"President Trump is going to charge foreign countries roughly half of what they already charge us to do business. Literally who can argue with this?" ✍️

- Sen. Markwayne Mullin

SUMMARY

✅ Stocks initially rallied Thursday after President Donald Trump announced a day earlier that he will impose a 100% tariff on imported semiconductor chips. By the end of the day, the Dow Jones Industrial Average and the S&P 500 slipped into the red, reversing earlier gains as investors locked in profits after a strong run earlier in the week.

✅ President Trump is calling for the immediate resignation of Intel’s CEO.

✅ Eli Lilly fell short on late-stage trial data.

✅ A strong revenue beat couldn’t help AMD shares this week.

✅ Pfizer’s CEO had good words to say about his relationship with Trump.

✅ A spot is open on the Federal Reserve and President Trump unveiled his plans on filling it.

MARKET SNAPSHOT

↘ Dow 43,968.64 - 0.51%
↗ Nasdaq 21,242.70 + 0.35%
↘ S&P 6,340.00 - 0.080%

BIOTECH

Eli Lilly Tumbles as Weight-Loss Pill Falls Short of Hype

Image courtesy of Sergio Photone via Shutterstock

Eli Lilly (LLY) shares sank 13% Thursday after late-stage trial data for its obesity pill, orforglipron, showed nearly 12% weight loss at the highest dose—below Wall Street's 15% expectations. Rival Novo Nordisk surged over 7% on the news.

Some doctors praised the results. “This is a strong and promising result for an oral agent,” said Dr. Jaime Almandoz, calling it “a significant and clinically meaningful outcome.” But concerns arose over side effects, with over 10% of patients on the highest dose dropping out due to nausea, vomiting, or other issues.

“The CEO of Eli Lilly isn’t worried,” as David Ricks told CNBC, “We’re not disappointed with these results… we’re right on with the profile.” The company plans to submit the pill for approval by year-end and launch globally in 2026.

Experts say the pill could expand access to GLP-1 drugs, especially for needle-averse patients. With the obesity drug market projected to top $150 billion by the 2030s, Lilly’s oral entry still positions it as a major contender in the next wave of weight-loss treatments.

Leerink downgraded shares to market perform from outperform. However, Bank of America analyst Tim Anderson said the sell-off was “overdone,” as he reiterated his buy rating and $1,000 price target.

“Yes, weight loss fell a bit short, but ask 100 prescribers whether this new data will really make a difference in who they’d put on orforglipron, and our belief is the vast majority would say, ‘not really,’” Anderson wrote in a note to clients.

ARTIFICIAL INTELLIGENCE

AMD Falls 6% Despite Strong Revenue Beat and Bullish Outlook, Data Center Growth Disappoints

Image courtesy of Roger Kisby

AMD shares dropped over 6% Wednesday after its second-quarter Data Center revenue of $3.2 billion matched expectations but failed to excite investors amid stiff competition. The company reported adjusted EPS of $0.48 on $7.6 billion in revenue, slightly missing the $0.49 EPS estimate but beating the $7.4 billion revenue forecast.

Looking ahead, AMD issued strong Q3 guidance of $8.4–$9 billion, topping the $8.3 billion analyst consensus. The firm also faced an $800 million hit from last quarter’s AI chip ban in China, though Trump’s recent reversal may ease future losses.

AMD expects a boost from its upcoming MI350 AI chip lineup, which promises significantly improved performance to rival Nvidia. Outside Data Center, AMD’s Client segment surged to $3.6 billion—well above estimates.

CEO Lisa Su highlighted “record server and PC processor sales” and robust AI demand, while CFO Jean Hu emphasized “32% year-over-year revenue growth” and “record free cash flow,” positioning AMD for strong growth in the second half.

HEALTHCARE

Pfizer CEO Reveals ‘Special Relationship’ with Trump

Image courtesy of Saul Loeb/AFP/Getty Images

Pfizer (PFE) CEO Albert Bourla highlighted his “special relationship” with President Trump—built during their close collaboration on COVID-19 vaccine efforts—which now provides a direct line to tackle the pharma industry’s biggest challenges, including tariffs and drug pricing.

Despite Trump’s tough stance on high drug prices and threats of tariffs up to 250% on imported medicines, Bourla told Yahoo Finance that talks remain constructive. “I think [Trump] is educated, of course he doesn’t go into the details, it’s not his job, but he understands the dynamics [of the industry],” Bourla said.

On tariffs, Bourla revealed insights from private discussions with the administration: “He said... it would be a very small tariff in the first couple of years. And then he opened the window for a grace period.”

With over 90% of U.S. prescriptions being generics mostly produced domestically but reliant on imported ingredients, Bourla stressed the importance of clarity on how tariffs will be applied. “We need to understand if the API will dictate the country of origin, or where the final product is made,” he said.

Pfizer is also preparing for drug price reductions under Trump’s Most Favored Nations policy targeting Medicare and Medicaid. Bourla emphasized the delicate nature of ongoing talks: “We are still discussing it with the president. … The devil could be in the details in these stages.”

GOVERNMENT

Trump to Name Temporary Fed Governor Soon, Keeps Chair Decision Open

Image courtesy of AFP

President Donald Trump said Wednesday he plans to nominate a temporary Federal Reserve governor within the next few days to fill the soon-to-be vacant board seat, rather than use it immediately to signal his pick for Fed Chair.

“We’re probably going to go with the temp and then a permanent,” Trump told reporters at the White House. “I think the temp is going to be named, I’d say, over the next two, three days, and then we’re going to go permanent.”

The vacancy arises as Fed Governor Adriana Kugler steps down August 8. Trump faces a choice: appoint someone to finish her term through January or move quickly on naming the next Fed Chair. Since Jerome Powell’s chairmanship ends in May and his governor term runs through 2028—with no public decision on his plans—Trump may have only one more chance to fill a board seat.

Advisers encouraged Trump to pick a short-term replacement first to allow more time to vet chair candidates, a strategy he’s leaning toward. He mentioned considering “probably” three candidates for the temporary role, possibly from Wall Street. “Yeah, essentially, we’re all from Wall Street, aren’t we, when you get right down to it?” he quipped.

Commerce Secretary Howard Lutnick, Treasury Secretary Scott Bessent, and Vice President JD Vance are involved in the selection process. For the Fed Chair, Trump again highlighted “the two Kevins”—former Fed Governor Kevin Warsh and National Economic Council Director Kevin Hassett—as leading contenders.

Federal Reserve Governor Christopher Waller has moved to the front of the pack for next chair of the central bank, Bloomberg News report, citing unnamed sources familiar with the matter.

📉 ON THE MOVE AND NOTABLES 📈

✔️ The White House said on Wednesday that it is implementing an additional 25% tariff on goods coming into the U.S. from India, a move that effectively brings the total tariff on Indian goods to 50%.

✔️ U.S. labor productivity remains resilient—second-quarter growth came in at an annualized 2.4%, outpacing estimates of 2.0%.

✔️ According to Yale’s Budget Lab, the average U.S. tariff rate has surged from 2.3% to approximately 18.3%, raising concerns about inflationary pressure. Still, the wave of carve-outs has helped ease market fears of worst-case trade scenarios.

✔️ United Airlines (NASDAQ: UAL) experienced a major operational meltdown on Wednesday, as a critical technology failure brought its U.S. flight network to a standstill.

✔️ Oil rose after U.S. President Donald Trump said he planned to impose a 100% tariff on chip imports, except that of companies that manufactured domestically.

✔️ Minneapolis Fed President Neel Kashkari said Wednesday he still expects two interest rate cuts in 2025, though he noted the central bank may need to pause—or even raise rates—if tariffs lead to a sharp rise in inflation.

✔️ The U.S. dollar is weakening against major global currencies.

✔️ Taiwan Semiconductor (TSM) jumped after confirming exemption from new U.S. chip tariffs due to its U.S.-based manufacturing.

✔️ Ralph Lauren (RL) rose on strong earnings.

✔️ DoorDash (DASH) gained after beating estimates.

✔️ DraftKings (DKNG) soared on strong earnings, continuing momentum in online gaming.

✔️ Airbnb (ABNB) fell despite beating Wall Street’s estimates, as cautious guidance weighed on the stock.

✔️ Warner Bros. Discovery shares rose over 3% in premarket trading Thursday after the company reported second-quarter revenue of $9.81 billion, surpassing analysts’ expectations of $9.76 billion, according to LSEG data.

✔️ Shares of footwear company CROCS declined more than 25% on Thursday, after the firm doubled down on a decision to pull its full-year outlook.

✔️ Advanced Micro Devices (AMD) slid after disappointing data center growth of 14%, overshadowed by Nvidia’s (NVDA) 73% gain.

✔️ Super Micro Computer (SMCI) plunged on weak guidance and margin declines.

✔️ Fortinet (FTNT) dropped after updating its firewall refresh cycle and seeing analyst downgrades.

✔️ Shopify (SHOP) surged after beating earnings and reporting milder-than-expected tariff impacts.

✔️ Apple (AAPL) extended its rally boosted by a major U.S. investment announcement, new chip tech with Samsung, and improved relations with President Trump. The tech giant is set to invest another $100 billion into U.S. manufacturing—raising its total planned investment to $600 billion over the next four years.

✔️ Firefly Aerospace made a strong entrance on Nasdaq Thursday, opening at $70 per share—well above its expected price range.

✔️ Crypto-related stocks edged higher with Bitcoin up nearly 1%, while MicroStrategy (MSTR) and Coinbase (COIN) gained 1–3%.

✔️ President Trump was expected to sign an executive order on Thursday that would allow alternative assets—including crypto and private equity—into Americans’ 401(k) retirement plans.

✔️ U.S. Treasury yields rose after a weak 10-year note auction.

✔️ Jobless claims edged up last week, with long-term unemployment also on the rise, according to the Labor Department’s Thursday report. Initial unemployment insurance filings reached a seasonally adjusted 226,000 for the week ending August 2, increasing by 7,000 from the previous week and exceeding the Dow Jones estimate of 221,000.

✔️ Tesla (TSLA) climbed after competitors reported weak earnings but remains down 21% year-to-date.

✔️ Intel (INTC) slipped after Trump suggested CEO Lip-Bu Tan should resign amid concerns about ties to China.

✔️ McDonald’s gained on strong Q2 results and fastest same-store sales growth in two years. Arista Networks surged 17% on a blowout earnings beat, while Snap sank 17% after narrowly missing revenue estimates.

✔️ Peloton shares surged 10% after the exercise equipment manufacturer reported fiscal fourth-quarter revenue of $606.9 million, beating the $580.2 million analysts polled by LSEG had expected.

✔️ Grocery Outlet soared after beating Q2 expectations and raising its full-year outlook.

✔️ Bloomin’ Brands dropped despite beating estimates, as weak guidance overshadowed results.

✔️ Viasat rallied following a major earnings surprise.

✔️ Disney shares dipped slightly despite raising its full-year earnings forecast.

✔️ Shopify shares surged Wednesday after the company beat second-quarter revenue expectations and raised its third-quarter outlook.

✔️ Uber Technologies dipped following mixed second-quarter results.

✔️ Rivian Automotive fell after reporting a wider-than-expected adjusted loss of 80 cents per share, compared to the anticipated 65 cents, though revenue slightly exceeded estimates at $1.30 billion versus $1.28 billion.

✔️ Skyworks Solutions jumped after delivering strong third-quarter earnings and raising guidance. The wireless tech firm posted adjusted earnings of $1.33 per share on $965 million in revenue, beating analyst estimates of $1.22 per share and $941 million.

💲What Else to Watch💲

Next Tuesday is a crucial trade deadline as more than 70 countries face increased U.S. import tariffs. The spotlight, however, remains on the Trump administration’s move on China. With time running out for a deal between the U.S. and China, President Trump has yet to indicate if he will approve a 90-day extension—a possibility suggested last week by his top economic advisers.

🟢 August 8: Expected earnings from Under Armour (UA).

🟢 August 11: Expected earnings from Barrick Mining (B) and AMC (AMC).

🟢 August 12: July CPI and expected earnings from Cardinal Health (CAH), Cava Group (CAVA), Circle Internet (CRCL), and CoreWeave (CRWV).

🟢 August 13: Expected earnings from Cisco (CSCO).

🟢 August 14: July PPI and expected earnings from Deere (DE), JD.com (JD), Tapestry (TPR), and Applied Materials (AMAT).

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Chips Jump, Then Slip on Tariff Buzz