Overnight US stocks | The Dow hits a record high. Apple Inc. (AAPL.US) fell by 2.78%.

On Monday, the three major indexes rose and fell unevenly, with the Dow hitting a new all-time high and the S&P 500 approaching its historical high. Investors are waiting for the Federal Reserve's September monetary policy meeting. In intraday trading on Monday, the Dow rose to a high of 41733.97 points, setting a new intraday high. [US Stocks] As of the time of writing, the Dow rose 228.30 points, or 0.55%, to 41622.08 points; the Nasdaq fell 91.85 points, or 0.52%, to 17592.13 points; the S&P 500 rose 7.07 points, or 0.13%, to 5633.09 points. Apple Inc. (AAPL.US) fell 2.78%, as analysts from companies like Bank of America Corp and JPMorgan Chase pointed out that shipping times may indicate lower demand for the iPhone 16 Pro model compared to last year. Popular Chinese concept stocks rose and fell, with PDD Holdings Inc. Sponsored ADR Class A (PDD.US) up 2.33%, Baidu Inc. Sponsored ADR Class A (BIDU.US) up 0.51%, and NIO Inc. Sponsored ADR Class A (NIO.US) down 2.61%. [European Stocks] The Germany DAX30 index fell 42.66 points, or 0.23%, to 18646.15 points; the UK FTSE 100 index rose 5.39 points, or 0.07%, to 8278.48 points; the France CAC 40 index fell 15.81 points, or 0.21%, to 7449.44 points; the Euro Stoxx 50 index fell 15.54 points, or 0.32%, to 4828.45 points; the Spain IBEX35 index rose 44.75 points, or 0.39%, to 11584.95 points; the Italy FTSE MIB index fell 4.47 points, or 0.01%, to 33564.00 points. [Asia-Pacific Stock Markets] Most Asia-Pacific stock markets were closed for holidays, with the Vietnam VN30 index falling 1%. [Gold] COMEX gold futures remained steady, trading at $2611.00 per ounce, having risen to $2617.40 at 14:46; COMEX silver futures rose 0.07% to $31.095 per ounce, having risen to $31.460 at 13:58. [Cryptocurrency] Bitcoin rose 0.7% to $57981.9, while Ethereum rose 0.16% to $2354.12. [Crude Oil] New York Mercantile Exchange October WTI crude oil futures rose $1.44, or 2.1%, to close at $70.09 per barrel. Brent November crude oil futures rose $1.14, or over 1.59%, to $72.75 per barrel. [Metals] London metals rose, with nickel up over 2.3%, zinc up 1.39%, aluminum up 1.86%, and copper up 0.75%. [Macro News] New York Fed: Manufacturing slightly rebounded in September, employment still weak. According to responses from businesses to a September 2024 survey on manufacturing, commercial activity in New York State showed growth for the first time in nearly a year. The New York Fed's manufacturing index for the U.S. in September recorded 11.5. The survey showed a climb in new orders, significant growth in shipments, stable delivery times and supplies, and inventories trending towards stability. Labor market conditions remained weak, with employment continuing to moderately contract and average weekly hours remaining stable. The pace of input and selling price increases remained nearly unchanged. While the capital spending index fell below zero for the first time since 2020, businesses' outlook for improvement in the coming months became more optimistic. Top Fed officials: Fed should take a "big move" now, believe they will. Former New York Fed Chairman Dudley said Monday that the Fed faces a key decision at this week's meeting: whether to modestly cut rates by 25 basis points or to directly cut rates by 50 basis points to curb economic recession. In a speech at the Bretton Woods Committee meeting in Singapore last Friday, Dudley argued that the logic of cutting rates by 50 basis points is more convincing. Dudley also believes that Fed Chair Powell supports taking aggressive action, as he specifically mentioned at the Jackson Hole Conference last month that a further softening of the labor market is "unwelcome" and that the employment market seems to be continuing to deteriorate. In addition, monetary policy is currently in a tightening position when it should be neutral or loose. By cutting rates more significantly, the Fed can more easily align its dot plot forecasts with market expectations, rather than throwing out an unwelcome surprise that is not supported by economic prospects. Traders currently pricing in higher likelihood of 50BP Fed rate cut in September than 25BP. Bond traders currently believe that there is a higher likelihood of the Fed cutting rates by 50 basis points at this week's meeting than by 25 basis points. Pricing in swaps related to Fed rate decisions shows that the likelihood of the Fed cutting rates by 50 basis points is over 50%. This has caused the yield on U.S. 2-year government bonds to return to their lowest level in two years, and has dragged the U.S. dollar index to its lowest level since January. Investors are currently conflicted about how much policy support the economy needs, and what signal the Fed's decision to significantly cut rates would send about the start of an easing cycle. Philip Marey, senior U.S. strategist at Rabobank, wrote: "This is a cliffhanger moment, and I expect the Fed to cut rates by 25 basis points, although Tuesday's retail sales could still change this prediction." Biden's top economic adviser downplays inflation risks, says rate cuts will help reduce housing costs. As policymakers focus on protecting the job market, President Biden's top economic adviser played down the risk of reignited inflation. White House Council of Economic Advisers Chair Bredand said on Monday that the U.S. economy has reached a "turning point" and hinted that lowering market rates might help address housing cost issues. Speaking at a Foreign Relations Committee hearing, Bredand said: "Inflation is returning to near-normal levels, and it is very important to maintain the significant progress we have made in the labor market." When asked about.When discussing future inflation risks, she pointed out the impact of housing on the Consumer Price Index and described it as the "most difficult issue." She said that excluding housing, the U.S. Consumer Price Index only rose by about 1.8%. "Ultimately, we do need more housing to improve affordability," she said. "With more favorable market interest rates, this is more likely to happen."Foreign media: Warren and other U.S. Democratic senators urge the Fed to cut interest rates by 75 basis points this week. Three Democratic senators urge Fed Chairman Powell and other policymakers to significantly lower the benchmark interest rate, including a 75 basis point cut this week, to protect the U.S. economy from potential harm. "If the Fed is too cautious in cutting rates, then unnecessarily puts our economy at risk of recession," Senators Elizabeth Warren, Sheldon Whitehouse, and John Hickenlooper wrote in a letter to Powell on Monday. "The committee must consider more aggressive 'precautionary' rate cuts to mitigate the potential risks faced by the labor market." This letter highlights the political backdrop facing the central bank as it prepares for its first rate cut since 2020 to boost a weakening job market. While Fed officials have repeatedly stated that policy decisions will not be influenced by partisan factors, they still face scrutiny from multiple political perspectives. Stock News Microsoft Corporation (MSFT.US) announces quarter dividend increase and new stock buyback program. Microsoft Corporation announced on Monday that its board of directors declared a dividend of $0.83 per share, an increase of 8 cents or 10% from the previous quarter. The dividend will be paid on December 12, 2024, to shareholders of record as of November 21, 2024. The ex-dividend date will be November 21, 2024. The board also approved a new stock buyback program authorizing up to $600 billion in stock repurchases. This new stock buyback program, with no expiration date, can be terminated at any time. In addition, the company announced the date of the 2024 annual meeting of shareholders, which will be held on December 10, 2024. Boeing Company (BA.US) freezes hiring in complete cost-cutting amid strike troubles. Boeing Company announced complete cost-cutting measures, including freezing hiring and suspending non-essential employee travel, to preserve cash to handle the strike by over 30,000 factory workers. The factory workers at Boeing Company began striking on Friday morning after overwhelmingly rejecting a preliminary labor agreement. The striking workers are mainly concentrated in the Seattle area. "We are sincerely working toward reaching a new contract agreement that reflects their feedback and gets operations back to normal," CFO Brian West said in an employee memo on Monday. However, our business is in a difficult period. This strike has significantly impeded our recovery, and we must take necessary actions to preserve cash and defend our collective future. Intel Corporation (INTC.US) to tailor AI chips for Amazon.com, Inc. (AMZN.US). Intel Corporation CEO Pat Gelsinger has identified Amazon.com, Inc.'s AWS as a customer for the company's manufacturing business, which could bring business to its factories being built in the U.S. and help turn around the struggling chipmaker. According to a statement on Monday, Intel Corporation and AWS will jointly invest in a custom chip for artificial intelligence computation within a "multi-year, multi-billion-dollar framework." This work will rely on Intel Corporation's 18A process, an advanced chip manufacturing technology. "Today's announcement is significant," Gelsinger said in an interview. "This is a very visionary customer with very mature design capabilities."