June 2, 2026

The Justice Department formally abandoned its $1.776 billion anti-weaponization fund around June 2, 2026. Acting Attorney General Todd Blanche told the House Appropriations Subcommittee on Commerce, Justice, Science, and Related Agencies that the department was "not moving forward with the fund, period," ending a weeks-long effort to establish a compensation pool for individuals who alleged the federal government had been weaponized against them.

The fund's collapse followed simultaneous pressure from two directions. A federal judge in the Eastern District of Virginia issued a temporary injunction blocking the fund after a lawsuit brought by the nonprofit Democracy Forward. At the same time, a substantial portion of the House Republican conference threatened to join Democrats in voting to restrict or kill the program — a rare show of intra-party resistance that Speaker Mike Johnson relayed to the White House as unworkable.

The fund had originated from a settlement framework tied to a lawsuit President Trump filed against the IRS over the leak of his tax returns, and the administration initially framed it as compensating victims of prosecutorial overreach. Democrats had called it a political slush fund. With both judicial and legislative obstacles in place, the DOJ opted to drop it entirely rather than pursue an amended version. The community's 56-to-44 majority predicted the fund would be pulled or amended before June 15 — and proved correct.

Both Ulta Beauty and Victoria's Secret & Co. reported first-quarter fiscal 2026 results on June 2 that exceeded Wall Street's top-line revenue expectations. Ulta Beauty posted net sales of $3.16 billion, roughly $50–70 million above analyst consensus, with comparable-store sales up 5.3 percent against estimates of 4.6 percent. Victoria's Secret reported net sales of $1.56 billion, a 15 percent increase from the prior-year period and above the company's own guidance range, driven by double-digit comparable-sales gains across its Victoria's Secret, PINK, and Beauty lines.

Ulta CEO Kecia Steelman credited new product introductions and improved store traffic. Victoria's Secret marked its fourth consecutive quarter of positive comps, reflecting the continued effect of CEO Hillary Super's brand-turnaround initiative. Both companies raised full-year guidance in the same reports.

Investors reacted sharply to both results. Victoria's Secret shares surged as much as 48 percent on the session, reaching a record high. Ulta shares advanced as well on the earnings beat and revised outlook. The dual beat underscored resilience in specialty retail despite continuing uncertainty over consumer spending and tariff-driven cost pressures. The community predicted "No" by a 68-to-32 margin, underestimating the momentum building in both brands heading into the report.