marketmoves

🇺🇸 US Markets Brief

🎯 Fake Powell exit jolts stocks; US-China tariff talks loom; gold, meme stocks, crypto rally.

🔸 Fake Powell resignation letter briefly hit stocks before being debunked ; Trump reiterated Powell will leave in eight months and criticized high rates.

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🔸 Lockheed Martin $LMT fell up to 9% after an 80% profit drop on a $1.6B charge and lowered guidance; IRS claims $4.6B in additional taxes.
🔸 Replimune $REPL plunged 75% after FDA rejected its melanoma drug, citing inadequate study design.

🔸 Gold $C:XAUUSD climbed above $3,415/oz, nearing record highs, as trade tensions and lower yields drove haven demand.
🔸 Kohl’s surged over 100% in a meme-driven short squeeze before a NYSE volatility halt; nearly half the float was sold short.

🔸 US-China tariff truce talks set for Stockholm next week; truce expires Aug. 12, risking sharp tariff hikes.
🔸 Trump and Marcos finalized a US-Philippines trade pact, cutting tariffs on Philippine goods to 19% and strengthening defense ties.