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• Trump will nominate Stephen Miran to fill Fed vacancy.
  On Truth Social, the president said Miran, the current chairman of the...
  On Truth Social, the president said Miran, the current chairman of the Council of Economic Advisors, would serve in the seat on the Federal Reserve Board of Governors vacated by Adriana Kugler, until the term expires on January 31, 2026. Trump wrote, “In the meantime, we will continue to search for a permanent replacement,” suggesting that Miran was not a shoo-in for a full 14-year term on the board beyond this caretaking period. Miran has been a critic of Fed Chair Jerome Powell. The selection may raise concerns about political influence over the Federal Reserve, which has typically operated with independence in the modern era. Miran will require Senate confirmation to assume the role, which is not expected before September.
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• ☕️What Else is Brewing Friday Morning
  Paramount and Skydance finalized their merger. Out...
  Paramount and Skydance finalized their merger. Out with the Redstones, in with the Ellisons. With the deal done early yesterday morning, Shari Redstone, formerly Paramount’s controlling shareholder, walked away from the company her father, Sumner, acquired in 1994. The new sheriff in town is David Ellison, the founder of Skydance, a movie producer, and the son of Oracle founder Larry Ellison, who Variety said largely bankrolled the deal. That might have something to do with why David Ellison, the new CEO, has already pledged that “technology will transform every single aspect of this company,” particularly streaming, on which Paramount failed to capitalize in the past. David Ellison told the New York Times that his first meetings on the job were with employees from CBS News and 60 Minutes, where morale is low following the recent CBS settlement with President Trump.
  
  Indian Prime Minister Narendra Modi said he was prepared to “pay a very heavy price” to maintain trade with Russia, following President Trump’s decision to double the tariff on India from 25% to 50%, a move prompted by India’s purchases of Russian oil.
  
  Global automakers have lost nearly $12 billion in operating earnings so far due to Trump’s tariffs, according to the Wall Street Journal.
  
  SoftBank Group stock hit a record high after the Japanese investment firm reported that the value of its Vision Funds rose $4.8 billion last quarter.
  
  The FBI will help locate Democrats from the Texas state legislature who left town in protest of a redistricting vote.
  
  The Canyon Fire, which broke out yesterday afternoon north of Los Angeles, has already spread to more than 1,500 acres and has forced thousands of residents to evacuate.
  
  Brandon Blackstock, Kelly Clarkson’s former manager and ex-husband, died yesterday after a previously undisclosed struggle with cancer. He was 48.
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• Trump’s Russia Sanctions Deadline Raises Stakes for Oil Markets
  As a White House cease-fire deadline with Ukraine approaches, oil markets...
  As a White House cease-fire deadline with Ukraine approaches, oil markets are bracing for President Donald Trump’s next move on Russia. Investors and energy professionals are closely watching whether Trump will impose new sanctions or offer a temporary reprieve. A recent move to sharply raise tariffs on Indian oil imports—despite India being a key outlet for Russian crude—signals the administration’s willingness to escalate economic pressure.
  
  Crude prices initially dropped on Thursday on reports of a potential Trump-Putin summit, only to rebound when the White House denied progress, stating any meeting was contingent on Putin first engaging with Ukraine’s President Zelensky. Both WTI and Brent crude ended the day at two-month lows, reflecting market uncertainty. Brent crude futures settled down 46 cents, at $66.43 a barrel. U.S. West Texas Intermediate crude fell 47 cents to $63.88.
  
  Analysts, including RBC’s Helima Croft, doubt Moscow will offer meaningful concessions but suggest symbolic gestures could help the U.S. delay enforcement. The key concern remains whether the U.S. is ready to absorb higher oil prices to curb Russia’s war funding. India, previously aligned with U.S. policy, is now pushing back after being hit with secondary sanctions. Friday’s decision could reveal the full extent of Washington’s willingness to disrupt global crude flows in pursuit of geopolitical leverage.
  
  
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• Oil falls on announcement of Trump-Putin meeting
   (Reuters) - Oil prices dropped on Thursday for a sixth...

   (Reuters) - Oil prices dropped on Thursday for a sixth consecutive session after the Kremlin said Russian President Vladimir Putin would meet U.S. President Donald Trump in the coming days, raising expectations for a diplomatic end to the war in Ukraine.

  
  

  Brent crude futures settled down 46 cents, or 0.7%, at $66.43 a barrel. U.S. West Texas Intermediate crude fell 47 cents, or 0.7%, to $63.88.

  
  

  Both benchmarks slid about 1% on Wednesday, touching their lowest in eight weeks, after comments from Trump on progress in talks with Moscow.

  
  

  Kremlin aide Yuri Ushakov said on Thursday that Trump and Putin would meet in the coming days in what would be the first summit between leaders of the two countries since 2021.

  
  

  A White House official had previously said that Trump could meet Putin as soon as next week.

  
  

  The U.S., however, continued preparations to impose secondary sanctions on major buyers of Russian energy products to try to pressure Moscow to end the war in Ukraine.

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• Dow, S&P 500 end lower, Nasdaq ekes out record close as new tariffs take effect
  U.S. stocks closed mostly lower on Thursday as President...

  U.S. stocks closed mostly lower on Thursday as President Trump's new tariffs took hold, with the Dow booking its worst day in about a week.

  
  

  The Dow Jones Industrial Average fell about 224 points, or 0.5%, ending near 43,968, according to preliminary data. That was off the session's worst levels but still its worst daily percentage drop since Trump's Aug. 1 tariff deadline.

  
  

  The S&P 500 shed about 0.1%.

  
  

  The Nasdaq Composite ended about 0.4% higher, near 21,242, above its prior 21,178.58 record close on July 28.

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