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The Latest Breaking News from Scott Bessent

Trump's unprecedented, potentially unconstitutional deal with Nvidia and AMD, explained: Alexander Hamilton would approve

Nvidia and AMD agreeing to give 15% of their China chips revenue back to the U.S. doesn't recall any deal ever struck by the U.S. government.

Fortune

Cynthia Lummis Backs Scott Bessent's 'Commitment' To Build Bitcoin Reserve Without Burdening US Taxpayers — 'I Have A Bill For That'

Sen. Cynthia Lummis (R-Wyo.) on Thursday backed a “budget-neutral approach” to building a Strategic Bitcoin (CRYPTO: BTC) Reserve, opposing the idea of purchasing additional BTC to address the mounting national debt.

Benzinga

Japan Posts Modest Growth Despite US Tariffs

Japan eked out modest growth in the second quarter despite painful US tariffs, official data showed Friday, in welcome news to embattled Prime Minister Shigeru Ishiba.

International Business Times

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Stocks Close Mixed After Hot PPI Report

The S&P 500 Index ($SPX ) (SPY ) on Thursday rose +0.09%, the Dow Jones Industrials Index ($DOWI ) (DIA ) fell -0.02%, and the Nasdaq 100 Index ($IUXX ) (QQQ ) was unchanged. September E-mini S&P futures (ESU25 ) fell -0.08%, and September E-mini Nasdaq futures (NQU25 ) fell...

Barchart

Trump Administration Plans To Tax More American Companies on Overseas Sales

The president's revenue-sharing agreement on chip sales to China may pass legal muster, paving the way for effective export tariffs.

Reason

Trump administration sanctions two Mexican drug cartels, announces bounties

As part of its crackdown on gangs, the US Justice Department has offered $26m in rewards for Carteles Unidos leaders.

Al Jazeera

Dollar Sees Support from Strong US PPI Report

The dollar index (DXY00 ) is up +0.26% as the strong US PPI report sparked a pull-back in expectations for Fed rate cuts in the coming months. In addition, San Francisco Fed President Mary Daly and St Louis Fed President Alberto Musalem today both threw cold water on the idea...

Barchart

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Stocks Fall Back on Hot PPI Report

The S&P 500 Index ($SPX ) (SPY ) is down -0.24%, the Dow Jones Industrials Index ($DOWI ) (DIA ) is down -0.36%, and the Nasdaq 100 Index ($IUXX ) (QQQ ) is down -0.11%. September E-mini S&P futures (ESU25 ) are down -0.39%, and September E-mini Nasdaq futures (NQU25...

Barchart

US Treasury Freezes Bitcoin Purchases — Here's What Scott Bessent Plans To Do Instead

U.S. Treasury Secretary Scott Bessent on Thursday confirmed the government will not be buying additional Bitcoin (CRYPTO: BTC) for its strategic reserve, saying the holdings will grow only through confiscated assets.

Benzinga

US warns India could face higher tariffs if Trump-Putin talks fail

Donald Trump has already imposed a 50 per cent import levy on India

The Independent UK

U.S.-China chip war: How Trump’s Nvidia-AMD deal has redefined Washington’s export control policy

One dismayed Democratic lawmaker said the move signals to China “that American national security principles are negotiable for the right fee.”

Fortune

Scott Bessent Says Nvidia-AMD China Revenue Deal Could Serve As 'Model' For Other Industries

Treasury Secretary Scott Bessent has praised the 15% revenue-sharing agreement between the U.S. government and chip giants Nvidia Corp. (NASDAQ:NVDA) and Advanced Micro Devices Inc. (NASDAQ:AMD).

Benzinga

Stocks Muted Before the Open With Key U.S. PPI Data in Focus

September S&P 500 E-Mini futures (ESU25) are down -0.02%, and September Nasdaq 100 E-Mini futures (NQU25) are down -0.08% this morning, taking a breather after recent gains, while investors look ahead to crucial U.S. producer inflation data for insight into how aggressively the Federal Reserve may cut interest rates.

Barchart

There’s one small problem with Trump’s export deal with Nvidia and AMD: The Constitution says it’s illegal

Also: All the news and watercooler chat from Fortune.

Fortune

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International Business Times

Asian Markets Mixed As Bitcoin Surges To New High

Bitcoin hit a new peak during early Asian trading on Thursday, as the yen surged after the US Treasury Secretary said he expects Japan to hike interest rates.

The Independent UK

Treasury Secretary Scott Bessent fails to divest his financial holdings and hit with watchdog warning

Bessent, a former hedge fund manager, reportedly has a net worth of around $600 million

Barchart

Stocks See Support As Bessent Calls for a Big Rate Cut

The S&P 500 Index ($SPX ) (SPY ) on Wednesday rose +0.32%, the Dow Jones Industrials Index ($DOWI ) (DIA ) rose +1.04%, and the Nasdaq 100 Index ($IUXX ) (QQQ ) rose +0.04%. September E-mini S&P futures (ESU25 ) rose +0.32%, and September E-mini Nasdaq futures (NQU25 ) fell...

Fortune

Bessent says unusual Nvidia, AMD revenue-sharing deal could be a ‘model’ for other industries

Bessent called the deal “unique,” before suggesting that it could be a lot less unique soon. Scholars have another word: unprecedented.

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Benzinga

Trump-Putin Meeting Looms: Here's How Oil Markets Could React

With President Donald Trump set to meet Russian President Vladimir Putin in Alaska on Friday, global oil markets are on edge, weighing the possibility of peace, pressure, or a fresh wave of economic retaliation with the risks of major energy consequences.

Barchart

Stocks See Support As Bessent Calls for Big Rate Cut

The S&P 500 Index ($SPX ) (SPY ) today is up +0.40%, the Dow Jones Industrials Index ($DOWI ) (DIA ) is up +0.59%, and the Nasdaq 100 Index ($IUXX ) (QQQ ) is up +0.44%. September E-mini S&P futures (ESU25 ) are up +0.38%, and September E-mini Nasdaq futures...

Benzinga

Bessent Wants Aggressive Fed Rate Cuts: 'We Should Be 150-175 Points Lower'

U.S. Treasury Secretary Scott Bessent said interest rates are too restrictive and signaled the Trump administration supports an aggressive monetary easing cycle beginning as soon as September.

Fortune

Markets have convinced themselves they’ll get a September base rate cut. Now they’re eyeing a double reduction

Treasury Secretary Scott Bessent is pushing for 50 bps to offset missed opportunities earlier this summer, but some analysts warn that rising core inflation to 3.1% and upcoming jobs data could still delay action.

Barchart

S&P Futures Gain as Fed Rate-Cut Bets Firm

September S&P 500 E-Mini futures (ESU25) are trending up +0.24% this morning, extending yesterday’s gains as growing expectations for Federal Reserve interest rate cuts fueled risk-on sentiment.

The Guardian - UK

US treasury secretary Scott Bessent calls for half-point interest rate cut at next Fed meeting – as it happened

Bessent calls for series of rate cuts after steady US inflation, sending global stocks rallying; dollar slips and pound hits three-week high

The Independent UK

Scott Bessent addresses explosive ‘WWE’ clash with Elon Musk in West Wing - and if he gave him a black eye

The Space X billionaire showed up to the Oval Office with a black eye in May, claiming it was from his five-year-old son

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