Senate Passes Epstein Files Bill, Trump Deepens Saudi Ties, Markets React to NVIDIA Earnings

Epstein Files Bill Progress

• 🏛️ The House passed a bill to compel the Justice Department to release Jeffrey Epstein files by a 407-to-1 vote.
• ✅ The Senate unanimously agreed to approve the legislation without changes.
• ⚖️ Despite the vote, Senate Minority Leader Chuck Schumer suggests the Justice Department might still push back, citing ongoing investigations as a potential "smokescreen."
• 🗣️ President Trump stated he will sign the bill, asserting he has nothing to hide.

US-Saudi Relations Deepen

• 🤝 President Trump announced a new defense cooperation pact during a White House dinner for Saudi Crown Prince Mohammed bin Salman, designating Saudi Arabia as a major non-NATO ally.
• ✈️ The US offered sales of F-35 fighter jets, advanced airships, and nuclear technology sharing to the kingdom.
• 📈 Former US Ambassador Robert Jordan noted that the Crown Prince offered little in return, potentially holding out for normalization of relations with Israel.
• 💰 President Trump has previously touted $1 trillion in investment commitments from Saudi Arabia.

Market Volatility and NVIDIA Earnings

• 📉 US stock futures are higher after four straight days of losses, with a sell-off in large tech companies leading the decline.
• 📊 Lisa Charlotte of Morgan Stanley Wealth Management cited slowing earnings revision momentum and aggressive spending by hyperscalers as factors contributing to profit-taking.
• 🎢 Goldman Sachs President John Waldron described the current market pullback as healthy after a significant run-up this year, highlighting the focus on returns on capital invested.
• 📈 NVIDIA's earnings report is a key event, with analysts expecting over 50% growth in net income and revenue for its fiscal third quarter.
• ⚠️ Bloomberg's Michael Ball noted that Nvidia has no room for error, with the market pricing in a significant move on earnings day, and shares have dropped over 12% from their recent peak.