Good Thursday morning.
Situational awareness: "The government has seized more than 100 recordings that [Michael] Cohen made of his conversations with people discussing matters that could relate to Trump and his businesses and with Trump himself talking," per the WashPost:
Illustration: Sarah Grillo/Axios
Friends of Jared Kushner and Ivanka Trump tell us they have the strong impression they are now preparing to stay in D.C. as long as the president does, meaning they'll outlast almost everyone in the West Wing.
Ivanka's announcement this week that she's shutting down her fashion brand — and the messaging that accompanied her decision — sent a clear signal they're not going anywhere.
Why it matters: Javanka have had some epic internal fights — Steve Bannon and Rex Tillerson were their two most savage — but it's now clear it would take an event of extraordinarily damaging proportions to blow them out of this White House.
After a burst of publicity in the opening months of the administration, both have been working much more quietly on specific issues rather than serving as de facto Secretaries of Everything, as their rivals jabbed in the early days:
Both will also play roles in the midterms and re-elect:
One thing about Jared and Ivanka that has deeply frustrated Kelly — as a general as well as chief of staff — is that they enjoy family privileges and live outside his chain of command, even though as staff they are technically under his authority.
Be smart: Whenever Kelly departs, Javanka will be further empowered. They have outlived their enemies, and have a firmer grip on power than ever. No wonder friends say they are feeling emboldened, and aren't going anywhere.
Illustration: Lazaro Gamio/Axios
Facebook lost more than $125 billion in value after the markets closed, with shares plummeting more than 20%, following an earnings report that missed revenue and user growth estimates, Axios business editor Dan Primack tells me:
Why it matters for everyone else: Facebook is part of a small group of companies that has been keeping the overall stock markets afloat for much of 2018.
Be smart: What we’ve seen in the past 12 hours is that these foundational stocks can fall very far, very fast, and very unexpectedly. Add in a recent subscriber growth hiccup from Netflix, which continues to trade at an astronomical multiple to earnings, and it shows just how thin the line has been between black and red.
CEOs took home more last year than is normally highlighted, due to heavy stock ownership, Axios' Bob Herman reports:
Be smart: 2017 was a bull year. Higher stock prices equal more lucrative payouts, especially if executives have been holding onto options for several years. In other words, some CEOs could have taken home less than the headline number in 2016, only to cash in last year.
President Trump took a victory lap in the Rose Garden after achieving at least a rhetorical de-escalation of his trade war during a visit by European Commission President Jean-Claude Juncker. Jonathan Swan reads between the lines:
The vague agreement sets a goal of getting to zero tariffs and zero subsidies:
What Trump is thinking ... Trump has enlisted his ambassador to Germany, Richard Grenell, to seek zero tariffs from the Germans.
The Senate Intelligence Committee expects to host executives from Facebook, Twitter and Google for a hearing this fall on election interference, Axios' David McCabe reports.
Illustration: Rebecca Zisser/Axios
Unforced by coup or war, one developed country after another has chosen an authoritarian style of democracy over the last two years, Axios future editor Steve LeVine writes:
In a much-read April article in Foreign Affairs, Roberto Stefan Foa and Yascha Mounk correlated the success of the new politics with a shift in global wealth away from the democracies that fought the Cold War against Moscow.
N.Y. Times Quotation of the Day, "A Watery Lake Is Detected on Mars, Raising the Potential for Alien Life"... Enrico Flamini, who oversaw the research that detected a large, watery lake beneath an ice cap on Mars:
"The soccer ball that Vladimir Putin gave President Donald Trump may have had a bug after all. Though it’s not what you’re thinking," AP's Darlene Superville teases:
"Trump said he would give the red-and-white ball to his 12-year-old son, Barron, a soccer fan."
Lance Armstrong, the cycling champion disgraced for doping, tells Stephen J. Dubner of the Freakonomics Radio podcast about a scene in Denver last summer, when he was in town for the Colorado Classic cycling race:
"I walked out of my Airbnb and there’s all these little cool brewpubs. ... [M]y Uber is on the other side of the street, in front of the bar. ... I’m getting in my Uber and there’s one guy goes, 'Hey Lance,' and I fully expected him to go, ... 'Right on man, love you,' you know? ... He goes: '[Eff] you.' ...
"And the next thing you know, the entire patio is screaming '[Eff] you.' ... I got in the car ... I’m saying to myself, 'You’re Lance Armstrong. You have to do something. You’re not — you can’t take that.' So I called the bar. I said, 'Put the manager on the phone.' ... I said, 'Here’s my credit card number. ... I want you to walk out there and you buy everything they’re eating and drinking. And tell them ... that I understand. ... Look, I get it.'"
Listen to the podcast.
"Baseball history is made in D.C. Thank the kids ... [R]e-establishing the relationship between baseball and parts of the city where it’s supposedly 'dying'" — WashPost sports columnist Barry Svrluga, writing on the front page:
"Five years ago, there was no Little League program in the District’s Ward 7, which is almost entirely east of the Anacostia River. ... [B]aseball not only had almost no participation here, it really had no presence."
Thanks for reading. Updates all day on Axios.com.