Overnight US stocks | S&P 500 and Nasdaq hit new highs, Alphabet (GOOGL.US) market value surpasses $3 trillion US dollars

On Monday, the three major indexes closed higher. During the session, the Nasdaq rose to a high of 22,352.05 points, while the S&P 500 rose to a high of 6,619.62 points, both hitting new intraday highs. Alphabet Inc. Class C, the parent company of Alphabet (GOOG.US, GOOGL.US), became the fourth U.S. listed company with a market value exceeding $3 trillion. [US Stocks] At the close, the Dow Jones Industrial Average rose by 50.03 points, or 0.11%, to 45,884.25 points; the Nasdaq rose by 207.65 points, or 0.94%, to 22,348.75 points; the S&P 500 Index rose by 31.02 points, or 0.47%, to 6,615.31 points. Tesla, Inc. (TSLA.US) rose by 3.5%, NVIDIA Corporation (NVDA.US) was slightly down, and Alphabet Inc. Class C (GOOG.US) rose by 4.4%. The Nasdaq Golden Dragon Index rose by 0.87%, hitting a new high since February 2022; Alibaba Group Holding Limited Sponsored ADR (BABA.US) rose by nearly 2%, and Li Auto, Inc. Sponsored ADR Class A (LI.US) rose by nearly 7%. [European Stocks] The German DAX30 Index rose by 65.13 points, or 0.27%, to 23,753.74 points; the UK's FTSE 100 Index fell by 6.61 points, or 0.07%, to 9,276.68 points; the French CAC40 Index rose by 71.69 points, or 0.92%, to 7,896.93 points; the Euro Stoxx 50 Index rose by 50.84 points, or 0.94%, to 5,441.55 points; the Spanish IBEX35 Index rose by 84.87 points, or 0.55%, to 15,388.77 points; and the Italian FTSE MIB Index rose by 485.59 points, or 1.14%, to 43,052.00 points. [Crude Oil] The price of light crude oil futures for October delivery on the New York Mercantile Exchange rose by $0.61 to close at $63.30 per barrel, an increase of 0.97%; and the price of Brent crude oil futures for November delivery rose by $0.45 to close at $67.44 per barrel, an increase of 0.67%. [Foreign Exchange] The US Dollar Index, which measures the dollar against six major currencies, fell by 0.26% to close at 97.300 in the foreign exchange market. At the New York market close, 1 euro was equivalent to 1.1769 US dollars, higher than the previous trading day's 1.1741 US dollars; 1 pound was equivalent to 1.3605 US dollars, higher than the previous trading day's 1.3570 US dollars. 1 US dollar was equivalent to 147.32 Japanese yen, lower than the previous trading day's 147.49 Japanese yen; 1 US dollar was equivalent to 0.7942 Swiss francs, lower than the previous trading day's 0.7959 Swiss francs; 1 US dollar was equivalent to 1.3778 Canadian dollars, lower than the previous trading day's 1.3839 Canadian dollars; and 1 US dollar was equivalent to 9.2722 Swedish kronor, lower than the previous trading day's 9.3218 Swedish kronor. [Cryptocurrency] Bitcoin rose by 0.14%, closing at $115,542.3; Ethereum fell by 1.81%, closing at $4,524.98. [Gold] Gold continued to hit record highs, with spot gold closing at $3,679.06. An analysis by Deutsche Bank Aktiengesellschaft of ETFs shows that overseas investors are significantly reducing their exposure to the dollar when buying US stocks and bonds, at an "unprecedented rate." The bank's global foreign exchange research director, George Saravelos, cited data from over 500 funds, indicating that for the first time in this decade, the inflow of funds into dollar-hedged ETFs buying US assets exceeded that into non-hedged funds. Saravelos believes that this hedging behavior explains why the dollar remains weak even as international investors have started reinvesting in US assets after being disrupted by Trump's tariff policies earlier this year. At that time, the market speculated that the risk of a trade war might weaken investor interest in US stocks, bonds, and the dollar itself. Saravelos wrote: "The foreign exchange implication is clear: Foreign investors may be returning to US asset markets (albeit at a slower pace), but they do not want to take on the corresponding dollar risk. Each purchase of a dollar-hedged asset involves an equivalent amount of currency being sold in order to eliminate foreign exchange risk." [Macro News] The U.S. Bureau of Labor Statistics is hiring part-time field economists to collect data for CPI. The U.S. Bureau of Labor Statistics is hiring price data collectors for a key inflation indicator. Due to staff turnover, this indicator is increasingly relying on statistical estimation methods to fill data gaps. The agency has posted 25 part-time field economist positions nationwide responsible for collecting price data for the Consumer Price Index (CPI), with locations including major metropolitan areas like New York, Los Angeles, Atlanta, and Chicago. These positions are crucial for obtaining price information from local businesses. Inflation Insights LLC President Omar Sharif said, "If these positions can be quickly filled, the calculated price ratios in future months' CPI are likely to decline significantly, reducing the margin of error in the current estimates." The BLS announced in June that it had begun suspending price collection work in three major metropolitan areas due to insufficient resources. Michigan officials: No evidence of Federal Reserve Board of Governors nominee Lisa Cook violating primary residence tax disclosure rules. According to reports from foreign media, the property tax office in Ann Arbor, Michigan, stated that Federal Reserve Board of Governors nominee Lisa Cook did not violate property tax exemption rules when disclosing her primary residence. This finding may strengthen Cook's defense against efforts by the Trump administration to remove her from the Federal Reserve Board. Ann Arbor City Assessor Jerry Markey said, "There is no reason to believe" Cook violated property tax regulations. While Cook does sometimes reside elsewhere, city records show she has applied for permission to temporarily rent out this Michigan residence. The official stated that temporarily leaving the residence or short-term rentals would not disqualify Cook from the property tax exemption in Ann Arbor. Markey said, "Temporarily residing elsewhere does not necessarily disqualify a homeowner from a primary residence tax exemption." U.S. court rejects environmental group's lawsuit, upholds FAA approval for SpaceX to expand launch operations. A federal district court judge in the United States on Monday rejected a lawsuit filed by an environmental group questioning the Federal Aviation Administration's (FAA) approval in 2022 for Elon Musk's SpaceX company to expand rocket launch operations near a national wildlife refuge in southern Texas. These groups argued that noise, light pollution, construction, and road traffic would also harm the environment in the area. This is the habitat of endangered species such as ocelots and jaguarundis, as well as nesting grounds for the endangered Kemp's ridley sea turtle and threatened shorebirds. U.S. District Judge Carl Nichols in Washington, D.C. stated that the FAA had fulfilled its obligation to "thoroughly examine the impact of lighting on nearby wildlife." Nasdaq CEO: Supports reform of corporate financial reporting cycles. Nasdaq CEO Friedman advocates giving listed companies the choice to provide quarterly or semi-annual reports, as the exchange operator strengthens its support for reform to alleviate reporting burdens on listed companies. Earlier, U.S. President Trump once again called for an end to the publication of quarterly company reports, a move that, if approved, would signify a significant shift for U.S. businesses. Friedman said, "Thank you, President Trump, for showing us a key challenge facing corporate leaders: short-termism, which quarterly reports exacerbate." Friedman stated that reducing the friction, burden, and cost of reporting for listed companies could further inject vitality into U.S. capital markets and stimulate economic growth. Nasdaq has previously publicly cited reasons for simplifying reporting requirements, suggesting that companies should be able to report every six months instead of quarterly. [Individual Stock News] Coinbase (COIN.US) subsidiary Base Blockchain explores issuing new tokens. Base, a public blockchain initiated by Coinbase, is exploring the introduction of a new cryptocurrency, which could help raise funds for the projects it supports. Base stated that this token would be called a "network token." Network tokens are typically used to pay relevant fees for transactions within applications on the blockchain ledger. Coinbase CEO Brian Armstrong World Industries, Inc. said that this yet-to-be-launched token could help achieve broader goalsdecentralizing payments beyond traditional channels and encouraging developer participation. He also cautioned that this idea is still in its early stages.