Overnight US stocks | The three major indices recorded gains in August Artificial intelligence stocks showed outstanding performance, and Nvidia rose more than 9% this month

The Zhitong Finance App learned that on Monday, the three major indices generally fell. US stocks recorded an increase in August, and the Dow recorded a cumulative increase of more than 1% in August, recording a rise for the fifth month in a row, and also the 15th of the past 16 months. The S&P 500 index rose 2.6% cumulatively this month, and the Nasdaq index rose 3.9%. Both indices recorded their first monthly rise since May. The S&P 500 and the Dow also both hit record highs in early August.

The tech sector remains the main driver of this month's gains. The S&P 500 information technology sector accumulated a cumulative increase of more than 6% in August, and AI-related stocks performed particularly well. Nvidia is up more than 9% this month, Microsoft (MSFT.US) is also up more than 9%, while Micron Technology (MU.US) has accumulated a cumulative increase of about 16%.

[US Stocks] At the close, the Dow Jones index fell 373.85 points, or 0.70%, to 53186.14 points; the S&P 500 index fell 25.42 points, or 0.33%, to 7686.34 points; the Nasdaq Composite Index fell 31.53 points, or 0.12%, to 26370.89 points. Tesla (TSLA.US) rose 5.5%, Nvidia (NVDA.US) rose more than 1%, SK Hynix (SKHY.US) rose 2%, and SanDisk (SNDK.US) rose 5.5%. The Nasdaq China Golden Dragon Index closed down 2.18%, and Alibaba (BABA.US) fell 4%.

[European stocks] The European stock market closed down. The European Stoxx 600 index fell 0.61%, the Eurostock index fell 0.76%, and the Eurozone blue chip index fell 0.91%. France's CAC 40 index fell 0.6%, Spain's IBEX index fell 0.23%, and Germany's DAX index fell 1.09%.

[Asian stock market] The Nikkei 225 index fell 0.14%, and Korea's KOSPI index rose 0.46%.

[US Dollar Index] The US dollar index, which measures the US dollar against the six major currencies, fell 0.28% on the same day and closed at 99.428 at the end of the foreign exchange market. As of the end of the exchange market in New York, 1 euro was worth $1.1616, up from $1.1580 on the previous trading day; 1 pound was worth $1.3550, up from $1.3531 on the previous trading day. 1 US dollar was worth 159.80 yen, lower than 160.14 yen on the previous trading day; 1 US dollar was worth 0.8083 Swiss franc, lower than 0.8096 Swiss franc on the previous trading day; 1 US dollar was worth 1.3855 Canadian dollars, lower than 1.3907 Canadian dollars on the previous trading day; 1 US dollar was worth 9.5767 SEK, lower than 9.6137 on the previous trading day.

[Cryptocurrency] Bitcoin rose 0.58% to $78874.87 as of press release; Ethereum rose 0.15% to $2,474.

[Crude oil] Light crude oil futures for October delivery on the New York Mercantile Exchange rose $2.36, or 2.83%, to close at $85.76 a barrel; London Brent crude oil futures for November delivery rose $2.39, to close at $90.49 a barrel, or 2.71%.

[Precious Metals] Spot gold reported $4448.48; spot silver reported $66.545.

[Macro News]

The US SEC and CFTC have postponed hedge fund disclosure requirements for the fourth time. The US Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) once again postponed the new hedge fund information disclosure regulations, and the deadline for submitting the Private Fund Report Form (Form PF) was extended until July 1. The rule aims to help regulators grasp the positions, leverage, and risk exposure of private funds during market fluctuations to identify counterparty risk, margin pressure, and potential systemic risk. This extension is the fourth time that regulators have postponed the relevant requirements. Previously, the new disclosure rules were opposed by the private equity industry, and fund companies were concerned about the disclosure of sensitive information such as investment strategies. In April of this year, the SEC and CFTC proposed an adjustment plan to raise the Form PF filing threshold and raise the asset management threshold for private funds from US$150 million to US$1 billion, but the plan has not yet been finalized.

US Treasury Secretary Bezent: Impossible to change the equilibrium price of bonds will promote fiscal integration with Walsh. US Treasury Secretary Bessent said that he is in agreement with Federal Reserve Chairman Walsh on the bond issue, and said that since US President Trump took office, the yield on 10-year US bonds has remained basically the same. Bessent stressed that he never expressed an attempt to change the trend of the bond market. He also believes that the government cannot change the equilibrium price of bonds, and will not speculate on the next steps the Federal Reserve may take. He said that core inflation is still relatively moderate, and traditionally the Federal Reserve does not raise interest rates when faced with supply shocks. Bessent also revealed that he has not bought any bonds yet and is working with Budget Supervisor Walter to develop a financial consolidation plan. He said that the US may become the world's top bond market due to the bond repurchase program, adding that hedge fund managers like to “speed up the process.” Regarding Stanley Drucken Miller, an investor who recently criticized the US Treasury's bond repurchase policy, Bessent said he had a conversation with him after he published his column and said, “I think Drucken Miller lost money the day he published that editorial.” Furthermore, Beisent notes that Fitch has reaffirmed the US credit rating.

The yield on US 10-year Treasury bonds surpassed 4.75% and hit a new high since January 2025. On Monday, the yield on US 10-year Treasury bonds surpassed 4.75%, hitting a new high since January 2025, as rising oil prices boosted market expectations for the Fed's interest rate hike. The yield on other US Treasury bonds also rose, and the yield on 5-year treasury bonds also hit the highest level since the beginning of last year. US President Trump said in an interview with Fox News on the same day that the US will respond to Iran's attack on the US military with further attacks. Monday's trend continued the wave of sell-offs that have swept through US Treasury bonds in recent days. While investors are trying to deal with rising government debt concerns, they are also evaluating how much the Federal Reserve needs to raise interest rates to curb inflation. Federal Reserve Chairman Walsh delivered a speech at the Federal Reserve's Jackson Hole meeting last Friday, implying that the possibility of interest rate hikes is increasing to contain price pressure. Affected by this, short-term treasury bond yields have soared. The 30-year Treasury yield also rose 5 basis points on Monday, close to 5.26%, but is still far below the multi-year high set in mid-August. The US Treasury Department said earlier this month that it would increase repurchases of treasury bonds with this maturity to boost their market value. Since then, the 30-year yield has declined somewhat.

Trump said it could hit Iran and reiterated that US interest rates were too high. In an interview at the White House on Monday local time, US President Trump said, “Many ships passed through the Strait of Hormuz last night. An average of 30 ships passed through every night, and there was a large amount of oil flowing out of the Strait of Hormuz.” When talking about how the situation will develop in the future, Trump said, “Iran may be attacked, so let's wait and see. I think the Iranians themselves don't know who their leader is; no one knows who Iran's leader is; Iran is a failed country.” Trump also talked about interest rates: “Interest rates are currently too high. I have great respect for Federal Reserve Chairman Walsh; he will do what he has to do.”

Oxford Institute of Economics: Canada's countermeasure against tariffs may benefit some industries, but most industries will be damaged. The Oxford Institute of Economics believes that the tariffs imposed by Canada to retaliate against the new US tariff measures will help some industries, but they will damage most industries and weaken economic growth by driving up costs for producers and consumers. An analysis by the Oxford Institute of Economics also shows that the Canadian government's financial aid measures will temporarily mitigate the economic impact caused by the Trump administration's tariffs, but they will not be able to offset the overall drag caused by bilateral tariffs. According to the report, manufacturers of paper, timber, steel and aluminum products will derive maximum marginal benefits from Canada's counter tariffs, as these tariffs will reduce US imports and encourage a shift to domestic production. But the Oxford Institute of Economics added that almost all Canadian manufacturers will be affected by the net negative impact of bilateral tariff escalation.

[Individual Stock News]

The US FTC plans to sue Amazon for manipulating advertising prices to obtain tens of billions of dollars over seven years. The Federal Trade Commission (FTC) plans to file a lawsuit against Amazon (AMZN.US) on Monday, accusing the e-commerce giant of defrauding advertisers by manipulating advertising prices to obtain tens of billions of dollars over seven years. The lawsuit was jointly initiated by the attorneys general of more than 20 states and will be filed in Seattle federal court. According to FTC officials, Amazon began changing its auction strategy in 2018 to secretly raise the minimum price advertisers must pay. In order to raise prices, Amazon began entering a “soft base price” higher than the second-highest bidder, without disclosing this practice. Advertisers are losing billions of dollars as a result, and states may seek to recover part of the money. Amazon operates the world's third-largest digital advertising platform, with ad revenue of $68 billion in 2025. This is the FTC's third major case against Amazon. The company just settled a Prime subscription-related lawsuit for 2.5 billion US dollars last year, and another monopoly case will be heard next year.

Nvidia will invest $3.5 billion in MediaTek to deepen AI chip cooperation. Nvidia (NVDA.US) will invest US$3.5 billion in MediaTek to further deepen cooperation between the two sides. Currently, Nvidia is working to persuade more companies to develop chips that can connect to its dominant data center ecosystem. Nvidia will buy bonds that can be converted into MediaTek shares, the two companies said in a joint statement. The investment will expand collaboration between the two chip designers. Under the partnership arrangement, MediaTek will use NVLink Fusion and the newly announced NVHBM technology, which are part of Nvidia's technology suite and are designed to help various components in data centers communicate more smoothly. MediaTek is trying to challenge the market positions of Broadcom (AVGO.US) and Maywell Technology (MRVL.US) by helping data center operators create customized components. Earlier, Amazon (AMZN.US) also announced a similar cooperation agreement, agreeing to deploy an additional 2 million Nvidia components. More importantly, Amazon also promised to use Nvidia's connectivity technology in its self-developed chips.

Apple veteran Schiller stepped down as head of the App Store and press conference. Apple (AAPL.US) senior executive Phil Schiller has stepped down as the head of the App Store and product launch, but will remain with the company and retain the title of “Apple Academician” to participate in some undisclosed projects. Schiller was one of the most influential Apple executives in the Jobs and Cook era. He participated in major product launches such as the iPhone, iPad, iPod, and Mac, and co-promoted the creation of the App Store with Jobs. This adjustment is seen as an important step for them to gradually withdraw from core management positions and move towards retirement. The change comes on the eve of John Turnus taking over as Apple's CEO. Apple will hand over the management of the App Store to the service department led by Eddie Cui, with Carson Oliver responsible for day-to-day operations; the product launch team will be headed by Nora Weinstein. While previously responsible for the App Store, Schiller led app reviews, developer relationships, and revenue sharing policy adjustments, and participated in long-term lawsuits involving in-app purchases by Epic Games and others. This adjustment is also part of Apple's continuous management turnover in recent years. Many senior executives have left their jobs or been transferred to smaller positions of responsibility, and Tenus will face the challenge of promoting a new generation of leadership team building after taking over as CEO.