Suit & Times Daily Briefing – May 21, 2025

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📬 What We’re Covering Today

📈 The Ledger

Tracking key market indexes to give you a pulse on global financial movements. 

These indexes cover U.S. markets, global equities, small-cap stocks, volatility, and economic trends, offering a snapshot of where the market is heading.

🔹 Why These Indexes Matter:

• Broad Market Trends: The S&P 500, Dow Jones, and Nasdaq show how major U.S. companies are performing.

• Volatility & Risk: The VIX measures market uncertainty and investor sentiment.

• Global Perspective: FTSE 100, Nikkei 225, and MSCI World reflect international market health.

🇺🇸 Trump Rallies GOP to Pass 'One Big Beautiful Bill' Amid Deep Divisions

The Story: President Trump visited the Capitol on Tuesday urging House Republicans to unify behind his sweeping tax and immigration bill, but key moderates and blue-state lawmakers still oppose major provisions.

The nearly 1,100-page proposal — a cornerstone of Trump’s second-term agenda — includes permanent tax cuts, temporary relief for tips and overtime pay, border wall funding, and mass deportation enforcement. However, deep cuts to Medicaid and food assistance, estimated to total $3.8 trillion over the next decade, have divided the party and fueled backlash from health advocates and Democrats.

🔻 Bullet Points:

• Trump Visits Capitol to Rally GOP: Trump told House Republicans they have “unbelievable unity” and urged them to stop “screwing around” and pass his flagship legislation.

• ‘One Big Beautiful Bill’ Includes Sweeping Cuts: The bill enshrines Trump-era tax cuts, adds immigration enforcement, and slashes $715B from Medicaid and other safety net programs.

• Moderates Still Hold Out: Blue-state Republicans like Rep. Mike Lawler oppose the bill over limited SALT deductions, while others warn Medicaid cuts hurt their districts.

• Procedural Vote Set for 1AM Wednesday: A key rules committee vote will determine if the bill heads to the House floor — Democrats slammed the timing as an attempt to avoid public scrutiny.

• Trump Opposes SALT Deduction Expansion: Trump rejected calls to increase the cap on state and local tax deductions, arguing it unfairly benefits “Democrat governors.”

• Clock Ticking on GOP Unity: With just a three-vote majority and Speaker Johnson aiming to pass the bill by Memorial Day, Republicans are scrambling to tie up loose ends.

🔗 Read the full story → The Guardian

💸 Elon Musk Says He’s Done “Enough” Political Spending, Plans to Scale Back

The Story: Elon Musk signaled a sharp retreat from the political arena, telling an economic forum in Qatar that he will significantly reduce campaign contributions after spending over $250 million to back Donald Trump in 2024.

While Musk insists he has no regrets and defended his controversial role in the White House’s federal spending overhaul known as Doge, the billionaire acknowledged growing backlash against his political activity — which has sparked protests, hurt Tesla sales, and failed to deliver promised policy wins like blocking tariffs or achieving massive budget cuts.

🔻 Bullet Points:

• Musk to Cut Political Spending: After pouring $250M into Trump’s 2024 campaign, Musk said he plans to “do a lot less” political spending going forward.

• Tesla Leadership to Continue: Despite investor pressure and distractions, Musk committed to running Tesla for at least five more years.

• ‘Doge’ Cuts Fall Short: Musk defended the federal spending task force he leads, saying its influence is limited and its critics overstated the harm.

• Public & Market Pushback: Protests, violent backlash, and sliding Tesla sales during his political foray have fueled concerns among shareholders.

• Mixed Results in Politics: Musk’s preferred judicial candidate lost in Wisconsin, and Trump pursued tariffs against his advice.

• No Regrets, But Toned Down Role: Musk claimed he “did what needed to be done” in 2024, but sees no reason to keep spending for now.

• Pay Debate Still Ongoing: Musk insists his push for a record-breaking Tesla pay package is about “reasonable control,” not money.

🔗 Read the full report → BBC

🔧 Home Depot Says No Broad Price Hikes Coming — But Some Products May Disappear

The Story: Home Depot announced it does not plan to raise prices across the board despite Trump’s tariffs, positioning itself as a price-stable alternative to competitors like Walmart — but warned that some items may quietly vanish from shelves if rising import costs make them unprofitable.

While the home improvement giant credits its U.S.-heavy supply chain and customer base for its resilience, executives admitted that tariffs could force them to drop certain products entirely, even as rivals brace for higher prices and political pressure.

🔻 Bullet Points:

• No Across-the-Board Price Hikes: Home Depot says it won’t raise most prices due to tariffs, unlike Walmart, which warned customers to expect increases.

• Some Items May Disappear: Executives acknowledged that select products could be pulled from shelves if tariffs make them too costly to stock.

• U.S.-Heavy Supply Chain: The retailer already sources over half its inventory domestically and aims to reduce reliance on any single foreign country to under 10% by 2026.

• Tariff Advantage Over Competitors: Unlike Walmart, Home Depot doesn’t sell food and caters to wealthier homeowners, allowing it more flexibility.

• Positioning to Win Market Share: Home Depot hopes price stability will lure customers away from retailers forced to pass tariff costs on to shoppers.

• Broader Industry Tensions: Trump's tariffs have ignited friction with retailers like Amazon and Mattel, who face mounting pressure over price increases.

• CEO on Consumer Strength: Home Depot’s CEO says their typical customer is in “a good spot,” with high incomes and ongoing interest in home projects.

🔗 Read the full story → NPR

💉 FDA Restricts Covid Vaccine Access for Low-Risk Groups, Sparking Backlash

The Story: The FDA, under the Trump administration’s new public health leadership, is tightening access to Covid-19 boosters — now only fast-tracking vaccines for high-risk individuals while requiring more extensive data for approval in low-risk groups, a move critics say could limit access and erode trust in public health.

Health experts warn that this new policy, shaped in part by vaccine-skeptic officials like Robert F. Kennedy, could deny willing Americans access to boosters, reduce overall vaccination rates, and leave more people vulnerable to infection and long Covid — despite evidence that even healthy individuals benefit from annual shots.

🔻 Bullet Points:

• FDA Shifts Vaccine Policy: The agency will now prioritize Covid-19 vaccine approvals only for high-risk groups, such as adults over 65 or individuals with underlying health conditions.

• Access for Healthy Adults Curtailed: Covid boosters for low-risk people will require additional clinical trial data, delaying or preventing approvals for broad use.

• Public Health Experts Sound Alarm: Scientists say the move could make vaccines less accessible and harder to insure, potentially discouraging uptake across all groups.

• Novavax Restricted to High-Risk: The FDA recently approved a new Novavax booster — but only for older adults and at-risk individuals.

• Data Conflicts with Policy Shift: CDC research shows even low-risk individuals benefit from boosters through reduced illness severity and lower risk of long Covid.

• Vaccine Uptake Remains Low: Fewer than 25% of Americans get their annual Covid booster, a stat the FDA says reflects declining public trust in vaccines.

• Kennedy’s Role Raises Concerns: Anti-vaccine figure Robert F. Kennedy has reshaped HHS leadership, prompting thousands of departures and criticism over politicizing science.

• FDA Official Resigned in Protest: Former vaccine chief Peter Marks said the new policies suppress transparency and elevate misinformation.

🔗 Read the full story → The Verge

🍻 George Wendt, Beloved ‘Cheers’ Star Who Played Norm, Dies at 76

The Story: George Wendt, the actor who immortalized the iconic barfly Norm Peterson on Cheers, passed away Tuesday at age 76. Known for his warm comedic timing and six Emmy nominations, Wendt was a staple of American TV for over a decade and a beloved figure in the comedy world.

His breakout role as Norm, the lovable everyman glued to his barstool, made him a household name on the hit sitcom that ran from 1982 to 1993. Wendt’s work left a lasting mark on television and comedy — both onscreen and onstage — and inspired future stars like his nephew, Ted Lasso creator Jason Sudeikis.

🔻 Bullet Points:

• Cheers’ Norm Has Passed: George Wendt, who played Norm Peterson in over 260 episodes of Cheers, died Tuesday at home at age 76.

• TV Comedy Legend: Wendt earned six Emmy nominations for his role on Cheers and became a pop culture staple thanks to the show’s signature “Norm!” bar entrance.

• Comedy Roots in Chicago: A native of Chicago, Wendt began his comedy career at The Second City after initially flunking out of Notre Dame, later studying economics at Rockhurst College.

• Family Ties to Comedy: Wendt’s nephew is comedian and Ted Lasso creator Jason Sudeikis, who also got his start at The Second City and SNL.

• Beyond Cheers: Wendt appeared in guest roles on shows like Frasier, movies like The Little Rascals, and had his own short-lived series, The George Wendt Show.

• Tributes Pour In: Friends, fans, and co-stars have begun sharing tributes, remembering Wendt not just as a television icon, but as a kind and humble performer who made every role count.

🔗 Read the full story → NBC

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💡 That’s it for today’s briefing. Stay sharp, stay informed, and we’ll see you tomorrow!