Gold reaches a new record high, Trump says Murdochs could be involved in TikTok deal

Market Overview - After a record-breaking day, stocks are expected to have a muted start to the week [2][3] - Gold prices have surged to a new record above $3,700, continuing a five-week upward trend [3] - Bullion-backed ETFs are performing well due to expectations of further Federal Reserve easing [4] Visa Policy Impact - President Trump's announcement of a $100,000 fee on H1B visas could disrupt the tech workforce, heavily reliant on Indian and Chinese workers [5][6] - Indian tech stocks experienced a sharp decline following the announcement, while major US tech firms showed minimal movement [6][7] Corporate Earnings and Index Changes - The S&P 500 will see new additions, including Encore, Robinhood, and Apploven, replacing Market Access Holdings, Caesar's Entertainment, and Nphase Energy [9] - Costco is expected to report fourth-quarter results, with analysts predicting mid to high single-digit sales growth in the US and Canada, but a slowdown in international sales [10] Federal Reserve Insights - The Federal Reserve cut interest rates by 25 basis points, with expectations of two more cuts in 2025 [11][13] - The upcoming release of the personal consumption expenditures index (PCE) is anticipated, with economists forecasting a 0.3% rise in headline PCE for August [12][19] TikTok Deal Developments - President Trump has indicated potential involvement of major figures in a TikTok deal, following a productive call with China's President Xi [7][24] - The ongoing negotiations around TikTok are seen as a complex issue, with no concrete outcomes expected soon [25][30] Pharmaceutical Acquisition - Pfizer is set to acquire Metsera, an anti-obesity drug maker, for $4.9 billion, with an initial payment of $47.50 per share and potential performance-based increases [31][32] - Metsera's shares have soared following the acquisition announcement, and Pfizer's shares are also rising [31] BYD and Berkshire Hathaway - Shares of BYD fell over 3% after Berkshire Hathaway exited its stake in the Chinese EV maker, which it held for over 15 years [44][45] - Berkshire's offloading of shares began in mid-2022, with its holding dropping below 5% last year [45] Market Sentiment and Future Outlook - Goldman Sachs has raised its year-end target for the S&P 500 to 6,800, citing a dovish Fed and resilient corporate earnings [59] - The market is expected to open with a muted sentiment, influenced by recent profit warnings from car manufacturers like Porsche and Volkswagen [58]