Overnight US stocks | Three major indexes fell, Figma (FIG.US) closed up 250% on its IPO debut.

On Thursday, the three major indices opened higher but ultimately closed lower. The S&P 500 index fell for the third consecutive trading day. During Thursday's session, the Nasdaq rose to a high of 21,457.48 points, while the S&P 500 rose to 6,427.02 points, both setting new intraday highs. Ahead of the August 1 deadline for tariffs, US President Donald Trump announced a series of new tariff measures, including adjusting copper import tariffs, new tariffs on goods from Brazil, South Korea, and India, and discontinuing the tax exemption policy for small overseas goods. Trump stated that he reached an agreement with South Korea to impose a 15% tariff on goods exported from South Korea to the US in exchange for South Korea commiting to invest $350 billion in the US. However, the South Korean stock market had a muted response, with investors not fully buying into the agreement. Trump also announced that starting from Friday, a 25% tariff would be imposed on goods exported from India to the US, and threatened that if India continues to purchase energy from Russia, additional penalties will be imposed. [US Stocks] At the closing bell, the Dow Jones dropped 330.30 points, or 0.74%, to 44,130.98 points; the Nasdaq fell 7.23 points, or 0.03%, to 21,122.45 points; the S&P 500 index dropped 23.51 points, or 0.37%, to 6,339.39 points. Design software giant Figma (FIG.US) surged over 27% after hours, with its IPO first-day closing up 250% at $115.5, reaching a total market value of $563 billion. [Asia-Pacific Stock Markets] The Nikkei 225 index rose by over 1%, the KOSPI index in South Korea fell by 0.28%, and Indonesia's composite index fell by 0.87%. [Forex] The US Dollar Index, which measures the dollar against six major currencies, rose by 0.15% to close at 99.968 in the currency market. At the end of New York currency market trading, 1 euro was equal to 1.1427 US dollars, higher than the previous trading day's 1.1425 US dollars; 1 British pound was equal to 1.3220 US dollars, lower than the previous trading day's 1.3238 US dollars. 1 US dollar was equal to 150.76 Japanese yen, higher than the previous trading day's 149.35 Japanese yen; 1 US dollar was equal to 0.8122 Swiss francs, lower than the previous trading day's 0.8134 Swiss francs; 1 US dollar was equal to 1.3846 Canadian dollars, higher than the previous trading day's 1.3816 Canadian dollars; 1 US dollar was equal to 9.7724 Swedish kronor, lower than the previous trading day's 9.7837 Swedish kronor. [Crude Oil] Light crude oil futures for September delivery on the New York Mercantile Exchange fell by 74 cents to close at $69.26 per barrel, a 1.06% drop; Brent crude oil futures for September delivery on the London Mercantile Exchange fell by 71 cents to close at $72.53 per barrel, a 0.97% drop. [Metals] At the end of trading in New York, spot gold rose by 0.47% to $3290.70 per ounce, with a cumulative decline of 0.39% in July. COMEX gold futures fell by 0.16% to $3290.60 per ounce; the October contract fell by 0.26% to $3316.80, with a cumulative decline of 0.59% in July. The Philadelphia gold and silver index rose by 0.07% to 204.21 points, with a cumulative increase of 1.69% in July. Spot silver rose by 1.69% to $36.7180 per ounce. COMEX silver futures rose by 1.72% to $36.795 per ounce, showing a "M" pattern (up and down). COMEX copper futures fell by 13.30% to $4.4270 per pound. [Cryptocurrency] Bitcoin fell by 1.39% to $116199.6, while Ethereum fell by over 2.3% to $3718.22. [Macro News] Trump: Agrees to extend temporary agreement with Mexico by 90 days, Mexico agrees to eliminate many non-tariff trade barriers. US President Trump: I just had a phone call with Mexican President Sinbom, which was very successful, and our understanding and trust are deepening. We agreed to extend the short-term agreement for 90 days, with Mexico agreeing to continue paying a 25% tariff on fentanyl, a 25% tariff on automobiles, and a 50% tariff on steel, aluminum, and copper. In addition, Mexico also agreed to immediately eliminate many non-tariff trade barriers it previously set up. Over the next 90 days, we will continue negotiations with Mexico on a trade agreement with the goal of reaching a formal agreement during this period or longer. We will continue to cooperate on border issues, including drug trafficking, drug trafficking, and illegal immigration into the United States. Trump writes to 17 global pharmaceutical giants urging them to significantly reduce drug prices in the US. US President Trump sent a letter to the 17 largest pharmaceutical companies in the world, including Eli Lilly, Novo Nordisk A/S Sponsored ADR Class B, and Pfizer Inc., urging them to reduce drug prices in the US to the lowest levels paid by other specific countries. Trump asked the companies to immediately lower the prices of existing drugs charged to the Medicaid program and ensure that the prices of future drugs are equivalent to prices overseas. He said the US government will work with them to ensure that any benefits gained from price increases in Europe and other regions are returned to the US to reduce domestic costs. Trump also asked pharmaceutical companies to establish direct-to-consumer purchasing mechanisms for high-volume drugs so that consumers can buy drugs directly at discounted prices obtained through third-party insurance companies. Canada's GDP fell by 0.1% in May. On the 31st local time, Statistics Canada stated that the real GDP in May fell by 0.1%, the same as in April, marking the second consecutive month of contraction. Statistics Canada attributed the economic downturn in May primarily to commodity production industries, especially mining, quarrying, and oil and gas. The service industry remained stable in May, with manufacturing growing by 0.7%, partially offsetting the 1.8% decline in April after the full implementation of US tariffs, but still 1.1% lower than in March. The Trump team led a rare earth conference last week, offering price guarantees and financial support. Sources stated that senior White House officials informed a group of rare earth companies last week that the government plans to promote the production of critical minerals in the US by adopting measures used during the pandemic, such as providing price guarantees for their products. The meeting, unreported until now, took place on July 24 and was led by White House trade advisor Navarro and National Security Council official Copley responsible for supply chain strategy. Attendees included 10 rare earth companies as well as tech giants like Apple Inc. (AAPL.O), Microsoft Corporation, and Corning Inc. The officials at the meeting said that the price guarantee provided to MP Materials for rare earths earlier this month as part of a multi-billion dollar Pentagon investment "is not a one-time exercise," and similar agreements are in progress. In addition to the price guarantees, officials also suggested that participating companies make use of existing government financial support, including incentive measures worth billions of dollars in the Trump tax and spending bill passed on July 4. Strategist: Increasing the supply of Treasury securities by the US Department of the Treasury may put pressure on the Federal Reserve to increase purchases. Shan Ahmed, a strategist at MetLife Investment Management, stated in a report that the US Department of the Treasury issuing more Treasury securities to fill the deficit may put pressure on the Federal Reserve to buy more short-term government bonds. Federal Reserve officials have stated that one of the central bank's goals is to align the structure of its investment portfolio with the structure of US Treasury securities in the market. Currently, the Federal Reserve's $4.2 trillion Treasury bond investment portfolio only includes $195 billion in Treasury securities, accounting for about 5%. Ahmed wrote, "Increasing the use of Treasury securities by the Treasury Department would further deviate the Federal Reserve's holding structure from this goal." Based on previous assumptions about the ideal size of the investment portfolio, MetLife strategists stated that the Federal Reserve would need to purchase nearly $900 billion in Treasury securities to raise its holdings to a level matching the current 20.2% ratio. If the Treasury Department raises the share of Treasury securities issued to 25%, the Federal Reserve would need to buy over $1.3 trillion in Treasury securities. US June Core PCE Inflation Rises, Adding Complexity to Prospects for Fed Rate Cut in September. The slightly stronger-than-expected inflation data in June in the US adds complexity to the timetable for a rate cut by the Federal Reserve. The core PCE price index favored by the Fed rose by 0.3% month-on-month and 2.8% year-on-year, slightly higher than the market's expectations of 0.29% and 2.7%. The overall PCE index including food and energy rose by 0.3% month-on-month and 2.6% year-on-year, also higher than market expectations of 0.23% and 2.5%. This stronger-than-expected inflation report complicates the Fed's path to a rate cut. Policymakers have emphasized the need to see more evidence of inflation falling back to the 2% target, and the latest data may delay this process. [Stock News] Strong iPhone sales and rebound in the Greater China market drive a significant increase in revenue for Apple Inc. Despite the threats of the Trump trade war, Apple Inc. (AAPL.US) reported quarterly revenue well above expectations, with a surge in iPhone sales. The results showed that Apple Inc.'s third-quarter revenue increased by about 10% year-on-year to $94 billion, significantly higher than the expected $89.3 billion. Global iPhone sales increased by 13.5% year-on-year to $44.6 billion. Trump's trade and tariff agenda led to a market cap decline of about $700 billion for Apple Inc. Apple Inc. CFO Kevan Parekh stated, "The three drivers of our performance this quarter were iPhone, Mac, and the Service department." Additionally, the company reported a gross margin of 46.5% for the quarter, better than the expected 46%; revenue from the Greater China region in the third quarter increased by 4% year-on-year to $15.4 billion, reversing the declining trend of previous quarters. Parekh stated that there are "signs" of customers placing advance orders to get ahead before the US tariff announcement, which accounted for "about one point of the year's growth of ten points." Amazon.com, Inc. Cloud business grew by 18% in the second quarter, slightly below competitors like Microsoft Corporation. Amazon.com, Inc. (AMZN.US) reported an 18% increase in revenue for its Cloud business in the second quarter, rising to $30.9 billion, above the market's anticipated $30.8 billion, and accounting for 18% of Amazon.com, Inc.'s total revenue. Amazon.com, Inc.'s cloud service (AWS) operating income was $10.2 billion, below the expected $10.9 billion, but still the largest profit center in Amazon.com, Inc.'s total operating income of $19.2 billion. Alphabet (GOOG.US) previously announced that its cloud computing business revenue was $13.62 billion, increasing by 32% annually. Microsoft Corporation (MSFT.US) reported revenue of over $75 billion for the first time for its Azure and other cloud services, growing by 39% quarterly. [Major Bank Ratings] HSBC: Raised the target price for Meta Platforms (META.US) from $610 to $900 Raymond James Financial, Inc.: Raised the target price for Microsoft Corporation (MSFT.US) from $570 to $630