TL;DR

S&P 500 hits record; US GDP revised up; Nvidia, Intel, and EU-US trade drive sector moves.

Highlights

• S&P 500 hits record high above 6,500, extending 2025 rally to 33% since April5.
• US Q2 GDP revised up to 3.3%, with jobless claims falling and inflation measures stable2.
• Nvidia in talks with Trump administration to sell Blackwell AI chips to China; shares rebound1.
• Intel receives $5.7B in CHIPS Act funds; Altera acquisition close; US equity stake deal pending8.
• EU fast-tracks removal of US industrial tariffs; US to cut auto duties on EU cars to 15% from 27.5%6.
• France, Germany, UK trigger UN snapback sanctions on Iran, raising risk of renewed oil market pressure3.
• US 30-year mortgage rates fall to 6.56%, a 10-month low, though still above pre-pandemic levels4.
• CFTC clarifies rules for offshore crypto exchanges, reopening legal US access to major platforms12.
• Tether mints $2B USDT in 24 hours, announces native USDT launch on Bitcoin via RGB protocol1320.
• JPMorgan says Bitcoin is undervalued vs. gold , sees fair value at $126K by end-202514.
• CrowdStrike warns of slower revenue growth after IT outage; multiple brokerages cut price targets11.
• Congressional leaders seek urgent talks to avert Sept. 30 government shutdown amid Medicaid and spending disputes15.

Commentary

US equities closed at new highs, with the S&P 500 surpassing 6,500, as investors digested stronger-than-expected macro data and a series of sector-specific headlines5. The upward revision of Q2 GDP to 3.3% and a drop in jobless claims reinforce the narrative of a resilient US economy, with inflation readings remaining in check2. This macro backdrop continues to support risk assets, even as select names—such as CrowdStrike —face idiosyncratic headwinds11.

Semiconductors remain in focus: Nvidia ’s ongoing negotiations with the Trump administration over Blackwell chip sales to China could unlock substantial revenue if restrictions ease1, while Intel ’s $5.7B CHIPS Act disbursement and pending Altera deal highlight continued US investment in domestic chip capacity8. These developments are key for tech sector sentiment and may influence broader US-China trade dynamics.

On the policy front, the EU’s accelerated removal of US industrial tariffs and the US’s planned auto duty cuts should benefit transatlantic industrials and automakers, reducing trade friction6. However, the E3’s activation of UN snapback sanctions on Iran raises the risk of renewed volatility in energy markets, particularly if Iranian oil exports are further restricted3. Mortgage rates have eased to a 10-month low, offering some relief to US housing, but affordability remains constrained4.

Crypto markets are seeing regulatory tailwinds: the CFTC’s new guidance is set to expand US access to global crypto exchanges, likely boosting liquidity12. Tether ’s $2B USDT mint and native launch on Bitcoin ’s RGB protocol further signal growing infrastructure and institutional engagement1320. JPMorgan’s note calling Bitcoin undervalued versus gold may provide additional support for digital asset prices14.

Traders should monitor late-session moves in large-cap tech, autos, and energy, as well as potential headline risk from Washington, where government funding talks remain unresolved15. Macro data and policy signals remain constructive, but geopolitical and regulatory developments could drive volatility into the close.