.	CENTCOM struck Iranian missile sites, drone launchers, and ports Tuesday evening. Three vessels were hit in the Strait that day. The ceasefire lasted 20 days. Fox

2.	Treasury revoked the sanctions waiver on Iranian oil sales. The waiver had allowed imports through August 21 under the June deal. It was three weeks old. Reuters

3.	WTI surged to $72.25 after hours, up 5.4% on the day. Brent hit $76.04. Oil had priced in the ceasefire holding. CNBC

Markets & Economy

4.	Samsung beat Q2 estimates by 6% but shares fell 7% in Seoul. The selloff hit US chips — SMH dropped 5%, Micron lost 4.7%. BBG

5.	DeepSeek is building its own AI inference chip. The Chinese AI firm is hiring engineers and talking to manufacturers. Reuters

6.	The 30-year Treasury yield traded above 5% on Tuesday. FOMC minutes from Warsh’s first meeting drop at 2pm today. Nine dots pointed higher at the June meeting. CNBC

Politics

7.	Trump said the US could remove its forces from Europe over Greenland. He made the comments at the NATO summit in Ankara. CNBC

8.	Trump told Erdogan the US will consider selling F-35s to Turkey. Hegseth is heading to Israel Wednesday to manage the fallout. Turkey was removed from the program in 2019. Fox

Around the World

9.	Two columns buckled at the former Pfizer tower on 42nd St. in Manhattan. Mass evacuations ordered — the 37-story building is still moving. AP

10.	Khamenei’s funeral moved from Qom toward Iraq’s holy cities Tuesday. The US strikes began Tuesday evening, after the procession had concluded. Reuters