On Thursday Eastern Time, the three major US stock indexes closed with mixed gains and losses. The Dow Jones Industrial Average rose 0.59%, the Nasdaq fell 0.23%, the S&P 500 index closed flat, and popular technology stocks saw mixed gains and losses. Nvidia fell more than 6%, its market value evaporated nearly $200 billion in a single day, Intel rose more than 2%, and Apple rose more than 1%. Precious metals, airlines, and oil and gas sectors led the way in gains, with Spirit Airlines rising over 4%, while Newman Mining, Apache Oil, American Gold, Delta Air Lines, and American Airlines rose over 2%. The solar energy and computer hardware sectors fell, with US online inventory dropping by over 9% and Sunrun and First Solar falling by over 2%.
Popular Chinese concept stocks generally rose, with Ideal Auto up over 10%, Xiaopeng Motors up over 7%, NIO up over 6%, Pinduoduo and Bilibili up over 4%, Manbang and Tencent Music up over 3%, iQiyi, Vipshop, and Futu Holdings up over 2%, Alibaba, JD.com, Baidu, and Weibo up over 1%, and NetEase rising slightly.
Global News
The Ministry of Commerce of China and the United States plans to hold a working conference in Tianjin on September 7th
After mutual agreement, the Chinese and American Ministry of Commerce plans to hold the second Vice Ministerial Meeting of the China US Business Working Group in Tianjin on September 7th. Wang Shouwen, International Trade Negotiator and Deputy Minister of Commerce of the Ministry of Commerce, will co chair the meeting with Deputy Minister of Commerce of the United States, Lago. Both sides will have in-depth exchanges of views on a wide range of topics, including their respective economic and trade policy concerns, corporate demands, and practical cooperation.
Could Powell be a pigeon within the Federal Reserve now?
Last week, at the Global Central Bank Annual Meeting held in Jackson Hole, Wyoming, several Federal Reserve decision-makers explained the reasons why interest rate cuts should be made in a "gradual" or "orderly" manner. These Federal Reserve officials believe that, given that inflation has not fully cooled to the central bank's target of 2%, although the labor market is showing signs of fragility, considering that widespread layoffs have not yet occurred, this means that the Federal Reserve does not need to take relatively aggressive easing actions.
Is the election result unimportant? One article interpretation: Whoever wins the election will benefit the US stock market and economy!
As the November US election approaches and Harris and Trump are evenly matched, experts are evaluating the impact of different structures on the US economy and story. Research firm Ned Davis Research (NDR) predicts that whoever wins will ultimately benefit the stock market.
Federal Reserve Bostic: It may be time to cut interest rates, but still hopes to see more data
Atlanta Fed President Bostic said on Wednesday that as inflation continues to decline and the unemployment rate rises more than he expected, it may be time to take action to cut interest rates, but he still hopes to see more data supporting rate cuts before pulling the trigger. Bostic said he hopes to see the non farm payroll report and two inflation reports released before the Federal Reserve meeting on September 17-18 confirm that the economic trend is still ongoing.
Company News
Early morning bearish raid! NVIDIA releases its latest financial report! Huang Renxun speaks out
On the early morning of August 29th Beijing time, Nvidia's latest financial report showed that its revenue for the second quarter of the 2025 fiscal year reached $30 billion, a year-on-year increase of 122%, higher than analysts' expectations of $28.86 billion; Non GAAP adjusted earnings per share were $0.68, a year-on-year increase of 152% and higher than analysts' expectations of $0.64.
Is AI or the strongest engine used to boost smartphone shipments? Apple has once again become the 'hope of the whole village'
AI may bring warmth to the mobile phone market. Market research firm IDC has raised its global smartphone shipment forecast in its latest report, predicting that global shipments will reach 1.23 billion units by 2024, a year-on-year increase of 5.8%. Previously, IDC predicted a growth rate of 4% and a shipment volume of 1.21 billion units, respectively.
Sell off Bank of America again! Buffett wants to clear his position?
Buffett continues to cash out of Bank of America. Berkshire Hathaway, a subsidiary of Warren Buffett, continued to sell Bank of America on August 23rd, 26th, and 27th according to recent regulatory filings. Since July 17th, Berkshire Hathaway has reduced its holdings of Bank of America by nearly 13% through a series of selling transactions, with a total cash out amount of up to $5.357 billion.
Investment guru Buffett welcomes birthday celebration: Berkshire Hathaway once crossed the trillion dollar market value threshold
On Wednesday morning local time in the United States, the "stock god" Buffett, who is about to celebrate his 94th birthday this week, achieved another historic achievement - Berkshire Hathaway's market value officially rose to $1 trillion for the first time. Berkshire is still the eighth listed company in the world by market value. In addition to Saudi Aramco, the top companies are all American Internet companies - Apple, Nvidia, Microsoft, Alphabet, Amazon and Meta.
Has the Shanghai factory already produced? The seven seater version of Model Y is rumored to be launched in China in October. Tesla has no official response yet
Recently, there have been reports that Tesla plans to launch a seven seater version of the Model Y produced in China and Europe in October this year. Currently, the Shanghai Gigafactory has started producing this model. For the above situation, the Daily Economic News reporter contacted Tesla China's relevant staff for verification, but did not receive a response as of the time of publication.
Is the MR headset only 110 grams? Meta is developing lightweight devices in an attempt to "overtake" Vision Pro by changing lanes
According to media reports on Wednesday (August 28th), Meta plans to launch an extremely lightweight mixed reality headset in 2027. The development code for this product is Puffin, and its biggest feature is that it is a lightweight device that focuses on solving the bulky characteristics of existing products, and is expected to be released in 2027.