President Donald Trump announced on Thursday that he will nominate Stephen Miran, the chair of the Council of Economic Advisors, to fill the open Federal Reserve role. Economists and investors have been waiting to hear who would replace Adriana Kugler after her resignation.
Miran’s appointment would put a Trump loyalist on the board at a time when the White House is pressuring the central bank to lower interest rates. Miran will serve out the remainder of Kugler’s term, which ends January 31, 2026.
In other news, tech companies have been courting the Trump administration with special deals this week. OpenAI announced it would give the federal government access to its enterprise version of ChatGPT for $1 through next year. Apple CEO Tim Cook presented Trump with an engraved gift after announcing expanded domestic investments.
However, Intel CEO Lip-Bu Tan got a public shaming from Trump, who said Tan is “highly conflicted” and must resign immediately. The president’s comments follow a report that Sen. Tom Cotton sent a letter to Intel’s board chair questioning Tan’s ties to Chinese companies.
Crocs shares lost 29% of their value in Thursday’s session, marking the company’s worst day in 14 years. The shoemaker’s poor outlook was attributed to expectations for a year-over-year revenue decline of 9-11% in the current quarter.
Overall, investors need to know that Miran will serve out Kugler’s term, Trump is pressuring the Fed to lower interest rates, tech companies are offering deals to the administration, and Crocs faces challenges with its earnings report.
Source: https://www.cnbc.com/2025/08/08/5-things-to-know-before-the-stock-market-opens-on-friday-august-8.html