Big Tech In the Capitol Hill Crosshairs -- Cramer Speaks out, Microsoft Joins the $2T Club, Powell Calms the Markets, Southwest's Kelly to Step Down As CEO, Morgan Stanley's Message to Unvaccinated Em

Carl Quintanilla, Jim Cramer and David Faber kicked off the show with a closer look at big tech under fire: The House Judiciary Committee set for a markup of antitrust bills which include legislation aimed at breaking up tech giants. Apple among the companies firing back at Congress -- The New York Times reporting Tim Cook called House Speaker Nancy Pelosi and other lawmakers urging them to scrap the bills, saying they would crimp innovation and hurt consumers. The anchors delved into the push to break up big tech and what that could mean for investors and M&A. Cramer explains why he thinks the Biden Administration "is against stocks, it's against capital formation, it's against risk capital". Speaking of big tech, Microsoft becomes the second company besides Apple to reach $2-trillion in market value. The Fed also in the spotlight: The anchors reacted to what Fed Chair Powell said on Capitol Hill Tuesday -- that it's "very, very unlikely" the U.S. will see 1970s-style inflation. Big news in the airline industry: Southwest announcing Gary Kelly will step down as CEO in 2022. Warren Buffett says he's halfway toward donating about 99% of his net worth to philanthropy, delivering another $4.1-billion in Berkshire Hathaway stock -- but added he is resigning as a trustee of the Bill and Melinda Gates Foundation. The anchors reacted to what Buffett said about philanthropy and taxing the wealthy. Also in focus: Morgan Stanley tells employees who haven’t taken the COVID vaccine that they won't be allowed back in some New York offices effective July 12, SPACs and Cathie Wood's bets, and Bitcoin rebounds after tumbling below $30,000 on Tuesday.