Nasdaq Futures Lead Market Higher as Tech Stocks Boosted by Trump's Tariff Comments and Gold Prices Reach All-Time High.

The Nasdaq is expected to lead the market higher, with futures up 0.3%, after the tech-heavy index closed at a new record. The White House's nomination of Stephen Miran to the Federal Reserve Board of Governors may provide confidence in the direction of interest rates this year. Gold futures surged to an all-time high of $3,534.10 an ounce after the US slapped tariffs on one-kilo gold bars, causing Swiss refineries to pause shipments to the US.

The Nasdaq is expected to lead the market higher, with futures up 0.3% after the tech-heavy index closed at a new record. The White House's nomination of Stephen Miran to the Federal Reserve Board of Governors may provide confidence in the direction of interest rates this year. Gold futures surged to an all-time high of $3,534.10 an ounce after the US slapped tariffs on one-kilo gold bars, causing Swiss refineries to pause shipments to the US.

Apple's stock rally, driven by reports of a $100 billion U.S. manufacturing pledge, has boosted the Nasdaq. The tech shares were aided by the positive manufacturing news, contributing to a 1.2% rise in the Nasdaq, while the S&P 500 gained 0.7% and the Dow industrials added 0.2% [1].

Meanwhile, the appointment of Stephen Miran to the Federal Reserve Board of Governors by President Trump could influence the direction of interest rates. Miran, a top economic adviser, will replace Adriana Kugler on the seven-member panel headed by Fed Chairman Jerome Powell. This move follows months of pressure from Trump on Powell to lower interest rates, despite inflation remaining below 3% [2].

Gold futures have been significantly impacted by the US tariffs on Swiss gold bars. The price of gold futures for delivery in December hit an all-time intraday high of $3,534 (£2,630) after the news emerged. The tariffs, imposed at a 39% rate, have dealt a blow to Switzerland's world-leading refining industry, which dominates the trade of turning gold from mines and other sources into gold bars [3].

The Swiss president, Karin Keller-Sutter, has called the tariffs "horrific" and is seeking further talks with the US over the country's high tariff rate. The tariffs have caused Swiss refineries to pause shipments to the US, impacting the circular trade between London, New York, and Switzerland. The gold trade, which is usually circular, has been disrupted by the tariffs, with Switzerland importing about 2,000 tonnes of gold annually, much of it from intermediary banks in London, New York, and elsewhere [3].

The White House's nomination of Stephen Miran to the Federal Reserve Board of Governors and the surge in gold futures due to US tariffs on Swiss gold bars are significant developments in the financial markets. Investors will be closely watching these developments to gauge their impact on the economy and the direction of interest rates.

References:
[1] https://www.tradingview.com/news/DJN_DN20250807000764:0-dow-jones-top-markets-headlines-at-1-am-et-apple-stock-rally-pushes-nasdaq-near-a-record-china-s/
[2] https://nypost.com/2025/08/07/us-news/trump-announces-stephen-miran-as-pick-for-federal-reserve-board-as-speculation-swirls-around-powell-replacement/
[3] https://www.theguardian.com/business/2025/aug/08/gold-futures-soar-to-record-high-after-reports-of-us-tariffs-on-swiss-bars