Overnight U.S. Stocks | Three major indices basically flat as the market awaits the Jackson Hole central bank annual meeting

According to Zhitong Finance APP, on Monday, the three major indices showed mixed results, with the main stock indices taking a breather after a week of gains. Traders are awaiting key retail earnings and Federal Reserve Chairman Jerome Powell's annual speech at the Jackson Hole central bank conference.

【U.S. Stocks】 At the close, the Dow Jones Industrial Average fell 34.30 points, a decrease of 0.08%, to 44,911.82 points; the Nasdaq rose 6.80 points, an increase of 0.03%, to 21,629.77 points; the S&P 500 index fell 0.65 points, a decrease of 0.01%, to 6,449.15 points. Tech giants Meta (META.US) and Microsoft (MSFT.US) fell 2.3% and 0.6%, respectively, putting pressure on the market.

【European Stocks】 Major European stock indices closed mixed, with the Stoxx 600 index up 0.08%, the German DAX 30 index down 0.18%, the French CAC 40 index down 0.50%, the Italian FTSE MIB index down 0.03%, the Spanish IBEX 35 index down 0.17%, while the UK FTSE 100 index rose 0.21%.

【Asia-Pacific Stock Markets】 The Nikkei 225 index rose 0.77%, while the South Korean KOSPI index fell 1.51%.

【Crude Oil】 WTI September crude oil futures rose by $0.62, an increase of nearly 0.99%, to $63.42 per barrel; Brent October crude oil futures rose by $0.75, an increase of nearly 1.14%, to $66.60 per barrel.

【Foreign Exchange】 By the end of trading on Monday, the dollar index was above 98.10, up about 0.3% for the day; the Bloomberg Dollar Spot Index, which tracks the dollar against ten other currencies, rose 0.2% during the day, rebounding after a decline last Friday.

【Cryptocurrency】 As of the close of U.S. stocks, Bitcoin (BTC) was below $116,400, having fallen over 1% in the last 24 hours. Ethereum (ETH) was below $4,360, down over 2% in 24 hours.

【Metals】 At the close of U.S. stocks, spot gold hovered around $3,334, down nearly 0.1% for the day. LME copper futures fell by $40, to $9,733 per ton. LME aluminum futures fell by $18, to $2,588 per ton. LME zinc futures fell by $18, to $2,777 per ton. LME lead futures fell by $10, to $1,971 per ton. LME nickel futures fell by $10, to $15,151 per ton. LME tin futures rose by $8, to $33,702 per ton.

【Macroeconomic News】

Trump called Putin after the "Tze Conference," stating that a trilateral meeting is being arranged. On the afternoon of August 18, local time, Trump stated during a meeting with Zelensky at the White House that if all goes well, they would hold a trilateral meeting involving the U.S., Russia, and Ukraine. He believes that Russian President Putin wants this war to end, and the U.S. will work with Ukraine and other parties to ensure lasting peace. Trump stated that the Russia-Ukraine war will end, but he could not specify when. The U.S. will cooperate with Russia and Ukraine to provide substantial assistance in the security field Goldman Sachs Economics Team: Employment Report Will Further Weaken. Goldman Sachs economists have warned that the slowdown in the U.S. labor market is not over—and may worsen. They stated that the degree of weakening in hiring momentum has exceeded previous expectations. Revisions to early data indicate that the level of job growth has fallen to a point that cannot sustain full employment. "Our estimates for job trend growth are now significantly below this low standard, at 30,000 per month," wrote Goldman Sachs economic analysts David Mericle and Jessica Lindell. They noted that "future revisions to job growth are more likely to be negative," citing weaknesses in healthcare employment, seasonal hiring, and government statistics on new businesses.

U.S. Homebuilder Confidence Declines Due to Weak Homebuying Intentions. U.S. homebuilder confidence fell to its lowest level since 2022 in August, forcing builders to rely more heavily on incentives to cope with high mortgage rates and persuade reluctant buyers. The overall market conditions index, jointly released by the National Association of Home Builders (NAHB) and Wells Fargo, dropped 1 point to 32. The median forecast among economists was for a slight increase in the index. The report showed that builders had to further increase incentives. The proportion of builders using sales incentives rose to the highest level since the pandemic, reaching 66%, while the proportion of builders reporting price cuts was as high as 37%. Although mortgage rates have slightly declined in recent weeks, falling to a four-month low of 6.67% in the first week of August, they are still double the levels at the end of 2021.

Tariff Effects Continue to Ferment, EU Exports to the U.S. Hit Two-Year Low. According to data released by Eurostat on Monday, exports from the EU's 27 countries to the U.S. fell by 10% year-on-year in June, to just over €40 billion (approximately $46.8 billion), marking the lowest level in two years. This data highlights the direct impact of the Trump administration's tariff policies on transatlantic trade. The drag effect of U.S. trade tariffs is increasingly evident in Europe. The data shows a significant decline in EU exports to the U.S., reaching a new low since the end of 2023, leading to a sharp contraction in its overall trade surplus and casting a shadow over Europe's economic growth prospects.

[Individual Stock News]

Trump Administration Reportedly Discussing Acquisition of 10% Stake in Intel (INTC.US). Media reports on Monday cited a White House official and other informed sources stating that the Trump administration is reportedly discussing acquiring a 10% stake in U.S. chipmaker Intel. Reports indicate that the federal government is considering a potential investment in Intel, which could convert some or all of the funding the company received from the CHIPS and Science Act into equity. Analysts say that federal support could give Intel more breathing room to revitalize its struggling foundry business, but the company still faces challenges such as a weak product roadmap and difficulty attracting customers to its new factories.

Novo Nordisk (NVO.US) Launches Cash Payment Incentive, Reducing Semaglutide's Monthly Cost in the U.S. from $1,000 to $499. Novo Nordisk announced on Monday that it is lowering the out-of-pocket price of semaglutide (Ozempic) to $499 per month, about half of the original price This price reduction is specifically aimed at patients without health insurance or whose insurance does not cover semaglutide, with the goal of improving the "accessibility" of the medication. Although semaglutide is widely covered by health insurance in the United States, the company emphasizes that some patients still have to bear high costs out of pocket. Following the announcement, Novo Nordisk's stock rose more than 6% during intraday trading, while its partner GoodRx surged over 37%.

【Major Ratings】

Bank of America reiterated its "Buy" rating on Apple (AAPL.US), with a target price of $250