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AXIOS (Courtenay Brown) - Trump threatens trade with Spain

Data: FactSet; Chart: Matt Phillips President Trump's threat to "cut off all trade " with Spain was immediately a market event — at least in Europe. Why it matters: Well into Trump's second term, foreign investors aren't totally dismissing the president's trade threats, even if the legal authority, the path to implementing them and the ultimate outcome remain unclear. - The U.S. Supreme Court narrowed one of Trump's most aggressive trade authorities. But trade tensions are still flaring up in ways that financial markets are adjusting to. - Top economic officials suggest they are willing to explore how to translate the president's trade demands into policy. Driving the news: "We don't want to do any trade business with Spain anymore,"…

AXIOS (Matt Phillips) - What the momentum trade tells us about the stock market

Data: FactSet; Chart: Matt Phillips/Axios The momentum trade is having a terrible start to the second half. Why it matters: Momentum shares drove the market gains early in the year, and it will be harder for the rally to continue without their participation. How it works: Momentum is one of the "factors" some mathematically minded investors, known as quants , use to describe and organize the market according to certain well-understood market trends. - Momentum stocks are defined, more or less, as shares that have been going up — and outperforming the broader market — for roughly a year. - The academic research that quantitative investing is based on has found that such trends have a tendency to persist. - In other words, a momentum…

NYTIMES (Jim Tankersley, Javier C. Hernández and Christopher F. Schuetze) - What Germany and Japan Can Teach Ukraine About Patriot Missiles

Two American allies already have permission to build the American interceptors, a license that President Trump says he will also grant to Kyiv.

NYTIMES (Tracy Mumford, Will Jarvis, Margaret Kadifa, Jake Lucas and Ian Stewart) - How the Platner Campaign Imploded, and New Questions About Trump’s Qatari-Donated Jet

Plus, what Meta’s new A.I. push means for your Instagram pictures.