Here’s a quick rundown of five things investors need to know before diving into today’s trading:
1. Lisa Cook’s lawsuit
This morning, a federal judge has called for a 10 a.m. hearing related to Federal Reserve Governor Lisa Cook, who has filed a lawsuit against President Donald Trump over her termination. It’s anticipated that this case could escalate all the way to the Supreme Court, but for now, today’s hearing adds another chapter to an unfolding legal drama that’s caught the eye of economists and investors alike.
A few points to consider:
- Cook’s legal challenge questions Trump’s authority for dismissal—she argues inconsistencies in her mortgage application might stem from “clerical errors.”
- The case is being handled by Judge Jia Cobb, who was appointed by former President Joe Biden.
- Bill Prute, director of the Federal Housing Finance Agency, has recently filed a separate criminal referral involving Cook, tied to allegations of mortgage fraud related to properties in Cambridge, Massachusetts.
- Interestingly, Cook appears not to be the only one affected by recent firings; the Trump administration also let go of CDC Director Susan Monarez and Surface Transportation Committee member Robert Primus.
2. S&P 500
The trading floor of the New York Stock Exchange was bustling on August 22, 2025, as traders kept a close eye on the numbers.
3. Big Thunder
Turning to Nvidia, new insights have come to light—only two customers accounted for a striking 39% of the company’s revenue in the second quarter. The identities of these clients remain shrouded in mystery. CNBC’s Kif Leswing raises alarms about this concentration, pointing out that just a year prior, the top two customers only made up 25% of the revenue.
4. It feels blue
Old Navy and Gap stores were bustling on April 9, 2025, in Times Square. Now, while the company was promoting new denim ads, it struggled in the second quarter, slightly missing Wall Street’s revenue expectations. Athleta, a part of the Gap family, reported a tough quarter as well, warning about the impact of tariffs on profits.
Gap isn’t the only brand in the spotlight; Nike also made headlines, announcing plans for more layoffs as part of its strategy for growth.
5. Are you a friend or an enemy?
In tech news, Microsoft CEO Satya Nadella and OpenAI CEO Sam Altman were present at an event in San Francisco. Microsoft is exploring an internally developed AI model that utilizes its Copilot Assistant, indicating a push to reduce dependence on OpenAI’s technologies. This is interesting, considering the substantial investments Microsoft has made in OpenAI and how they currently collaborate, even while competition between the two seems to be intensifying.
