Overnight US stocks | The market's bets on the Federal Reserve's interest rate hike have intensified, with all three major indices falling. Marvell Technology, Inc. (MRVL.US) dropped over 10%.

On Friday, the three major indexes fell. After Federal Reserve Chair Waller's speech on curbing inflationary pressures, the market significantly heightened its bets on Fed interest rate hikes, leading to a stronger U.S. dollar and a sharp decline in the prices of precious metals like gold and Bitcoin. The S&P 500 index rose 0.5% for the week, while the Nasdaq Composite increased by 0.9%; the Dow Jones Industrial Average also climbed 0.5% during the same period, marking the first weekly gain in nearly three weeks. U.S. StocksAt the close, the Dow fell 9.45 points, down 0.02%, to 53,559.99 points; the S&P 500 dropped 19.23 points, down 0.25%, to 7,711.76 points; the Nasdaq fell 138.93 points, down 0.52%, to 26,402.42 points. Marvell Technology, Inc. (MRVL.US) fell 10.28%, NVIDIA Corporation (NVDA.US) fell 4.57%, Intel Corporation (INTC.US) fell 2.85%, and Tesla, Inc. (TSLA.US) fell 1.71%; Amazon.com, Inc. (AMZN.US) rose 3.97%, Alphabet Inc. Class C (GOOG.US) rose 1.74%, and Apple Inc. (AAPL.US) rose 1.63%. The Nasdaq Golden Dragon China Index rose 0.44%, Alibaba Group Holding Limited Sponsored ADR (BABA.US) rose 2.21%, and Baidu Inc Sponsored ADR Class A (BIDU.US) rose 0.19%. European StocksGermany's DAX 30 index rose 211.27 points, up 0.80%, to 26,567.24 points; the UK's FTSE 100 index rose 31.27 points, up 0.29%, to 10,823.81 points; France's CAC 40 index rose 81.31 points, up 0.98%, to 8,401.18 points; the Euro Stoxx 50 index rose 62.72 points, up 0.98%, to 6,487.45 points; Spain's IBEX 35 index rose 164.48 points, up 0.83%, to 20,046.08 points; and Italy's FTSE MIB index rose 358.88 points, up 0.69%, to 52,624.00 points. Asian MarketsThe Nikkei 225 index rose 0.41%, while the South Korean KOSPI index fell 1.79%. U.S. Dollar IndexThe U.S. dollar index, which measures the dollar against six major currencies, rose 0.55% to close at 99.703. As of the end of the New York forex market, 1 euro exchanged for 1.1580 dollars, down from the previous trading day's 1.1649 dollars; 1 pound exchanged for 1.3531 dollars, down from 1.3589 dollars; 1 dollar exchanged for 160.14 yen, up from 159.43 yen; 1 dollar exchanged for 0.8096 Swiss francs, up from 0.8043 Swiss francs; 1 dollar exchanged for 1.3907 Canadian dollars, up from 1.3858 Canadian dollars; and 1 dollar exchanged for 9.6137 Swedish kronor, up from 9.5220 Swedish kronor. CryptocurrencyBitcoin fell below the $78,000 mark, trading at $77,722; Ethereum fell 0.07% to $2,440. Crude OilLight crude oil futures for October delivery on the New York Mercantile Exchange fell by 13 cents, closing at $83.40 per barrel, down 0.16%; October delivery Brent crude oil futures fell 39 cents to $89.31 per barrel, down 0.43%. Precious MetalsSpot gold fell 3.18% to $4,454.43; spot silver fell 4.14% to $66.40. Macroeconomic News Waller signals rate hikes as Federal Reserve focuses on inflation. Federal Reserve Chair Waller stated on Friday that if policymakers cannot be certain that inflation is "coming down at a clear and sufficiently rapid pace" to 2%, the Fed "has work to do." This suggests that if price pressures do not improve, the Fed may raise interest rates next. Waller made it clear that he remains committed to the Fed's longstanding policy of managing inflation by adjusting interest rates. This significantly increases the likelihood of the Fed raising rates next, which may lead to a divergence with President Trump, who has been seeking rate cuts for a long time. This statement effectively eliminates any previously left ambiguity. At the news conference at the end of July, Waller declined to respond extensively to the need for rate hikes in light of inflation that has been significantly elevated for over five years, consistently above the Fed's target. Deutsche Bank expects the Fed to raise rates by 25 basis points in September and December. Deutsche Bank Aktiengesellschaft economists expect the Federal Reserve to raise rates by 25 basis points in both September and December. Chairman Waller emphasized during his speech in Jackson Hole the need to bring inflation back to the 2% target and released a clearly hawkish signal. Deutsche Bank believes that unless future economic data is "significantly weaker than expected," the threshold to avoid a rate hike of 25 basis points in September is already very high. The market also quickly raised its rate hike bets: CME data showed that the probability of a cumulative rate hike of 50 basis points or more by December rose to 51%, up from 29% the day before; the probability of a cumulative rate hike of 25 basis points was 38%, while the probability of keeping rates unchanged was only 11%. Following Waller's speech, market bets on a September rate hike also clearly increased. U.S. job growth slower than previous reports, retail and wholesale trade sectors most affected. The U.S. Bureau of Labor Statistics stated on Friday that the rate of job growth from early 2025 to the beginning of this year may be slightly lower than previously reported data. According to the Bureau's statistics, over the 12 months ending in March, the number of new jobs in the U.S. may have been 79,000 less than previously reported. Over the same period, the number of private sector jobs may have been 178,000 fewer than previously reported, with the retail and wholesale trade sectors being the most affected. Healthcare, private education, and professional and business services were also among sectors where job numbers might be below previous reports. However, transportation and warehousing were among industries that experienced job growth, as was the information sectoroften seen as the most affected by artificial intelligence. Federal, state, and local governments added 99,000 jobs. Individual Stock News Apple Inc. raises prices for Apple TV and Apple One subscriptions as service business continues its price increase strategy. Reports indicate that Apple Inc. (AAPL.US) has recently raised the prices for its Apple TV streaming service and Apple One bundle subscriptions in the U.S. market. Specifically, the monthly fee for Apple TV increased from $12.99 to $14.99, while the annual fee rose from $99 to $119; the personal plan for Apple One, which includes services like Apple TV, iCloud, and Apple Music, also saw its monthly fee rise from $19.95 to $21.95. Looking back, when Apple TV launched in 2019, the monthly fee was only $4.99, and with this price adjustment, it is gradually approaching the level of major competitors. This marks the second time Apple Inc. has adjusted subscription service prices recently. In July, Apple Inc. raised the monthly fee for Apple Music by $1, citing increased licensing costs. Chevron Corporation and other U.S. Energy Corp. companies plan to invest billions in Venezuelan oil fields. Chevron Corporation (CVX.US) and other U.S. Energy Corp. companies are nearing an agreement to invest billions in Venezuelan oil fields. This could allow President Trump to achieve a result after months of slow negotiations. Sources indicate that Chevron Corporation is close to finalizing an agreement to expand its longstanding business operations in the Latin American country and may include two additional heavy oil fields in its asset portfolio. Currently, Chevron Corporation has three joint ventures with the Venezuelan state oil company (PdVSA) and is the only major U.S. company operating in Venezuela. Sources also noted that Halliburton Company (HAL.US), one of the largest oilfield service companies in the U.S., is negotiating to introduce its full suite of equipment into Venezuela to provide services to local oil producers. Major Bank Ratings J.P. Morgan raises the target price for Marvell Technology, Inc. (MRVL.US) from $240 to $305.