TL;DR

Goldman sees three 2025 Fed cuts; Cisco beats on AI orders; Google invests $9B in Oklahoma AI/cloud.

Highlights

• • Goldman Sachs forecasts Fed rate cuts at all three remaining 2025 FOMC meetings; sees two more in 2026 1.
• Fed’s Goolsbee calls upcoming meetings “live,” with policy path dependent on inflation and labor data 2.
• Cisco beats Q4 estimates on strong AI orders but issues cautious guidance; stock slips ~2% after hours 3.
• Google to invest $9 billion in Oklahoma for cloud and AI expansion, its largest private investment in the state 5.
• Google reverses Play Store policy, allowing non-custodial crypto wallets to remain, easing regulatory concerns 6.
• Robinhood reports July user and asset growth, but shares fall 4% on margin risk worries 7.
• Citron’s Andrew Left increases short position in Palantir , calling it “beyond overvalued” post-earnings 8.
• NY Attorney General sues Zelle operator Early Warning Services for $1B in alleged fraud lapses 4.
• U.S. Treasury Secretary Bessent urges Congress to ban single-stock trading by lawmakers 9.
• U.S. seizes $700 million in assets linked to Venezuela’s Maduro 11.
• Argentina rolls over 61% of peso debt; July inflation rises to 1.9% amid currency volatility 12.
• SpaceX completes first ground test of Starship Version 3 at Cape Canaveral 15.

Commentary

The session’s macro focus was on monetary policy, with Goldman Sachs now projecting Fed rate cuts at each of the remaining 2025 meetings and two more in 2026 1. This aligns with dovish market expectations, but Fed’s Goolsbee emphasized that upcoming meetings are “live” and data-dependent, especially with services inflation showing renewed pressure 2. Rate-sensitive sectors may stay volatile as traders parse incoming inflation and labor reports ahead of September’s FOMC 12.

Tech and AI demand remain front and center. Cisco ’s Q4 beat was driven by AI infrastructure orders exceeding $2 billion for the year, but a cautious outlook led to a post-market decline 3. Google’s $9 billion Oklahoma investment signals continued large-scale cloud and AI infrastructure expansion, which could support sentiment for hyperscalers and related suppliers 5. In digital assets, Google’s reversal on non-custodial crypto wallet policy removes an immediate regulatory overhang for crypto developers, but the episode underscores ongoing uncertainty around platform rules 6.

Retail trading activity continues to grow, with Robinhood posting strong July account and asset gains 7. However, the stock’s 4% drop reflects investor caution over increased margin balances and the risk of amplified volatility if sentiment shifts 7. Citron’s short call on Palantir highlights renewed scrutiny of high-valuation tech names after earnings 8.

Regulatory and political actions are also in focus. The NY AG’s lawsuit against Zelle’s operator could pressure banks with exposure to peer-to-peer payments 4. Treasury Secretary Bessent’s push for a ban on single-stock trading by lawmakers adds to the reform debate, though passage is uncertain 9. Internationally, the U.S. continues asset seizures linked to Venezuela 11 and watches Argentina’s partial debt rollover and persistent inflation risks 12.