Overnight US stocks | Investors hold their breath waiting for Powell's important speech, S&P 500 index drops for five consecutive days.

Three major indices fell on Thursday, with the S&P 500 index falling for the fifth consecutive trading day. Investors are waiting for Federal Reserve Chairman Powell's speech at the Jackson Hole Global Central Bank Conference. [US Stocks] At the close, the Dow fell 152.81 points, or 0.34%, to 44,785.50 points; the Nasdaq fell 72.55 points, or 0.34%, to 21,100.31 points; the S&P 500 index fell 25.61 points, or 0.40%, to 6,370.17 points. Walmart Inc. (WMT.US) fell more than 4%, Tesla, Inc. (TSLA.US) fell 1%. The Nasdaq Golden Dragon index rose 1.3%, XPeng, Inc. ADR Sponsored Class A (XPEV.US) rose 11.6%, NIO Inc. Sponsored ADR Class A (NIO.US) rose more than 9%, Alibaba Group Holding Limited Sponsored ADR (BABA.US) fell 1%. [European Stocks] The Germany DAX30 index rose 13.51 points, or 0.06%, to 24,290.61 points; the UK FTSE 100 index rose 20.71 points, or 0.22%, to 9,308.85 points; the France CAC40 index fell 34.74 points, or 0.44%, to 7,938.29 points; the Euro Stoxx 50 index fell 11.47 points, or 0.21%, to 5,460.85 points; the Spain IBEX35 index rose 2.40 points, or 0.02%, to 15,297.50 points; the Italy FTSE MIB index rose 130.19 points, or 0.30%, to 42,995.00 points. [Asia-Pacific Stock Markets] The Nikkei 225 index fell 0.65%, the South Korea KOSPI index rose 0.37%, and the Indonesia Composite index fell 0.67%. [Crude Oil] The price of light crude futures for delivery in October on the New York Mercantile Exchange rose 81 cents to $63.52 per barrel, up 1.29%; and the price of Brent crude futures for delivery in October rose 83 cents to $67.67 per barrel, up 1.24%. [Forex] The US dollar index, which measures the dollar against six major currencies, rose 0.41% to 98.619 at the close. At the close of the New York foreign exchange market, 1 euro exchanged for $1.1610, lower than the previous trading day's $1.1655; 1 pound exchanged for $1.3419, lower than the previous trading day's $1.3452. 1 dollar exchanged for 148.35 yen, higher than the previous trading day's 147.27 yen; 1 dollar exchanged for 0.8089 Swiss francs, higher than the previous trading day's 0.8040 Swiss francs; 1 dollar exchanged for 1.3899 Canadian dollars, higher than the previous trading day's 1.3872 Canadian dollars; 1 dollar exchanged for 9.6200 Swedish krona, higher than the previous trading day's 9.5903 Swedish krona. [Cryptocurrency] Bitcoin fell more than 1.4% to $112596.9, and Ethereum fell more than 2% to $4242.36. [Metals] Spot gold fell 0.30% to $3338.22 per ounce, rising to $3352.15 per ounce in the early Asia-Pacific session, hitting a daily high, before quickly turning lower and fluctuating at a low level, hitting a daily low of $3325.42 per ounce at 19:03 Beijing timea V-shaped trend from 18:00 to 20:10. COMEX gold futures fell 0.17% to $3382.90 per ounce, hitting a daily low of $3367.40 per ounce at 19:03. The Philadelphia Gold and Silver Index rose 2.05% to 234.99 points, with a significant increase in the first hour after the opening of the US stock market, followed by high-level fluctuations for the rest of the time. [Macro News] US August PMI data shows a strong economy and inflation pressure at the highest level in three years. Chris Williamson, Chief Business Economist at S&P Global, Inc., said that strong August PMI readings point to solid business performance in the third quarter so far in the US. The data shows that the economy is expanding at an annual rate of 2.5%, higher than the average growth rate of 1.3% in the first half of the year. Both manufacturing and services reported stronger demand but struggled to meet sales growth, leading to the fastest rise in backlogs of work since early 2022. Increases in stocks of finished goods also set record levels, partially due to concerns about future supply conditions. As demand rises and drives a significant increase in hiring, businesses are more able to pass on rising tariff-related costs to customers, and inflation pressures have now reached their highest level in three years. Rising prices for goods and services imply that consumer price inflation will further exceed the Federal Reserve's 2% target in the coming months. Combined with the rise in business activity and hiring, the price rises reflected in the survey bring the PMI data closer to the "rate hike range". US initial jobless claims see the largest increase in three months, continuing claims rise to highest level since 2021. US initial jobless claims recorded the largest increase in nearly three months last week, indicating an increase in layoffs and further signs of weakness in the labor market. The Labor Department said on Thursday that initial jobless claims rose by an adjusted 11,000 to 235,000 in the week ending on August 16, the largest increase since the end of May. With businesses responding to former President Trump's protectionist trade policies, the labor market has seen a situation of "low layoffs, weak hiring". A report earlier this month indicated that employment increased by an average of 35,000 jobs per month over the past three months. The rate of growth in domestic demand in the second quarter has slowed to its slowest since the fourth quarter of 2022. The report showed that in the week ending August 9, continuing claims for jobless benefits increased by 30,000 to 1.972 million, the highest since November 2021. Fed's Bostic: Still expecting a rate cut this year, labor market trends are worrisome. Atlanta Fed President Bostic said he still believes a rate cut is possible this year, consistent with his forecast in June, but added that labor market trends "may be worrisome" and warrant close attention. Bostic said on Thursday, "This is still broadly my position. But I must say that in today's environment, every point forecast or prospect judgment has a very large range of uncertainty, and I am not holding any position firmly." Bostic said he is more inclined for the Fed to maintain a single direction after taking action, rather than moving forward and then retreating. He described the current level of interest rates as "slightly tight" and said he expects officials to move towards a more neutral stance next year. Fed's Schmid: Inflation risks higher than employment risks, current policy in the right place. Kansas City Fed President Schmid said he believes that inflation risks are slightly higher than employment market risks, but with policymakers considering whether to adjust rates next month, current monetary policy is in the right place. Schmid said on Thursday, "As you get closer to the optimal dual mandate target, it's actually harder to decide where policy rates should go marginally." He said that the current debate on when to cut rates is key to whether individual policymakers believe that policy is too tight. He said, "I believe policy is slightly tight, but I believe we are on the right path." Consumer and business price data released last week showed that inflation has accelerated in recent months, while also providing new evidence that businesses are able to pass on some of the cost increases to consumers. At the same time, the job market has slowed down in the summer, with an average of only 35,000 jobs added per month over the past three months. Trump Administration plans to use $2 billion from the "Chip Act" to purchase critical minerals. The Trump Administration is considering a plan to reallocate at least $2 billion from the "Chip Act" to fund critical minerals projects and enhance Commerce Secretary Raimondo's influence over strategic industries. The proposed measures would extract funding from appropriations for semiconductor research and chip factory construction, avoiding new expenditure requests. Strengthening Raimondo's role in financing critical minerals will also help focus the government's overall strategy on the industry. The move comes after White House officials pushed for investment in the rare earth company MP Materials at the Pentagon last month, sparking discussions about US government strategic mineral issues. US military seeks cobalt reserves for the first time in decades. The US Department of Defense is planning to purchase cobalt for its strategic reserves for the first time in decades, the latest move to strengthen domestic supply of critical metals. According to tender documents released this week, the US Defense Logistics Agency plans to purchase up to 7,500 tons of cobalt over the next five years, with contracts worth as much as $500 million. A source revealed that this is the first time the Defense Logistics Agency has sought to procure cobalt since 1990. In recent years, demand for cobalt has surged due to its application in battery manufacturing, but it is also crucial for a range of military system applications. Cobalt-based alloys are used in ammunition and jet engines, and the metal is indispensable for making magnets used on aircraft flaps, landing gear, and flight control surfaces. US mortgage rates at their lowest level since October last year. US mortgage rates have remained stable after falling for four consecutive weeks. Freddie Mac said in a statement that the average rate for a 30-year fixed mortgage was 6.58%, unchanged from last week, when it hit its lowest level since October last year. Rates have fallen low enough over the past few months to potentially entice some hesitant homebuyers to give up waiting. In areas with a backlog of homes for sale, sellers may be willing to negotiate and offer help with closing costs and other concessions. However, affordability remains a serious obstacle, especially for first-time home buyers. Other data shows an increase in existing home sales in July as price increases slowed. But this does not mean the market has become more affordable: some institutions say that housing prices have risen by over 50% since early 2020. Danielle Hale, Chief Economist at Realtor.com, said, "Higher rates are undercutting the real purchasing power of a typical American family. This dynamic is forcing many buyers to adjust their expectations, either looking for smaller homes, moving to farther locations, or simply delaying the dream of buying a home." Fed's Harker: Currently not in favor of rate cut in September. Philadelphia Fed President Harker said that if the Federal Reserve officials were to make a policy decision tomorrow, she would not support a rate cut in September. "Currently, the inflation rate is too high and has been rising over the past year," Harker said in an interview on Thursday. "With the information I have, I do not see any reason to lower rates if we were to meet tomorrow." She acknowledged concerns about the labor market but pointed out that the unemployment rate is still close to her estimate of full employment levels. "In terms of overall balance, I believe it is important to maintain a moderate tightening policy stance in order to continue pulling inflation back to target levels." [Stock News] Apple Inc. raises Apple TV+ monthly subscription price in a bid to further expand service revenue. Apple Inc. (AAPL.US) has increased the monthly subscription price of its streaming platform Apple TV+ by 30% to $13, as part of its strategy to expand service revenue. The price adjustment took effect for new subscribers in the US and some international markets starting Thursday. The annual fee plan remains at $99, and the company has not adjusted the price of its Apple One service bundle. Apple Inc. is following other streaming peers in steadily raising prices, but unlike Netflix, Disney+, and HBO Max, Apple TV+ only offers a single subscription plan. Since its launch in 2019, Apple TV+ has lagged behind these competitors in user numbers, but its original content continues to receive critical acclaim. The service business has been a bright spot for Apple Inc. in recent years, with revenue from the business growing 13% to $27.4 billion last quarter. [Bank Ratings] Deutsche Bank Aktiengesellschaft: Raises Estee Lauder Companies Inc. Class A (EL.US) target price from $98 to $100 Jefferies Financial Group Inc.: Lowers Target Corporation (TGT.US) target price from $120 to $115; lowers Baidu Inc. Sponsored ADR Class A (BIDU.US) target price from $110 to $108