🚀 Trump hosting dinner for tech business leaders

Market Overview
Read time 1.4 minutes

Year To Date Performances:

1. President Trump is set to host an elite gathering of tech and business leaders at the White House’s newly renovated Rose Garden on Thursday, with attendees including Mark Zuckerberg, Tim Cook, Bill Gates, and Sam Altman. The dinner meeting, which follows a separate AI-focused event hosted by First Lady Melania Trump, highlights Trump’s effort to court Silicon Valley even as his relationship with the sector remains uneasy. Elon Musk, who once held a short-lived role in Trump’s administration before a public fallout, said he was invited but will not attend. The guest list—spanning OpenAI, Google, Palantir, and other industry heavyweights—signals the administration’s push to frame itself as a partner in steering America’s role in AI and advanced technologies, even amid tensions over regulation, trade, and innovation policy.

2. Washington, D.C., has sued the Trump administration over its deployment of more than 2,000 National Guard troops to the city, calling the move “unprecedented” and unconstitutional. The lawsuit, filed by D.C. Attorney General Brian Schwalb, argues that President Trump has trampled a core democratic principle by using the military for domestic law enforcement and seeks a permanent injunction to block the deployment. The White House defended Trump’s actions, saying he is acting within his authority to protect federal assets and curb violent crime, while critics note a federal judge has already blocked a similar deployment to California. The clash highlights an escalating legal and political battle over Trump’s use of emergency powers to expand federal control in U.S. cities.

3. The U.S. labour market slowed sharply in August, with private employers adding just 54,000 jobs, well below expectations and down from July’s 106,000 gain, according to ADP. Weakness was concentrated in trade, transportation, and education-related jobs, though leisure and hospitality offset some losses with 50,000 new roles. Wage growth held steady, but rising jobless claims and the weakest job openings data since the pandemic underscore mounting concerns that hiring momentum is breaking down. Economists now expect Friday’s official jobs report to show similarly tepid gains, with unemployment edging higher, while markets are betting almost unanimously that the Federal Reserve will respond with a rate cut later this month.

   Headlines

   1. Salesforce stock was down 7% on reduced forecasts.

   2. Orsted is suing to overturn Trump’s order to stop construction on its new offshore wind farm.

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