Senate Battle Looms Over Big Beautiful Bill
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Here is your Morning Brief for Tuesday, July 1st. I'm Luke Vargas for The Wall Street Journal.

Investors are eyeing the wrangling in Washington over President Trump's fiscal megabill. Senate Republicans trudged through an overnight marathon session aiming to pass the big, beautiful bill and move the legislation toward Trump's desk ahead of a Friday deadline. As of the publication of this podcast, the final vote was yet to come, sending stock futures lower after both the S&P 500 and the Nasdaq composite ended Monday at record highs.

Asian markets have end-of-the-day mixed, even though Japan's Nikkei slid more than a percent following a social media post by Trump in which the president threatened higher tariffs on Tokyo. Negotiations for a deal to lower reciprocal tariffs before July 9th appear to be stalling, with Japan's prime minister standing firm on the country's priorities ahead of a national election later this month.

Japan's auto sector is particularly exposed to the U.S.'s 25 percent tariffs, which have already dented growth in the export-driven economy.

And lawmakers in California have voted to roll back one of the country's strongest environmental laws in a bid to kickstart new housing projects. Governor Gavin Newsom blamed the previous law for blocking development and reducing affordability, saying that abuses of the law had spread so widely that opponents used it to block some bicycle lane expansions in San Francisco.

Environmentalists have warned that developers will now go unchecked. California is the least affordable state in the U.S. and home to nine of the ten most unaffordable cities in the country. And we've got a lot more coverage of the day's news on the WSJ's What's News podcast. You can add it to your playlist on your smart speaker or listen and subscribe wherever you get your podcasts.