It's been a busy day. 

Politically speaking, there's a lot to sift through. But don't worry, I've brought you the top stories.

The Trump-Kim summit in Singapore

If you think we can even consider starting this wrap-up without discussing North Korea, I'm sorry to tell you that you're wrong. 

President Trump is expected to meet with Kim Jong Un, the leader of North Korea, on Tuesday, June 11. The two leaders will reportedly meet one-on-one to discuss the tensions between the two countries. 

Both Trump and Kim are in Singapore currently. Kim landed via Air China on Sunday, and Trump left the G-7 Summit early to fly over. Former professional basketball player Dennis Rodman, who has sparked a friendship with North Korea, is also in the country. 

Trump will not be mentioning North Korea's numerous human rights violations, according to MSNBC.

Secretary of State Mike Pompeo has said that the summit shows "enormous potential."

"North Korea has previously confirmed its willingness to denuclearize and we are eager to see if these words prove sincere," Pompeo said in a statement. "The fact that our two leaders are sitting down, face-to-face, is a sign of the enormous potential to accomplish something that will immensely benefit both of our peoples and the entire world. President Trump believes Kim Jong Un has an unprecedented opportunity to change the trajectory of our relationship and bring prosperity to his country."

Guess we'll have to see if the summit lives up to its promises. 

But watch closely because the summit could impact markets.

The Trudeau-Trump feud

Welp.

Trump and Trudeau are at reportedly at each other's throats again.

Based on Justin's false statements at his news conference, and the fact that Canada is charging massive Tariffs to our U.S. farmers, workers and companies, I have instructed our U.S. Reps not to endorse the Communique as we look at Tariffs on automobiles flooding the U.S. Market!

— Donald J. Trump (@realDonaldTrump) June 9, 2018

PM Justin Trudeau of Canada acted so meek and mild during our @G7 meetings only to give a news conference after I left saying that, "US Tariffs were kind of insulting" and he "will not be pushed around." Very dishonest & weak. Our Tariffs are in response to his of 270% on dairy!

— Donald J. Trump (@realDonaldTrump) June 9, 2018

Sorry, we cannot let our friends, or enemies, take advantage of us on Trade anymore. We must put the American worker first!

— Donald J. Trump (@realDonaldTrump) June 11, 2018

President Trump on Saturday declined to endorse a G-7 communique calling for a lowering of tariffs and other barriers to trade. Instead Trump did Trump, taking to Twitter (TWTR) to slam Canadian Prime Minister Justin Trudeau. The exchange heightens the risk on NAFTA talks, and subsequently many industrial stocks such as automakers Ford (F)  and General Motors (GM)  , reported Brian Sozzi, executive editor of TheStreet on Saturday, June 9.

To be sure, investors that think the market could continue to overlook heightened geopolitical risk, a potential global trade war, and slowing global growth are misguided. The market simply cannot stay on autopilot without some form of healthy risk adjustment, said Sozzi.

This feud was made worse by an interview between Jake Tapper of CNN and Larry Kudlow, chief economic adviser to President Trump. Kudlow claimed that Trudeau was "blasting" President Trump.

However, Michael Shear, a White House Correspondent for the New York Times tweeted:

The thing is, I was at the @JustinTrudeau news conference, and he went out of his way to try to downplay tensions. He didn't attack @realDonaldTrump in any way, other than restate Canada would retaliate for tariffs. Not sure what @larry_kudlow means re: "stabbed" US in the back

— Michael D. Shear (@shearm) June 10, 2018

Don't forget that this is not the first time that Trudeau and Trump have been unhappy with each other. 

Net neutrality is over

RIP.

Monday, June 11 marked the final day of net neutrality. Back in December, the Federal Communications Commission voted to repeal the Obama-era law.

The Democrats in the Senate have fought back against the repeal, voting in favor of net neutrality in May. However, in order for the motion to go forward, the House of Representatives needed to also vote in favor of ignoring the FCC's ruling. So far, a vote hasn't been scheduled. 

In response, Senate Democrats have urged outgoing House Speaker Paul Ryan to set a date for a vote in the House. According to TheHill, all 49 Senate Democrats signed a letter to Ryan, which was delivered last Thursday.

However, Republicans are largely in favor of the FCC's decision, so we'll have to see how this saga plays out. 

But it may have implications for FAANG - Facebook Inc. (FB) , Apple Inc. (AAPL) , Amazon.com Inc. (AMZN) , Netflix Inc. (NFLX) , and Alphabet Inc. (GOOGL) .

Apple, Amazon, Alphabet and Facebook are holdings in Jim Cramer's Action Alerts PLUS member club. Want to be alerted before Jim Cramer buys or sells AAPL, AMZN, GOOGL or FB? Learn more now.

Well, that's a wrap for today. One day closer to the weekend, am I right?

 

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