- President Trump made an unusual visit to the Federal Reserve that included a back-and-forth with Chair Jerome Powell.
- Intel CEO CEO Lip-Bu Tan announced several spending cuts in a memo
- Sydney Sweeney’s campaign with American Eagle helped the retailer gain the attention of meme stock traders.
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During his eagerly awaited visit to the Federal Reserve on Thursday, President Donald Trump engaged in a captivating back-and-forth with Chairman Jerome Powell. It was a sight to behold: Powell and Trump wore white hard hats while touring a section of the central bank that was still under construction. The project has been a subject of contention for the president, who has blasted Powell for it. Powell started to shake his head as Trump informed reporters that the cost of renovating two buildings was approximately $3.1 billion. After being shown a sheet of paper, Powell clarified that the amount included the work done on another building years before, saying he had not heard that from anyone at the Fed. Conversely, Trump hinted that he was abandoning the notion of removing Powell, which has been a worry for investors in recent months. The entire event, which was the first formal presidential visit to the Fed in almost 20 years, was covered by CNBC’s Kevin Breuninger.
Investors in S&P 500-based funds, such as the VOO or SPY, have had a good week. This week, the broad index has set new closing highs each day, increasing its total number of record closes in 2025 to 13. In the meantime, this week alone has seen three all-time high closes for the tech-heavy Nasdaq Composite. The three main U.S. stock market indices are all expected to close the week higher.Get real-time market updates by clicking this link.
In a message sent on Thursday, Intel CEO Lip-Bu Tan ordered a number of budget cuts, with special attention to a foundry segment that makes chips for other businesses. Tan stated rather simply that investments “must make economic sense” and that there will be “no more blank checks.” According to Kif Leswing of CNBC, this division of the company needs a big, centerfold client because it is experiencing an operating loss. According to Tan, the belt-tightening already seems to be underway: Intel has canceled planned fabrication projects, is merging certain activities overseas, and is delaying the development of a chip facility in Ohio.
The White House is attempting to enact legislation after forcing ByteDance to sell its stake in the social media app TikTok in the United States. If it is unable to find American owners by the deadline of September 17, Commerce Secretary Howard Lutnick told CNBC on Thursday that it will belight out for the Gen Z-favorite short-form video company. A preview of this situation was given to users in January when Google and Apple pulled the platform from their app stores due to an impending deadline. Regarding the old economy, Lutnick told CNBC that the major American automakers are “cool with” the trade deal that was made with Japan.
The news about actress Sydney Sweeney’s advertisement for American Eagle Outfitters, which drew meme stock traders to the brand, was probably prominently posted on CNBC’s homepage on Thursday. The truth is more fascinating than fiction in this instance. The “Anyone But You” star’s revelation of a denim-focused ad sparked a lot of interest on the well-known Wall Street Bets Reddit board, which caused the stock to surge overnight and into Thursday’s trading day. With that move, the apparel store gained a spot among the new wave of meme stocks that have experienced a lot of trade this week, such as GoPro, Krispy Kreme, and Kohl’s.
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This material was contributed to by Ashley Capoot, Sean Conlon, Kif Leswing, and Kevin Breuninger of CNBC.
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