Overnight US stocks | All three major stock indices fell together; the 10-year U.S. Treasury yield hit a nearly two-decade high; oil prices fluctuated; gold dropped nearly 4%.

On Monday, all three major indices fell together, with tech stocks leading the decline. The U.S. 10-year Treasury yield rose 7 basis points to 5.23%, hitting a nearly two-decade high. International oil prices fluctuated sharply amid news related to U.S.-Iran talks and the Middle East situation. Spot gold fell nearly 4%. U.S. StocksAt the close, the Dow Jones Industrial Average fell 347.11 points, or 0.67%, to 51,481.51; the S&P 500 fell 59.72 points, or 0.77%, to 7,683.69; the Nasdaq Composite fell 248.34 points, or 0.92%, to 26,820.38. MongoDB (MDB.US) closed down more than 18%, its worst single-day performance since March; Qualcomm (QCOM.US) fell more than 7%, SK Hynix (SKHY.US) and Intel Corporation (INTC.US) fell more than 5%, while NVIDIA Corporation (NVDA.US) rose more than 1%. European StocksGermany's DAX30 index fell 34.22 points, or 0.13%, to 25,374.42; the U.K.'s FTSE 100 fell 10.37 points, or 0.10%, to 10,684.88; France's CAC40 rose 0.68 points, or 0.01%, to 8,078.48; the Euro Stoxx 50 rose 6.53 points, or 0.10%, to 6,309.35; Spain's IBEX35 fell 99.80 points, or 0.51%, to 19,600.30; Italy's FTSE MIB fell 107.03 points, or 0.21%, to 51,759.90. Asia-Pacific StocksJapan's Nikkei 225 fell 0.73%, South Korea's KOSPI fell 2.70%, India's BSE SENSEX fell 1.52%, and Indonesia's Composite Index fell 1.51%. ForexThe U.S. Dollar Index (DXY), which measures the greenback against a basket of six major currencies, rose 0.14% to 101.17. CryptocurrenciesCryptocurrencies declined. Bitcoin fell more than 1% to $83,190; Ethereum fell 0.12% to $2,673.09. Precious MetalsIn late New York trading on Monday (September 28), spot gold fell 4.01% to $4,112.84 per ounce; spot silver fell 5.68% to $60.6452 per ounce. Crude OilWTI November crude oil futures closed up 0.20% at $92.60 per barrel. Brent November crude oil futures closed up 0.92% at $105.28 per barrel. Oil prices swung back and forth among multiple "breaking news" headlines: the resumption of exports via Saudi Arabia's East-West pipeline pushed prices lower, rumors of an explosion in a Saudi city pushed prices higher, a report that "Iran agreed to suspend uranium enrichment" then pushed prices lower again, while news of "huge differences in U.S.-Iran talks" caused oil prices to rebound. MetalsLME copper closed down $210 at $14,413 per ton. LME aluminum closed down $16 at $3,252 per ton. LME zinc closed down $47 at $3,852 per ton. LME lead closed down $27 at $1,902 per ton. LME nickel closed down $150 at $16,179 per ton. LME tin closed down $47 at $3,852 per ton. LME cobalt closed down $500 at $39,140 per ton. Macro News Trump says U.S. and Iranian representatives have exchanged information through mediators; U.S. media says U.S.-Iran nuclear talks have sent positive signals. U.S. President Trump told the media at the White House on the 28th that U.S. and Iranian negotiators have exchanged information through mediators. When asked about the progress of U.S.-Iran talks, Trump did not disclose specific details, saying only that "we will win" and that "things will become clear very soon." Earlier that day, media reported that indirect U.S.-Iran talks began on the morning of the 28th. Previously, Iranian media reported that Iranian Foreign Minister Araghchi would lead an Iranian delegation to meet with mediators of the U.S.-Iran talks in New York on the morning of the 28th to discuss the latest proposals regarding the current situation. It is worth noting that U.S. media reported, citing U.S. officials, that Trump is willing to reduce sanctions on Iran and release frozen Iranian funds in exchange for "concrete progress" on the nuclear agreement. Saudi media said Iran has agreed to suspend uranium enrichment in exchange for the United States easing sanctions. However, Trump later denied the U.S. media report. Two-year U.S. Treasury yields rose toward the 5% mark, while the 10-year U.S. Treasury yield hit a new high since 2007. In late New York trading on Monday (September 28), the benchmark 10-year U.S. Treasury yield rose 7.56 basis points to 5.2361%, trading within a range of 5.1899%-5.2719% during the day, with gains continuing to widen overall and approaching the second-quarter 2007 high of 5.3228% at 23:00 Beijing time. The two-year U.S. Treasury yield rose 7.89 basis points to 4.9305%, trading within a range of 4.8869%-4.9534% during the day, continuing to rise overall and approaching the intraday high of 5.0434% on April 30, 2024. The 20-year U.S. Treasury yield rose 5.31 basis points to 5.6011%, once reaching 5.6436%, continuing to set a new high since records began in 2020; the 30-year U.S. Treasury yield rose 5.61 basis points to 5.5466%, once rising to 5.5794%, continuing to approach the third-quarter 2009 peak of 5.8610%. "Big Short" Burry: The AI bubble may burst sooner than initially thought. The investor known for heavily shorting the U.S. housing market before the 2007-2009 global financial crisis said he is converting key AI stock short positions into put options, thereby obtaining more cost-effective leverage over a shorter time horizon. Burry wrote in his Monday investment newsletter: "Fundamentally, I am moving up the timeline." "Therefore, I want the short positions to have more leverage. A better timeline makes leverage more acceptable. Speaking of leverage, nothing is more suitable than options, in this case put options, which are relatively cheap because volatility indicators such as VIX are unusually tight." Fed Governor Cook: AI-driven productivity gains are not enough to offset short-term inflation pressure. Cook said the productivity gains that artificial intelligence (AI) will bring in the future may not be enough to offset near-term price pressures, warning that this trend could push up inflation across the economy. The Fed official said large-scale data center investment has already increased competition for shared resources such as energy and construction workers - over the past year, electricity and water prices have both risen by about 5%. With companies having delivered only a small portion of the $2 trillion in pledged capital, and with AI-driven stock market gains boosting consumer spending, she warned that broader price pressures could emerge. Cook expects productivity gains to bring "moderate disinflation" over the next few years, but she also warned that she does not believe these effects will arrive in time to offset broadening inflation pressures later this year. Cook said the Fed's rate hike this month was in response to persistently elevated inflation and stressed that future policy will depend on economic data. Cook also said the labor market appears ready to handle rate hikes. She noted that the unemployment rate is trending down, and other indicators also suggest the labor market is "roughly in balance and gradually improving." Deutsche Bank: Supply shortages may push copper prices up more than 50% within six months. Deutsche Bank expects copper prices could rise more than 50% over the next six months to $22,050 per ton as buyers compete for dwindling copper inventories. Copper prices have already risen sharply this year, with expectations that the U.S. government may impose tariffs on refined copper driving large volumes of copper to the United States, exacerbating supply tightness in other regional markets. Daniel Ghali, head of metals research at Deutsche Bank, wrote in a report: "An unprecedented battle for metal is unfolding across major copper trading markets. As each market scrambles to keep copper within its own jurisdiction, we expect the global benchmark copper price to continue rising." Deutsche Bank expects copper prices to rise to $22,050 per ton by the second quarter of 2027, when demand destruction may begin to accelerate. Ghali wrote that if the current pace of copper inventory accumulation continues, unrestricted, freely tradable inventories will be close to zero by the end of 2028. This theoretical "inventory depletion" level is something the market must avoid through higher prices. Ghali said that according to Deutsche Bank's estimates, freely tradable copper inventories have already fallen to the lowest level on record. Individual Stock News Major milestone! SpaceX (SPCX.US) Starship reaches orbit for the first time, but the mission ends early, deploying 26 V3 Starlink satellites. SpaceX's flagship rocket Starship successfully entered Earth orbit for the first time on Monday, completing the commercial space company's most ambitious mission to date. This means the giant rocket, which cost more than $15 billion and took nearly a decade to develop, has finally crossed the key step from suborbital testing to orbital flight. Although one engine shut down early during the flight, the spacecraft continued to execute a key burn maneuver after engineers assessed the situation in real time and successfully entered its intended orbit. The mission was originally planned to last about 10 hours and circle Earth six times, but SpaceX ultimately decided to end the flight early. The flight team expected to command Starship to deorbit three hours after reaching orbit. While in orbit, Starship also deployed 26 V3 Starlink satellites for the first time. Musk posted on X that these V3 satellites are operating normally. Each V3 Starlink satellite has a download capacity about 10 times that of the current V2 satellites. AMD (AMD.US) acquires World Labs for $8.2 billion, with Fei-Fei Li serving as chief scientist. AMD is betting on the next frontier of AI - understanding and simulating the physical world - with a blockbuster all-stock deal. On September 28, AMD announced it would acquire AI startup World Labs in an all-stock deal worth about $8.2 billion. The company was co-founded by renowned AI research pioneer Fei-Fei Li, who serves as CEO, and focuses on spatial intelligence and three-dimensional environment simulation. After the deal closes, Fei-Fei Li will join AMD as executive vice president and chief scientist, reporting directly to CEO Lisa Su. The acquisition is expected to be completed by the end of 2026, subject to regulatory approval and other customary closing conditions. The deal means AMD intends to internalize model research capabilities into chip design DRIVE and compete head-on with NVIDIA Corporation in physical AI areas such as Siasun Robot&Automation and simulation. MongoDB (MDB.US) closed down more than 18%, its worst single-day performance since March. MongoDB closed down 18.46% on Monday at $334.68. On the news front, the company's CEO Chirantan "CJ" Desai suddenly resigned and will go to Meta Platforms (META.US) to lead its newly created enterprise platform business. MongoDB's board appointed Dev Ittycheria as interim president and CEO. The board has launched a formal search process for a successor and hired an executive search firm to assist. Navitas Semiconductor (NVTS.US) wins U.S. government contract, shares surge after hours. As of press time, Navitas Semiconductor surged more than 16% in Monday after-hours U.S. trading. The company said it has been awarded the ALATTIS project by the U.S. Army Research Laboratory to develop next-generation 10 kV silicon carbide power semiconductor technology for defense applications. ALATTIS is short for the "Accelerated Large Area 10 kV Silicon Carbide Insulated Gate Bipolar Transistor Prototype Project." The project aims to develop a domestic manufacturing process for 10 kV silicon carbide insulated gate bipolar transistors and PIN diodes. The project is funded by the U.S. Army Research Laboratory under the DEVCOM framework and supported by JETX. The announcement did not disclose details such as the contract amount, duration, or work location.