Vladimir Putin is praising his country's military after it took full control of the Luhansk region in eastern Ukraine. That was after Ukrainian forces withdrew from the city of Lysychansk after the weekend. But Ukrainian President Volodymyr Zelensky was defiant when he spoke to the nation on Sunday. CNN's Scott McClane joins the show live from Kyiv to separate fiction from reality.

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In his second day of testimony on Capitol Hill, Jerome Powell lends more credence to predictions of an economic hard landing, saying the Fed is "not trying to provoke" a recession but it's "certainly a possibility." That's exactly what major Wall Street bans have been telling us for months. Meanwhile, the energy crisis in Europe is accelerating, with Germany running short of natural gas, forcing it to escalate an emergency energy program. 

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Investors are gearing up for the second half of the year after a challenging six months. 2022 has been the worst year since 1962, while the S&P posted its biggest six-month decline since 1970. Investors continue to worry about the same issues: rising prices, recession fears and Russia's war in Ukraine. Will we see fireworks ahead of Independence Day? CNN Business Correspondent Rahel Solomon shares her expectations for the rest of the year.

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There is no new episode of the First Move showcast. If you haven’t already, please check out CNN’s other podcasts and showcasts at cnn.com/audio. 

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Following yesterday's announcement that Turkey has agreed to support Finland and Sweden's bids to join NATO, the alliance today formally invited the two countries to become members. In his opening remarks at the 2022 NATO summit,  leader Jens Stoltenberg discussed the alliance's new "Strategic Concept," which he said reflects the "new security reality, with Russia's brutal war shattering peace in Europe, along with a more dangerous and more complex set of threats, from terrorism to disruptive technologies and climate change." Today's show begins right after the conclusion of Stoltenberg's press conference as Julia welcomes CNN Chief International Correspondent Clarissa Ward.

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It's the final day of the G7 summit in Germany, with the meetings expected to focus on keeping critical military and economic aid flying to Kyiv as the battle for eastern Ukraine intensifies and Russia steps up its attacks on innocent civilians. Meanwhile, the economic consequences of war and sanctions are on full display in Russia, with Moody's ruling Monday the country is formally in default for the first time in more than a century. The White House says that's proof that western sanctions against Moscow are causing real pain for Putin. G7 leaders are also pondering placing a cap on oil exports, a move that could hamper Russia's ability to continue to fund the war. We have it all covered in this episode of First Move.

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Friday's Supreme Court decision overturning the constitutional right to abortion in the United States is reverberating across the world. Major US firms from Disney to JPMorgan and Apple are promising to provide financial support to workers who may need to travel for health care in other states. But what about small or business employees who are clearly hearing warnings about the economic impact of that Supreme Court decision? One study suggests denying women access to abortion will be damaging for the US economy as a whole. One of that report's authors joins the show.

Also: Russia defaults on its foreign debt for the first time in over a century

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Ukrainian forces are withdrawing from the key city of Severodonetsk, effectively ceding the city to Russia and putting the eastern Ukrainian region of Luhansk almost fully under Russian control following months of grueling and bloody fighting. CNN's Salma Abdelaziz reports live from Kyiv. 

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The first day of summer was a sunny one on Wall Street, with US stocks posting their best gains in almost a month. However, things quickly turned stormy in today's early trading as investors fear global interest rate hikes will slow economies and weaken demand. Citigroup says the chance of a global recession is now close to 50%. Meanwhile, President Biden will speak today on his proposed gas tax holiday. Our extensive coverage begins with CNN's Rahel Solomon.

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Wall Street seemed set to begin this short trading week with solid gains on the first day of summer in the northern hemisphere. That would certainly provide solace for investors still reeling after last week's precipitous drops, not to mention the continued recession warnings from the likes of Goldman Sachs and Elon Musk. The latter opined that a recession is more likely than not. And US Treasury Secretary Janet Yellen warns prices will remain unacceptably high through the rest of the year. Julia and her guests cover those thorny topics and others in the Tuesday edition of First Move.

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