TL;DR

Trump presses Fed for big cuts; Intel slashes jobs, guides up; France to recognize Palestine.

Highlights

• Trump visited the Fed, publicly pressed Powell for 300bps in rate cuts, and criticized renovation costs, intensifying scrutiny of Fed independence ahead of next week’s FOMC1.
• Intel will cut 15% of its workforce (~11,000 jobs), halt planned chip expansions in Germany and Poland, and reported a $2.9B Q2 net loss; Q3 guidance topped expectations, sending shares higher after hours14.
• France will recognize Palestinian statehood at the UN in September, the first G7 member to do so; Israel condemned the move, and the UK and Germany are now under diplomatic pressure3.
• SpaceX ’s Starlink suffered a 2.5-hour global outage impacting millions globally, including recent T-Mobile satellite messaging customers; service has been restored4.
• The FCC approved the $8B Paramount-Skydance merger, with Skydance taking control of CBS and Paramount assets after agreeing to DEI and bias oversight concessions5.
• DOJ sued New York City and Mayor Adams over sanctuary city policies, escalating federal-local tensions on immigration enforcement6.
• Newmont beat Q2 estimates, reporting $5.32B revenue, record $1.7B free cash flow, and authorized a $3B share buyback7.
• IMF staff cleared Argentina’s first program review, unlocking $2B in funding despite missed reserve targets8.
• Google secured a $1.2B, five-year cloud contract with ServiceNow, strengthening its enterprise cloud business9.
• Trump to sign an executive order directing cities to clear homeless encampments, tying federal funding to compliance10.
• NASA and SpaceX scheduled Crew-11 ISS launch for July 3112.

Commentary

Trump’s rare visit to the Fed and public call for aggressive rate cuts puts additional political pressure on Powell and the FOMC just ahead of their policy meeting1. This could prompt increased market sensitivity to any Fed communication or leaks, with potential for volatility in Treasuries and the dollar if the Fed signals pushback or policy flexibility.

Intel ’s deep cost cuts, European project cancellations, and weak Q2 earnings highlight ongoing margin and competitive pressures in the semiconductor sector14. Despite the negative headline numbers, the company’s better-than-expected Q3 guidance drove a positive after-hours reaction. Investors should watch for spillover effects on US tech peers and global chip supply chain sentiment, especially with Intel consolidating operations in Asia.

France’s move to recognize Palestinian statehood introduces a new geopolitical variable for markets, particularly as it may influence broader G7 and EU policy3. While immediate market impact is limited, traders should monitor for any escalation in Middle East tensions that could affect risk sentiment, energy prices, or safe havens like gold—especially with Newmont’s strong quarter underscoring sector resilience7.

The FCC’s greenlight for the Paramount-Skydance merger removes regulatory uncertainty and sets up a new competitive landscape in US media and streaming5. Meanwhile, the DOJ’s lawsuit against New York City and Trump’s executive order on homelessness signal a more assertive federal approach to urban and immigration policy, which could impact municipal bonds and city funding610.

Elsewhere, the Starlink outage is a reminder of infrastructure risks as reliance on satellite connectivity grows, though service was restored quickly4. Google ’s cloud win and upcoming NASA/SpaceX missions round out a session marked by heavy headlines across sectors912. Traders should remain alert for further Fed signals, chip sector developments, and any geopolitical headlines into the next session.