Here's your summary from All Eyes on Biden at NATO Summit, UK Parliament to Sit for First Time | Daybreak: Europe 07/09/2024 (https://www.youtube.com/watch?v=aa6Fml5r66g) on the Bloomberg Television channel:

### TLDR:

Investors are looking towards Powell's testimony for guidance on Fed rate cuts, Biden faces pressure from Democrats, and TSMC briefly enters the $1 trillion club.

### Key Points:

1. Investors are awaiting Powell's testimony for clues on Fed rate cuts, with markets pricing in a 70% chance of a rate cut in September.

2. Biden is facing pressure from Democrats to step aside, with progressives standing by him while some donors express frustration.

3. TSMC briefly reaches a market cap of $1 trillion driven by booming demand for AI, with optimism surrounding chipmakers.

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