The crypto world continued to buzz this week, with Dogecoin Millionaire highlighting Pepe and Dogecoin as the “two biggest meme narratives for 2025.” Meanwhile, Shiba Inu and Floki are predicted to follow Bitcoin’s dip below $59K despite a $436 million net ETF inflow last week. The SEC also made headlines by moving to amend their lawsuit against Binance, reinforcing claims of unregistered securities sales.
In the political sphere, the US witnessed a whirlwind of events. Vice President Kamala Harris widened her lead on a key election issue considered the Democrats’ Achilles’ heel, showcasing her economic stewardship during a debate performance. This prompted Anthony Scaramucci to predict that more GOP officials will start to denounce Trump, with Senator Mitt Romney potentially being one of them. Meanwhile, Peter Schiff, a vocal critic of Bernie Sanders, argued for tax cuts for the wealthy, stating that they already pay 40% of the federal income tax. Adding to the political drama, the FBI is investigating a second assassination attempt on Donald Trump. Authorities have detained a pro-Ukraine construction company owner. The Trump campaign’s “I Hate Taylor Swift” slogan received a witty response from the Harris campaign, “The American People Want To Be Out Of The Woods.” Kamala Harris and Joe Biden expressed relief that Trump was safe after the second assassination attempt. However, despite Harris’s strong debate performance and Taylor Swift’s endorsement, her poll numbers remain stagnant. Scaramucci described the Trump-Loomer union as a dangerous shift towards extreme nativism.
Trump stumbled again on healthcare issues involving abortion and Obamacare. In the US markets, the S&P 500 and Nasdaq futures saw a mixed performance as rate-cut hopes weighed on tech stocks. One fund manager saw near-term corrections as buying opportunities. Exicure shares surged by over 49%, and 20 other stocks saw premarket movement. The S&P 500’s implied volatility suggests a 100-point swing as the Fed decision looms, with experts predicting a market collapse after rate cuts. The S&P 500 and Nasdaq recorded their best week of the year, driven by surges in Alphabet and Super Micro. The Fear & Greed Index moved to the “Neutral” zone.
On the international front, China released a US pastor after 18 years in jail. Russia’s security council head warned of turning Kyiv into a “giant melted spot” using new technologies. The US economy continues to face challenges with Americans falling behind on their bills, a concern echoed by Mohamed El-Erian amid growing rate cut buzz. Globally, gold hit a new high as the dollar weakened. Asia and Europe markets saw mixed performances. Pro-Bitcoin President Javier Milei presented Argentina’s budget, emphasizing his “zero deficit” macroeconomic approach.
In the tech world, Apple is facing “lower than expected” demand for the iPhone 16 Pro and Pro Max in the first weekend, according to a top analyst. Despite concerns about tech valuations, one analyst highlighted stocks poised to rise as the Fed embarks on a “rate-cutting cycle” this week. ChatGPT creator OpenAI warned that their latest models pose a bioweapons creation risk, prompting caution regarding the introduction of new AI models. Apple plans to raise prices for iPhone 16 battery replacements. Apple shares took a dip in Monday’s premarket. 3D printing company Stratasys stock surged. Electric vehicle company Gauzy is showcasing an AI-powered driver assistance system for safer commercial trucks. Tesla’s Cybertruck sales in July nearly matched those of all other EV trucks combined. Daimler Truck will start production of its battery electric heavy truck, the Mercedes-Benz eActros 600, in November.
Chinese social media was abuzz with conspiracy theories after the second assassination attempt on Donald Trump’s life. DJT stock soared after Trump confirmed his safety following the attempt in Florida. FX and Disney celebrated success at the 2024 Emmys, with “Shogun” and “Hacks” winning multiple awards. “The Bear” and “Baby Reindeer” also saw significant recognition. Trump Media faces a $4 billion downslide as shareholders prepare for the lockup agreement expiration. Elon Musk commented on the motives behind the assassination attempts on Trump. DeSantis promised Florida’s own probe into the incident.
In space news, Jeff Bezos and Elon Musk are set to battle for dominance in the sky as Amazon prepares to launch over 3,000 low-earth orbit satellites. Musk called for a space telescope with a “far larger aperture” than Hubble. Polaris Dawn returned home after a 5-day mission, including the first commercial spacewalk.
In the energy sector, BP sold its stake in a gas pipeline to Apollo for $1 billion. BHP Group warned about copper supply, stating that AI and EV growth could drive prices soaring. Alcoa gained $1.1 billion from a Saudi joint venture sale.
