US Daily Equity Opening News - CRWV jumps after beat-and-raise; SMCI rises on revenue outlook; GAP downgraded

CRWV jumps after beat-and-raise; SMCI rises on revenue outlook; GAP downgraded DAY AHEAD: US INDEX FUTURES: ES +0.4%, NQ +1.0%, YM +0.3%, RUT +0.5% BROKER MOVES: JOYY upgraded at JPM; GAP downgraded at Jefferies. For the full list, click here. MAJOR MORNING MOVES RECAP: CRWV, SMCI, LITE, HRB, ORCL, NBIS, GAP. For the full list, click here. US DAILY CONFERENCE CALENDAR: GM, CVNA, BKR, DDOG. For the full list, click here. DATA: In North America, US July CPI is due (preview below). The monthly budget statement will be released later in the day (prev. USD -120bln). In Canada, building permits data will be released. SUPPLY: US sells USD 42bln of 10-year notes. UK auctions GBP 1.5bln of 2035 linkers. Germany auctions EUR 2.5bln of 2038 and 2053 debt. ENERGY: OPEC and IEA release their August oil market reports. Afterhours on Tuesday, API data reportedly showed headline US crude stocks posting a surprise build of +9.1mln bbls (exp. -0.5mln), Cushing inventories building by +1.6mln bbls, gasoline seeing a draw of -1.5mln bbls (exp. -1.6mln), while distillates posted a smaller than expected draw of -0.6mln bbls (exp. -1.6mln). DoE weekly inventory data is due later today. EARNINGS - After the US close, earnings are due from Cisco Systems Inc. (CSCO) and Coherent Corp. (COHR). NEWS: TECH: Hon Hai Precision Industry Co. (HNHPF) - Foxconn topped expectations in the quarter, with net profit up 35%, supported by sustained global demand for AI hardware; exec said that momentum remains robust, with July revenue surging 54%. Q2 net income TWD 59.97bln (exp. 58.38bln), Q2 revenue TWD 2.53tln (exp. 2.41tln). Operating profit was TWD 94.8bln (exp. 80.53bln), while net income +35% Y/Y, supported by sustained AI-server demand and continued strength in consumer electronics. Management expects Q3 revenue to rise strongly Y/Y, with cloud computing, networking, smart consumer electronics and computing products all expected to increase sharply. AI rack shipments are seen rising by a high-double-digit percentage Q/Q in Q3, while the company plans to continue expanding global AI production capacity. Foxconn said the AI server outlook remains strong, long-term market demand is robust, and AI demand should drive FY growth, with management also positive on the outlook for next year. CoreWeave (CRWV) - CoreWeave shares rose in extended US trading after quarterly earnings and revenue beat expectations, and it raised its FY outlook, supported by accelerating AI infrastructure demand, a growing backlog and strong pricing for newer Nvidia (NVDA) systems. Q2 adj. EPS -1.03 (exp. -1.20), Q2 revenue USD 2.575bln (exp. 2.56bln). Backlog reached approximately USD 104bln, and excludes more than USD 25bln of new customer commitments added in early Q3. Active power capacity was 1.5GW, with management targeting more than 1.85GW by year-end. CEO said customer demand is accelerating as enterprise AI adoption broadens, while pricing and margins for Nvidia’s Blackwell and Vera Rubin capacity are reaching new highs. Sees Q3 revenue between USD 3.45-3.60bln (exp. 3.42bln), Q3 operating income between USD 200-260mln, Q3 capex between USD 11.5-13.5bln. Raised FY26 revenue guidance to between USD 12.4-13.2bln (prev. saw 12-13bln), raised FY26 operating income guidance to between USD 960mln-1.15bln (prev. saw 900mln-1.1bln), and sees FY26 capex between USD 35-39bln. Super Micro Computer (SMCI) - Super Micro rose in extended trading after forecasting annual revenue well above expectations, supported by strong demand for AI-optimised servers and improving margins despite a quarterly revenue miss. Q4 EPS 1.70 (exp. 0.96), Q4 revenue USD 11.1bln (exp. 11.56bln). While revenue nearly doubled Y/Y, it was below expectations due to short-term customer delays involving power, cooling and networking, which pushed some contracts into Q1. Q4 gross margin reached 17.5% (vs the company’s preliminary guidance range of 15-17%), helped by a stronger customer and product mix. It generated more than USD 60bln of new orders during FY26, and entered FY27 with record backlog; nine customers generated more than USD 1bln of annual revenue each, up from four a year earlier. CEO said demand for AI infrastructure continues to accelerate, and a richer enterprise mix should support profitability. Sees Q1 EPS between 1.01-1.10 (exp. 0.76), Q1 revenue between USD 14.5-15.5bln (exp. 12.09bln); sees FY27 revenue between USD 65-72bln (exp. 53.29bln). Lumentum Holdings (LITE) - Lumentum rose in afterhours, following a quarterly earnings and revenue beat, and its Q1 outlook topped expectations, supported by accelerating AI-driven demand for optical connectivity products. Q4 adj. EPS 3.23 (exp. 2.97), Q4 revenue USD 1.01bln (exp. 987.7mln). Performance was driven by accelerating AI data centre demand for optical connectivity. CEO said optical circuit switching, cloud modules and 1.6T adoption are beginning to contribute, while demand for ultra-high-power co-packaged-optics lasers, external laser source modules and near-packaged-optics engagements is expanding the company’s addressable market. Sees Q1 adj. EPS between 4.05-4.35 (exp. 3.63), Q1 revenue between USD 1.225-1.275bln (exp. 1.16bln), Q1 adj. operating margin between 39.5-40.5%. Management said the Q1 revenue midpoint of USD 1.25bln would put the company at its target model more than a quarter ahead of schedule. Oracle (ORCL) - Oracle plans further job cuts this month, potentially reaching double-digit percentages on some teams, as it seeks to reduce payroll before 1st September, Business Insider reports. Oracle’s workforce fell 13% (around 21K staff) in FY26 to around 141K. Trimble (TRMB) - Q2 adj. EPS USD 0.86 (exp. USD 0.80), revenue USD 972mln (exp. USD 952.08mln); raised FY26 adj. EPS view to USD 3.60-3.70 (exp. USD 3.59, prev. USD 3.47-3.64) and revenue view to USD 3.9-3.95bln (exp. USD 3.89bln, prev. USD 3.84-3.92bln), and announced a new USD 1bln share repurchase authorization. Quantinuum (QNT), Oracle (ORCL) - Oracle and Quantinuum announced a multi-year partnership to integrate Quantinuum’s Helios quantum computer with Oracle Cloud Infrastructure. Helios will be deployed at a US Oracle AI data centre. Oracle plans to preview the quantum service in the coming months. Meanwhile, Quantinuum reported Q2 adj. EPS -0.28 (exp. 0.26), revenue USD 8mln (exp. USD 7.6mln); sees FY26 revenue USD 28-32mln (exp. USD 26.47mln). Samsung Electronics (SSNLF), SK Hynix (SKHY) - Samsung and SK Hynix gained overnight after a report that Temasek plans direct investments in both companies; Temasek was said to be considering timing. Samsung Electronics (SSNLF) - Samsung has used Anthropic’s Claude Code since May to accelerate semiconductor design and verification, Chosun reports. Its System LSI division completed one customer-specific SoC verification task in two days instead of over a month, while a junior engineer finished a USB model-development task in one day, the report notes. Samsung is also expanding use of Alphabet’s (GOOG) Gemini and OpenAI’s ChatGPT. Nebius (NBIS) - Q2 adj. EBITDA USD 236.2mln (exp. USD 168.8mln), revenue USD 582.3mln (exp. USD 569.9mln); AI Cloud revenue rose 514% Y/Y to USD 574.9mln, ARR reached USD 3bln, and raised year-end 2026 contracted capacity guidance to 5 GW from over 4 GW. Expects over USD 9bln in customer pre-payments in 2026 and expects MW to GW of connected power by year-end (prev. 800MW to 1GW). Maintained FY26 revenue view of 3.0-3.4bln (exp. 3.36bln), ARR USD 7-9bln, adj. EBITDA c. 40%). Aehr Systems (AEHR) - Received a USD 22mln follow-on production order from its lead wafer-level AI processor customer for multiple fully automated FOX-XP wafer-level burn-in systems. Aehr expects to ship the systems over the next six months for installation at the customer's high-volume manufacturing partner in Taiwan, supporting continued production capacity expansion for advanced AI training and inference processors. Bending Spoons (BSP) - Downgraded at BofA to Underperform from Neutral and raised its price target to USD 39 from USD 35, arguing that too much future M&A is already priced into the shares. At around USD 53, BofA estimates the stock implies roughly USD 18bln of future M&A, while BSP may have only ~USD 7bln of additional debt capacity by year-end 2027; BofA's USD 39 target assumes ~USD 11bln of M&A through 2028, versus USD 9.3bln previously. OpenAI, Amazon (AMZN) - OpenAI made Daybreak cybersecurity capabilities available through Amazon Bedrock on AWS. Daybreak Blue provides frontier general-purpose models including GPT-5.6 Sol for authorised defensive security, while Daybreak Red provides purpose-trained models for vulnerability research, exploit validation and security testing. COMMUNICATIONS: Alphabet (GOOG) - Google announced three new subsea cable systems across the Americas. Alisios will connect the Dominican Republic, Panama and Chile; Canoa will link the Dominican Republic and Bermuda; OlaLuz will connect the Dominican Republic to Florida. The projects are intended to strengthen regional digital connectivity and support local economic growth. Warner Bros. Discovery (WBD), Paramount Skydance (PSKY) - California gubernatorial frontrunner Xavier Becerra said settlement would be the best outcome in the state lawsuit seeking to block Paramount Skydance’s USD 110bln merger with Warner Bros. Discovery. California and 11 other states sued over alleged market concentration. Paramount is also considering relocating jobs from California if the dispute continues. Joyy (JOYY) - Upgraded at JPMorgan to Overweight from Neutral with a USD 98 PT (prev. 35). The firm expects additional share price upside from here as the company's latest shareholder return policy in May suggests a 15% annual shareholder return, and JPMorgan contends that its rich net cash on hand and sizable operating cash flow/interest income can support a sustainable shareholder return in the long run. The firm adds it is positive on Bigo Ads's growth outlook, supported by a sizable programmatic ads market, and Joyy's strong data/algorithm know-how in digital entertainment/eCommerce verticals. CONSUMER CYCLICAL: General Motors (GM) - GM established a USD 4.5bln programme to secure critical auto parts supplies against disruptions, Bloomberg reports. Procura Auto Parts will purchase inventory from key suppliers, funded by banks including JPMorgan (JPM) and Banco Santander (SAN), while suppliers store the parts. GM will pay Procura interest and fees upfront and purchase the components when needed. H&R Block (HRB) - Shares rose in extended trading after a quarterly beat and its FY outlook topped forecasts, as well as raising its dividend. Q4 adj. EPS 2.38 (exp. 2.21), Q4 revenue USD 1.14bln (exp. 1.12bln). Management said FY26 showed continued improvement in business quality and client mix. Raised its quarterly dividend +10% to 0.46/shr, a ninth consecutive annual increase. Sees FY27 adj. EPS between 6.04-6.24 (exp. 5.86), and FY27 revenue between USD 4.11-4.16bln (exp. 4.05bln). Amcor (AMCR) - Q4 adj. EPS USD 1.23 (exp. USD 1.19), revenue USD 6.4bln (exp. USD 6.08bln); reported strong operating performance despite a challenging macro environment, with broad-based volume growth and synergies ahead of plan. Cava Group (CAVA) - Q2 EPS USD 0.19 (exp. USD 0.18), revenue USD 365.4mln (exp. USD 360.1mln); affirmed FY26 adj. EBITDA view of USD 181-191mln, 75-77 net new restaurant openings and same-restaurant sales growth of 4.5%-6.5%. Gap (GAP) - Downgraded at Jefferies to Hold from Buy with a USD 23 PT (prev. 29), citing weakening survey metrics. The firm is "increasingly concerned" about softer trends at Old Navy, with its data pointing to higher promotions. Gap's Q2 offers the easiest comparison of the year, yet trends have lagged, and the comps get tougher in the second half of the year. Brinker (EAT) - Q4 EPS USD 3.07 (exp. USD 3.09), revenue USD 1.54bln (exp. USD 1.53bln); sees FY27 EPS USD 12.60-13.40 (exp. USD 12.50) and revenue USD 6.15-6.27bln (exp. USD 6.14bln), with FY27 capex of USD 265-285mln. Kontoor Brands (KTB) - Q2 adj. EPS USD 1.06 (exp. USD 1.04), revenue USD 584mln (exp. USD 586.95mln); raised FY26 adj. EPS view to USD 5.25-5.35 (exp. USD 5.22, prev. USD 5.15-5.25), while reaffirming revenue view of USD 2.66-2.71bln (exp. USD 2.7bln) and raising adjusted gross margin outlook to 49.8%-50.0% from 48.3%-48.5%. Named Joseph Alkire has been appointed President and CFO, effective immediately. In his expanded role. Global-e Online (GLBE) - Q2 adj. EPS USD 0.27 (exp. USD 0.31), revenue USD 299.0mln (exp. USD 283.09mln); raised FY26 revenue view to USD 1.305-1.355bln (exp. USD 1.28bln, prev. USD 1.220-1.280bln) and adj. EBITDA view to USD 278-300mln (prev. USD 264.5-289.5mln), while Q3 revenue guidance of USD 308.5-315.5mln was above expectations of USD 294.12mln. Rakuten Group (RKUNY) - Rakuten shares fell sharply overnight after investors focused on persistent losses at its mobile business. The company posted its first net income in six years, helped by tax credits and stronger fintech earnings, while Q2 operating profit more than doubled but missed analyst estimates. FINANCIALS: Bank of America (BAC) - Said it plans to inject USD 250bln into US data centres, energy and critical minerals, WSJ reports. Goldman Sachs (GS) - To acquire ETF provider Neos in a USD 2.3bln cash and equity deal. The combined platform will position Goldman Asset Management as a top eight active ETF provider with USD 80bln in active ETFs. Deal to add USD 30bln in active income ETFs to GS Asset Management's income and outcome-oriented options-based ETF solutions. China FTZ Bonds - Shanghai’s free-trade zone bond market is reviving after a 2023 crackdown, Bloomberg reports, noting that Shanghai Electric Group began marketing pearl bonds at around 2.4%, the first non-financial company issuance in nearly three years. YTD sales have surged to over five times last year’s equivalent period, though total issuance stands at only USD 512mln within the USD 19bln market. Deutsche Bank (DB) - China authorised Deutsche Bank as the first non-Chinese lender to clear yuan transactions in Europe. The bank will handle regional yuan clearing from Frankfurt. The move expands China’s overseas clearing network as it seeks to promote international use of the yuan and reduce reliance on the US dollar, Bloomberg says. ABN AMRO (AAVMY) - Q2 profit EUR 780mln (exp. 660.1mln), supported by higher fees and lending income; net interest income +11% to EUR 1.7bln (exp. 1.53bln), fees +25% to EUR 617mln (exp. 492mln). Raised its FY commercial net interest income outlook to EUR 6.8bln (prev. saw 6.4bln). Hannover Re (HVRRY) - Q2 net profit EUR 695.3mln (exp. 682mln), reinsurance revenue EUR 6.4bln (exp. 6.38bln), operating profit of EUR 961.3mln (exp. 946mln); confirmed FY26 guidance. Kalshi - Kalshi is in advanced discussions to raise funding at a USD 40bln valuation, The Information reports, citing a source. World Cup betting helped lift revenue to an annualised rate above USD 4bln in July (vs over USD 2bln two months earlier). Elsewhere, the CFTC ordered Kalshi to continue operating in New York despite the state attorney general’s lawsuit seeking to halt its activities. The regulator invoked emergency powers and said it has exclusive jurisdiction over registered prediction markets. New York alleges Kalshi violates state gambling laws, while the CFTC argues federal regulation pre-empts state authority. Crypto - The SEC is preparing initiatives for crypto investment contracts and tokenised securities as the Clarity Act stalls in Congress, Bloomberg reports. A proposed innovation exemption could enable 24/7 blockchain trading of stock tokens, while potentially allowing issuers to object to third-party tokenisation and strengthening anti-money-laundering controls. ENERGY: Weekly Inventories - API data reportedly showed headline US crude stocks posting a surprise build of +9.1mln bbls (exp. -0.5mln), Cushing inventories building by +1.6mln bbls, gasoline seeing a draw of -1.5mln bbls (exp. -1.6mln), while distillates posted a smaller than expected draw of -0.6mln bbls (exp. -1.6mln). DoE weekly inventory data is due later today. IEA OMR - The IEA’s Oil Market Report revised its 2026 world oil supply forecast to a fall of 4.3mln bpd (prev. 3.7mln), with supply seen 1.27mln bpd below demand for the full year (prev. 860K bpd). The Q3 oil market deficit estimate was doubled to 1.8mln bpd (prev. 800K bpd). Nigeria Crude - Nigeria introduced tax credits of up to USD 11.50/bbl for new deepwater oil projects and USD 8/bbl of oil equivalent for new non-associated gas projects, Bloomberg reports. The incentives, including Shell’s (SHEL) Bonga Southwest Aparo development, run until 31st December 2029, and aim to attract up to USD 50bln of investment. TechnipFMC (FTI) - TechnipFMC was awarded a contract by Azule Energy for the West Hub Tails project, valued at USD 75-250mln. TechnipFMC will design and manufacture flexible flowlines, risers and related equipment to route West Hub production to the Agogo FPSO. The award will be included in Q3 2026 inbound orders. INDUSTRIALS: Firefly Aerospace (FLY) - Q2 EPS 0.42 (exp. 0.57), revenue USD 117.68mln (exp. USD 88.52mln); backed FY26 revenue view of USD 420-450mln (exp. USD 440.29mln). Extended its multi-launch agreement with Lockheed Martin (LMT) by two years, covering up to 25 Alpha Block II launches through 2031. Firefly is also collaborating with Lockheed Martin and Seagate Space on sea-based launch solutions using Seagate's offshore Gateway platform to provide more flexible launch locations for national security missions. Air Canada (ACDVF), Blackstone (BX) - Air Canada announced a CAD 2.5bln minority investment in Aeroplan by funds managed by Blackstone, La Caisse, PSP Investments and British Columbia Investment Management. The group will acquire 25%, valuing Aeroplan at CAD 10bln. Proceeds will repay Air Canada’s USD 1.2bln bond maturity, and support share repurchases. ERock (EROC) - Q2 EPS -0.06 (exp. 0.29), revenue USD 39.88mln (exp. USD 27.31mln); sees FY26 revenue USD 435-465mln (exp. USD 448.32mln) and adj. EBITDA USD 3-9mln. T1 Energy (TE) - Q2 cont ops EPS -0.14 (exp. -0.10), revenue 250.13mln (exp. 198.84mln). Beta Technologies (BETA) - Q2 EPS 0.64 (exp. 0.56), revenue USD 14.7mln (exp. USD 9.65mln); raised FY26 revenue view to USD 42-50mln (exp. USD 41.55mln, prev. USD 39-43mln) while narrowed FY26 adj. EBITDA view to (USD 400-445mln) (prev. (USD 355-445mln)). Thyssenkrupp Marine Systems (TKMCY) - TKMS raised its FY sales growth view to +10-12% (from 2-5%), and expects an adj. operating margin of up to 6.5%. Nine-month adj. EBIT rose to EUR 110mln (from EUR 98mln), helped by higher-margin submarine projects. The company also said that it was selected as preferred supplier for Canada’s new submarine fleet. MATERIALS: Rio Tinto (RIO), Gove Aluminium Finance, Norsk Hydro (NHYDY) - Rio Tinto, Norsk Hydro and Gove Aluminium Finance are set to receive Australian federal and New South Wales government support for their Tomago aluminium smelter. An announcement is expected Thursday, Bloomberg said. United States Antimony (UAMY) - Q2 EPS USD 0.00 (exp. 0.02), revenue USD 7.9mln (exp. USD 21.7mln); shares traded lower after cutting FY26 revenue view to USD 60-75mln (exp. USD 115.3mln, prev. USD 125mln) due to lower antimony prices and delays in DLA deliveries, while H.C. Wainwright lowered its PT to USD 9.25 from USD 11.75. Brenntag (BNTGY) - Q2 revenue EUR 4.26bln (exp. 4.02bln), operating EBITDA EUR 463mln (prev. 334mln), pretax profit EUR 262mln (prev. 82mln); raised FY26 operating EBITDA view to EUR 1.35-1.45bln, citing solid YTD performance and positive chemical pricing momentum. HEALTHCARE: Eli Lilly (LLY) - Filed six lawsuits against US companies it accuses of illegally selling black-market versions of experimental obesity drug retatrutide, escalating its efforts to crack down on unauthorized sales. Retatrutide remains in Phase 3 trials and has not been approved by any regulator for human use. MacroGenics (MGNX), Gilead (GILD) - MacroGenics will receive USD 10mln after Gilead exercised an option for an exclusive licence to a preclinical bispecific programme targeting solid tumours. MacroGenics remains eligible for up to approximately USD 1.6bln in additional milestone payments across the collaboration, plus royalties on worldwide net sales. AbCellera (ABCL) - Commenced an underwritten public offering of USD 200mln of common shares and pre-funded warrants, with proceeds intended to fund research, development and clinical advancement of its internal pipeline, including lead program ABCL635, as well as general corporate purposes. Novo Nordisk (NVO) - Downgraded at Berenberg to Hold from Buy. The firm said that valuation multiple expansion from here will require confirmation that Novo can retain its lead in oral obesity treatments and grow its position in the injectable market. Berenberg awaits pipeline progress from the company to support this. It believes the easy gains in the shares have been made. Neurocrine (NBIX) - Shares fell after Prader-Willi syndrome experts raised safety concerns over Vykat XR, citing serious post-marketing adverse events including edema and respiratory and cardiac complications. The FDA’s AEMS showed seven reports of death among patients taking Vykat XR as of July 31, 2026, although the reports do not establish that the drug caused the deaths. CONSUMER STAPLES: Argentina Beef - USDA said Corte Argentino is recalling nearly 30K pounds of Argentine beef distributed in Texas and Florida after the products missed US import reinspection. No illnesses or injuries have been reported. The beef was produced in May and carried Frigorifico Gorina SAIC labels. GEOPOLITICS: US-Iran - There are no discussions over extending the ceasefire between the US and Iran, according to reports citing a senior Iranian source; one issue being discussed is the US returning to the MoU and defining a time frame for implementation. From Iran's perspective, there was no ceasefire start date so there is nothing to extend. The US violated the interim pact 48 hours after it was reached and absolutely no progress has been made on the potential return of the US to the MoU, the source added. Meanwhile, US President Trump stated that the US totally controls the Strait of Hormuz, adding that he does not trust Iran. A US military intelligence assessment has reportedly concluded that Iran’s strategic priority has shifted from its nuclear programme to the Strait of Hormuz, NBS reports; military officials warned Trump that taking the strait by force would be lengthy, costly and deadly, with no certainty of success. US-Iran - Iran’s Secretary of the Supreme National Security Council Razaei said the Strait of Hormuz would remain closed until the US altered its behaviour and met Iranian conditions, including ending the war across the region (including in Lebanon and Gaza), as well as releasing frozen Iranian funds. Separately, an IRGC spokesperson warned that any renewed threat to Iran would put energy pipelines, power plants, and global internet infrastructure at risk. Pakistan - Pakistan’s Foreign Minister said the country remains optimistic as a mediator and is not discouraged by escalations. A Foreign Ministry spokesperson noted the US-Iran 60-day MoU deadline is approaching but can be extended, adding that the chapter is not closed, while expressing hope that both parties return to dialogue. US-China - The US criticised China for insufficient notice before a 6th July submarine-launched nuclear-capable intercontinental ballistic missile test. China rejected the claim, saying it provided advance notification and conducted the launch responsibly. The dispute comes as Washington presses Beijing for greater transparency over its expanding nuclear arsenal. North Korea - North Korea fired a ballistic missile about 700km from Wonsan towards the sea off the Korean Peninsula’s east coast, South Korean and Japanese authorities said. The launch came six days after another firing, and ahead of US-South Korean Ulchi Freedom Shield exercises scheduled for 17-27th August. US-Venezuela - The US government sold the Venezuela-linked tanker Bella 1 (now called Era) after its Coast Guard seized the vessel in January following a transatlantic chase. Buyer Global Marketing Systems said the ship and another seized tanker, Lileo, were cleared for demolition after the Treasury Department issued vessel-specific licences. Russia-India - Russia has begun importing gasoline from India as Ukrainian attacks on refineries worsen domestic shortages. The first shipment arrived on 5th August, sourced from Rosneft-backed Nayara Energy and transferred between tankers off Egypt. Further cargoes may follow, Bloomberg says, supplementing Russian imports from Belarus and neighbouring markets. MACRO: US Fiscal - President Trump is considering proposals to index capital gains for inflation and expand exemptions on certain home sales ahead of the midterm elections, Bloomberg reports. NEC Director Hassett said the President wants additional policy pledges for voters. Bloomberg notes that most tax changes would require congressional approval. Fedspeak - Fed’s Collins (2028 voter) told the FT that she would consider a September rate hike if inflation remains elevated. She said economic conditions in coming months could require tighter policy, and she would be prepared to raise rates if warranted by the data. Fed’s Goolsbee (2027 voter) said inflation remains the US economy’s biggest problem. He said the labour market was stable, but not strong.