THE SHOW NOTES: Trump's Submarines, The Economic Data, & The Race For Speaker

Welcome! Fox News is hosting a debate for Speaker of the House.

HEADLINE: Putin says Russia has tested next-generation nuclear weapon - Reuters

IRS: Here are your odds of being audited by the IRS according to CNBC

NEW: Trump backs Jim Jordan for Speaker.

WHAT: LA Elementary schools are participating in a week-long celebration of 'National Coming Out Day.' - Twitter

DAVID BROOKS: Can We Talk About Joe Biden? - The New York Times (paywall)

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Trump

Donald Trump shared two highly classified pieces of information regarding nuclear submarine capabilities with a billionaire member of Mar-a-Lago months after leaving the White House. Anthony Pratt, a businessman who made his billions running one of the world’s largest cardboard companies, proceeded to share the information with 45 other people.

Why this matters: While the conversation with Pratt was not included in Special Council Jack Smith’s June indictment against Trump, Pratt is one of 80 known individuals whom Smith’s team has interviewed.

Economic Data

The good news: US payrolls surged by 336,000 new jobs last month in a shocking jobs report released this morning. The number was more than twice the amount of projected jobs created and was the highest monthly gain since January of this year.

The bad news: Added job growth is a sign that the Federal Reserve has more work to do to slow down the economy in order to get inflation under control. The chances of another rate hike before the end of the year increased to 44% as bond yields rose.

The worst news: In addition to wages staying flat, more Americans than ever are racking up significant credit card debt. The average credit card balance jumped 11.1% year-over-year to $6,082 while credit card delinquencies hit their highest rate in the same time period. In total, Americans added $45 billion in new credit card debt Q2 of 2023.

Race For Speaker

The race for Speaker of the House is heating up with Brett Bair’s newly announced televised debate on Monday night between Steve Scalise, Jim Jordan, and Kevin Hern. While Jordan has racked up a bevy of new endorsements from House conservatives according to Jake Sherman, Politico points out that Scalise has more relationships across the conference from being the second-most-effective GOP fundraiser behind Kevin McCarthy.

The schedule: Monday’s debate will be followed by a speaker candidate forum inside the GOP conference on Tuesday and a speaker vote scheduled for Wednesday.

🔥 Trending news:

• Dick Butkus, Pro Football Hall of Famer, dies at 80 - CNN

• The 7 largest stocks in the S&P 500 have returned 92% on average this year—but ‘it’s not terribly healthy’ for markets - CNBC

• Mortgage rates near 8%, the highest they’ve been in 23 years - Morning Brew

• Minnesota cops take millions of dollars from people without criminal convictions - Minnesota Reformer

• Georgia GOP has racked up $1 million in legal fees defending Trump and allies - Raw Story

• A painting valued at $15,000 turned out to be by Rembrandt. It could now sell for $18 million - CNN

• Tesla cuts Model 3 and Model Y prices in the U.S. after car deliveries fall - CNBC

• Republican Senators Move To Bar Biden Admin From Waiving Iran Sanctions - WFB

• MyPillow lawyers say CEO Mike Lindell owes them millions of dollars - NBC

• Violent Crime Is Surging in D.C. This Year: ‘We Just Stood There and Screamed’ - WSJ (paywall)

• China Is Becoming a No-Go Zone for Executives - WSJ (paywall)

Market snapshot: