Evening Scan

The quarter ended stronger than almost anyone predicted coming out of the Hormuz uncertainty — S&P up nearly 15% in three months, the best run since 2020. Today's actual news was a quieter mix of regulatory moves and a Supreme Court ruling that's been a long time coming.

Stocks Notch Strongest Quarter Since 2020 (paywall)

The S&P 500's nearly 15% Q2 run happened despite — or maybe because of — the market deciding the Hormuz situation was someone else's problem. (NYT)

Supreme Court Rules Privacy Protections Apply to Geofence Warrants

Law enforcement now needs probable cause before sweeping up bulk cellphone location data from Google and Apple — a ruling that's been structurally overdue since geofence warrants became routine. (SiliconANGLE)

UK CMA Proposes Letting Developers Steer Users Off Apple and Google Payments

Britain's competition regulator is moving to let apps tell users where the cheaper option actually lives — which has never been the App Store. (The Next Web)

Australia Sues Amazon Over Prime Video Ads

The ACCC alleges Amazon buried unfair terms in Prime contracts and then used them to charge existing subscribers more to avoid ads they never agreed to see. (The Next Web)

“Constitutional privacy protections apply to geofence warrants.” — U.S. Supreme Court