The Supreme Court has upheld a Trump-era tax on unrealized income from overseas investments. The tax applies to corporate earnings abroad—even when the earnings haven't been realized. The decision means Congress may be able to adopt a wealth tax in future, although the ruling purposely stops short of allowing that.

The White House announced it will rush delivery of air defense missiles to Ukraine by redirecting planned shipments to other allied nations. The shipments will involve hundreds of Patriot interceptor missiles. The move came as Senators unveiled a bipartisan bill that would designate Russia as a state sponsor of terrorism.

Wildfires in New Mexico have claimed the life of a second person, and are still zero-percent contained. The season's first named tropical storm, Alberto, made landfall in Mexico Thursday, bringing severe flooding to parts of Texas. States in the Northeast and Midwest continue to experience temperatures of over 90 degrees amid the ongoing heat wave.

A new poll by Fox News shows President Joe Biden leading former President Donald Trump nationally by two points. President Biden also performed stronger among independent voters. Meanwhile, a new Emerson College poll showed President Trump still leading in key swing states.