Oil Giants Surge, Trump Shakes Up Jobs Data, and Nvidia Faces China Pushback

Money Masters' Market Kickoff Week 32

August 04, 2025

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Dear Money Master,

We kick off the week with heavy market-moving headlines. Exxon and Chevron beat earnings despite weaker oil prices ⛽, while Trump fired the head of the BLS after July jobs data showed major downward revisions. Nvidia’s return to China faces growing competition from local chipmakers 🇨🇳, and Google has dropped over 50 DEI-related groups from its funding list. Meanwhile, Palantir secures a $10 billion Army contract 🛰️, Moderna announces job cuts, and OPEC+ ramps up production to reclaim lost oil market share.

Read of the Day: Today we shared the monthly newsletter from our friends at Efficient Frontier Investing, who offer their thoughts and musings for August. Their letter is usually reserved for a private network, but they’ve shared it with us for educational purposes. If you want to learn how professionals view markets, this is a must-read.

📰 Your Daily Financial Digest - August 4th, 2025

🌍 Economics & Finance:

  1. OPEC+ Approves Major Output Hike to Regain Market Share 🛢️
    The group will boost September oil production by 547,000 barrels/day, reversing earlier cuts. Brent crude dipped below $70 as markets anticipate more supply and possible shifts tied to U.S.-Russia diplomacy. Read More

  2. Trump Fires BLS Chief After Weak Jobs Report and Data Revisions 📉
    President Trump removed Erika McEntarfer, accusing her of publishing “rigged” job numbers. July job growth came in at just 73,000, with downward revisions of 258,000 jobs for May and June. Markets now expect up to three rate cuts this year. Read More

💻 Technology:

  1. Nvidia Cleared to Sell H20 Chips in China, But Competition Grows 🇨🇳
    U.S. eased export bans, but Nvidia’s China market share is forecast to fall to 54% this year as local rivals like Huawei and Cambricon surge. Beijing's regulators are also watching H20 sales closely. Read More

  2. Google Axes 50+ DEI Groups from Funding List Amid Political Pressure ❌
    More than 200 groups were dropped, including 58 related to diversity and equity. The move aligns with federal DEI rollbacks under Trump and Google's pivot toward AI spending and regulatory compliance. Read More

  3. Palantir Wins $10 Billion Army Contract to Power Defense AI 🛰️
    Palantir will consolidate 75 smaller deals into one 10-year agreement for military software and data. The deal enhances the firm’s role in national security as AI reshapes government strategy. Read More

  4. BYD Reports First Delivery Decline in 2025 as EV Price War Bites 🔋
    Deliveries slipped to 341,030 units in July, down from 377K in June. Li Auto and Nio also posted steep drops, though Xpeng and Leapmotor hit record highs. Read More

💹Earnings:

  1. Berkshire Hathaway Operating Profit Drops 4%, Cites Tariff Risks 📉
    Insurance underwriting fell, dragging Q2 profits to $11.16B. Buffett’s firm also wrote down $3.8B from its Kraft Heinz stake and warned that U.S. tariffs could hurt all business lines. Read More

  2. Exxon Q2 Profit Falls 23% Despite Record Output in Permian 🛢️
    Earnings dropped to $7.1B on weaker oil prices, but beat expectations thanks to record 1.6M bpd production in the Permian. The company returned $9.2B to shareholders. Read More

  3. Chevron Sees 44% Profit Drop After Hess Deal Write-down ⚙️
    Net income fell to $2.49B. Still, adjusted earnings topped forecasts as production hit 3.4M bpd. The company expects the Hess acquisition to boost earnings in Q4. Read More

  4. Moderna to Cut 10% of Workforce as Vaccine Sales Slide 💉
    The biotech giant will reduce global staff by ~800 employees. Demand for COVID shots is waning, and the firm aims to cut $1.5B in annual operating costs by 2027. Read More

  5. Nintendo Doubles Revenue on Switch 2 Launch, But Holds Forecast 🎮
    The console sold 5.82M units in its first month, driving revenue up 132% YoY. Despite U.S. tariffs, Nintendo kept full-year guidance unchanged, citing broad global demand. Read More

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DISCLAIMER: This information is for educational purposes only and does not constitute financial advice. The publisher does not accept any responsibility for any losses incurred as a result of actions taken based on the information provided. Always conduct your own research or consult with a financial advisor before making any investment decisions.