Overnight US stocks | The three major indices recorded gains in August, with artificial intelligence stocks performing outstandingly. Nvidia has accumulated a rise of over 9% this month.

On Monday, the three major indices fell broadly. U.S. stocks recorded gains in August, with the Dow Jones Industrial Average rising over 1% for the month, marking its fifth consecutive month of gains and the 15th month of rises in the past 16 months. The S&P 500 Index climbed 2.6% this month, while the Nasdaq Index gained 3.9%, marking the first monthly increase for both indices since May. Earlier in August, the S&P 500 and Dow also both hit record highs. The technology sector remained the main driving force behind the rise this month. The information technology sector of the S&P 500 saw an increase of over 6%, with AI-related stocks performing especially well. NVIDIA Corporation rose more than 9% this month, Microsoft Corporation (MSFT.US) also gained over 9%, and Micron Technology, Inc. (MU.US) accumulated a rise of about 16%. As of the market close, the Dow Jones Industrial Average fell by 373.85 points, a decrease of 0.70%, closing at 53,186.14 points; the S&P 500 Index dropped by 25.42 points, or 0.33%, to close at 7,686.34 points; the Nasdaq Composite Index declined by 31.53 points, or 0.12%, to finish at 26,370.89 points. Tesla, Inc. (TSLA.US) rose by 5.5%, NVIDIA Corporation (NVDA.US) increased by over 1%, SK hynix (SKHY.US) gained 2%, and SanDisk (SNDK.US) rose by 5.5%. The Nasdaq China Golden Dragon Index closed down 2.18%, with Alibaba Group Holding Limited Sponsored ADR (BABA.US) falling 4%. European stock markets closed down broadly, with the Stoxx 600 Index falling 0.61%, the Euro Stoxx Index declining 0.76%, and the Eurozone blue-chip index down 0.91%. The French CAC 40 Index fell 0.6%, the Spanish IBEX Index dropped 0.23%, and the German DAX Index decreased by 1.09%. In Asian markets, the Nikkei 225 Index fell by 0.14%, while the Korean KOSPI Index gained 0.46%. The U.S. dollar index, which measures the dollar against six major currencies, fell 0.28%, closing at 99.428. At the close of trading in New York, 1 euro was exchanged for 1.1616 dollars, up from the previous day's 1.1580 dollars; 1 pound traded for 1.3550 dollars, compared to the prior day's 1.3531 dollars. 1 dollar was equivalent to 159.80 yen, down from the previous day's 160.14 yen; 1 dollar was exchanged for 0.8083 Swiss francs, a decrease from 0.8096 Swiss francs; 1 dollar was traded at 1.3855 Canadian dollars, down from 1.3907 Canadian dollars; and 1 dollar was equivalent to 9.5767 Swedish krona, lower than the previous day's 9.6137 krona. In cryptocurrencies, Bitcoin rose by 0.58%, trading at 78,874.87 dollars; Ethereum increased by 0.15%, priced at 2,474 dollars. In crude oil, October delivery light crude oil futures on the New York Mercantile Exchange rose by 2.36 dollars, closing at 85.76 dollars per barrel, a gain of 2.83%; Brent crude oil futures for November delivery rose by 2.39 dollars, closing at 90.49 dollars per barrel, up 2.71%. In precious metals, the spot price of gold was reported at 4,448.48 dollars; the spot price of silver was 66.545 dollars. In macro news: The U.S. SEC and CFTC have postponed hedge fund disclosure requirements for the fourth time. The U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) have once again delayed new regulations on hedge fund information disclosure, pushing the deadline for filing the Private Fund Report (Form PF) to July 1. This rule aims to assist regulators in understanding private funds' positions, leverage, and risk exposure during market volatility to identify counterparty risk, margin pressure, and potential systemic risks. This delay marks the fourth time regulators have postponed these requirements, following opposition from the hedge fund industry concerned about the disclosure of sensitive information related to investment strategies. In April of this year, the SEC and CFTC proposed adjustments to increase the Form PF reporting threshold from 150 million dollars to 1 billion dollars, but this proposal has yet to be finalized. U.S. Treasury Secretary Besant: Unable to change the equilibrium price of bonds; will promote fiscal consolidation with Walsh. U.S. Treasury Secretary Besant stated that he shares the same views as Fed Chairman Walsh regarding bonds, highlighting that the yield on 10-year U.S. Treasuries has largely remained flat since President Trump took office. Besant emphasized that he has never suggested an attempt to change the bond market trend, nor does he believe that the government can change the equilibrium price of bonds and will not speculate on the Fed's next moves. He noted that core inflation remains relatively mild, and traditionally, the Fed does not raise rates in response to supply shocks. Besant also revealed that he has not yet purchased any bonds and is currently working with budget director Walter to develop a fiscal consolidation plan. He mentioned that the U.S. might become the top bond market globally due to the bond buyback plan, and noted that hedge fund managers prefer to "accelerate the process." Regarding the recent criticism from investor Stanley Druckenmiller about the Treasury's bond buyback policy, Besant stated that he spoke with him after he published his column and remarked, I think Druckenmiller lost money on the day that article was published. Furthermore, Besant pointed out that Fitch has reaffirmed the U.S. credit rating. The yield on the 10-year U.S. Treasury bond broke 4.75%, reaching a new high since January 2025. On Monday, the yield on the 10-year U.S. Treasury bond surpassed 4.75%, marking a new high since January 2025, due to rising oil prices enhancing market expectations for rate hikes from the Federal Reserve. Yields on other U.S. Treasuries also rose, with the yield on the 5-year government bond reaching its highest level since early last year. President Trump stated during a Fox News interview that the U.S. would respond with further actions against attacks on U.S. troops by Iran. Monday's market movement continued a recent wave of sell-offs in U.S. Treasuries, as investors grapple with rising concerns over government debt while also assessing the Fed's potential path in combating inflation. Last Friday, Fed Chairman Walsh indicated an increased likelihood of rate hikes to curb price pressures during the Jackson Hole symposium, triggering a surge in short-term bond yields. The yield on the 30-year Treasury bond also increased by 5 basis points on Monday, nearing 5.26%, but still far below the multi-year high reached in mid-August. Earlier this month, the U.S. Treasury announced plans to increase buybacks of bonds of this maturity to bolster their market value, after which the 30-year yield receded somewhat. Trump states the possibility of striking Iran and reiterates that U.S. rates are too high. During an interview at the White House on Monday, President Trump stated, "A lot of ships passed through the Strait of Hormuz last night, averaging 30 ships each night, and a significant amount of oil is flowing out of the Strait." When discussing how the situation might evolve, Trump remarked, "There might be strikes against Iran; lets wait and see. I believe the Iranians themselves dont even know who their leader is, no one knows who leads Iran; it's a failed state." Trump also addressed interest rates: "They are currently too high. I have great respect for Fed Chairman Walsh; he will do what he has to do." Oxford Economics Institute: Canada's retaliatory tariffs may benefit some industries, but most will be harmed. The Oxford Economics Institute believes that tariffs imposed by Canada in retaliation for new U.S. tariff measures will assist some sectors but will harm the majority of industries and weaken economic growth by raising costs for producers and consumers. The analysis by the Oxford Economics Institute also indicates that Canadian government aid will temporarily alleviate the economic impact of Trump's tariffs, but will not offset the overall drag caused by bilateral tariffs. The report points out that paper, wood, steel, and aluminum manufacturers will gain the most marginal benefits from Canadas retaliatory tariffs as these tariffs reduce imports from the U.S. and encourage domestic production. However, the Oxford Economics Institute adds that nearly all Canadian manufacturers will face net negative impacts from the escalation of bilateral tariffs. In individual stock news: The U.S. FTC plans to sue Amazon.com, Inc. for manipulating advertising prices to reap hundreds of billions over seven years. The Federal Trade Commission (FTC) plans to file a lawsuit against Amazon.com, Inc. (AMZN.US) on Monday, accusing the e-commerce giant of deceiving advertisers by manipulating advertising prices, resulting in hundreds of billions of dollars in profits over seven years. The lawsuit has been initiated by the attorneys general of over twenty states and will be filed in Seattle federal court. FTC officials stated that Amazon.com, Inc. started changing its auction strategy in 2018, secretly raising the minimum price advertisers must pay. To increase prices, Amazon.com, Inc. began entering a "soft floor price" above the second-highest bidder without disclosing this practice. As a result, advertisers incurred losses amounting to billions, and the states may seek to recover some funds. Amazon.com, Inc. operates the worlds third-largest digital advertising platform, projecting ad revenue to reach 68 billion dollars by 2025. This marks the third major case against Amazon.com, Inc. by the FTC, with the company having settled a previous lawsuit related to Prime subscriptions for 2.5 billion dollars, and another antitrust case set for trial next year. NVIDIA Corporation to invest 3.5 billion dollars in MediaTek to deepen AI chip cooperation. NVIDIA Corporation (NVDA.US) is set to invest 3.5 billion dollars in MediaTek to further deepen their collaboration. Currently, NVIDIA Corporation is working to persuade more companies to develop chips that can connect with its leading data center ecosystem. The two companies stated in a joint announcement that NVIDIA Corporation will purchase bonds that can be converted into MediaTek stock. This investment will expand collaboration between the two chip designers. Under the cooperation arrangement, MediaTek will adopt NVLink Fusion and the recently announced NVHBM technology, which are part of NVIDIA Corporations technology suite and aim to facilitate smoother communication between various components in data centers. MediaTek is looking to challenge the market positions of Broadcom Inc. (AVGO.US) and Marvell Technology, Inc. (MRVL.US) by helping data center operators build customized components. Previously, Amazon.com, Inc. (AMZN.US) also announced a similar partnership, agreeing to deploy an additional 2 million NVIDIA Corporation components. More importantly, Amazon.com, Inc. has committed to using NVIDIA Corporations connectivity technology in its self-developed chips. Phil Schiller, a veteran at Apple Inc., steps down as head of App Store and product launches. Phil Schiller, a senior executive at Apple Inc. (AAPL.US), has stepped down as the head of the App Store and product launch events but will remain with the company and retain the title of "Apple Fellow," participating in some undisclosed projects. Schiller was one of the most influential Apple Inc. executives during the Steve Jobs and Tim Cook eras, having participated in the launches of key products such as the iPhone, iPad, iPod, and Mac, and co-promoting the creation of the App Store with Jobs. This adjustment is seen as a significant step toward his gradual exit from core management positions and transition to retirement. This change comes just before John Ternus assumes the role of CEO at Apple Inc. Apple Inc. will transfer management of the App Store to the services division led by Eddy Cue, with daily operations overseen by Carson Oliver; the product launch team will be led by Nora Winstein. During Schiller's tenure, he directed app reviews, developer relations, and revenue sharing policy adjustments, and was involved in long-term litigation around in-app purchases, including disputes with Epic Games. This adjustment is also part of a broader effort to refresh Apple Inc.'s management, as several senior executives have departed or transitioned to smaller roles, and Ternus faces the challenge of fostering a new generation of leadership following his ascension.