On August 30th local time, all three major US stock indices closed higher.
As of the close, the Dow Jones Industrial Average rose 0.55% to 41563.08 points, reaching a historic high of 41585.21 points during trading; The S&P 500 index rose 1.01% to 5648.40 points; The Nasdaq rose 1.13% to 17713.62 points.
This week, the Dow Jones Industrial Average rose 0.94%, the S&P 500 Index rose 0.24%, and the Nasdaq fell 0.92%. In August, the Dow Jones Industrial Average rose 1.76%, the S&P 500 index rose 2.28%, and the Nasdaq rose 0.65%.
Large tech stocks are active. Amazon rose 3.71%, while Naira soared 1.29%. Chip stocks are strong, with Intel up 9.49%, Broadcom and Qualcomm up over 3%, AMD up 2.11%, and Nvidia up 1.51%.
Banks and aviation stocks collectively rose, with JPMorgan Chase, Citigroup, Bank of America, and Wells Fargo rising by over 1%; United Airlines rose 3.28%, while American Airlines and American Airlines rose over 2%.
The Nasdaq Golden Dragon China Index rose 1.20%, with a cumulative decline of 0.73% in August. Popular Chinese concept stocks such as Pinduoduo, JD.com, NIO, and Xiaopeng rose more than 2%, while Kingsoft Cloud fell 5%.
On the news front, the core PCE price index in the United States rose by 2.6% year-on-year in July, with an expected increase of 2.7%, compared to a previous increase of 2.6%; The month on month increase is 0.2%, with an expected increase of 0.2%, compared to the previous value of an increase of 0.2%. The PCE price index increased by 2.5% year-on-year, with an expected increase of 2.6%, and the previous value increased by 2.5%; The month on month increase is 0.2%, with an expected increase of 0.2%, compared to a previous increase of 0.1%.
As one of the most favored indicators by the Federal Reserve, the core PCE price index was slightly lower than market expectations, indicating mild inflation. This further strengthens the expectation of a 25 basis point rate cut by the Federal Reserve in September. Some financial institutions even expect the Federal Reserve to cut interest rates by 50 basis points in September.
Intel surged 9.49%, the largest daily increase since October 2022, with a transaction volume of $3.856 billion. According to insiders, Intel is currently working with Goldman Sachs and Morgan Stanley to discuss various solutions to overcome the most difficult period in its 56 year history. These plans include splitting the product design and manufacturing business, as well as suspending or canceling some projects to salvage the company's financial performance. Intel emphasized that negotiations are still in the early stages and the company has not taken any significant measures.
Tesla rose 3.80%. Tesla will unveil the long-awaited autonomous taxi Robotaxi at Warner Bros. Studios in Los Angeles, while Musk's social media platform X faces challenges from being ordered to shut down by the Supreme Court in Brazil.