Tonight's Highlights | U.S. Stock Futures Edge Up, Gold Tariffs Draw Attention

On Friday, U.S. stock index futures saw a slight uptick, while major European indices showed mixed results.  

U.S. President Trump’s proposed “reciprocal tariffs” officially took effect at midnight local time on Thursday, with some rates reaching significant levels, including 41% on Syria, and 40% on Laos and Myanmar.  

 

Thomas Martin, senior portfolio manager at Globalt Investments, noted that investors will continue to closely monitor the trajectory of Trump’s trade policies moving forward.  

 

“The volatility from tariffs has eased somewhat, but there’s still a lot of uncertainty. Questions remain about how tariffs will impact corporate decisions, supply chains, costs, profit margins, pricing, and consumer effects,” Martin said.  

 

He added, “So, I think the uncertainty surrounding tariffs remains significant. At this stage, it’s the most important and pressing issue for the market.”  

 

COMEX gold futures surged past $3,500 per ounce, hitting an all-time high before retreating. Reports indicate the U.S. has imposed tariffs on 1-kilogram and 100-ounce gold bars.  （The 1-kilogram gold bar, a standard traded variety on the New York Mercantile Exchange (Comex), could pose a new tariff challenge for major refining hubs like Switzerland.  ）

 

Gold prices have risen on five of the past six trading days, partly boosted by market expectations of an impending Federal Reserve rate cut.  

 

Additionally, Trump’s nomination of White House Economic Council Chair Stephen Milan to fill a vacant Fed governor position has further fueled market optimism for a rate cut within the year.  

 

Intel’s pre-market stock rose over 1%, poised to recover some of Thursday’s losses. The company had earlier confirmed board support for CEO Lip-Bu Tan. Trump publicly pressured Gelsinger to resign on Thursday.  

Company News  

Tesla to Disband Dojo Supercomputer Team? Musk Responds  

 

On August 7 local time, reports suggested Tesla is disbanding its Dojo supercomputer team, shifting to external partners including Nvidia, AMD, and Samsung.

 

Musk responded, stating it’s unreasonable for Tesla to allocate resources to two entirely different AI chip designs. Tesla’s AI5, AI6, and future chips will excel in inference and perform well in training, with all efforts concentrated there.  

 

Intel CEO Lip-Bu Tan Pens Employee Letter: Many Things ‘Not True,’ Hints at No Resignation  

 

On August 8, after being singled out by U.S. President Trump to “resign immediately,” Intel CEO Lip-Bu Tan wrote a nearly 700-word letter to employees, posted on the company’s website.  

 

Gelsinger expressed gratitude for the opportunity and emphasized that “many things about me are not true and need clarification.” He highlighted his 40+ years of industry experience, adherence to the highest legal and ethical standards, and a reputation built on action.  

 

At the letter’s close, Gelsinger hinted at no resignation, stating the company’s clear future goals and major opportunities, vowing to “stand shoulder-to-shoulder with Intel employees.”  

 

Gilead Sciences: Q2 Product Sales Excluding Remdesivir Up 4%  

 

On August 8, Gilead Sciences released its 2025 Q2 financial report: Product sales (excluding Remdesivir) grew 4% to $6.9 billion. Biktarvy sales rose 9% to $3.5 billion, while Descovy sales increased 35% to $653 million.  

 

TSMC: July Revenue Reaches NT$323.17 Billion, Up 25.8% YoY  

 

On August 8, TSMC reported July revenue of NT$323.17 billion, a 25.8% year-on-year increase.