Overnight US Stocks | Investors await the Fed's interest rate meeting, with little fluctuation in the three major indices. Newly listed stocks such as Star Competitor soar nearly 83%

According to the Wise Finance APP, on Monday, the three major indexes showed mixed movements with little volatility, as investors await this week's Federal Reserve interest rate meeting, non-farm payroll data, and a series of heavyweight financial reports.

[US Stocks] At the close, the Dow Jones fell 49.41 points, or 0.12%, to 40,539.93 points; the Nasdaq rose 12.32 points, or 0.07%, to 17,370.20 points; the S&P 500 rose 4.44 points, or 0.08%, to 5,463.54 points. NVIDIA (NVDA.US) fell by 1%, Tesla (TSLA.US) rose by 5.6%, Google (GOOG.US) rose by over 1%. The Nasdaq Golden Dragon Index fell by 0.12%, Alibaba (BABA.US) rose by 2.7%, iQIYI (IQ.US) rose by 3%, New Oriental Education (EDU.US) fell by 4%, and the new stock Star Competitor (NIPG.US) surged by nearly 83%.

[European Stocks] The German DAX30 index fell by 94.07 points, or 0.51%, to 18,329.15 points; the UK's FTSE 100 index rose by 7.47 points, or 0.09%, to 8,293.18 points; the French CAC40 index fell by 73.84 points, or 0.98%, to 7,443.84 points; the Euro Stoxx 50 index fell by 48.40 points, or 1.00%, to 4,814.10 points; the Spanish IBEX35 index fell by 46.59 points, or 0.42%, to 11,119.31 points; the Italian FTSE MIB index fell by 178.44 points, or 0.53%, to 33,634.00 points.

[Asia-Pacific Stock Markets] The Nikkei 225 index rose by 2.13%, the Indonesia Jakarta Composite Index fell by 0.1%, and the Vietnam VN30 index rose by 0.3%.

[Gold] COMEX August gold futures closed slightly up by 0.05% at $2,382.2 per ounce, while COMEX September silver futures closed slightly up by 0.07% at $28.040 per ounce.

[Cryptocurrency] Bitcoin fell by over 1.2% to $67,370 per coin; Ethereum rose by over 2% to $3,337.77 per coin.

[Crude Oil] WTI September crude oil futures closed down $1.35, or nearly 1.75%, at $75.81 per barrel; Brent September crude oil futures closed down $1.35, with a decrease of over 1.66%, at $79.78 per barrel.

[Metals] Most London metals fell, with LME copper falling by 0.93% to $9,026 per ton. LME aluminum fell by 1.66% to $2,250 per ton. LME zinc fell by approximately 1.20% to $2,637 per ton. LME lead remained flat at $2,068 per ton. LME nickel rose by $43 to $15,837 per ton. LME tin fell by approximately 0.93% to $29,296 per ton.

[Macro News]

US lowers borrowing estimate, debt ceiling dispute may reemerge by year-end. The US Treasury Department has lowered its estimate for federal borrowing this quarter and expects the government's cash buffer to decline by the end of the year, coinciding with a possible new round of debt ceiling disputes. The Treasury Department stated on Monday that it currently expects net borrowing of $740 billion for July to September, lower than the $847 billion forecast released on April 29th Most bond traders are expecting this decline. The authorities are estimated to maintain a cash balance of $850 billion at the end of September. In addition, the Treasury Department expects a year-end cash balance of $700 billion, a forecast that will be closely watched by traders as it may impact the upcoming debt ceiling debate. These reserves will decrease once the legally mandated debt ceiling is reinstated at the beginning of next year, unless Congress approves an increase or another suspension of the debt ceiling.

Deutsche Bank: Expects the Fed to cut interest rates three times this year, with a pause in the first half of 2025. Economists at Deutsche Bank believe that the yield on 10-year US Treasuries may end the year at 4.25%, as the Fed is expected to cut interest rates three times, then pause in the first half of 2025, and resume monetary easing in the second half of the year. The Fed is expected to start cutting rates in September, in line with market pricing. This week, the Fed is expected to keep rates unchanged. Economists anticipate that the long-term bond yield will rise faster than short-term bonds, reflecting a slower pace of rate cuts next year than the market expects.

US to purchase 4.65 million barrels of crude oil to replenish SPR. The US Department of Energy announced on Monday that it has finalized contracts to purchase 4.65 million barrels of crude oil for the Strategic Petroleum Reserve (SPR), which will be shipped to the Bayou Choctaw storage facility in Louisiana in the last three months of this year. The DOE stated that ExxonMobil will provide 3.9 million barrels under the contract, while Macquarie US Trading LLC will provide the remaining portion. The average purchase price of the crude oil is around $76.92 per barrel. The US aims to replenish the record 180 million barrels released from the SPR in 2022 to control gasoline prices following the Russia-Ukraine conflict, when prices surged to over $5 per gallon, leading the SPR to its lowest level in 40 years. Since then, the DOE has repurchased a total of 43.25 million barrels of oil at an average price of around $77 per barrel, while these oils were sold at around $95 per barrel during the release period in 2022, a "taxpayer-friendly transaction".

UK Chancellor: Previous government left £22 billion fiscal deficit. UK Chancellor Rishi Sunak stated on July 29 that the previous Conservative government concealed the true state of public finances, leaving a £22 billion fiscal deficit. Sunak announced in the House of Commons that the Treasury will take measures to reduce spending by £5.5 billion this year and over £8 billion next year to offset the fiscal deficit caused by the previous government. The Treasury will announce the first budget under the Labour government on October 30, unveiling new tax and spending plans. Former Chancellor Jeremy Hunt responded that the accusations of a massive fiscal deficit by the previous government are false, and Sunak's speech is an attempt to pave the way for future tax hikes. The newly elected UK Labour government has repeatedly emphasized the dire state of UK finances. The UK Prime Minister's office stated on the 27th that assessments show the UK is in distress.

[Stock News]

Apple (AAPL.US) leverages Google's custom chips for pre-training AI models, posing a risk to NVIDIA's dominant position. Apple announced. on Monday that the AI models powering its artificial intelligence system Apple intelligence are pre-trained on processors designed by Google This sign indicates that in the training of cutting-edge artificial intelligence, large tech companies are looking for alternatives to NVIDIA (NVDA.US). In a technical paper published by Apple, the company detailed its choice of Google's self-developed Tensor Processing Unit (TPU) for training. In addition, Apple released a preview of Apple Intelligence for some devices on Monday. NVIDIA's expensive Graphics Processing Units (GPUs) dominate the high-end artificial intelligence training chip market. In recent years, demand for NVIDIA GPUs has remained high, making it difficult to procure the required quantities.

NVIDIA (NVDA.US) releases software and services aimed at accelerating the widespread adoption of artificial intelligence. NVIDIA, the world's most valuable chip manufacturer, announced a series of software updates aimed at making it easier for more businesses to use generative artificial intelligence. The chip company officially launched Nvidia Inference Micro Services (NIMs), a software package that addresses many logistical issues required to use AI for specific purposes. Generative AI is the technology behind chatbots, speech recognition, and other automated human-machine interactions, often requiring coordination of numerous hardware, software, and information retrieval.

【Major Banks' Ratings】

Jefferies Group: Lowered target price for Paypal (PYPL.US) from $70 to $65; raised target price for Baker Hughes (BKR.US) from $46 to $48

Credit Suisse: Raised target price for Apple Inc. (AAPL.US) from $220 to $250

Royal Bank of Canada: Raised target price for Baker Hughes (BKR.US) from $39 to $43; raised target price for American electric vehicle company Rivian (RIVN.US) from $14 to $15