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12/17 07:03
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On September 2, the Wall Street Journal reported that Treasury Secretary Scott Basset plans to start a series of interviews on Friday to select candidates for the next Federal Reserve Chair. The interview process will continue into next week, with Basset expected to meet candidates either in person or via video conference. There are 11 candidates for the position, including Federal Reserve Board members Christopher Waller and Michelle Bowman, National Economic Council Director Kevin Hassett, and former Federal Reserve Board member Kevin Warsh. After the interviews, Basset intends to recommend a final list of candidates to President Trump.
President Trump announced plans to appeal a recent tariff ruling, emphasizing that global tariffs represent an economic emergency. He stated that if he wins the case in the Supreme Court, the stock market would soar, while a loss could lead to unprecedented turmoil.
The market is currently facing multiple uncertainties, including legal changes in trade policy and rising long-term Treasury yields. Despite a strong overall performance this year, the current environment poses significant challenges to risk appetite. As of the latest update, spot gold reached a record high of $3,547.06 per ounce.
President Trump dismissed rumors about his health circulating on social media as "fake news," asserting that he was very active over the Labor Day weekend.
Nearly 600 economists signed an open letter warning against Trump's attempts to remove Federal Reserve Governor Lisa Cook, stating that such actions undermine the independence of the U.S. financial system and erode public trust in the Fed.
The EU has postponed imposing fines on Alphabet's advertising technology business while awaiting the U.S. to lower tariffs on European cars, a key issue in trade negotiations.
The ISM reported that the U.S. manufacturing PMI for August was 48.7, indicating a contraction for the sixth consecutive month, primarily due to a decline in production.
On September 2, all three major indices fell, with the Dow Jones down 0.55%, the S&P 500 down 0.69%, and the Nasdaq down 0.82%. Major tech stocks also saw declines.
Gold stocks saw a broad increase, with Vista Gold rising over 12% and Aura Minerals up over 4%. Spot gold reached a new high of $3,539.99 per ounce.
Cryptocurrency stocks showed mixed results, with IREN Ltd and Cipher Mining rising nearly 10%, while Circle fell nearly 9%.
A U.S. judge ruled in favor of Google, allowing it to retain its Chrome browser while prohibiting exclusive search agreements that could solidify its market dominance.
Nvidia stated that sales of its H20 products do not affect the supply of other products, denying rumors of a chip shortage.
PepsiCo shares rose over 1% after Elliott Management invested $4 billion, aiming to refocus the company on core operations and drive innovation.
NIO reported Q2 revenue of 19.009 billion yuan, a 9% year-over-year increase, with a delivery guidance for Q3 indicating a growth of 40.7% to 47.1%.
Key economic data, including the S&P Global Services PMI for August and U.S. JOLTS job openings for July, will be released today, alongside earnings reports from Salesforce and Figma.
