Surprise Numbers: U.S. Growth of 3.2% Tops Forecasts on Trade, Inventory Boost (Bloomberg)
U.S. Commerce Department data released today topped all forecasts while underlying demand was weaker than the headline number indicated. Consumer spending, the biggest part of the economy, rose a slightly-above-forecast 1.2 percent, while business investment cooled.

Tech Today:
-Microsoft Surpasses $1 Trillion Valuation as Results Dazzle With Strong Growth in Cloud-Computing (Bloomberg)
-Uber Aims for $84 Billion Valuation in Year’s Largest IPO (Bloomberg)
-Amazon Pledges One-Day Delivery for Top Clients in U.S. as Cloud-Computing Unit Spurs Profit Surge (Bloomberg)

Today in Venture Capital:
-How Billionaire Laurene Powell Jobs Turned Her LLC Into a VC Machine (Bloomberg)

Trade Today: Trump-Abe Talks at White House to Focus on Trade, Economic Ties (Bloomberg Government)
The U.S. is pushing to reduce its trade deficit with Japan and gain better access to its agricultural market. Japan is looking for a concrete promise that it won’t be hit by possible U.S. tariffs on auto imports, after successfully winning an exemption to taxes imposed by the Trump administration last year on steel and aluminum.

2020 Watch: Democrats Shed Fear of Gun Control in Momentous Shift Entering 2020 Election (Bloomberg)

Climate Today: Cyclone Kenneth Barrels Into Mozambique – 2nd Killer Storm in 6 Weeks Threatening Massive Flooding (CBS News)

Drinking Water Today: Trump’s E.P.A. Proposes Weaker Standards on Chemicals Contaminating Drinking Water (New York Times)
Exposure to ‘per-and polyfluoroalkyl’ substances has been linked in recent years to kidney cancer, testicular cancer, thyroid disease, high cholesterol and ulcerative colitis, among other diseases.

Climate of Hope: Green Bonds Have Plenty of Room to Grow (Bloomberg Businessweek)

Headlines from around the world.

Sri Lanka : Death Toll from Attacks Revised Down by ‘About 100’ to ‘About 253’ (BBC News)

North Korea’s Kim Slams U.S. for ‘Bad Faith’ in Talks With Putin (Bloomberg)

Judge Orders Release of White Nationalist Coast Guard Officer Who Stockpiled Arms and Compiled Hit List of Journalists and Politicians (Associated Press)

France’s Macron Dangles Tax Cuts to Reboot Presidency: Is It Enough? (Bloomberg)

Weekend reading.

How Nonprofits Might Save Local News in the U.S. (Bloomberg)
Some 200 nonprofit websites are hustling to keep state and city governments honest. Many are succeeding.

Tony Awards Preview: 2019 Predictions: Which Shows Will Be Nominated or Snubbed? (New York Post)

Summer Music Preview: Taylor Swift Releases New Music After Much-hyped Countdown (Washington Post)

Best of late night.

On this week’s White House meeting between President Trump and Twitter founder and CEO Jack Dorsey:

“The meeting had historical precedents, such as when Abraham Lincoln met with his generals and said, ‘Why aren’t my speeches getting more likes?’”
— Jimmy Fallon

On the length of the new ‘Avengers’ movie:

“The Avengers Endgame is finally here, and I heard that the movie is actually 3 hours long. Yeah, after 3 hours even the biggest Avengers fans are like ‘Dear God please don’t let there be scenes after the credits!’.”
— Jimmy Fallon

“I heard that Kanye West is thinking about starting a church. Yeah, it’s the first church where people go to worship themselves.”
— Jimmy Fallon

For more best of late night from the New York Times, click here.