Apple notches best week in years; Trump shakes Fed leadership
Benzinga
| Detroit Free Press
Gold reaches record highs amid global uncertainty
Gold hits record highs as central banks turn to it amid global uncertainty and market volatility.
- Apple announced $100 billion in new U.S. manufacturing investments, sending its shares up over 10% for the week.
- President Trump implemented new tariffs on Indian, Swiss, and gold imports.
- Trump nominated Stephen Miran to the Federal Reserve Board.
After recent declines, triggered by a weaker-than-expected jobs report and a June inflation uptick, Wall Street rebounded with strong gains as earnings momentum remained robust.
Palantir Technologies delivered better-than-expected Q2 results, sparking a 20% weekly rally — the best performance in the S&P 500 — that pushed its market capitalization above $500 billion.
Apple Inc. announced an additional $100 billion in U.S. manufacturing investments, on top of the $500 billion pledged earlier this year. The move secured an exemption from Trump’s tariffs and is expected to boost iPhone sales. Apple shares surged over 10% for the week, marking their strongest performance since 2020.
While tech stocks soared, pharmaceuticals struggled. Despite strong quarterly earnings, Eli Lilly & Co. plunged 14% on Thursday — its worst single-day drop since August 2000 — after trial data for its weight-loss pill orforglipron fell short of expectations.
On the tariffs front, President Donald Trump doubled duties on Indian imports to 50%, targeting New Delhi’s purchase and resale of Russian crude.
He also confirmed a 39% tariff on Swiss imports and imposed new duties on 1-kilogram gold bars, a move that could pressure Swiss gold refineries and disrupt the gold futures market.
Trump nominated Stephen Miran, current chair of the Council of Economic Advisers, to fill the Federal Reserve Board seat vacated by Adriana Kugler. Miran, whose term runs until January 2026, has argued that tariffs won’t fuel inflation, a stance aligned with Trump’s push for lower interest rates. Markets see him as a likely ally for the president in future monetary policy decisions.
Trump’s economic team is also reportedly considering current Fed Gov. Christopher Waller as Chair Jerome Powell’s successor when Powell’s term ends next year. Waller notably dissented in July’s Fed meeting, voting for a rate cut while Powell and most policymakers favored holding rates steady.
Benzinga is a financial news and data company headquartered in Detroit.
