Market Close on August 8: The S&P 500 hit a new record high, with all three major indexes posting solid gains for the week.
Top 20 Stocks by Trading Volume on August 8: SpaceX plans to build its own power plant to secure electricity supply.
Most Chinese-American stocks rose on August 8, with XPeng climbing 3.72% and Silicon Motion Technology falling 4.23%.
Commodities Wrap: Oil prices held steady, copper edged lower, and gold surged. European stocks gained for a fourth consecutive week, with strong earnings and merger expectations pushing indices to new highs.
Trump stated he would appeal a court ruling on the White House banquet hall project. He also revived efforts to dismiss Federal Reserve Board member Lisa Cook, and pushed a $3 billion critical minerals investment project. Brett Matsumoto, nominated by Trump, was confirmed by the Senate to lead the Bureau of Labor Statistics. The U.S. Senate passed a sanctions bill targeting Russia's energy sector. The U.S. imposed sanctions on an Iranian cryptocurrency exchange, with negotiations ongoing. U.S. officials expect Iran and Oman to soon reach an agreement on the Strait of Hormuz. Iranian officials said they have established a general framework with Oman on Strait of Hormuz transit. The Iranian president stated no concessions were made in negotiations over the memorandum of understanding. Iran's deputy foreign minister said Persian Gulf security should be maintained by regional countries. Russia and Ukraine exchanged attacks on each other's Black Sea vessels and other military targets. Russian security forces shut down multiple cryptocurrency exchange points linked to Ukraine. Spain and Italy clashed over immigration issues, with border control disputes impacting Schengen free movement.
The U.S. Federal Aviation Administration issued an airworthiness directive requiring inspections of some Boeing jets. OpenAI flagged potential major cybersecurity risks in its new model Astra, strengthening security controls. Morgan Stanley turned bearish on the yen, with intervention effects fading. Palantir's stock is set for its best weekly performance since 2024, no longer a laggard in the AI space. Warren Buffett's Berkshire Hathaway stock signals growing investor recognition of Abel's leadership.
Mitsubishi UFJ recommends going long on the Australian dollar against the yen, as fading Fed rate hike bets boost carry trades. Morgan Stanley expects the Fed's balance sheet to shrink by $1.5 trillion. Joint U.S.-Japan intervention appears effective, with hedge funds sharply cutting yen short positions. The UN envoy warned the risk of a major conflict in Yemen is at its highest in over four years. U.S. consumer credit increased by $141.73 billion in June, above the estimated $118.5 billion. Fed Chair Waller's June schedule shows no calls or meetings with Trump. Richmond Fed President said the U.S. labor market is in a "delicate balance." An institution said Japan is unlikely to sell medium-term U.S. Treasuries for intervention, with limited impact on long-term yields. White House advisors said Trump frequently discusses the economy with Waller, and the president respects the Fed's independence. The dollar fell to its lowest since May, as the outlook for Fed rate hikes remains uncertain. A disappointing nonfarm payrolls report weakened expectations for Fed rate hikes, with inflation data now the market focus. A New York Fed survey showed consumers are more optimistic about employment prospects and inflation expectations. UBS stated that gold's rally has support, and the metal could head toward $5,000 an ounce next year.
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