Overnight US stocks | The three major indexes performed strongly this week, with the S&P and Nasdaq recording their largest weekly gains so far this year.

On Friday, the three major indices rose. Both the Nasdaq and the S&P 500 recorded their fifth consecutive trading day of gains. The US stock market performed strongly this week, with the Dow Jones Industrial Average rising by 2.6% for the week. The S&P 500 index rose by 4.02%, while the Nasdaq surged by 5.95%, both marking their largest weekly gains so far this year. [US Stock Market] As of press time, the Dow Jones Industrial Average rose by 297.01 points, or 0.72%, to 41393.78 points; the Nasdaq rose by 114.30 points, or 0.65%, to 17683.98 points; the S&P 500 index rose by 30.26 points, or 0.54%, to 5626.02 points. Uber Technologies, Inc. (UBER.US) rose by 6.3%, expanding its partnership with Alphabet Inc. Class C's self-driving car division, Waymo. Oracle Corporation (ORCL.US) rose by 7.4%, as the company raised its revenue guidance for the next fiscal year. Adobe (ADBE.US) fell by 9% as its performance guidance fell short of expectations, causing market concerns about AI revenue. [European Stock Market] The German DAX30 index rose by 189.81 points, or 1.03%, to 18697.45 points; the UK's FTSE 100 index rose by 31.39 points, or 0.38%, to 8272.36 points; the French CAC40 index rose by 30.18 points, or 0.41%, to 7465.25 points; the STOXX Europe 50 index rose by 29.27 points, or 0.61%, to 4843.35 points; the Spanish IBEX35 index rose by 135.41 points, or 1.19%, to 11535.61 points; the Italian FTSE MIB index rose by 103.22 points, or 0.31%, to 33557.00 points. [Asia-Pacific Stock Market] The Nikkei 225 index fell by 0.68%, Indonesia's Jakarta Composite Index rose by 0.18%, and Vietnam's VN30 index fell by 0.26%. [Gold] COMEX December gold futures rose by 1.08% to $2608.40 per ounce, marking a weekly gain of 3.31%. [Cryptocurrency] Bitcoin rose by 0.7% to $57981.9, while Ethereum rose by 0.16% to $2354.12. [Oil] New York Mercantile Exchange October WTI crude oil futures prices fell by 32 cents, or 0.46%, to $68.65 per barrel, with a weekly increase of about 1.45%. Brent November crude oil futures fell by $0.36, or 0.50%, to $71.61 per barrel, with a weekly increase of 0.77%. [Metals] Most London metals rose, with nickel falling by over 1.2%; zinc rose by over 1.6%, aluminum rose by over 2.4%, and copper rose by 0.56%. [Macro News] US consumer confidence index rose to a new high since May but remains cautious. The preliminary September University of Michigan Consumer Confidence Index in the United States was 69, with expectations of 68.5 and a previous value of 67.9. The consumer confidence index has reached its highest level since May 2024, rising for the second consecutive month by about 2% compared to August. Joanne Hsu, director of the University of Michigan's consumer survey, stated that the rise in the consumer confidence index is mainly due to improved purchase conditions for durable goods, as consumers believe prices are more favorable. Although views on the labor market have slightly weakened, expectations for personal finances and the economy have improved. The current consumer confidence index is about 40% higher than its low point in June 2022, but due to the significant uncertainty surrounding the upcoming US election, consumers remain cautious. More and more Republicans and Democrats now expect Harris to win. As views on the economic impact of Harris becoming president vary, the gap between the two parties in the consumer confidence index has widened. US import prices recorded the largest decline in eight months in August. US import prices fell by the largest amount in eight months in August, driven by lower fuel and food prices, indicating that domestic inflation will continue to ease in the coming months. The Labor Department's Bureau of Labor Statistics reported on Friday that import prices fell by 0.3% in August on a monthly basis, the largest decline since December 2023, while July's unadjusted import prices rose by 0.1%. Over the 12 months ending in August, import prices rose by 0.8% following a 1.7% increase in July. Government data released this week showed mild increases in CPI and PPI in August, but there is still some stickiness in potential inflation. The Federal Reserve is expected to start the long-awaited easing cycle next Wednesday, with a 25 basis point cut almost certain. Expectations for a 50 basis point cut were disappointed due to stable job market conditions and still warm core inflation data. Goldman Sachs Group, Inc.: Still expects a 25 basis point cut from the Fed next week. Analysts at Goldman Sachs Group, Inc. stated that they still expect the Federal Reserve to cut rates by 25 basis points next week, and will continue to cut rates at each remaining meeting this year (November and December). In contrast, speculation about a larger rate cut by the Federal Reserve has reappeared. Former New York Federal Reserve Bank President Dudley said on Thursday that there is a high likelihood of a 50 basis point rate cut at the Fed's next meeting. Investors reacted strongly on Friday to news articles in the Financial Times and the Wall Street Journal, which emphasized that the initial rate cut by the Federal Reserve officials may be a difficult decision, fueling speculation about a larger rate cut. JPMorgan Chase reaffirms expectation for a 50 basis point rate cut by the Fed in September. Amid falling inflation and weak job data, JPMorgan economists reiterated their expectation for a 50 basis point rate cut by the Federal Reserve at next week's policy meeting. "What the Federal Reserve should do next week is clear to us, which is to cut rates by 50 basis points to adjust to changes in the risks balance," said the bank's chief US economist.Economist Michael Feroli wrote in a report on Friday. Feroli expects that the Federal Reserve's latest quarterly forecast of policy rates at the end of this year will be 100 basis points lower than the forecast in June, which means there will be two more 25 basis point rate cuts in 2024; he predicts that the median expected rate at the end of 2025 will be cut by another 150 basis points. Feroli wrote that if the Federal Reserve only cuts rates by 25 basis points next week, the median rate cut for this year may only be 75 basis points.Individual stock news X, a social media platform owned by Tesla, Inc. (TSLA.US) CEO Musk, is reportedly set to avoid the impact of the EU Digital Markets Act as its scale is not yet large enough. It is said that X, owned by Musk, will avoid the impact of a landmark law aimed at curbing tech giants in the EU, as regulatory authorities have determined that the platform's impact on the EU market is not significant enough. According to sources, the European Commission's investigation into the platform is nearing completion and is preparing to conclude that it does not fall within the jurisdiction of the EU Digital Markets Act (DMA). X will bypass many of the provisions of the DMA because its services are not yet powerful enough for business users and have not reached a specific revenue threshold. They added that the European Commission may announce the results of the investigation in October. The DMA lists a series of requirements for companies such as Alphabet Inc. Class C search, Apple Inc.'s Safari, Amazon.com, Inc., and Meta, aimed at preventing tech giants from violating competition laws, with fines of up to 10% of global revenue imposed for repeat violations, and fines of up to 20% for repeated violations. Boeing Company (BA.US) takes cash-saving measures as 33,000 blue-collar workers go on strike. On Friday, Boeing Company's blue-collar workers in the Pacific Northwest went on strike picket lines instead of manufacturing airplanes, as they unanimously rejected a proposed contract that would have raised their wages by 25% over four years. Approximately 33,000 mechanics participated in the strike, which is unlikely to disrupt airlines' flights quickly but could interrupt the production of Boeing Company's best-selling jetliners. The strike marks another setback for the company, which has already faced billions of dollars in financial losses and reputational damage. Boeing Company stated on Friday that it is taking cash-saving measures, while its CEO is working to reach a contract that factory workers can accept to join the union. In mid-Friday trading, Boeing Company's stock price fell by over 3%, bringing its year-to-date decline to about 40%. Major bank rating Oppenheimer: Downgrades Moderna (MRNA.US) stock rating to "in line with market"