Overnight US stocks | U.S. Treasury yields continue to rise, and the three major indexes fell this week. Bitcoin has increased by approximately 23%.

On Friday, the three major indexes rose. Cryptocurrencies surged, with cryptocurrency concept stocks collectively gaining ground; Bitcoin has increased by about 23% this week. Long-term yields continued to rise, with the yield on the 10-year Treasury note climbing over 3 basis points, closing at 4.734%. The yield on the 30-year Treasury note also rose by more than 3 basis points, settling at 5.273%. The S&P 500 index fell by 1.4% this week, while the Nasdaq index dropped by 2%. Both indexes ended a three-week streak of gains. The Dow Jones Industrial Average fell 0.9% this week, marking its second consecutive week of decline. In the U.S. stock market, at the closing bell, the Dow Jones gained 517.60 points, or 0.98%, to close at 53,276.81 points; the S&P 500 rose 33.15 points, or 0.43%, to 7,674.31 points; the Nasdaq Composite increased by 113.29 points, or 0.43%, to 26,180.45 points. Tesla, Inc. (TSLA.US) was up 5.14%, Oracle Corporation (ORCL.US) rose 3.11%, and SpaceX (SPCX.US) gained 2.22%. Intel Corporation (INTC.US) fell by 2.24%, NVIDIA Corporation (NVDA.US) decreased by 0.98%, Strategy (MSTR.US) rose 6.1%, Coinbase (COIN.UR) increased by 8.2%, and Circle (CRCL.US) was up 5.16%. The Nasdaq China Golden Dragon Index rose by 0.4%, with Baidu Inc. Sponsored ADR Class A (BIDU.US) up 1.35%, and Alibaba Group Holding Limited Sponsored ADR (BABA.US) down 8.59%. In European stocks, Germany's DAX 30 index rose by 136.45 points, or 0.52%, to 26,148.00 points; the UK's FTSE 100 index increased by 71.22 points, or 0.66%, to 10,819.38 points; France's CAC 40 index was up 31.34 points, or 0.37%, to 8,484.43 points; the STOXX Europe 50 index rose by 44.59 points, or 0.69%, to 6,466.65 points; Spain's IBEX 35 index gained 144.52 points, or 0.73%, to 19,962.52 points; Italy's FTSE MIB index was up 39.18 points, or 0.07%, to 52,705.00 points. In Asian markets, the Nikkei 225 index fell by 0.3%, while the South Korean KOSPI index rose by 0.88%. The U.S. Dollar Index, which measures the dollar against six major currencies, decreased by 0.09%, closing at 98.801. As of the close of the New York forex market, 1 euro was exchanged for 1.1683 dollars, up from 1.1676 dollars the previous trading day; 1 pound was exchanged for 1.3652 dollars, up from 1.3628 dollars; 1 dollar was exchanged for 159.02 yen, down from 159.14 yen the previous day; 1 dollar exchanged for 0.8008 Swiss francs, up from 0.8007 Swiss francs; 1 dollar was exchanged for 1.3761 Canadian dollars, down from 1.3790 Canadian dollars; and 1 dollar was exchanged for 9.4626 Swedish kronor, down from 9.4908 Swedish kronor the previous trading day. In cryptocurrencies, Bitcoin rose over 7.9% to reach $78,449; Ethereum surged over 9% to $2,530. In crude oil, October delivery light crude futures on the New York Mercantile Exchange rose by 23 cents, closing at $87.06 per barrel, a 0.26% increase; October delivery Brent crude futures rose by 61 cents, closing at $94.39 per barrel, a 0.65% increase. In precious metals, spot gold rose by 1.87% to $4,603.38; spot silver increased by 1.24% to $68.96. In macro news, former President Trump stated that solving the $40 trillion U.S. debt problem relies on growth, denying he instructed Treasury Secretary Mnuchin to intervene in the bond market. Trump responded to the issue of U.S. national debt exceeding $40 trillion by saying that this problem "has existed for 35 years," and that the way to resolve it is "through growth." He asserted that the U.S. is currently achieving "very strong growth" and that the issue will be "easily resolved." When asked whether he had ever requested Secretary Mnuchin to intervene in the bond market, Trump denied it completely, stating, "not at all." He described Mnuchin as "a very capable person," stating that any actions taken were those he wanted to pursue himself and that he has a "good intuition about bonds and interest rates." When asked whether he discussed further intervention measures after the rise of U.S. Treasury yields, Trump replied, "The ultimate intervention is our military; we will act when necessary." Trump also supported AI data centers, claiming they would create a significant number of jobs and tax revenue. Earlier, Trump stated that any governor or local government official should welcome the construction of artificial intelligence (AI) data centers. He said, "This will create a substantial number of construction jobs. We are building the largest plants in the world. I can say that if I were a mayor of a city or a governor of a state, and I had the opportunity to bring a large AI factory or data center to my area, I would absolutely want it, as it can create a lot of jobs and the financial and tax revenues it can bring are very considerable." Trump also mentioned that due to widespread opposition from most Americans to establishing data centers in their communities, the AI industry needs "a little help in public relations." Sources indicated that the U.S.-Canada trade agreement will introduce steel quotas and a 25% lower tariff. Reportedly, sources revealed that the potential trade pact being negotiated between Canada and the U.S. will introduce a steel export quota system from Canada, which will impose a 25% tariff on exports within the quota and a 50% tariff on exports exceeding the quota. According to a steel industry executive, Canada has agreed to implement a tariff quota system on steel, allowing 4 million tons of steel to be sent to the U.S. at a lower 25% tariff rate annually. Exports exceeding 4 million tons will still face a 50% tariff. Two other industry sources confirmed that Ottawa and Washington have agreed on the 25% tariff within the quota. Canada has agreed to eliminate all reciprocal tariffs against United States Steel Corporation and further limit steel imports from third countries. Additionally, Canada is negotiating terms for aluminum trade with the aim of reducing tariffs. S&P Global, Inc. reported that U.S. growth momentum is shifting from manufacturing to services. Chris Williamson, Chief Business Economist at S&P Global, Inc., stated that American business is thriving, with companies reporting that economic expansion in the third quarter strengthened further in August, achieving the fastest growth rate in over four years. The survey data for the third quarter currently indicates an annual growth rate close to 3.0%, a significant increase from the 1.5% growth rate in the second quarter. August's employment growth has also seen a pleasing recovery as employers' confidence has improved with diminishing concerns regarding tariffs and the negative impacts of Middle Eastern conflicts. Nonetheless, these remain critical areas of focus for businesses, particularly regarding their effects on supply chains and energy prices. In August, reports of supply chain delays were noted again, reaching the most severe levels seen in the past four years, significantly constraining the output of many companies. Although price pressures have eased somewhat, they remain elevated, with potential for renewed upward pressure if energy prices rise again. Meanwhile, the momentum of growth has shifted from manufacturing to services between the second and third quarters. As safety stock levels deplete and supply chain delays curtail factory production growth, the services sector is now playing a crucial role in driving ongoing economic expansion in the U.S. In individual stock news, Anthropic has hired an executive from Alphabet Inc. Class Cs chip division to accelerate its plans for in-house chip development. Anthropic has appointed Amir Salek, one of the founders of Alphabet (GOOG.US)s custom chip project, as part of its move into self-developed semiconductors. Anthropic announced on Friday that Salek will join the computing team at the AI firm. Salek previously led the Alphabet Inc. Class C tensor processing unit (TPU) business until leaving in 2022 and oversaw the delivery of the first seven generations of TPU chips. Currently, Anthropic sources chips from various suppliers, including NVIDIA Corporation (NVDA.US), Alphabet Inc. Class C, and Amazon.com, Inc. (AMZN.US). However, the company has recently signaled its intention to establish its own internal chip business. Based in San Francisco, Anthropic has already begun recruiting personnel for this project and has posted relevant job openings. SpaceX is recruiting a natural gas trader to ensure energy needs are met. Elon Musks SpaceX (SPCX.US) is looking to hire a trader to build and lead a natural gas trading team to meet the aerospace company's growing fuel and electricity demands. The job listing indicates that the position will "focus on physical and financial natural gas trading." This role further underscores the importance of fuel for power plants and the manufacturing sector, as this energy will support SpaceX's ambitions in chip manufacturing and space exploration. Earlier this month, SpaceX announced plans to construct its own gas power plant to provide necessary electricity for the large semiconductor manufacturing facility it is building in Texas with Tesla, Inc. The surge in demand for electricity from data centers and new factories has driven the market's need for newly built gas power plants, as Musk has long championed a vertical integration model. SpaceX's large Starship rocket uses cryogenically processed methane as propellant, which is the primary component of natural gas, used in conjunction with liquid oxygen. Apple Inc. is laying off employees in the Siri and Vision Pro teams, redirecting resources to AI and new devices. Apple Inc. (AAPL.US) is cutting jobs in several teams responsible for the Siri digital assistant and Vision Pro headset, as the company focuses its resources on new devices and artificial intelligence efforts. According to insiders, Apple Inc. is also laying off workers in the "Smart Systems Experience" team under its software engineering department, which is responsible for certain AI functions on the companys devices. Insiders indicate that in this adjustment, Apple Inc. effectively shut down a team solely dedicated to the Vision Pro gaming business while downsizing the section responsible for producing immersive video content for the device. The layoffs impact more than 200 employees in total, with about 100 positions cut in the Vision Pro department and around another 100 in the Siri and software teams. Apple Inc. acknowledged in a statement that the company is making adjustments to certain teams "to drive business growth and provide the best experience for users."