TL;DR

S&P 500 hits record 6,400; Bessent urges 50bp Fed cut; CoreWeave, Cava move post-earnings.

Highlights

• S&P 500 closed above 6,400 for the first time, up 33% since April; Nasdaq up 42%2.
• Treasury Secretary Bessent called for a 50bp Fed rate cut in September, citing data flaws1.
• CoreWeave revenue surged 207% and raised guidance, but shares fell 6% post-market on wider losses6.
• Cava Group dropped 20% after cutting 2025 same-store sales outlook and missing Q2 revenue7.
• ETHZilla shares tripled after Peter Thiel disclosed a 7.5% stake and the firm revealed a large ether holding10.
• Venture Global LNG beat Q2 estimates and won arbitration against Shell, shares up over 10% combined8.
• U.S. federal courts suffered a years-long Russian cyber breach, exposing sealed filings and prompting IT security reviews3.
• Air Canada faces possible flight shutdown from Aug. 16 as labor talks with flight attendants stall9.
• Brazil announced a R$30 billion credit line to offset new U.S. tariffs on its exports4.
• DHS reported a third straight month of zero migrant releases at the U.S. border, with encounters at record lows15.
• Fourth Circuit restored DOGE agency’s access to federal databases, raising privacy concerns amid Trump administration efficiency push12.
• State Department’s revised Human Rights Report softens criticism of allies, increases scrutiny of Brazil and South Africa11.

Commentary

US equities extended their rally, with the S&P 500 closing above 6,400 for the first time and the Nasdaq up 42% since April2. The move reflects persistent optimism on growth and inflation, further underpinned by Treasury Secretary Bessent’s unusually direct call for a 50bp Fed rate cut in September1. Bessent’s comments, which cited data flaws and called for institutional reform, may increase market focus on upcoming Fed communications and macro data releases1.

Earnings after the close were mixed. CoreWeave posted strong top-line growth and raised guidance, but the stock fell on wider-than-expected losses and heavy capex, highlighting investor sensitivity to profitability in high-growth AI infrastructure names6. Cava’s sharp post-market drop after slashing its same-store sales outlook underscores continued pressure on discretionary consumer spending, with sector peers also reporting weak comps7. Venture Global LNG outperformed on both results and a favorable arbitration ruling, supporting sentiment in energy and LNG infrastructure8.

ETHZilla’s 200%+ surge after Peter Thiel’s stake disclosure and a pivot to Ethereum exposure signals ongoing speculative interest in crypto-linked equities, especially as ether trades near multi-year highs10. This may influence trading in related fintech and crypto asset names.

On the macro and policy front, Brazil’s R$30 billion credit line in response to US tariffs points to ongoing trade friction and potential supply chain impacts for US importers4. The US border saw a third consecutive month of zero migrant releases, reflecting tighter enforcement15, while the State Department’s revised Human Rights Report and the restoration of DOGE’s federal data access highlight evolving regulatory and administrative priorities1112.

Traders should monitor Fed commentary for any shift in rate expectations, developments in Air Canada’s labor impasse for potential travel sector impacts9, and cybersecurity headlines following the US court system breach3. Positioning remains key as the market approaches record highs with mixed sector performance.