Fed decision day, China bans Nvidia chips, Trump in UK

US stocks hold steady ahead of the Fed’s 2 p.m. ET decision, with a 25 bp rate cut widely expected — the first since 2024. Markets are also bracing for Chair Jerome Powell’s press conference and the updated dot plot as traders price in up to six cuts over the next year. The Financial Times reports China has ordered companies including Alibaba (BABA) and TikTok parent ByteDance to cancel orders for Nvidia (NVDA) AI chips, escalating tensions just as President Trump prepares for a call with Xi Jinping on TikTok’s US operations. Oracle (ORCL) is expected to remain a key cloud partner under the proposed $35–$40B deal. Meanwhile, gold prices climb as deficits and de-dollarization fuel demand. In trending tickers, Workday (WDAY) rises on analyst upgrades and an Elliott stake, FedEx (FDX) dips on a downgrade ahead of earnings, and Unilever (UL) faces the exit of Ben & Jerry’s co-founder Jerry Greenfield as it prepares to spin off the ice cream unit.

Takeaways:

• Fed expected to cut 25 bps today; Powell’s guidance and dot plot in focus

• China bans Nvidia chip sales; TikTok deal talks move forward with Oracle, A16Z, Silver Lake

• Gold rallies as deficits widen, central banks boost reserves

• Workday pops on Elliott stake, FedEx slips, Unilever faces Ben & Jerry’s exit

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