Overnight US stocks | The three major indexes had a "Black August"! Market value evaporated over one trillion U.S. dollars.

On Friday, the three major indexes fell sharply, with market capitalization evaporating by over $1 trillion. The S&P 500 index fell for the fourth consecutive trading day. Amazon.com, Inc. saw its market value evaporate by over $200 billion in a single day. Prior data showed that the number of non-farm jobs in the United States in July was significantly lower than market expectations, with a total downward revision of 258,000 jobs in May and June. [US Stocks] At the close, the Dow fell by 542.40 points, or 1.23%, to 43,588.58 points; the Nasdaq fell 472.32 points, or 2.24%, to 20,650.13 points; the S&P 500 index fell 101.38 points, or 1.60%, to 6,238.01 points. On Friday, the index of the seven tech giants in the United States fell by 2.90%, to 179.80 points, with a cumulative decline of 1.38% for the week. Microsoft Corporation (MSFT.US) performed well and had previously opened high at 188.78 points on July 31. Amazon.com, Inc. (AMZN.US) fell by 8.27%, Meta Platforms (META.US) fell by 3.03%, Apple Inc. (AAPL.US) fell by 2.50%, NVIDIA Corporation (NVDA.US) fell by 2.33%, Tesla, Inc. (TSLA.US) fell by 1.83%, Microsoft Corporation (MSFT.US) fell by 1.76%, and Alphabet Inc. Class C (GOOG.US, GOOGL.US) fell by 1.44%. In addition, Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR (TSM.US) fell by 2.65%, AMD (AMD.US) fell by 2.64%, Eli Lilly (LLY.US) rose by 3.01%. [European Stocks] The German DAX30 index fell by 661.60 points, or 2.75%, to 23,422.47 points; the UK FTSE 100 index fell by 63.56 points, or 0.70%, to 9,069.25 points; the French CAC40 index fell by 225.81 points, or 2.91%, to 7,546.16 points; the Euro Stoxx 50 index fell by 151.97 points, or 2.86%, to 5,167.95 points; the Spanish IBEX35 index fell by 277.10 points, or 1.92%, to 14,126.00 points; and the Italian FTSE MIB index fell by 1,040.69 points, or 2.54%, to 39,947.00 points. [Asia-Pacific Stock Markets] The Nikkei 225 index fell by 0.66%, the KOSPI index in South Korea fell by 3.88%, and the Indonesian Composite index rose by 0.71%. [Foreign Exchange] The US dollar index fell on the day, down 0.83% to 99.139 in the forex market. At the close of the New York forex market, 1 euro exchanged for 1.1526 US dollars, higher than the previous trading day's 1.1427 US dollars; 1 pound exchanged for 1.3227 US dollars, higher than the previous trading day's 1.3220 US dollars. 1 US dollar exchanged for 147.85 Japanese yen, lower than the previous trading day's 150.76 Japanese yen; 1 US dollar exchanged for 0.8081 Swiss francs, lower than the previous trading day's 0.8122 Swiss francs; 1 US dollar exchanged for 1.3817 Canadian dollars, lower than the previous trading day's 1.3846 Canadian dollars; and 1 US dollar exchanged for 9.7156 Swedish kronor, lower than the previous trading day's 9.7724 Swedish kronor. [Crude Oil] The price of light crude oil futures for September delivery on the New York Mercantile Exchange fell by $1.93 to $67.33 per barrel, a decline of 2.79%; the price of Brent crude oil futures for October delivery in London fell by $2.03 to $69.67 per barrel, a decline of 2.83%. [Metals] COMEX gold futures for October rose by 2% to $3415.70 per ounce, a weekly gain of 0.69%; COMEX silver futures rose by 1.03% to $37.090 per ounce, a weekly decline of 3.30%. [Cryptocurrency] Bitcoin fell by over 1.7% to $113,760, while Ethereum fell by over 4.6% to $3,524.49. [Macro News] US employment growth in July sharply slows, unemployment rate rises to 4.2%. US employment growth in July slowed unexpectedly, while previous month data was significantly revised downwards, indicating a significant cooling in the labor market. The Bureau of Labor Statistics of the US Department of Labor released the non-farm employment report on Friday, showing an increase of 73,000 non-farm jobs in July, with the June data revised significantly from the initial 147,000 to 14,000. Economists surveyed by Reuters had predicted an increase of 110,000 jobs in July. The unemployment rate rose from 4.1% in June to 4.2%, with estimates ranging from zero growth to 176,000. The Federal Reserve on Wednesday maintained the benchmark interest rate in the range of 4.25% to 4.50%. Fed Chairman Powell's comments after the decision weakened market expectations of the Fed resuming policy easing in Septembera prospect previously widely accepted by financial markets and some economists. While Powell described the labor market as being in a "balanced state of supply and demand," he acknowledged that this dynamic "implies downside risks." US consumer confidence index rises to five-month high, benefiting from the optimism brought by the stock market rebound. The University of Michigan's consumer confidence index for July rose to a five-month high, driven by optimism about the current economic situation brought by the stock market rebound, while inflation expectations eased. The survey showed that consumers expect an average annual inflation rate of 3.4% in the next five to ten years, the lowest level since January; expectations for inflation in the next year fell from 5% in June to 4.5%. The survey ended on July 28 and covered the period when President Trump reached tariff agreements with major trading partners such as Japan and the EU. However, at the same time, the president announced a large-scale round of new tariff measures on the last Thursday of July, pushing the average tariff level in the US further up. The survey director said, "Confidence among stockholding consumers is rising, but this increase is partly offset by a decline in confidence among non-stockholding consumers." US manufacturing continues to languish, factory employment rate at five-year low. Due to rising import prices of raw materials due to tariffs, US manufacturing shrank for the fifth consecutive month in July, with factory employment dropping to a five-year low. The Institute for Supply Management (ISM) announced on Friday that its Manufacturing PMI index fell from 49.0 in June to 48.0 last month. A PMI below 50 indicates a contraction in manufacturing, which accounts for 10.2% of the US economy. The new orders sub-index rose from 46.4 in June to 47.1, but still shrank for the sixth consecutive month. The output index rose from 50.3 last month to 51.4, but despite the increase in output, factories continue to lay off workers. The employment index fell from 45.0 in June to 43.4, the lowest level since July 2020. The ISM stated, "Due to the uncertainty in demand in the short to medium term, the pace of layoffs is accelerating." Trump: I have ordered the immediate dismissal of the Labor Department's chief and Powell should also "retire." US President Trump wrote on social media, "I have just learned that the employment data in our country is handled by Biden-appointed Labor Statistics Bureau Director Erika McEntarfer, who falsified employment data before the election, trying to increase Harris's chances of winning. The Labor Department overestimated job growth by about 818,000 in March 2024, and then just before the 2024 presidential election, in August and September, another 112,000 was overestimated. This sets recordswho could be so wrong? We need accurate employment data. I have instructed my team to immediately dismiss this Biden-appointed political official. Important data like this must be fair and accurate, not manipulated for political purposes. McEntarfer claimed only 73,000 new jobs (shocking!), but more importantly, they revised downward 258,000 jobs. Similar incidents occurred in the first half of this year and are always adjusted in a negative direction. Although the Fed is also playing gamesthis time with interest rates, they cut interest rates significantly twice before the presidential election, I guess hoping to get 'Harris' elected. But under 'Trump's' leadership, the economy is flourishing. How did that work out? Powell should also 'retire.'" Fed's Hamack: Jobs report "disappointing" but does not mean interest rate cut should be made this week. FOMC voter and Cleveland Fed President Hamack said in an interview with Bloomberg that the non-farm employment report released on Friday was "disappointing," but it does not mean the Fed should cut interest rates at this week's policy meeting. He stated, "I am confident in the decision we made earlier this week, although July's job data was weaker than expected, we must look at the data comprehensively. When I review the current situation, I find that the labor market is fundamentally balanced. I emphasize again, today's report is just a report, and monitoring the labor market situation is crucial, especially in a situation where inflation is still too high. Fed Governor Kugler to resign on the 8th, Trump can make personnel appointments early. Federal Reserve Governor Adriana Kugler announced that she will officially resign on August 8. The Federal Reserve stated in a statement that Kugler will return to Georgetown University as a professor this fall. Kugler's term as governor was originally scheduled to end in January of next year, and her early resignation allows US President Trump to make new personnel appointments to the Fed Board of Directors a few months earlier. The Fed did not provide further details on Kugler's resignation. Kugler was nominated by the Biden administration and was confirmed by the Senate in 2023 as the first Latina female governor of the Fed. Trump: I have ordered two nuclear submarines to be deployed in the corresponding region. US President Trump wrote on social media, "Based on the highly provocative remarks of the former President of Russia and current Deputy Chairman of the Russian Federation Security Council, Medvedev, I have ordered two nuclear submarines to be deployed in the corresponding region to prevent these stupid and inflammatory remarks from being more than just words. Words are very important and often lead to unexpected consequences. I hope this will not become one of those situations." [Company News] Alphabet Inc. Class C (GOOGL.US, GOOG.US) unleashes the IMO 2025 gold model GemGemini 2.5 Deep Think, snatching GPT-5. Alphabet Inc. Class C announced the launch of Gemini 2.5 Deep Think, a variant of its previously gold-winning internal model IMO 2025, optimized for faster speeds and mathematical capabilities up to the level of an IMO 2025 Bronze Medal, now available to Google AI Ultra subscribers in the Gemini application. It is worth noting that Alphabet Inc. Class C has released two versions of Deep Think: the daily use version (for Ultra subscribers) and the competition-level full version (for top mathematicians). [Major Ratings] Jefferies Financial Group Inc.: Raised the target price for Apple Inc. (AAPL.US) from $188.32 to $190.67 Bernstein: Raised the target price for Amazon.com, Inc. (AMZN.US) from $235 to $250