Overnight US stocks | NVIDIA Corporation (NVDA.US) and other tech companies' earnings reports boosted market sentiment, with the three major indexes closing higher. Salesforce, Inc. (CRM.US) rose over 22%.

On Thursday, all three major indices closed higher, boosted by the latest earnings reports from well-known technology companies including NVIDIA Corporation (NVDA.US), CrowdStrike (CRWD.US), and Salesforce, Inc. (CRM.US), which lifted market sentiment. NVIDIA Corporation (NVDA.US) saw its market value increase by $442 billion on Thursday, marking the second-highest single-day stock increase in history. This market value growth was second only to the $450 billion daily increase recorded by Microsoft Corporation less than a month ago. As of the market close, the Dow Jones Industrial Average rose 105.56 points, or 0.20%, to settle at 53,569.44; the S&P 500 increased by 55.29 points, or 0.72%, closing at 7,730.99; while the Nasdaq Composite climbed 411.15 points, or 1.57%, to end at 26,541.35. This was the best performance day for the technology sector, as well as the S&P 500 and Nasdaq since August 4. CrowdStrike surged 20.5%, Salesforce, Inc. rose 22.58%, SK hynix (SKHY.US) increased by 2%, Tesla, Inc. (TSLA.US) was up 2.6%, NVIDIA Corporation (NVDA.US) gained 8.7%, and Broadcom Inc. (AVGO.US) rose 4%. The Nasdaq Golden Dragon China Index fell 0.74%, with Baidu Inc Sponsored ADR Class A (BIDU.US) up by 4% and Alibaba Group Holding Limited Sponsored ADR (BABA.US) down by 3%. In European markets, the German DAX30 index rose by 50.54 points, or 0.19%, to 26,366.45; the UK FTSE 100 index decreased by 81.85 points, or 0.75%, to 10,796.27; the French CAC40 index dipped by 142.52 points, or 1.68%, to 8,319.87; the Euro Stoxx 50 index fell by 44.99 points, or 0.70%, to 6,425.75; the Spanish IBEX35 index was down 186.70 points, or 0.93%, to 19,880.60; and the Italian FTSE MIB index declined by 596.99 points, or 1.13%, to 52,286.00. In Asian markets, the Nikkei 225 index fell by 0.2%, while the South Korean KOSPI index rose by 1.53%. The U.S. Dollar Index, which measures the dollar against six major currencies, fell by 0.01%, ending the day at 99.159. As of the end of trading in New York, 1 euro exchanged for 1.1649 dollars, down from 1.1651 dollars the previous trading day; 1 pound exchanged for 1.3589 dollars, down from 1.3592 dollars; 1 dollar traded for 159.43 yen, up from 159.40 yen; 1 dollar was worth 0.8043 Swiss francs, down from 0.8055 francs; 1 dollar exchanged for 1.3858 Canadian dollars, down from 1.3878 dollars; and 1 dollar traded for 9.5220 Swedish kronor, down from 9.5329 kronor. In cryptocurrencies, Bitcoin rose by 1.95%, trading at $80,232; Ethereum increased by 0.62%, reaching $2,509. In crude oil, light crude oil futures for October delivery on the New York Mercantile Exchange rose by $1.30, closing at $83.53 per barrel, an increase of 1.58%; Brent crude oil futures for October delivery increased by $1.86, closing at $89.70 per barrel, a rise of 2.12%. In precious metals, spot gold was priced at $4,600.69; spot silver was at $69.32. In macro news: Federal Reserve official Collins stated that if inflation cools less than expected, she might support an interest rate hike. Boston Fed President Collins indicated that if future data shows inflation declining less than anticipated, she could back a rate increase at the Fed's next meeting. She noted this week that unless there is clear evidence of sustained inflation improvement, it may be appropriate to tighten policy soon. When asked if soon meant the next one or two meetings, Collins acknowledged, Its possible, yes. She believes the July inflation report generally aligns with her judgment. While core inflation is slightly higher than expected, after adjusting for certain less observable price factors, the data is more encouraging. She still anticipates inflation will gradually cool down even without rate hikes. She also revealed that her latest forecast submitted in June was for rates to remain unchanged by the end of this year, believing the current level of rates has a moderately restrictive impact on the economy. With the midterm elections approaching, oil prices are under pressure, and Trump plans to meet with refiners and fuel retailers. According to informed sources, President Trump is expected to meet next week with U.S. refiners and fuel retailers to discuss related measures aimed at lowering gasoline prices. As the November congressional midterm elections draw near, the Trump administration is seeking to alleviate the pressure on consumers from the Iranian conflict. Attendees are expected to include refiners such as Valero Energy Corporation, Marathon Oil Corporation, and PBF Energy, as well as major fuel retailers. The Republican Party is attempting to maintain its slim majority in Congress in the November elections. Currently, the average price of regular gasoline in the U.S. is above $4 per gallon, about $1 higher than a year ago. The Iranian conflict has disrupted the global energy market, tightening the supply of gasoline and other refined products, and resulted in strong earnings reports from major oil companies and refiners in the second quarter. These results elicited criticism from Trump, who believes that oil companies benefiting from rising prices should take more steps to lower costs for consumers and has publicly pressured major oil producers and refiners to reduce prices. Media reports indicate that the Trump administration has rejected re-engaging with the agreement reached with Iran in June. According to reports citing informed sources, the Trump administration has repeatedly expressed to mediators its intention not to reaccept the terms of the memorandum of understanding reached with Iran in June of this year. Trump has now shifted to using economic means to pressure Iran, willing to wait to see if this strategy proves effective. The June agreement was originally planned to exchange the relaxation of sanctions and allow Iran to access overseas frozen funds for re-opening the Strait of Hormuz and to start negotiations on nuclear issues and end the war, but it broke down weeks later following Iranian attacks on vessels. Iran insists that the U.S. return to the June agreement, claiming that Article 5 of the agreement effectively recognizes Iran's right to decide the conditions under which the Strait of Hormuz is opened. The Iranian Revolutionary Guard has stated that Iran would only reopen the strait if the U.S. restores the agreement, grants Iran exemptions for oil sales, and ends the maritime blockade. Recently, Pakistan, Oman, and Qatar have conducted mediation, but progress has been limited. Analysts believe that the memorandum of understanding reached in June is essentially defunct, and both sides are now preparing for an escalation of the situation. U.S. mortgage rates rise for the first time in three weeks, with the 30-year rate climbing to 6.66%. U.S. mortgage rates have risen for the first time in three weeks, further squeezing housing affordability amid a weakening real estate market. Data from Freddie Mac shows that the average rate for a 30-year fixed mortgage increased slightly from 6.65% the previous week to 6.66%, up from 6.56% a year ago. The U.S. real estate market has been sluggish this year, with mortgage rates briefly dipping below 6% before the Middle East conflict erupted in late February, but they have remained above 6.5% since July, showing little sign of falling. Thomas Ryan, senior North America economist at Capital Economics, stated, High rates are still keeping the market stagnated, and if rates eventually drop to around 5%, pent-up demand could see significant release, but it remains unclear what factors will trigger rates to fall to that level in the short term. In July, U.S. new home sales fell to a six-month low, with contracts for the sale of newly built single-family homes decreasing by 10.5%, equating to an annual rate of 607,000 units, below the market expectation of 620,000 units. Federal Reserve's Harker reiterates anti-inflation stance: current rates are still not restrictive enough. Federal Reserve's Harker reiterated that now is the time for officials to take action to curb inflation. She stated that the current rates are not strong enough to cool off the economy and allow price pressures to wane on their own. She said, I believe the appropriate course of action now is to maintain a certain degree of restrictiveness to help bring inflation back to target levels. The longer inflation remains above our target level, the more difficult it will be to bring it down. Harker was one of the three officials who dissented during last month's policy meeting, preferring a 25 basis point rate hike. She said, In my view, the long-term deviation of inflation from our target is a real issue, as the public may start to form an inflation mindset. She added that she has not yet seen this situation but finds it concerning based on her interactions with some people. Harker also noted that the performance of capital markets shows that current rates are not exerting sufficient pressure on credit or economic growth. She stated, We are seeing markets with IPOs at a trillion-dollar scale and record levels of debt issuance. From my perspective, this does not look like the economy is being restricted. Canada expands counter-tariffs against the U.S. by 50%, adding copper wire and charcoal. Canadas Ministry of Finance announced that Canada is adding U.S.-made copper wire and charcoal to its list of goods subject to a 50% counter-tariff, replacing previously removed fish and seafood products. The Canadian government, under Prime Minister Carney, plans for the annual import value covered by counter-tariffs to roughly match the scale impacted by the 50% tariffs imposed on Canadian goods by the Trump administration, which is about $20 billion. The U.S. tariffs took effect last Saturday, while Canadas counter-tariffs will go into effect on September 8. Canadian Finance Minister Chrystia Freeland stated that the removal of U.S. fish and seafood products was made after consultations with the Canadian fishing industry. In addition to copper wire and charcoal, certain U.S. glass containers, printed images, and plasterboard have also been newly added to the 50% tariff list. In stock news: Murdoch is considering a merger between Fox Corporation and News Corp. According to media reports, court documents and related images show that media mogul Rupert Murdochs long-held desire to merge Fox Corporation (FOX.US) with News Corp (NWS.US) may become a reality through a potential merger. Discussions surrounding the potential recombination have resurfaced in recent weeks following the unsealing of court documents related to a family inheritance battle that began in 2023 and the testimony of a lawyer. It is reported that in 2022, Rupert Murdoch, who was then chairman of both Fox Corporation and News Corp, began to show interest in merging the two companies again after having split them less than a decade prior. Murdoch drafted a letter indicating that the family trust would not support any sale, merger, or similar transaction involving either of these two companies outside of that. When Murdoch's daughter Elizabeth's representative questioned the restructuring, Murdoch sent a text threatening, If necessary, I will push it through. The merger failed due to investor opposition, but June's court proceedings indicated Murdoch might attempt it again. During a hearing on whether the court testimony should be made public, Lachlan Murdoch's lawyer stated that any discussions related to the merger should be kept confidential or redacted, as this could still potentially happen in the future, opening a new chapter. SK hynix's CEO stated they are considering a closer partnership with Kioxia. SK hynix (SKHY.US) is considering further deepening cooperation with Japanese flash memory manufacturer Kioxia. SK hynix CEO Lee Seok-hee stated they are exploring various ways to strengthen collaboration between the two parties, though there are no established plans regarding the currently indirect ownership of Kioxias equity. Currently, SK hynix indirectly holds a significant portion of Kioxia's equity through investment tools under Bain Capital. According to a previous agreement, without Kioxias consent, its voting rights cannot exceed 15% before 2028. When asked if they planned to further expand their investment in the U.S., Lee did not disclose specific details. Additionally, he revealed that SK hynix is still evaluating the possibility of listing its U.S. NAND subsidiary Solidigm. Previous reports from South Korean media indicated Solidigm was seeking pre-IPO financing of up to 5 trillion to 10 trillion won, but SK hynix stated no decision has been made on this matter yet. Media reports indicate that NVIDIA Corporation has suspended part of an AI cloud revenue-sharing agreement involving a $36 billion commitment. According to media reports citing informed sources, NVIDIA Corporation (NVDA.US) has suspended an agreement to provide credit support to AI cloud service providers in exchange for revenue share, even though this plan was announced less than two months ago in July. Some NVIDIA Corporation employees are concerned that the plan could trigger antitrust scrutiny, especially regarding how much control the company has over how customers conduct business. The plan, known as the AI Computing Partner Program, involved NVIDIA Corporation committing to independently lease its GPU computing power if cloud service providers could not find other customers, thus providing them with guaranteed income and aiding in securing financing. NVIDIA Corporation disclosed this week that these typically six-year agreements involved a $36 billion commitment. Under the proposed agreement, after cloud service provider revenues exceed a basic threshold covering costs for chip depreciation, data centers, and personnel, NVIDIA Corporation could receive 50% of the excess portion. NVIDIA Corporation may adjust this plan or incorporate it into other projects in the future. In institutional ratings: UBS Group AG raised its target price for NVIDIA Corporation (NVDA.US) from $280 to $300.