Overnight US stocks | The three major indexes closed lower, with Circle (CRCL.US) dropping more than 7%.

On Monday, the three major indexes fell, with investors closely watching NVIDIA Corporation's upcoming earnings report and re-evaluating the impact of tariffs on inflation and corporate profits. [US Stocks] The Dow Jones fell 349.27 points, or 0.77%, to 45,282.47 points at the close; the Nasdaq fell 47.24 points, or 0.22%, to 21,449.29 points; the S&P 500 index fell 27.59 points, or 0.43%, to 6,439.32 points. Bitcoin concept stocks fell across the board, with Coinbase (COIN.US) falling over 4% and Circle (CRCL.US) falling over 7%. NVIDIA Corporation (NVDA.US) rose 1%, and Tesla, Inc. (TSLA.US) rose nearly 2%. The Nasdaq Golden Dragon Index rose 0.11%, with PDD Holdings Inc. Sponsored ADR Class A (PDD.US) closing up 0.87%. [European Stocks] The German DAX30 index fell 118.91 points, or 0.49%, to 24,251.83 points; the French CAC40 index fell 126.65 points, or 1.59%, to 7,843.04 points; the Euro Stoxx 50 index fell 51.28 points, or 0.93%, to 5,436.95 points; the Spanish IBEX35 index fell 157.50 points, or 1.02%, to 15,253.50 points; the Italian FTSE MIB index fell 89.28 points, or 0.21%, to 43,221.00 points. [Asia-Pacific Stock Markets] The Nikkei 225 index rose 0.41%, the KOSPI index in South Korea rose 1.3%, and Indonesia's composite index rose 0.87%. [Crude Oil] NYMEX light crude oil futures for October delivery rose $1.14 to close at $64.80 per barrel, a 1.79% increase; London Brent crude oil futures for October delivery rose $1.07 to close at $68.80 per barrel, a 1.58% increase. [Foreign Exchange] The US dollar index, which measures the dollar against six major currencies, rose 0.73% to close at 98.430 in the forex market. At the close of the New York forex market, 1 euro exchanged for $1.1621, down from $1.1722 the previous trading day; 1 pound exchanged for $1.3460, down from $1.3526 the previous trading day. 1 dollar exchanged for 147.80 Japanese yen, up from 146.87 the previous trading day; 1 dollar exchanged for 0.8060 Swiss francs, up from 0.8011 the previous trading day; 1 dollar exchanged for 1.3853 Canadian dollars, up from 1.3825 the previous trading day; 1 dollar exchanged for 9.5916 Swedish kronor, up from 9.4971 the previous trading day. [Cryptocurrency] Bitcoin fell over 3% to $110,157.4, while Ethereum plummeted over 8.7% to $4360.95. [Metals] Spot gold fell 0.19% to $3,365.59 per ounce, fluctuating at a low during most of the day before rising as the US stock market opened and then giving back most of the gains towards the end. COMEX gold futures fell 0.25% to $3,409.90 per ounce. The Philadelphia Gold and Silver Index rose 0.07% to 239.40 points, continuing to reach a new closing record high, with limited volatility throughout the day. [Macro News] Fed's Lael Brainard suggests re-evaluating interest rate range description. Dallas Fed President Brainard said on Monday that the Fed should consider making a series of improvements in communication, including better expressing policymakers' views on the interest rate path and economic outlook. "I believe it is necessary to explore how to avoid overemphasizing median forecasts and neglecting diversity of views, while thinking about how to communicate our reaction mechanisms in different scenarios to the outside world," Brainard said in a speech to the Bank of Mexico. She also pointed out that there is room for improvement in how the Fed describes its balance sheet and suggested reconsidering whether describing its policy rate target in terms of an interest rate range is still the best choice. Buying medicine without spending money and getting money? Trump again mentions a 1500% decrease in drug prices. Days after Trump directed top pharmaceutical companies to adopt a "most favored nation" pricing model for prescription drugs, he told reporters today that he has cut drug costs by as much as 1400% to 1500%. However, Trump's exaggerated claim is mathematically unfounded. In theory, if the price of a drug falls by more than 100%, it would mean that people would be paid to buy the medication. Although the Trump administration has indeed taken some measures to lower prescription drug prices, experts say there is currently no evidence of such a significant drop in prices. Geoffrey Joyce, director of the USC Schaeffer Center for Health Policy, said, Trump's statement is completely made up. The US plans to include copper and potash in the critical minerals list. The US Geological Survey has added copper and potash (a key crop fertilizer) to the draft list of critical minerals. According to the Federal Register, these two commodities are among the 54 minerals proposed to be included on the critical minerals list by 2025. The US copper industry has been pushing to include copper as a critical mineral to reflect its importance to the economy and national security. If formally included, the list would provide funding incentives and streamline approval processes for exploration, mining, and processing projects. The Trump administration has made revitalizing US metal and mineral production a key task, with a focus on copper, a metal used in housing, power grids, and transportation. Meanwhile, most of the US's potash fertilizer imports come from Canada, which are currently exempt from tariffs under the North American Free Trade Agreement. Better-than-expected US new home sales data boosts housing market with strong demand in the West. Against a backdrop of falling prices and aggressive promotions to attract more buyers, US July new home sales data exceeded expectations again after being revised upward in the previous month. A government report on Monday showed that the annualized total new home sales in July reached 652,000 units, with the strongest demand in the Western region exceeding the market median expectation of 630,000 units. Although sales data exceeded expectations, the new home market is increasingly reliant on price cuts and promotions to attract customers in a high-interest-rate environment. The percentage of builders using promotional tactics this month reached a pandemic-era high of 66%, as developers seek to clear the highest level of completed but unsold inventory since 2009. Trump administration's announcement suggests India is about to impose a 50% tariff. In a draft notice released on Monday, the Trump administration outlined plans to impose a 50% tariff on Indian products, the latest signal from the White House to push for higher tariffs. The notice issued by the Department of Homeland Security states that the increased tariffs will be imposed on Indian products that enter the consumer market or are removed from warehouses for consumption "after 12:01 AM Eastern Daylight Time on August 27, 2025." Earlier this month, US President Trump announced plans to double tariffs from 25% to 50% on goods purchased by India from Russia. The Indian government has condemned the so-called tiered tariffs as unfair and hopes for a breakthrough in peaceful negotiations to avoid the need to impose tariffs. [Stock News] Intel Corporation: Trump administration's stake poses a business risk, government stake could rise to 15%. According to reports, Intel Corporation (INTC.US) warned on Monday that the Trump administration's 10% stake poses a risk to its business, and if specific manufacturing thresholds are not met, the government stake could rise to 15%. In a filing with the Securities and Exchange Commission (SEC), Intel Corporation said that this transaction could lead to a decline in its sales and trigger strong opposition from other countries, business partners, and even its own employees. Buffett denies Berkshire Hathaway's intention to acquire a railroad company. Warren Buffett, CEO of Berkshire Hathaway, said in an interview on Monday that the company has no intention of acquiring a railroad company. Earlier reports suggested that BNSF, a subsidiary of Berkshire Hathaway, was in talks with CSX to form a transcontinental railroad. Buffett clarified this weeks after the news of this merger proposal, causing CSX's stock price to drop by about 4.5%. The leading US railroad companies Union Pacific Railway and Norfolk Southern Railway announced an $85 billion merger proposal last month, sparking speculation of more mergers in the industry. Musk sues Apple Inc. and OpenAI, accusing of disrupting the AI competition environment. On Monday, billionaire Musk's X company and xAI filed a lawsuit in a federal court in Fort Worth, Texas, alleging that Apple Inc. (AAPL.US) decision to integrate OpenAI into the iPhone operating system harms competition and deprives consumers of choice. Musk said that Apple Inc. makes it impossible for companies other than OpenAI to top the AppStore rankings - the global exposure platform that app developers dream of. The X company's lawyer said in the lawsuit, "Apple Inc.'s exclusive agreement with OpenAI makes ChatGPT the only generative AI ChatSiasun Robot & Automation integrated into the iPhone," and "by locking the market to maintain a monopoly position, prevent innovators like X and xAI from competing."