Apple Notches Best Week In Years, Trump Shakes Fed Leadership: This Week In Markets

After last week's 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.

• QQQ ETF is breaking past resistance. Check live chart here.

Palantir Technologies Inc. PLTR 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. AAPL 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 12% for the week, marking their strongest performance since 2020.

While tech stocks soared, pharmaceuticals struggled. Despite strong quarterly earnings, Eli Lilly & Co. LLY 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 tariff 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 one-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 to the president in future monetary policy decisions.

Trump's economic team is also reportedly considering current Fed Governor Christopher Waller as 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.

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Image created using artificial intelligence via Midjourney.