CNBC's Rick Santelli reports on the latest economic data to cross the tape.

Washington

The latest data on initial jobless claims shows a decrease to 227,000, which is lower than expected and represents the smallest figure since mid-May. This number is down from the previous week's revised total of 232,000. Continuing claims remain steady at just under 2 million, a level that has persisted for several months and is the highest since 2021. Treasury auctions, including a recent 10-year auction, have been solid, with no significant supply concerns noted.

Weekly jobless claims comes in lower than expected

We're just seconds away now from the jobless claims data coming in. Let's get a quick check of the futures right now, a mixed picture. The S&P 500 is down three points. The Dow is off by 48, but the Nasdaq in positive territory by two points. Treasuries right now, you're seeing the 10-year largely unchanged at 4.34, unchanged. You've got the two-year now down 3.858% is the yield on that. Rick Santelli standing by at the CME in Chicago with the numbers when they come in. Rick. Absolutely, Contessa. Yes, we're awaiting jobless claims and do keep in mind 250,000 is kind of an important area psychologically for initial claims. That was the exact area we hit the first week in June, but we haven't been above it since October of last year on continuing claims. We remain over 1.9 million and they should be hitting the wires any moment. We do have 22 billion 30-year bonds that will be auctioned at 1 Eastern. 227,000 is our number for the week of July 5th on initial jobless claims. That's a bit lower than expected. And when you take the revision into account, 232,000, the new number versus 233,000, we are down 5,000. 227,000 will be the smallest number since mid-May when we were 226,000. It really has been kind of very, very steady on continuing claims. Another month above 1.9 million, barely 1,965,000. Virtually the last three months have been on top of each other. These are the highest numbers going back to 2021. We continue to see these numbers very well behaved, historically on claims, recently on initial. And with that auction coming up, I'd like to highlight the 10-year auction. Yesterday was very solid. The three-year was slightly above average. So supply at the moment doesn't seem to be an issue. We have been mostly sideways in what remains close to the upper end of a range, right around that 440 to 4.5 area. We did hit under 420 intraday briefly last week, and that definitely seemed to be the turning point. Joe Contessa, back to you.

Russia has intensified its aerial attacks on Ukraine, using upgraded drones designed to cause more damage and evade air defences. In Kyiv, a young woman captured video of the drones overhead — just before explosions echoed through the city.

Kyiv

Global Tariffs

Russia’s upgraded drone tactics bring intensified attacks across Ukraine

The Ventura County Fire Department said they responded to calls of people having breathing problems at a farm in Ventura County, California, after federal agents appeared to deploy tear gas canisters into the crowd.

Ventura County

Intense standoff in California between protesters, federal agents

A federal judge has green-lit a class action lawsuit challenging President Trump's executive order to end birthright citizenship and issued a preliminary injunction blocking the order.

Judge blocks Trump's birthright citizenship order

A partial tunnel collapse in Los Angeles temporarily buried 31 workers in Los Angeles, California. CBS News' Carter Evans reports on the rescue operation.

Los Angeles

31 trapped workers rescued after tunnel collapse

U.S. Secretary of State Marco Rubio expressed “disappointment and frustration” over continued Russian attacks on Ukraine and said new sanctions on Russia are a “real option.” Kylie Atwood has more details from Kuala Lumpur, Malaysia.

Kuala Lumpur

Rubio: New Russia sanctions a ‘real option’

With Russia again bombarding Ukraine with drones, U.S. President Donald Trump says he’s considering sending another missile defence system to Ukraine.

Ukraine Invasion

Trump muses missile defence system for Ukraine

Officials in Texas are promising to address concerns about flood warnings in parts of the state, but say the ongoing search-and-rescue efforts must be complete first.

Texas

Texas officials to address flood warnings after search complete

Linda Yaccarino is stepping down as CEO of X after two years leading Elon Musk's social media company. Yaccarino's departure comes one day after the company's Grok chatbot began pushing antisemitic tropes in responses to users.

San Francisco

Yaccarino steps down as CEO of Elon Musk's X

Parts of Ukraine were on fire overnight after Russia launched its largest drone attack on Ukraine since the war unfolded. Just hours earlier, Trump directly called out Vladimir Putin for stalled peace talks.

Moscow

Trump calls out Putin for stalled peace talks

The Trump administration branded the event as one of the steps it is taking to reshape its relationship with the African continent.

Five African leaders have lunch with Trump

The search continues in central Texas for the more than 160 people still missing from the deadly floods that hit over the Fourth of July. CBS News reporter Karen Hua has more.

Kerr County

Recovery operations ongoing in Texas as more than 160 still missing

U.S. President Donald Trump announced on social media that he issued tariff letters to Algeria, Brunei, Iraq, Libya, Moldova and the Philippines.

Trump sends tariff letters to six more countries

Video released by the Houthi media center shows the bulk carrier ‘Magic Seas’ being attacked and later sinking in the Iran-backed rebel group’s first attack this year on a commercial shipping vessel in the Red Sea.

Sana'a

Middle East Conflict

Houthi rebels claim responsibility for attack on ship in Red Sea

The European Court of Human Rights in Strasbourg ruled Russia violated international law in Ukraine and was responsible for the downing of Malaysia Airlines Flight MH17.

Top European court rules Russia violated international law in Ukraine

The death toll from the July Fourth flash flood that ravaged a swath of central Texas Hill Country rose on Tuesday to at least 109, many of them children, as search teams pressed on through mounds of mud-encrusted debris looking for scores of people still missing.

Texas flood death toll hits triple digits, tally of missing tops 180

U.S. President Donald Trump pushed back during his Cabinet meeting about a question regarding Jeffrey Epstein. The DOJ claims Epstein had no list of clients, which is drawing criticism from some of the president's supporters.

Trump questioned over report saying Epstein didn't have client list

The copper industry is facing new uncertainty after U.S. President Donald Trump said he will impose 50 per cent tariffs on all copper imports. More than half of all Canadian copper exports go to the U.S.

Ontario

Trump threatens 50% tariff on copper imports

CNN’s Josh Cambell reports on questions over a lack of flood warning signals and lagging investment in river gauges in Kerr County after deadly floods killed over 100 people in Central Texas.

Officials face questions over preparedness for Texas floods

Hundreds of firefighters battled a fast-moving wildfire that reached the outskirts of the southern French city of Marseille on Tuesday, forcing people to stay indoors and the nearby airport to close.

Marseille

France wildfire shuts down Marseille airport

Liverpool's Portuguese forward Diogo Jota was probably speeding when the Lamborghini car he was driving crashed in northwestern Spain, killing him and his brother, police said in a preliminary report.

Cernadilla

Liverpool's Jota likely speeding when car crashed, police say

French President Emmanuel Macron arrived in Britain on Tuesday for a state visit mixing royal pageantry with thorny political talks about stopping migrants from crossing the English Channel in small boats.

London

UK royals welcome France's Macron for state visit

U.S. President Donald Trump said the U.S. will send more weapons to Ukraine as Russian attacks intensified in recent weeks. The decision comes after the U.S. halted certain shipments last week.

Trump says U.S. will send more weapons to Ukraine

Brazil hosted the second and final day of the 17th BRICS Summit in Rio de Janeiro on Monday.

Rio de Janeiro

BRICS summit ends on health issues, role of global south countries

U.S. President Donald Trump, hosting Israeli Prime Minister Benjamin Netanyahu at the White House, said the United States had scheduled talks with Iran and indicated progress on a controversial effort to relocate Palestinians out of Gaza.

Netanyahu meets Trump as Israel, Hamas discuss ceasefire

Search teams continue to look for survivors after catastrophic flash floods overwhelmed parts of the US state of Texas. About 100 people have been killed and dozens more are missing. Officials say the National Weather Service didn't provide enough warning of the heavy rain.

Rising Texas death toll fuels anger over 'inadequate warning'

Leaders of BRICS have warned of the dangers of tariffs - saying they don't want a confrontation with US President Donald Trump. The group of emerging nations made the comments at their summit in Brazil. They also discussed Gaza and tensions in the Middle East.

BRICS summit rejects U.S. tariff threats, tackles trade and Gaza

Video captured by a BBC News crew shows French police slashing a boat filled with migrants trying to cross into the U.K. The crackdown comes ahead of a summit this week between the French president and British prime minister.

French police slashing migrants’ boat in crackdown

President Donald Trump's Justice Department and FBI released a memo concluding that there is no evidence Jeffrey Epstein had a "client list." The FBI confirmed that more than 1,000 victims were harmed by Epstein.

FBI: Epstein investigation turned up no 'incriminating client list'

The death toll from the devastating floods in Texas has risen to at least 90 as rescue workers continue to search for dozens of missing people. At least 27 campers and counselors at Camp Mystic in central Texas died in the floods.

Kerrville

At least 90 people killed in Texas floods

A shooter is dead after opening fire at a U.S. Border Patrol building in McAllen, Texas, a Department of Homeland Security spokesperson said. CBS News' Shanelle Kaul has the latest updates.