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  • 🌒🚀 Another Failed Moon Landing

🌒🚀 Another Failed Moon Landing

+ White House Hosts First Cryptocurrency Summit + Fed’s Powell Says No Need to Hurry to Consider Rate Moves

March 07, 2025

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Good afternoon! Someone just dropped $87,840 on a Cheeto shaped like Charizard — because apparently, childhood nostalgia has a price tag. The three-inch Flamin’ Hot Cheeto, discovered sometime between 2018 and 2022, was mounted on a custom trading card and sealed in a protective box. Bidding kicked off at $250 but quickly climbed into six figures, with the final sale price hitting $72,000 plus $15,840 in fees.

The Cheetozard now holds the dubious honor of being one of the most expensive snacks ever sold. Whether it ends up in a display case or as a very expensive (and stale) late-night snack remains to be seen. Either way, it’s proof that the Pokémon craze is alive and well — even in snack form.

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MARKETS

*Stock data as of market close*

  • Stocks bounced back Friday, but it wasn’t enough to erase a rough week. The Dow climbed 0.5%, the S&P 500 gained 0.5%, and the Nasdaq added 0.7% after all three spent most of the session in the red. It capped off the worst week for the S&P 500 since September, with trade policy uncertainty keeping investors on edge.

  • Markets plunged in the morning after Trump’s latest tariff threats, but a solid jobs report and some calming words from Fed Chair Jerome Powell helped spark an afternoon rally. Still, with tariffs looming and economic uncertainty rising, Wall Street’s relief may be short-lived.

STOCKS
Winners & Losers

What’s up 📈

  • Gap jumped 18.84% after the retailer posted a fourth-quarter beat on both earnings and revenue, reporting EPS of $0.54 versus the $0.37 expected. ( $GAP )

  • Broadcom climbed 8.64% after beating fiscal first-quarter earnings expectations and raising guidance for the current quarter. ( $AVGO )

  • Walgreens Boots Alliance gained 7.45% after announcing a $10 billion deal to be acquired by Sycamore Partners for $11.45 per share. ( $WBA )

  • Mobileye Global rose more than 5.20% after Point72 disclosed a 5% stake in the autonomous driving company. ( $MBLY )

  • Lands’ End added 4.90% after the retailer said its board is exploring strategic alternatives, including a potential sale. ( $LE )

What’s down 📉

  • Hewlett Packard Enterprise sank nearly than 12% after weak second-quarter guidance and full-year earnings projections fell short of Wall Street’s expectations. The company also announced 2,500 job cuts. ( $HPE )

  • Costco dropped 6.07% after missing second-quarter earnings estimates despite beating on revenue. EPS came in at $4.02 versus the $4.11 expected. ( $COST )

  • BigBear. ai tumbled over 20% after warning that government contract delays due to cost-cutting measures under the Trump administration could impact short-term growth. ( $BBAI )

  • Samsara slid 15% after issuing first-quarter guidance in line with analyst expectations, disappointing investors hoping for a stronger outlook. ( $IOT )

  • Cooper fell 6.57% after reporting fiscal first-quarter revenue that missed estimates, coming in at $964.7 million versus the $978.1 million expected. ( $COO )

  • Intuitive Machines plunged 22% after its moon lander toppled over following an unsuccessful lunar landing attempt. ( $LUNR )

SPACE
Intuitive Machines’ Moon Lander Flops Again

Houston, we have a tipping problem.

Intuitive Machines’ latest lunar mission ended in disappointment after its Athena lander touched down on its side instead of standing upright. The company confirmed that the lander came to rest about 250 meters from its target site near the moon’s south pole, cutting the mission short due to poor solar panel alignment and freezing temperatures. The market reaction was swift—shares of Intuitive Machines plunged 22% on Friday and are down more than 50% this year.

Another rough landing

This isn’t Intuitive’s first moon mishap. Its Odysseus lander famously tipped over during its 2024 mission due to a malfunctioning laser used for navigation. The company claimed to have fixed the issue, but Athena’s navigation system delivered "noisy" data just before landing. CEO Steve Altemus suggested vibrations or temperature changes could have interfered with the system. “There was some event in space that caused that connection to get a little squirrelly on us,” he said.

NASA’s private space bet isn’t paying off (yet)

Both Athena and Odysseus were part of NASA’s Commercial Lunar Payload Services program, designed to boost private sector involvement in moon missions. Firefly Aerospace, another NASA-backed company, recently pulled off a clean lunar landing, raising the pressure on Intuitive Machines to deliver. NASA officials downplayed the failure, with one saying, “Landing on the moon is extremely hard.” Still, back-to-back issues aren’t exactly building confidence.

Athena’s mission included two rovers—one designed to hop across the surface—and Nokia’s first lunar cellular network. Neither rover has been able to communicate with the lander, leaving Nokia’s moon network in limbo. Meanwhile, Firefly’s Blue Ghost lander, which touched down March 2, is operating as planned.

Investors losing patience: Wall Street is running out of goodwill. Intuitive Machines' stock soared after Odysseus’s initial “successful” landing last year, but it’s been sliding since. Benchmark analyst Josh Sullivan called the latest selloff an overreaction, noting Intuitive’s strong backlog and NASA contracts. Still, investors seem less interested in promises and more interested in actual results.

NEWS
Market Movements

CRYPTO
White House Hosts First Cryptocurrency Summit

Crypto just got a major White House upgrade.

President Trump is going all in on crypto. On Friday, he endorsed legislation to regulate stablecoins and signed an executive order creating a US strategic Bitcoin reserve. The reserve will be stocked with Bitcoin seized from criminal cases, giving the government a tidy stash worth about $17.5 billion. Trump told crypto execs at a White House meeting that the US plans to use stablecoins to “keep the dollar dominant” and support the broader digital asset market.

Bitcoin joins the big leagues

The reserve makes Bitcoin an official national asset—similar to gold—but with more volatility. Treasury Secretary Scott Bessent said the government will hold Bitcoin long-term, while a separate stockpile of other tokens will be managed for more strategic flexibility. Coinbase CEO Brian Armstrong and MicroStrategy’s Michael Saylor were at the meeting, where Armstrong called the move a “game-changer for US leadership in crypto.”

Stablecoins get a boost: Trump also threw his support behind a bill from Senator Bill Hagerty aimed at regulating stablecoins—cryptos pegged to the dollar that power most crypto trades. The bill could fast-track adoption by giving institutional investors the regulatory green light they’ve been waiting for. Armstrong, whose company helped raise $250 million for pro-crypto candidates in 2024, said the legislation could “unlock massive growth” in the market.

Markets take note: Bitcoin dipped about 3% after the news, but Coinbase stock rose 1.5% and MicroStrategy climbed 5.6%. Saylor called the reserve “a major milestone” for Bitcoin, and some analysts expect it could open the door for Bitcoin-backed Treasury bonds. Whether it works or not, the White House just put crypto near the heart of America’s financial future.

ECONOMY
Fed’s Powell Says No Need to Hurry to Consider Rate Moves

The Fed’s not ready to hit the big red cut button—yet.

Federal Reserve Chair Jerome Powell made it clear on Friday that the central bank isn’t rushing to cut rates, even as Trump’s trade policies throw the economic outlook into question. Speaking at the University of Chicago’s Monetary Policy Forum, Powell said the economy is in a “good place” and that the Fed is “well positioned to wait for greater clarity” before making any moves. That’s despite rising inflation pressures and a labor market showing signs of strain.

Uncertainty? What Uncertainty?

Powell acknowledged that Trump’s aggressive trade policies—especially the new tariffs on China, Mexico, and Canada—are creating economic uncertainty. But he downplayed the need for immediate action. February’s jobs report showed a modest 151,000 gain in payrolls and a small uptick in unemployment to 4.1%, but Powell described the labor market as “solid” and not a source of inflationary pressure. In other words, the Fed isn’t feeling the heat—yet.

While Powell admitted that the path to 2% inflation remains “bumpy,” he said there’s still progress in housing and services costs. He also noted that consumer inflation expectations have crept up recently, but long-term measures remain stable. That’s key for the Fed—if expectations stay anchored, Powell is unlikely to adjust policy unless inflation heats up further.

Trade Tariffs Cloud the Outlook

Trump’s tariffs are putting upward pressure on prices, but Powell suggested the Fed could “look through” temporary trade-related inflation spikes. However, if tariffs lead to rolling price increases or start fueling inflation expectations, the Fed may need to step in. Powell’s message: It’s complicated—but not yet dire.

Wait and See Mode: Markets are betting on three rate cuts this year, starting in June, but Powell isn’t giving in to the pressure. He’s signaling that the Fed is willing to hold steady until the full impact of Trump’s trade policies becomes clearer. For now, Powell’s taking the long view—and hoping the market has the patience to do the same.

Calendar
On The Horizon

Next Week

After a whirlwind week, Wall Street could use a breather — but next week isn’t exactly shaping up to be a quiet one. While Monday looks light on action, things ramp up fast with the JOLTS report and the NFIB small business optimism index on Tuesday. Wednesday’s CPI report will set the tone for inflation chatter, followed by PPI and jobless claims on Thursday. Consumer sentiment wraps up the week on Friday, offering a glimpse into how confident Americans are feeling about the economy.

Earnings season is winding down, so don’t expect fireworks from the corporate side.

Earnings:

  • Monday: Oracle ($ORCL), Vail Resorts ($MTN)

  • Tuesday: Kohl’s ($KSS), Dick’s Sporting Goods ($DKS), Casey’s General Stores ($CASY)

  • Wednesday: Adobe ($ADBE), American Eagle Outfitters ($AEO), SentinelOne ($S), UiPath ($PATH)

  • Thursday: Ulta Beauty ($ULTA), Dollar General ($DG), DocuSign ($DOCU), Semtech ($SMTC), D-Wave Quantum ($QBTS)

  • Friday: Li Auto ($LI), WeRide ($WRD)

NEWS
The Daily Rundown

  • 🛡️ DOGE targets consulting firms: The Department of Government Efficiency (DOGE) gave federal agencies until today to justify contracts with 10 major consulting firms, including Booz Allen Hamilton, which relies on the U.S. government for 98% of its $11B in annual revenue. Booz Allen's stock has dropped 30% since Trump’s election, while Accenture and General Dynamics are also under review. Some firms are already adjusting—Accenture dropped diversity goals, and Deloitte told staff to remove pronouns from emails.

  • 🏫 Trump considers scrapping the Department of Education: Trump delayed signing an executive order to eliminate the Department of Education after internal concerns over weak messaging. The order would require 60 Senate votes and calls for Education Secretary Linda McMahon to begin dismantling the department’s programs, including federal school funding and the national school lunch program. No president has ever unilaterally attempted to eliminate a federal department.

  • 🥃 Canada boycotts U.S. liquor over tariffs: In response to new U.S. tariffs, Canadian liquor stores pulled American-made spirits, including Jack Daniel’s, from shelves. Jack Daniel's CEO called the move “worse than a tariff,” but noted that Canada accounts for just 1% of the company’s sales. Kentucky exported $76M of whiskey to Canada last year, making the country a major bourbon buyer.

  • 🎮 Discord weighs IPO, sparking user backlash: Discord is exploring a potential IPO, raising concerns that it could prioritize profits over user experience. Early talks with bankers are underway, but Discord’s leadership hasn't confirmed the timeline. Users fear it will lead to platform changes that hurt the gaming community, similar to what happened with Reddit post-IPO.

  • 📉 U.S. layoffs hit highest level since 2020: The U.S. recorded 172,000 layoffs in February, up 245% from January and the highest since the pandemic's peak in 2020. Over 62,000 federal jobs were cut under DOGE’s headcount reduction, while the retail sector lost nearly 40,000 roles. Layoffs also hit tech and financial services, with companies citing economic uncertainty and tariffs.

  • 🛍️ Macy’s expects sales drop in 2025: Macy’s forecasted fiscal 2025 revenues between $21B and $21.4B, down from $22.3B in 2024, citing tariffs and inflation. Comparable sales are expected to drop by 0.5% to 2%, with earnings per share falling below analysts’ expectations. Store closures and cautious consumer spending are weighing on the retailer’s outlook.

  • 🌮 On the Border files for bankruptcy: Casual Mexican dining chain On the Border filed for bankruptcy, citing a "rapid loss of liquidity." The company plans to restructure operations to recover from financial challenges. The filing reflects broader struggles in the restaurant industry, with rising labor costs and declining foot traffic.

  • ⚖️ Rep. Al Green censured after protest: Representative Al Green was censured by the House following a protest during Trump’s joint address to Congress. The censure reflects official disapproval of Green’s conduct during the address. Green, who has served since 2005, said he acted in response to Trump’s comments on immigration and civil rights.

  • 🚨 Trump to end legal protections for 240,000 Ukrainians: The Trump administration plans to revoke temporary protected status (TPS) for 240,000 Ukrainians who fled after Russia’s invasion. The decision would force many to seek alternative legal status or face deportation. Advocacy groups have warned that ending TPS could create a humanitarian crisis.

RESOURCES
The Federal Reserve Resource

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