Overnight US stocks | Tech stocks plunged, and the S&P 500 index recorded its worst weekly performance since March of last year.

On Friday, the three major indexes fell, and Federal Reserve Board member Waller expressed an open attitude towards a significant rate cut. This week, the three major indexes have accumulated declines, with the Dow down 2.93%, the S&P 500 down 4.25%, and the Nasdaq down 5.77%. The S&P 500 recorded its worst weekly performance since March 2023. [US Stock Market] As of the time of writing, the Dow Jones fell 410.34 points, a decrease of 1.01%, to 40,345.41 points; the Nasdaq fell 436.83 points, a decrease of 2.55%, to 16,690.83 points; and the S&P 500 index fell 94.99 points, a decrease of 1.73%, to 5,408.42 points. Broadcom Inc. (AVGO) fell over 10%, Tesla, Inc. (TSLA) fell 8.45%, Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR (TSM), NVIDIA Corporation (NVDA) both fell over 4%. NVIDIA Corporation CEO Jensen Huang sold 240,000 shares of NVIDIA Corporation stock on September 4-5, cashing out $25.8 million. The Nasdaq Golden Dragon Index fell 0.77%, XPeng, Inc. ADR Sponsored Class A (XPEV.US), Li Auto, Inc. Sponsored ADR Class A (LI.US) down about 3%, and NIO Inc. Sponsored ADR Class A Automobile (NIO.US) up 3.7%. [European Stocks] The German DAX30 index fell 297.16 points, or 1.60%, to 18,298.35 points; the UK FTSE 100 index fell 58.26 points, a decrease of 0.71%, to 8,183.45 points; the French CAC40 index fell 79.66 points, a decrease of 1.07%, to 7,352.30 points; the Euro Stoxx 50 index fell 75.40 points, a decrease of 1.57%, to 4,739.75 points; the Spanish IBEX35 index fell 94.10 points, a decrease of 0.83%, to 11,179.40 points; and the Italian FTSE MIB index fell 383.80 points, a decrease of 1.14%, to 33,301.00 points. [Asia-Pacific Stock Market] The Nikkei 225 index fell 0.72%, the Indonesia Composite Index rose 0.53%, and the Vietnam VN30 index rose 0.48%. [Gold] US gold futures closed down 0.7% at $2,524.6 per ounce. Standard Chartered analyst Suki Cooper said, "We believe that the Federal Reserve may further cut interest rates, which could lead to upside risks in gold prices. As the situation develops this year, we will begin to see gold prices move towards $2,700 per ounce." [Cryptocurrency] Bitcoin dropped more than 5.4%, to $53,129; Ethereum fell more than 7%, to $2,197.33. [Oil] US WTI crude oil futures prices fell more than 2% on Friday to their lowest level since June 2023, marking the worst weekly performance in nearly a year. Despite the decision by the Organization of Petroleum Exporting Countries and its allies (OPEC+) to delay production increases to stabilize oil prices, the market remains concerned about weak global demand. New York Mercantile Exchange's October delivery of WTI crude oil futures fell $1.48, down more than 2.1%, to close at $67.67 per barrel, a new closing low since June 2023. [Metals] London metals fell, with nickel down more than 1.1%, zinc down more than 1%, aluminum down more than 1.6%, and copper down more than 1.5%. [Macro News] US August non-farm employment sees moderate growth, unemployment rate drops. Despite a slight decrease in the unemployment rate, the hiring situation in the US in August was still lukewarm, which could intensify the debate on how much the Federal Reserve should cut interest rates. Data released on Friday by the Labor Department showed that non-farm employment in the US increased by 142,000 in August, with data from the previous two months both being revised downward. Non-farm employment for June and July was downgraded by a total of 86,000. The unemployment rate in August fell to 4.2%. After the data was released, US bond yields fell, S&P 500 futures continued to decline, and the US dollar's decline widened. The report indicated that the labor market is losing momentum. Although layoffs are still largely constrained, many companies are delaying expansion plans due to high borrowing costs and uncertainty ahead of the November presidential election. Hiring in the healthcare and social assistance sectors drove job growth, and hiring in the construction and government sectors also increased. The diffusion index measuring the breadth of job growth rose. The participation rate in August remained unchanged at 62.7%. The participation rate for workers aged 25-54 fell for the first time since March. Fed official Bullard to preview revisions to bank capital proposal next week. Federal Reserve Vice Chairman Bullard, responsible for supervision, will provide a preview on September 10 of revised plans for reforms to bank capital. According to an announcement by the Brookings Institution, Bullard will discuss the proposed revisions and the next steps. Bullard and Fed Chair Powell have previously said they will make broad and substantive changes to capital plans, a move that has faced strong opposition from the industry. In July of this year, Powell attended a closed-door meeting with some CEOs of major banks, encouraging them to collaborate with the Fed to avoid years of legal battles over the proposed capital reforms. Fed official Waller: Open to larger rate cuts. Federal Reserve Board member Waller said on Friday that the "time is now" for a series of rate cuts to begin, adding that he is open to the size and speed of rate cuts. "If the data support consecutive rate cuts, then I think consecutive rate cuts are appropriate. If the data suggest a need for larger rate cuts, then I would also support that." Two weeks ago, Federal Reserve Chair Powell said at the global central bank symposium that given the progress in inflation, a reconsideration of the Fed's policy tools is appropriate.The exhibition and labor market are cooling down, and the "time for relaxing policies has come." Powell also used similar wording, but his remarks were more forceful, implying that he is willing to start with a significant rate cut of 50 basis points. Data released earlier on Friday showed an average monthly increase of 116,000 jobs over the past three months. Powell stated that this data, along with other recent data, "reinforces the view of a continued slowdown in the labor market."Federal Reserve "third in command" Williams: It is appropriate to lower interest rates now. President of the Federal Reserve Bank of New York (with permanent voting rights on the FOMC, known as the "third in command" at the Federal Reserve) Williams stated in a speech that the economy is currently in a balanced state and inflation is moving towards 2%, so it is appropriate to lower the federal funds rate target range now to reduce the restrictive nature of the policy stance. Williams later mentioned during the discussion that he hopes to study the (August non-farm employment report) data more carefully, while also noting that the latest data "confirms what we have been seeing all along - the economy is slowing down, and the labor market is cooling." Williams further told reporters that the employment data further confirms the cooling of the labor market. He stated that he does not have a preference for whether the Fed should cut rates by 25 or 50 basis points. Former US Treasury Secretary: Weak job growth brings Federal Reserve closer to cutting rates by 50 basis points. Former US Treasury Secretary Summers stated that although the August non-farm employment report was not particularly bad, it does make it more difficult to predict the magnitude of a possible rate cut by the Federal Reserve this month. Summers said in an interview, "Although the data does not show very obvious weakness, if you are concerned about the recent trend in economic statistics, then these data definitely do not provide a guarantee of economic health." "Compared to my guesses from a month or two ago, the likelihood of a 25 or 50 basis point rate cut in September seems closer." Summers said that ultimately, the size of the Fed's initial action is not important. Officials will closely monitor the development of the economic outlook and adjust policies accordingly. He said, "If the economy significantly weakens, they will cut rates significantly." "If the economy does not truly weaken significantly, they may cut rates at about one meeting at a time." Stock News Buffett has reduced his stake in Bank of America (BAC.US) for 9 consecutive trading days. Warren Buffett's Berkshire Hathaway Inc. further reduced its holdings in Bank of America Corp. According to a document from the US Securities and Exchange Commission (SEC), the company sold slightly over 18.7 million shares of Bank of America Corp this week. After Bank of America Corp's last reported earnings exceeded expectations, its stock price reached a two-year high, following which, Berkshire Hathaway Inc. has been reducing its stake in Bank of America Corp over the past few months. Bank of America Corp's stock price hit a recent high of $44.13 on July 16, and although the stock fell back afterwards, it is currently trading around 18% higher than the beginning of the year. In fact, Berkshire has sold Bank of America stock for 9 consecutive trading days. Data shows that the company has sold Bank of America Corp stock every trading day in the past 9 days, reducing its holdings from just under 950 million shares at the beginning of the month to approximately 864 million shares by the end of Thursday. Microsoft Corporation (MSFT.US) appoints Rodrigo Kede Lima as new President of Asia Region. Microsoft Corporation has appointed Rodrigo Kede Lima as the new President of the Asia region, effective immediately. He succeeds Ahmed Mazhari, who has held the position for five years. The two will work together to ensure a smooth transition until September 30, 2024. In his new role, Rodrigo will leverage his experience in driving digital transformation and collaboration to lead Microsoft Corporation's work in the region. He will lead a diverse team spanning 20 countries with 30,000 employees, aiming to unleash Asia's innovation potential and create opportunities for sustainable economic recovery and prosperity. Rodrigo will report to Judson Althoff, Executive Vice President and Chief Business Officer of Microsoft Corporation. Judson Althoff stated: "I am pleased to welcome Rodrigo Kede Lima as the new President of the Asia region at Microsoft Corporation. Rodrigo has extensive experience and recognized leadership in driving digital transformation, making him the ideal candidate for this position. His dedication to empowering our employees, customers, and partners is crucial for our leadership in AI transformation in the region and for making a significant impact on the communities we serve. I also want to thank Ahmed Mazhari for his significant contributions to building Microsoft Corporation's trusted partner reputation in Asia." Faraday Future Intelligent Electric, Inc. (FFIE.US) announces receiving a commitment of $30 million in financing. Faraday Future Intelligent Electric, Inc., headquartered in California, USA, announced that the company has received a commitment of $30 million in financing from investors in the Middle East, the USA, and Asia. The new financing commitment includes $7.5 million from previous financing and $22.5 million in new investments, in the form of convertible notes and warrants to purchase additional shares of the company's common stock. Major Bank Rating BMO: Maintains a Buy rating for Microsoft Corporation (MSFT.US) and maintains a target price of $500.