On August 29, the three major U.S. stock indexes closed lower, the Nasdaq fell 1.15%, the S&P 500 fell 0.64%, and the Dow fell 0.2%. Large technology stocks generally fell, and Nvidia's market value evaporated by about 1,038.2 billion yuan. Chinese assets surged, with Alibaba rising nearly 13%. In terms of economic data, the core PCE price index was in line with expectations, and expectations for the Federal Reserve to cut interest rates increased. At the same time, the U.S. consumer confidence index has declined, the trade deficit has widened significantly, and GDP growth in the third quarter is expected to slow down to 2.2%.
by every editor.
On August 29, local time, the three major U.S. stock indexes collectively closed down. The Nasdaq fell 1.15%, down 0.19% this week, and up 1.58% in August; the S & P 500 Index fell 0.64%, down 0.1% this week, and up 1.91% in August; the Dow fell 0.2%, down 0.19% this week, and up 3.2% in August.Among them, the S&P 500 index, the Dow index increased for 4 months, and the Dow index increased for 5 months.
Most large technology stocks fell, with Tesla and Nvidia falling more than 3%. Nvidia's market value evaporated by US $145.6 billion (about RMB 1,038.2 billion) overnight.
Intel fell more than 2 per cent, Amazon, Meta and Netflix fell more than 1 per cent and Microsoft and Apple fell slightly. Google edged up to new highs. Google, owned by Alphabet, faces a modest antitrust fine from the European Union in the coming weeks over alleged anti-competitive behaviour in its advertising technology business, according to people familiar with the matter.
China’s assets rose sharply, and the Nasdaq China Gold Range Index rose by 1.55 percent.Alibaba rose by 13 percent, up from March 2023.bestIn a single-day performance, company executives said that they have invested more than 100 billion yuan in AI infrastructure and AI product research and development in the past four quarters.
The A50 period indicates a continuous night plate increase of 0.05%, reporting 14,992 points.
COMEX gold futures rose by 1.2 percent, $3516.1/ounce, up 2.86 percent this week, up 5.2 percent in August. COMEX silver futures rose by 2.64 percent, $40.75/ounce, up over 4 percent this week, and up 10.76 percent in August.
WTI crude oil futures for October closed down 0.91% at $64.01 per barrel, up 0.55% this week; Brent crude oil futures for October closed down 0.73% at $68.12 a barrel, up 0.57% this week.
On August 29, according to the monthly report released by the US Energy Information Administration (EIA), the daily output of US crude oil rose to 13.58 million barrels in June, which not only broke the historical record, but also exceeded the preliminary weekly estimate data released earlier by about 150,000 barrels per day.
Goldman Sachs analysis believes that from the fourth quarter of 2025 to the end of 2026, the world will have a surplus of 1.80 million barrels of crude oil per day. If this trend continues, it will lead to a cumulative increase in global crude oil inventories by nearly 800 million barrels by the end of 2026.
Looking ahead, most forecasts point to continued decline in oil prices. EIA predicts that Brent crude oil prices will average US$67/barrel in 2025 and drop to US$51/barrel by 2026. Adam Turnquist, chief technical strategist at LPL Financial, pointed out in a report that WTI crude oil prices have recently fallen below $65, which may prompt it to retest this spring's intraday low of around $55.
In terms of economic data, the core personal consumption expenditures (PCE) price index (excluding food and energy) closely monitored by the Federal Reserve rose 2.9% in July, in line with expectations, but accelerated from the previous month, hitting the highest level since February.
Ellen Zentner, chief economic strategist at Morgan Stanley’s Wealth Management, said: “The Fed has opened the door to interest rate cuts, but how much this door will open will depend on whether weakness in the labor market continues to look.This is more risky than rising inflation. Today’s core PCE data is in line with expectations and will continue to focus on the job market. Currently, the probability of a September interest rate drop is still greater.”
Ross Mayfield, investment strategist at Baird, argued that the correction had more to do with the recent performance of the market, given that stocks had come under pressure ahead of the PCE data. "The PCE data is OK, but there is some earnings pressure, and it may also be some profit taking after a record high."
According to CCTV News,On August 29, local time, according to a survey published by the University of Michigan,The final U.S. consumer confidence index stood at 58.2 in August, down about 6 percent from July and the first decline in four months。
The investigation shows,The current economic conditions index fell to 61.7 from 68.0 in JulyConsumer expectations fell from 57.7 in July to 55.9 in August, down from 72.1 last year.
The survey showed that up to 43% of respondents mentioned that high prices are affecting their standard of living. This ratio is higher than 39% in July, the highest level in 5 months.
Joanne Chou, director of the University of Michigan Consumer Survey Project and economist, said after a slight improvement in July,U.S. labour market forecast to deteriorate in AugustApproximately 63% of respondents expect the next year.unemploymentThe rate will rise, up from 37% in the same period last year.
The data also shows,The U.S. trade deficit widened sharply by 22.1% in July to $103.6 billion, far exceeding market expectations of $89.45 billionThis suggests that trade in the third quarter could significantly delay economic growth.
America isMinistry of CommerceCensus Bureau data showed that imports rose by $186 billion to $281.5 billion in July, while exports fell by $100 billion to $178 billion.
In addition, the Atlanta Federal Reserve Bank currently forecasts that U.S. GDP growth will slow to 2.2% in the third quarter.
San Francisco Federal ReserveThe PresidentDaly (2027 FOMC Vote Committee) said policymakers will soon be ready to cut interest rates and there is tension between the Fed's inflation and labor market targets.
Ellen Zentner, chief economic strategist at Morgan Stanley Wealth Management, said: "The Fed has opened the door to the possibility of a rate cut, but whether to actually cut rates depends on whether labour market weakness is seen as a bigger risk than rising inflation. Today's PCE data is in line with expectations, and the focus remains on the labor market. For now, the likelihood of a rate cut in September remains high."
Ross Mayfield, an investment strategist at Baird, pointed out that with stocks already under pressure ahead of the PCE data, the August 29 pullback was more the result of the market's recent performance.
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