On Friday, major US stock indices closed mixed, with the Nasdaq Composite and S&P 500 reaching new all-time highs. For the week, all three major indices posted gains, with the Nasdaq closing above 25,000 points for the first time. The Dow Jones Industrial Average rose 0.55% over the week, while the S&P 500 gained 0.91% and the Nasdaq advanced 1.12%.
At market close, the Dow declined by 152.87 points, or 0.31%, to 49,499.27. The Nasdaq increased by 222.13 points, or 0.89%, to 25,114.44, and the S&P 500 added 21.11 points, or 0.29%, to 7,230.12. Apple Inc. rose 3.24%, and SanDisk Corp. climbed 8.25%. Intel Corporation gained 5.44%, closing at a new high of $99.62.
In Europe, the FTSE 100 index closed at 10,363.93, down 0.14%. Markets in Germany, France, Italy, and several other countries were closed for Labor Day.
The US Dollar Index, which measures the dollar against a basket of six major currencies, rose 0.11% to 98.157. In late New York trading, one euro was worth $1.1731, up from $1.1729 the previous session. One pound traded at $1.3589, compared to $1.3583 previously. The dollar bought 157.02 Japanese yen, up from 156.49, while it exchanged for 0.7811 Swiss francs, down from 0.7819. Against the Canadian dollar, it was at 1.3587, down from 1.3612, and versus the Swedish krona, it fell to 9.2172 from 9.2354.
Bitcoin surpassed $78,000, while Ethereum showed little change, trading at $2,292.72.
In commodities, the price of light crude oil for June delivery fell $3.13 to settle at $101.94 per barrel, a decline of 2.98%. Brent crude for July delivery dropped $2.23 to $108.17 per barrel, down 2.02%. Spot gold edged down 0.11% to $4,615.66 per ounce, while spot silver rose 2.14% to $75.347 per ounce.
US exports of liquefied natural gas to Asia surged in April. Preliminary ship-tracking data from LSEG indicated a significant increase in shipments, as US producers filled the supply gap left by reduced exports from the Middle East due to regional conflicts. Nearly a quarter of total US LNG exports went to Asia in April. Since military actions involving the US and Israel against Iran, shipments to Asia have grown by over 175%, rising from about 970,000 tonnes in February to 1.99 million tonnes in March, and further to 2.71 million tonnes in April.
Federal Reserve Governor Bowman stated that regulators must address how to oversee emerging technologies like Anthropic's Mythos. He noted that while such capabilities can enhance cybersecurity by allowing companies to identify vulnerabilities, they could also be exploited maliciously. Anthropic has limited the release of its latest AI model as it evaluates safeguards.
The US President informed Congress that hostilities with Iran ended in April, a move seen as circumventing congressional war authorization procedures. Under the War Powers Act of 1973, the president can deploy military forces abroad for up to 60 days without congressional approval. The 60-day period expired on May 1. The administration claims that hostilities ceased on April 7 following a temporary ceasefire, which has been extended. If hostilities resume, the 60-day clock would reset—a interpretation likely to face Democratic scrutiny.
Iran has reportedly eased conditions for resuming peace talks with the US, submitting a new proposal that shows compromise to end the conflict. Sources indicate the proposal links discussions on opening the Strait of Hormuz with US commitments to halt attacks and lift port blockades. Subsequent talks would address Iran's nuclear program in exchange for sanctions relief. Iran has expressed readiness to meet in Pakistan early next week if Washington responds positively.
The US President announced plans to raise tariffs on cars and trucks imported from the EU to 25% next week, citing non-compliance with trade agreements. Vehicles produced in US factories will be exempt. Significant investments exceeding $100 billion are underway for new manufacturing plants, described as unprecedented in the industry's history.
A Securities and Exchange Commission proposal to shift from quarterly to semi-annual financial reporting has passed White House review, moving closer to implementation. The SEC can now formally propose the rule and seek public comment. A final vote is required after feedback is received, typically months later. The change follows calls from the administration to reduce reporting frequency, which has been quarterly since 1970.
Due to inventory shortages driven by AI demand and tight processor supply, Apple has increased the starting price of its Mac mini desktop from $599 to $799. The company eliminated the base configuration with an M4 processor and 256GB storage; the new entry-level model features the same chip but with 512GB storage. CEO Tim Cook attributed the shortage to constraints in system-on-chip availability and higher-than-expected demand for AI-capable Mac mini and Mac Studio units.
The US Department of Defense announced agreements with seven leading AI companies: SpaceX, OpenAI, Google, NVIDIA, Reflection, Microsoft, and Amazon. The partnerships aim to accelerate the military's transformation into an AI-driven force, enhancing decision-making superiority across all domains.
In analyst actions, Mizuho raised its price target on SanDisk Corp. from $1,000 to $1,220. Citigroup increased Western Digital's target from $405 to $500, and Morgan Stanley lifted Eli Lilly's target from $1,327 to $1,344.
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