Tulsi Gabbard resigns as Trump's intelligence chief

What happened: On Tuesday, President Trump appointed Bill Pulte, the director of the Federal Housing Finance Agency, as acting Director of National Intelligence (DNI), replacing Tulsi Gabbard who resigned to support her husband battling cancer. Trump later clarified that Pulte would not be the permanent DNI.

Market impact: The intelligence community leadership change may have minimal direct market impact, but it could influence geopolitical risk perception. Pulte's appointment signals a shift towards a loyalist, potentially impacting the intelligence community's independence and influencing policy decisions. This could indirectly affect sectors sensitive to geopolitical risks, such as defense, energy, and technology.

What to watch next: Trump's nomination for the permanent DNI position and the Senate's confirmation process will determine the long-term leadership of the intelligence community. Additionally, monitor Pulte's actions and decisions as acting DNI, which could provide insights into potential policy changes under his leadership.