TL;DR

Trump taps Miran for Fed; gold hits $3,500 on tariffs; Bitcoin, XRP rally on policy shifts.

Highlights

• Trump nominates Stephen Miran as interim Fed governor; markets price in a more dovish Fed tilt1.
• US imposes tariffs on Swiss one-kilo gold bars; gold hits new record above $3,500/oz62.
• Bitcoin tops $117,000, Ethereum nears $4,000; XRP jumps 9% after SEC and Ripple end litigation45.
• Tesla ends Dojo supercomputer project, pivots to Nvidia and AMD chips; key staff depart3.
• Block Inc. raises 2025 gross-profit outlook; shares up 10% post-market on Cash App growth8.
• Expedia lifts 2025 guidance after Q2 beat; stock rises 14% on B2B and ad segment strength10.
• Trade Desk drops up to 30% on soft Q3 outlook despite Q2 revenue beat; Atlassian gains on earnings7.
• Pinterest falls 10% after Q2 profit miss, though Q3 guidance exceeds expectations9.
• Take-Two raises FY26 outlook after Grand Theft Auto drives sales; recurrent spending offsets losses11.
• Rocket Lab reports record revenue, improved margins; Neutron rocket debut remains on track12.
• MP Materials rallies 9% on revenue beat and narrower loss14.
• Banxico slows rate cuts with 25bp move to 7.75%; peso slightly weaker as expected15.
• White House signals imminent Trump statement on the US economy; details pending13.

Commentary

US markets digested several policy and earnings developments after the close. The nomination of Stephen Miran to the Fed Board, widely seen as favoring lower rates, drove immediate reactions: the dollar weakened, gold surged to record highs, and Bitcoin extended gains1. Miran’s prior Senate vetting could expedite confirmation, and traders are watching for any signals on future monetary policy direction, especially with a White House economic statement expected imminently13.

Trade policy also impacted commodities, as new US tariffs on Swiss one-kilo gold bars raised concerns about bullion supply and pricing6. Gold ’s move above $3,500/oz was fueled by both safe-haven demand and tariff-related uncertainty2. Crypto assets rallied broadly, with Bitcoin and Ethereum hitting new highs4 and XRP jumping after the SEC and Ripple formally ended their litigation, removing a regulatory overhang from the sector5.

Earnings results produced sharp moves in individual names. Block and Expedia outperformed on strong guidance and segment growth810, while Trade Desk and Pinterest fell on cautious outlooks or profit misses despite revenue gains79. Tesla ’s decision to scrap its in-house Dojo AI hardware in favor of external chips marks a significant shift for both the EV and semiconductor sectors3. Rocket Lab and MP Materials posted strong quarters, reflecting continued investor interest in space and critical minerals1214.

In macro, Banxico’s smaller rate cut was in line with expectations, and the peso moved little15. The market remains alert for further US policy announcements, especially around tariffs and monetary policy, which could drive volatility across rates, FX, and commodities.