Breakfast FM-Radio | September 3, 2025

Huajian Early Morning Voice

Market Overview

Under the combined effect of a large number of corporate bond issuances and concerns about the fiscal situation in developed countries, long-term government bond yields have surged, with the 30-year U.S. Treasury yield approaching 5%. Rising bond yields have put pressure on the stock market, with large tech stocks leading the decline. The uncertainty surrounding tariff policies has intensified the market's risk-averse sentiment.

The seven major tech giants in the U.S. stock market all fell sharply, with Nvidia leading the decline with a nearly 2% drop. A U.S. court ruled that Google does not have to sell its Chrome browser, leading to Google surging over 8% in after-hours trading, while partner Apple rose more than 3%.

U.S. Treasury yields rose across the board, with the 10-year yield up 3.69 basis points. The U.S. dollar index rose 0.7%. The yen once plummeted over 1.2%, as Japan's Prime Minister Shigeru Ishiba's core ally, Liberal Democratic Party Secretary-General Hiroshi Moriyama, announced his intention to resign. Bitcoin rose 2.3%, returning above $110,000.

Gold surged nearly 1.8%, hitting a historic high, with gold futures breaking through $3,600. Crude oil fluctuated widely, with WTI crude standing above $66.

During the Asian session, AH shares collectively adjusted, with the ChiNext falling 2.85%, AI hardware stocks like CPO dropping significantly, and the Hang Seng Tech Index falling over 1%, while Xiaomi rose over 3% against the trend.

Key News

Global long bonds are facing a "Black September." Political crises combined with fiscal black holes have led to 30-year government bond yields in the UK, Germany, and France reaching multi-year highs.

Trump is taking a hard line against the Federal Reserve, with spot gold breaking $3,500 to set a new high, and silver rising to a fourteen-year high. Morgan Stanley: A "perfect storm" for precious metals has arrived, with gold expected to challenge $3,800 this year.

Dalio: Trump is leading the U.S. towards the 1930s, while Wall Street remains silent out of fear, predicting that the U.S. will face a debt crisis within three years.

Trump: Will request the Supreme Court for a "fast ruling" on the global tariff case; if victorious, the stock market will surge, otherwise, it will face a major shock. Bessent expects the Supreme Court to support Trump's tariffs, but is also considering alternative options.

The U.S. ISM Manufacturing PMI for August has contracted for six consecutive months, with new orders improving, and the price index falling again.

Sprinting towards the Sci-Tech Innovation Board? Yushu Technology "self-declared" that it will submit an IPO application in the fourth quarter.

Google's major victory: The court ruled that it does not have to sell the Chrome browser, but will be prohibited from signing exclusive contracts.

Nvidia denies rumors of chip shortages: H100/H200 are sufficient to meet all orders without delays.

Tesla released its "Macro Plan 4": Massively integrating AI into the physical world, with 80% of future value coming from robots

“ Trump Family Core Token” proposed a “ buyback + burn” plan. The crypto circle “offers” $5 billion in assets to the Trump family.

Kraft Heinz ends its ten-year marriage, splitting into two independent companies, concluding a $46 billion merger; Buffett: disappointed with the split; stock price once fell over 7%.

Market Report

US and European Stock Markets: The S&P 500 fell 0.69%, closing at 6415.54 points. The Dow Jones fell 0.55%, closing at 45295.81 points. The Nasdaq fell 0.82%, closing at 21279.63 points. The European STOXX 600 index closed down 1.50%, at 543.17 points.

A-shares: The Shanghai Composite Index fell 0.45%, closing at 3858.13 points; the Shenzhen Component Index fell 2.14%, closing at 12553.84 points; the ChiNext Index fell 2.85%, closing at 2872.22 points.

Bond Market: The yield on the US 10-year benchmark Treasury bond rose by 3.30 basis points, to 4.2614%. The yield on the 2-year US Treasury bond rose by 2.25 basis points, to 3.6392%.

Commodities: COMEX gold futures for December rose 2.42%, to $3601 per ounce. WTI October crude oil futures rose 2.47%, to $65.59 per barrel. Brent November crude oil futures rose 1.45%, to $69.14 per barrel.

News Details

Global Highlights

September 3rd Military Parade, Specific Arrangements Released. The parade will be conducted in two steps: the parade ceremony and the review ceremony, lasting about 70 minutes. During the parade ceremony, the reviewed troops will line up on Chang'an Avenue, proudly receiving the inspection from Xi Jinping, General Secretary of the Communist Party of China, President of the country, and Chairman of the Central Military Commission. In the review ceremony, the sequence will be the aerial flag-guarding team, foot formations, battle flag formations, equipment formations, and aerial formations, passing through Tiananmen Square in order.

Debt Storm Resurfaces, Political Crisis Coupled with Fiscal Black Hole, 30-Year Government Bond Yields in the UK, Germany, and France Hit Multi-Year Highs. On Tuesday, the yield on the UK 30-year government bond rose to its highest level since 1998, while the yields on German and French bonds for the same period reached their highest levels since 2011 and 2009, respectively. Analysts warn that the current “vicious cycle”—debt concerns pushing up yields, which in turn exacerbates fiscal burdens—could pose a substantial threat to the economic recovery and financial stability in Europe

• Global Long-term Bonds Welcome "Black September". September has always been a "cursed month" for long-term bonds. Over the past decade, the median loss for government bonds with maturities exceeding 10 years in September has reached 2%. This trend is driven by a combination of multiple factors. The increase in long-term bond issuance in September is the main reason for the seasonal decline. From Europe, the reform of the Dutch pension system is reshaping the market landscape. From the United States, investors are preparing for the employment data to be released on Friday, which will affect market expectations for the Federal Reserve's interest rate cut this month.

Trump's Intense Pressure on the Federal Reserve Pushes Gold Above $3,500 to New Highs, Silver Rises to 14-Year Highs . U.S. President Trump’s ongoing pressure on the Federal Reserve is eroding market confidence in the Fed's independence, leading to a sharp rise in market risk aversion, which directly pushes gold and silver prices to record highs. Spot gold has broken through the $3,500 mark, setting a historical new high. At the same time, silver prices have surged to $40.76 per ounce, a 14-year high.

• Morgan Stanley: The "Perfect Storm" for Precious Metals Has Arrived, Gold Expected to Hit $3,800 This Year! Morgan Stanley believes that multiple favorable factors, including the onset of the Federal Reserve's interest rate cut cycle, the continued weakening of the dollar, inflows into ETFs, and the recovery of physical demand, are brewing strong support for gold and silver prices. The year-end target price for gold is expected to reach $3,800 per ounce. Although silver is close to its target price of $40.9 per ounce, there is significant potential for "upside surprises."

Dalio: Trump is Leading America Toward the 1930s, While Wall Street Remains Silent Out of Fear. Dalio warns that Trump is pushing the U.S. toward a governance model reminiscent of the 1930s, reflecting a strong desire for control through state intervention in the private sector. Wall Street remains silent out of fear of retaliation. He predicts that the U.S. will face a debt crisis within three years, and the huge fiscal gap will force massive bond issuance, with international investors beginning to shift from U.S. Treasuries to gold investments.

Trump: Will Request the Supreme Court for a "Quick Ruling" on Global Tariff Case; If Successful, the Stock Market Will Surge, Otherwise, It Will Be a Huge Shock. Trump stated that if he appeals to the Supreme Court and still loses, it will cause "a kind of shock perhaps unseen before"; if he wins, the stock market will "soar"; uncertainty has caused the stock market to decline, and the drop in U.S. stocks on Tuesday was due to last Friday's appellate court ruling on the illegality of global tariffs; if tariffs are lifted, the U.S. "could ultimately become a third-world country."

• Besant expects the Supreme Court to support Trump's tariffs but is also considering alternatives.

US August ISM Manufacturing PMI contracts for the sixth consecutive month, new orders improve, price index declines again. The US August ISM Manufacturing Index is at 48.7, contracting for the sixth consecutive month, with expectations at 49 and a previous value of 48. The new orders index expanded for the first time since the beginning of the year; the price index hit its lowest level since February, indicating that price fluctuations caused by tariffs are subsiding; output has declined.

Charging towards the Sci-Tech Innovation Board? Yushu Technology "self-declares" to submit IPO application in Q4. Yushu Technology stated that it expects to submit an IPO application to the China Securities Regulatory Commission between October and December. Quadruped robots and humanoid robots account for 65% and 30% of sales in 2024, respectively. More details will be disclosed in the IPO documents.

Google's major victory: Court rules it does not have to sell Chrome browser but will be prohibited from signing exclusive contracts. Alphabet, Google's parent company, saw its stock price surge over 8% in after-hours trading. Meanwhile, Google's important partner Apple also saw its stock rise by 3%. The multi-billion dollar annual search default settings agreement between the two companies is largely preserved.

NVIDIA denies chip shortage rumors: H100/H200 are sufficient to meet all orders without delays. NVIDIA stated that rumors regarding limited supply of H100/H200 and claims of them being "sold out" are false, and rumors about H20 causing a reduction in H100/H200 or Blackwell supply are completely incorrect; selling H20 will not affect the ability to supply other NVIDIA products.

Tesla releases "Master Plan 4": Massively integrating AI into the physical world, with 80% of future value coming from robots. Tesla's latest blueprint shifts its strategic focus from electric vehicles to artificial intelligence and robotics, aiming to achieve a vision of "sustainable prosperity" through deep integration of AI with the physical world. Musk stated that about 80% of Tesla's future value will come from the robot Optimus. Additionally, keen-eyed netizens discovered an interesting detail in the promotional video for Blueprint 4, a mysterious vehicle appeared.

"Trump Family Core Token" proposes "buyback + burn" plan. The team plans to use all transaction fees generated from the protocol's own liquidity for the buyback and destruction of WLFI tokens, aiming to alleviate investors' concerns about token oversupply by reducing circulating supplyDespite the lukewarm market response, the project has still gained public support from some big names in the crypto industry, and related governance proposals are continuing to ferment within the community.

• The crypto circle "offers" $5 billion in assets to the Trump family. The WLFI token debut was lackluster, quickly soaring to about 40 cents within five minutes of opening, but then retracing most of its gains. However, this does not affect the Trump family's ability to lock in substantial profits; according to a special agreement, the listed company Alt5 splurged $1.5 billion to buy WLFI, with 75% of the sales proceeds going directly into the Trump family's pockets, instantly securing hundreds of millions in cash.

After ten years of marriage, Kraft Heinz is splitting into two independent companies, ending a $46 billion merger; Buffett: Disappointed with the split; stock price once fell over 7%.

• Kraft Heinz will split into two independent companies: the Global Taste Enhancement Company (mainly focusing on core brands like Heinz ketchup and Kraft macaroni and cheese) and the North American Grocery Company (mainly focusing on grocery brands like Oscar Mayer). Under the impact of health-conscious consumption, the company's market value has evaporated by about 70% compared to its peak in 2017.
• Buffett acknowledged that the merger between Kraft and Heinz "was not a brilliant idea," but he does not believe that the split will solve the problems, revealing that his successor, Berkshire's next CEO Abel, also expressed disappointment with Kraft Heinz. The CEO of Kraft Heinz emphasized that having scale alone is not enough, and the chairman stated that the split could allocate appropriate attention and resources, unleashing the potential of each brand.

Domestic Macro

Xi Jinping presides over the seventh meeting of the leaders of China, Russia, and Mongolia. Xi Jinping pointed out that in recent years, trilateral cooperation among China, Russia, and Mongolia has steadily developed, achieving tangible results. The mid-term roadmap for trilateral cooperation is being smoothly implemented, with trade among the three countries continuously increasing, and cooperation in economy and trade, technology, ecological protection, and culture deepening. As friendly neighbors connected by mountains and rivers, China is willing to work with Russia and Mongolia to uphold the original intention of cooperation, eliminate external interference, and jointly promote high-quality development of trilateral cooperation.

Xi Jinping talks with Russian President Putin. Xi Jinping pointed out that China-Russia relations have withstood the test of changing international circumstances, establishing a model of permanent neighborly friendship, comprehensive strategic cooperation, and mutually beneficial win-win relations among major countries. Both sides adhere to their original intentions and maintain composure, achieving positive results in cooperation across various fields. China is willing to strengthen high-level exchanges with Russia, support each other's development and revitalization, coordinate positions in a timely manner on issues concerning the core interests and major concerns of both countries, and promote further development of China-Russia relationsMorgan Stanley's Xing Ziqiang interprets the three major focuses of A-shares: deposit migration, regulatory attitude, and market narrative. The Morgan Stanley team led by Xing Ziqiang believes that the potential for deposit migration is limited. Although theoretically, there are 6-7 trillion yuan of excess time deposits that can be transferred, the actual scale depends on the market's sustained momentum; the regulatory attitude is balanced, supporting healthy development while preventing excessive speculation, and using tools like the "national team" for precise regulation; the market narrative is improving, with investors shifting their focus to policy catalysts and sustainable measures to boost domestic demand.

Domestic Companies

Nio's Q2 net loss slightly narrows, delivery volume surges 71.2% quarter-on-quarter, but Q3 revenue guidance falls short of expectations. Nio's Q2 financial report shows significant improvement quarter-on-quarter, with delivery volume rebounding strongly from 42,000 units in Q1 to 72,000 units, a quarter-on-quarter increase of 71.2%; net loss was 4.99 billion yuan, a slight decrease of 1.0% year-on-year. However, the Q3 guidance is below expectations, with projected delivery volume of 87,000 to 91,000 units, while the market expectation is 91,091 units. Nio's stock rose over 3%.

Tencent open-sources intelligent agent framework: no training required, no recharge needed, achieving SOTA Agent with open-source models. Tencent's Youtu Lab has officially open-sourced the Youtu-agent, which does not require model training or rely on closed-source APIs, yet achieves excellent performance. Under fully open-source and reproducible conditions, it has approached or even surpassed some intelligent agent frameworks that rely on paid tools.

Kuaishou's "Investor Day," focus on AI. According to Kuaishou's management, since the launch of the Kuaishou 2.0 version in April, its monthly paid revenue has stabilized at over 100 million yuan, with overseas users contributing 70% of the revenue; future model capabilities remain a key area of differentiation, which will continue to be a focus of the company's investments.

With improved passenger load factor, falling oil prices, and appreciation of the yuan, the "three major airlines" still report losses under "three major benefits," with ticket prices being a "big problem.". During the summer travel season, the average ticket price for domestic economy class (excluding taxes and fuel surcharges) decreased by 6.4% compared to the same period last year, and was down 8.6% compared to the same period in 2019. HSBC stated that the significant decline in ticket prices has severely eroded airlines' profitability, with the passenger yield of the "three major airlines" declining by 3-5% year-on-year in Q2, and achieving profitability in the second half of the year will still face challenges.

Overseas Macro

Eurozone inflation slightly rebounds in August, with CPI rising 2.1% year-on-year, in line with expectations. This reinforces expectations that the central bank will maintain interest rates unchanged at next week's meetingHowever, some analysts have warned that the inflation outlook faces "more downside risks" due to the strengthening euro, falling energy prices, and slowing core inflation.

Key meeting of the Japanese Liberal Democratic Party, Shinzo Abe "on shaky ground", deputy resigns to take responsibility, yen falls sharply. Japanese Prime Minister Shinzo Abe's key ally and Secretary-General of the Liberal Democratic Party, Hiroshi Moriyama, announced his intention to resign, stating he would take responsibility for the party's defeat in the July upper house elections, triggering political turmoil in Japan. Moriyama's resignation intention poses a significant blow to Abe, who is currently trying to maintain party unity amid frustrations from some members regarding his leadership, even as his public support unexpectedly rises.

Overseas Companies

Comparison of BNB and SOL reserve companies: Are Asia and Wall Street in their respective camps? In the past year, DAT has extended from BTC and ETH to BNB and SOL, showing a dual-line advancement: one end driven by Asian capital and ecological parties, promoting the BNB treasury along the "holding + ecological investment" path; the other end led by American institutional investors, with Wall Street investment banks facilitating the transformation of the SOL-centered treasury platform through engineering tools such as mergers/acquisitions, PIPE, convertible securities, and warrants.

Another cryptocurrency exchange prepares to go public, Gemini seeks $317 million IPO financing. Gemini plans to issue 16.7 million shares at a price of $17 to $19 per share, which would value the company at approximately $2.2 billion if calculated at the upper limit of the range. Gemini is currently still in a loss-making state and recently reached a settlement with U.S. regulators over compliance issues.

AI star company Anthropic's new round of financing exceeds expectations, valuation reaches $183 billion. Anthropic has completed a new round of financing, raising $13 billion from investors, nearly tripling its previous valuation to $183 billion. This round of financing is one of the largest ever for an AI company, led by investment firm Iconiq Capital.

OpenAI acquires product testing startup Statsig for $1.1 billion, marking one of its largest acquisitions ever! As part of the acquisition, Statsig founder and CEO Vijaye Raji will join OpenAI as Chief Technology Officer of Applications. The deal is subject to regulatory approval. Once the acquisition is completed, Statsig employees will become OpenAI employees but will continue to operate independently in the Seattle office and serve their existing customer baseActivist investor Elliott Management invests $4 billion in Pepsi, calling it a historic opportunity. Elliott wrote to Pepsi's board stating its goal is to help Pepsi refocus on its core business, drive innovation, and improve efficiency, believing that through its proposed reforms, Pepsi's stock price has the potential to increase by at least 50%. Pepsi's stock price rose by 5% during trading on Tuesday but ultimately fell back to close at 1.1%.

Industry/Concept

1. Robots | According to Shanghai Securities News, Tesla released the "Master Plan 4.0" humanoid robot, marking a new era of mass production. On September 2, Tesla officially released the complete document of its "Master Plan" fourth chapter (referred to as "Master Plan 4"). Compared to the previous three chapters that focused more on new energy vehicles and sustainable energy ecosystems, this document significantly increased the proportion of content related to AI and robots. Notably, at the time of the "Master Plan 4" release, Musk reiterated the strategic importance of the robot business at Tesla. He stated that the scaling of FSD and Optimus will be the most important matters, as about 80% of Tesla's future value will come from the Optimus robot.

Commentary: Reports indicate that this year, Musk has repeatedly articulated the vision for scaling the Optimus robot. On March 21, he stated that Tesla aims to produce 5,000 Optimus units by 2025, increasing production to 50,000 units by 2026, which is ten times this year's output. On April 23, Musk again claimed that by 2029, the annual production of Optimus robots will reach 1 million units. Minsheng Securities believes that from the customer perspective, the long-term beta for robots looks at the T chain. Musk stated that the goal this year is to produce hundreds of Optimus V3 prototypes, with the potential to reach a million units within five years. From the product perspective, significant potential changes include dexterous hand drive solutions/tactile sensor configurations, RV-like replacements for hip/shoulder harmonics, lightweight materials replacing steel, and universal joints replacing joint bearings.

1. Pharmaceuticals | On September 2, the State-owned Assets Supervision and Administration Commission of the State Council announced that it recently held a senior training course on the biotechnology industry for central enterprises in collaboration with the Chinese Academy of Sciences. Tan Zuojun, deputy director of the State-owned Assets Supervision and Administration Commission, stated that it is necessary to accelerate the development of the central enterprise pharmaceutical industry around the construction of a healthy China, adhere to innovation-driven development, long-cycle development, and differentiated development, and through deep learning, ideological collision, and brainstorming, gain a clearer understanding of the development trends of the pharmaceutical industry, more accurately grasp the key directions and implementation paths for the development of central enterprises, and actively promote collaborative innovation between central enterprises and the Chinese Academy of Sciences in production, education, and research, accelerating the creation of a national team in the field of biomedicine and promoting the high-quality development of China's biopharmaceutical industry.

Commentary: Research institutions believe that in the future, mergers and acquisitions in the pharmaceutical industry will show three major trends: first, upgrading from single asset acquisitions to industry chain integration; second, extending from domestic integration to cross-border layout; third, transforming from traditional business integration to building innovative ecosystems. In this industrial transformation, companies with the ability to integrate the entire industry chain and connect innovative resources are expected to dominate the future landscape of China's pharmaceutical industry3、 Gold | On September 2, the main contract price of COMEX gold rose rapidly again, reaching a maximum of $3578.4 per ounce during the session, setting a new historical high. So far this year, international gold prices have risen by more than 30%, making it one of the best-performing commodities. On that day, during the Asian morning session, the spot gold price also broke through the $3500 mark, refreshing the historical high of $3508.73 per ounce, exceeding the previous high set in April. The rising risks in geopolitics, the economy, and global trade have driven an increase in market demand for these historically safe-haven assets. Meanwhile, the sell-off in the global bond market has also led more risk-averse funds to flow into the precious metals market.

Commentary: Huatai Futures believes that the market's expectations for a shift in future Federal Reserve monetary policy and doubts about the independence of the Federal Reserve provide strong support for gold. If Trump successfully removes the Federal Reserve Board member, it could severely undermine the credibility of the Federal Reserve as an independent institution, increasing market risk aversion and benefiting precious metal prices. In the medium to long term, gold still has the property of being an alternative to dollar assets, with further upward price potential.

4、 6G | According to China Securities Journal, the 6G wireless technology standard project was officially launched on September 1, 2025, with Shen Xiaodong, an expert from China Mobile, serving as the co-reporter. This is the first time in the 27 years since the establishment of 3GPP (3rd Generation Partnership Project, a global standardization organization) that a Chinese company has led the formulation of a new generation of mobile communication standards. The standard covers core areas such as wireless air interface technology, protocol stack, and security mechanisms, and proactively incorporates cutting-edge technologies such as AI empowerment and integrated sensing.

Commentary: The report points out that 6G, as one of the most important comprehensive digital information infrastructures globally in the next decade, will lead the digitalization, networking, intelligence, and greening of industries, promote the deep integration of the digital economy and the real economy, and bring new opportunities for global economic development. As a representative of the next generation of mobile communication technology, 6G will surpass the traditional scope of mobile communication compared to 5G, bringing significant changes in communication performance enhancement, deep integration of multiple elements such as sensing and computing intelligence, and three-dimensional coverage of space and earth.

5、 Atomic-Level Manufacturing | According to China Securities Journal, based on the "14th Five-Year Plan for Building a Globally Influential Science and Technology Innovation Center" in Shanghai, the Shanghai Science and Technology Commission has released the application guidelines for the 2025 high-level institutional construction operation plan "Key Laboratory" project, in which the atomic-level manufacturing project has been included for the first time. The construction direction of atomic-level manufacturing includes meeting the development needs of high-end manufacturing such as integrated circuits and aerospace, promoting the development of major equipment systems, forming a "design-process-equipment" integrated research paradigm, and significantly enhancing the performance of core basic materials, components, and devices.

Commentary: The report points out that the mechanism of atomic-level manufacturing falls within the realm of quantum mechanics, where the directional removal, addition, and migration of atoms can be achieved through the control of multiple physical fields such as light, magnetism, electricity, and heat, thereby changing the performance and manufacturing of material components, which is expected to fundamentally disrupt the precision and performance limits of manufactured products. In the integrated circuit industry, if chips with single-atom features can be realized, their size and power consumption could be reduced to less than one-thousandth of the current levels while increasing computing power by more than a thousand times6. Turbine Blades | According to Securities Times, recently, the CEO of Mitsubishi Heavy Industries announced that due to the increasing demand for updates and replacements and the electricity needs of AI data centers, global demand for gas turbines has surged. Mitsubishi plans to double its gas turbine production capacity in the next two years. This is a significant increase compared to the target of a 30% increase in gas turbine production capacity proposed by Mitsubishi at the 2024 interim report communication meeting. In addition, Siemens Energy reported new gas turbine orders of €6.2 billion in Q2 2025, a year-on-year increase of 20%, with new equipment orders growing by 144%, bringing the total backlog to €53 billion; Q2 gas turbine deliveries amounted to €3.1 billion, a year-on-year increase of 17%, with new equipment deliveries increasing by 47%.

Commentary: The report points out that the growth in electricity demand from AI data centers, renewable energy peak shaving needs, and carbon dioxide reduction requirements has led to a significant increase in overseas gas turbine (natural gas generator) orders. Turbine blades are the core components of gas turbines, accounting for the highest value share (25%), with high technical barriers and high industry concentration. PCC and HWM are global leaders, with a combined market share of over 50%. Compared to main engine manufacturers like Mitsubishi, component companies have heavier assets and lower fixed asset turnover rates, resulting in a significantly slower willingness and pace of capacity expansion. Currently, leading main engine manufacturers have significantly adjusted their capacity expansion plans, which will further exacerbate the supply shortage of turbine blades.

Today's News Preview

A grand parade will be held at Tiananmen Square.

Commemoration of the 80th anniversary of the victory of the Chinese People's Anti-Japanese War and the World Anti-Fascist War.

China's August S&P Services and Composite PMI.

Eurozone and Japan's August Services and Composite PMI.

Eurozone's July PPI.

U.S. July Factory Orders and Durable Goods Orders.

U.S. July JOLTS Job Openings.

St. Louis Fed President Bullard and Minneapolis Fed President Kashkari will speak.

The Federal Reserve will release the Beige Book on economic conditions.

Salesforce and Figma will announce their financial reports.