Overnight US stocks | After Trump calmed the market, the rise in oil prices temporarily halted, and the three major stock indices saw widespread gains. Dell Technologies, Inc. Class C (DELL.US) rose over 15%.

On Wednesday, the three major stock indices closed higher across the board, while oil prices peaked before retracing, cooling inflation expectations. The yield on the U.S. 10-year Treasury note fell from intraday highs, and the three major U.S. stock indices rebounded slightly, ending a three-day downward trend. As of the close, the S&P 500 index rose 0.5%, closing at 7666.6 points; the Dow Jones Industrial Average increased by 0.6%, ending at 53061.95 points; and the Nasdaq Composite climbed 0.5%, closing at 26217.83 points. Dell Technologies, Inc. Class C (DELL.US) surged 15.76%, United Airlines Holdings, Inc. rose 3.56%, while Palo Alto Networks fell 9.28% and Pacific Gas and Electric dropped by 5.23%. Regarding the "Seven Sisters": NVIDIA Corporation rose 3.21%, Apple Inc. decreased by 0.05%, Tesla, Inc. increased by 0.26%, Meta Platforms rose 2.47%, Alphabet Inc. Class C increased by 0.53%, Amazon.com, Inc. rose by 0.02%, while Microsoft Corporation fell by 0.84%. In Europe, the pan-European STOXX 600 index dropped 0.49%, with major European stock indices generally closing lower. The UKs FTSE 100 and Frances CAC40 both fell nearly 0.6%, the Italian FTSE MIB index dropped 0.5%, and the German DAX index decreased by 0.7%. In Asia, Japan's Nikkei 225 index fell sharply by 2.85%, while South Korea's composite index dropped by 4%. The U.S. dollar index fell 0.11% to 99.51, marking its largest intraday drop since August 21. In cryptocurrency, Bitcoin decreased by 0.25%, trading at $77285; Ethereum fell by 1.31%, priced at $2386.96. In commodity markets, WTI crude oil peaked at $92.28 during the session, reaching a five-week high, before briefly turning down. It recovered most of its losses by the close, gaining 0.88%. The settlement price for Brent crude oil was $95.63, an increase of 1.04%. In precious metals, as of the time of writing, spot gold rose by 1.2%, priced at $4381.68 per ounce; and spot silver increased by 1.9%, priced at $65.3155 per ounce. In macro news: Trump claims that strikes against Iran will not last long, reiterates control over the Strait of Hormuz, and proposes renaming it "Trump Strait." U.S. President Trump stated that the military strikes against Iran may not last long and reaffirmed that the U.S. controls the critically important Strait of Hormuz. The latest conflict between the U.S. and Iran had previously driven up energy prices, reigniting market concerns over a prolonged war. When asked how long the bombing operations might last, Trump told reporters, "I don't think it will be long." As a result, Brent crude oil slightly retreated to above $95 per barrel. Trump stated, "We have destroyed all the new equipment they were trying to deploy along the Strait of Hormuzsome for defense, some for offense," adding, "The strikes last night were very substantial, and we are prepared to launch another attack at any time." Trump also posted on Truth Social, suggesting that the Strait of Hormuz be renamed after himself. The Federal Reserve's Beige Book: Economy experiences moderate expansion, with data center demand as a key driver. The latest Beige Book from the Federal Reserve shows that U.S. economic activity exhibited moderate growth over the past two months, particularly marked by strong demand from data centers, which has become a primary driver of the economy. This report compiled by the Minneapolis Fed, based on information collected from the 12 regional Federal Reserve Banks as of August 24, noted that while perceptions of energy prices and political uncertainties regarding GEO Group Inc vary across sectors, the overall economic outlook remains "positive." A sudden surge in the yen by 1.2%! Speculation of U.S.-Japan intervention rekindled. On Wednesday, the yen suddenly strengthened against the dollar, climbing 1.2% to 158.22 yen per dollar, quickly raising market speculation that Japan or even the U.S.-Japan duo might intervene in the currency market again. Meanwhile, one of the most hawkish members of the Bank of Japan, Takeda Hajime, released a stronger signal for rate hikes, hinting at the possibility of significant hikes and the room for consecutive increases. As the Bank of Japan's upcoming monetary policy meeting in September approaches, expectations for further tightening of Japan's monetary policy have significantly intensified. U.S. Treasury Secretary Yellen expresses support for Japan's decisive response to yen weakness. U.S. Treasury Secretary Yellen met with Bank of Japan Governor Ueda Kazuo during a break at the G20 finance ministers and central bank governors meeting. According to a statement from the U.S. Treasury, Yellen strongly supports Japan taking decisive market and monetary measures to address the significant undervaluation of the yen, pointing out that a weakening yen would raise domestic inflation pressures in Japan. Following Yellen's public pressure, the Bank of Japan's Governor Ueda, who faces policy choices this month, encountered exceptionally severe risks of financial markets potentially falling into sharp turmoil. Ignoring Yellen's barely concealed calls for rate increases would catch traders betting heavily on tightening policy off guard and could lead to a rapid decline in the yen, which again would push inflation expectations towards 3%. A disappointing ADP report! U.S. private sector jobs increased by only 38,000 in August, marking the year's lowest figure. According to data released by ADP on Wednesday, the U.S. private sector employment, known as the "small non-farm," saw modest growth in August. The number of private sector jobs added last month was just 38,000, with July's figure revised up to 46,000. Economists surveyed had previously expected a private sector job growth of 48,000 in August, following the preliminary report of a 44,000 increase in July. This data suggests that employers are still hiring, but at a slower pace than in the spring. The increase in jobs for August is the smallest since the beginning of the year. In stock news: Broadcom Inc. (AVGO.US) reported 86% revenue growth last quarter, AI chip revenue doubled, and guidance for this quarter has "flaws," but AI revenue is expected to grow significantly over three years. In the third fiscal quarter, Broadcom Inc.'s net revenue increased by 86% year-on-year to $29.591 billion, continuing to set a new quarterly revenue record, slightly above the market expectation of about $29.45 billion, refreshing the previous record set for the highest quarterly growth in over nine years; adjusted earnings per share (EPS) rose 96% year-on-year to $3.32, nearly 3% above market expectations. AI remains the core growth engine. In the third fiscal quarter, Broadcom Inc.'s AI semiconductor revenue more than doubled year-on-year, reaching $16.7 billion, with a quarter-on-quarter growth of 54%, surpassing analysts' expectations of $15.93 billion. On the earnings call, the CEO stated that the AI revenue outlook for this fiscal year has been raised to $58 billion, with hopes to nearly double in the next fiscal year and reach $230 billion by FY 2028. The stock price initially dropped over 6% after hours but spiked by more than 2% during the earnings call. AI coding assistants drive growth! Snowflake (SNOW.US) significantly raised its annual guidance, exceeding expectations. The cloud data platform Snowflake saw its stock price soar more than 20% in after-hours trading on Wednesday, due to the company announcing an increase in its full-year product sales guidance that significantly surpassed Wall Street's consensus expectations and highlighted the rapid penetration capability of its AI-assisted coding tool, CoCo. In terms of quarterly performance details: for the second fiscal quarter ending in July, product revenue grew 37% year-on-year to $1.49 billion, exceeding the general expectation of $1.42 billion. Total revenue reached $1.55 billion, a year-on-year increase of 35%. Snowflake expects annual product revenue to reach approximately $6.07 billion for the year ending January 2027, raising the previous forecast provided in May, while significantly exceeding analysts' average prediction of $5.86 billion. The demand for AI servers and networks has surged, complicating supply chain constraints; Hewlett Packard Enterprise Co. (HPE.US) reported Q3 results that exceeded expectations but still faced a shocking drop after hours. Benefiting from strong demand for AI-related servers and network equipment, the company reported revenue and profit that exceeded market expectations and significantly raised its performance outlook for this fiscal year and the next. However, due to management's warning that supply constraints continue to limit growth, Hewlett Packard Enterprise Co.'s stock price dropped over 8% in after-hours trading. The earnings report revealed that Hewlett Packard Enterprise Co. achieved revenue of $12.21 billion in the third fiscal quarter, a year-on-year growth of 33.7%, surpassing analysts' previous expectation of $11.9 billion. Adjusted earnings per share were $1.11, far exceeding the market expectation of $0.93. Microsoft Corporation (MSFT.US) undergoes a significant reporting reform: Azure revenue will be disclosed quarterly, merging with Office business under the name "Agents and Infra." Microsoft Corporation announced that it will begin disclosing detailed quarterly revenue for its Azure cloud computing business, which reached $29.4 billion in the latest fiscal quarter, showing a trend of continuous expansion. Azure is viewed as a key barometer for Microsoft's AI business, with analysts previously struggling to accurately value it due to a lack of information. Meanwhile, the company restructured its financial reporting framework, merging cloud computing and Office business, now named "Agents and Infra," highlighting its AI strategy. Meta (META.US) releases a more powerful AI model, claiming it has further closed the gap with competitors. On Wednesday, Meta unveiled its most powerful AI model to date, Muse Spark 1.3. Chief AI Officer Alexandr Wang claimed its performance has caught up with or surpassed major competitors, marking a significant step for the social media giant in the AI arms race. Wang stated that the AI model Muse Spark 1.3's programming capabilities exceed OpenAI GPT-5.6 Sol and are comparable to Anthropic Claude Fable 5.1. The new model improves operational efficiency, reducing token consumption by 25% and significantly enhancing its capabilities. This model will be paid-access for developers and will gradually be integrated into platforms such as Instagram and Facebook.