Overnight US stocks | The U.S. and Iran are requesting compensation for military conflict losses, international oil prices surged by 5%, and the three major indices closed down.

On Monday, the three major indices closed lower, while international oil prices rose, as market confidence in a short-term agreement between the United States and Iran to restore normal shipping in the Strait of Hormuz significantly declined. U.S. President Trump stated on social media that Iran is asking for compensation for losses incurred during military conflicts over the past five months, a demand that had previously never been tabled during negotiations. Trump remarked that this is an interesting idea, as he also demands compensation from Iran for casualties resulting from multiple conflicts, including victims of the USS Cole incident and other combat fatalities. He also requested that Iran compensate the families of protesters it has suppressed over the past 50 years, claiming that 52,000 people have died as a result of the conflict in the past five months. Trump indicated that he has instructed U.S. representatives to formally present the compensation claims in all future negotiations. [U.S. Stocks] By the close, the Dow Jones Industrial Average was down 60.949 points, a decrease of 0.11%, closing at 53975.98 points; the Nasdaq fell 85.258 points, down 0.32%, settling at 26605.35 points; the S&P 500 index was down 4.53 points, a decrease of 0.06%, closing at 7753.11 points. Apple Inc. (AAPL.US) fell 1.5%, SpaceX (SPCX.US) rose 4%, SK Hynix (SKHY.US) was down 1.9%, and Intel Corporation (INTC.US) dropped 4%. The Nasdaq Golden Dragon China Index closed up 1.65%, with Alibaba Group Holding Limited Sponsored ADR (BABA.US) rising 3%. [European Stocks] The German DAX30 index fell 26.68 points, a decrease of 0.10%, closing at 26328.67 points; the UK FTSE 100 index decreased by 39.27 points, down 0.36%, closing at 10861.82 points; the French CAC40 index increased by 11.10 points, up 0.13%, closing at 8726.03 points; the European STOXX 50 index rose 10.39 points, an increase of 0.16%, finishing at 6534.25 points; the Spanish IBEX35 index fell 31.41 points, down 0.16%, closing at 20155.69 points; the Italian FTSE MIB index was down 83.19 points, a decrease of 0.15%, finishing at 53634.00 points. [Asian Stocks] The Nikkei 225 index rose over 2%, and the South Korean composite stock price index climbed 0.65%. [Dollar Index] The dollar index, measuring the dollar against six major currencies, rose by 0.27%, closing at 99.809. At the close of the New York forex market, 1 euro exchanged for 1.1542 dollars, down from 1.1564 dollars the previous trading day; 1 pound swapped for 1.3509 dollars, up from 1.3499 dollars; 1 dollar was equivalent to 159.24 yen, up from 157.55 yen; 1 dollar was worth 0.8101 Swiss francs, up from 0.8076 Swiss francs; 1 dollar exchanged for 1.3942 Canadian dollars, up from 1.3937 Canadian dollars; and 1 dollar was equivalent to 9.5016 Swedish kronor, up from 9.4701 kronor. [Cryptocurrency] Bitcoin fell over 1.4%, trading at 64119.55 dollars; Ethereum dropped more than 2%, priced at 1877.52 dollars. [Crude Oil] Light crude oil futures for September delivery on the New York Mercantile Exchange rose by 3.95 dollars, closing at 82.13 dollars per barrel, an increase of 5.05%; October delivery Brent crude oil futures rose by 4.17 dollars, closing at 87.72 dollars per barrel, up by 4.99%. [Precious Metals] Spot gold rose by 1.1% to 4389.29 dollars; spot silver slightly fell, priced at 65.71 dollars. [Macro News] Trump states he has only briefly spoken with Walsh since his appointment, denying frequent communications. U.S. President Trump said on Monday that since Federal Reserve Chair Walsh took office, the two had only one "brief" conversation and denied claims of frequent communication between them as alleged by outside sources. The Director of the National Economic Council, Hassett, stated last week that the two "often discuss economic issues," but other informed sources indicated that their conversations are not regular and not frequent. Reports have indicated that since Walsh was confirmed as Federal Reserve Chair in May, Trump has communicated with him multiple times, seeking his predictions and views on the economic outlook. Trump reiterated his desire to lower interest rates, but claimed he "100% supports" Walsh and emphasized that Federal Reserve policies are determined collectively by the board. Fed's Harmack: Multiple rate hikes may be needed to curb inflation. Cleveland Fed President Harmack stated that current inflation has not yet returned to target levels, and the Federal Reserve may need to conduct multiple rate hikes. She noted that a single 25 basis point hike "won't have much of an impact on the economy," but she is reluctant to predict specific rates or the final rate level. Harmack believes that the current interest rate range of 3.50%-3.75% is not significantly restricting the economy, and businesses have not reduced growth investments due to high rates, thus "now is the time to act." She cautions that the longer they wait, the harder it will be for inflation to return to 2%. Harmack emphasized that there are currently no significant issues in the job market, and July's employment data will not change her focus on inflation. She believes the market can only support the Fed and cannot replace it in taking action. Harmack opposed maintaining interest rates at the Federal Reserve's July meeting and favored a 25 basis points increase. Trump extends the Jones Act shipping exemption for 90 days, focusing on energy transportation. Trump will allow a 90-day extension of the Jones Act exemption for foreign vessels transporting oil and other goods within the United States but has introduced new restrictions. Due to the disruption of oil flows and rising fuel costs because of the war with Iran, Trump continues to maintain the relevant exemptions while narrowing their scope. The new exemptions will primarily target energy transportation, including gasoline, jet fuel, crude oil, naphtha, liquefied natural gas, soybean oil, and fertilizers. In the future, the Pentagon must consult with the U.S. Maritime Administration before deciding whether to exempt individual voyages. The White House stated that this exemption will help ensure that U.S. military and key industries continue to receive essential resources and increase domestic transportation of products such as gasoline, diesel, and aviation fuel. However, U.S. shipbuilding companies and some members of Congress believe that the exemption undermines the protection the Jones Act provides to the domestic shipping industry. [Individual Stock News] NVIDIA Corporation announces collaboration with six major financial giants to establish a $500 billion AI infrastructure financing system. NVIDIA Corporation (NVDA.US) announced on October 10 that it has formed strategic partnerships with Apollo, BlackRock, Inc., Blackstone, Bruker Corporation, Goldman Sachs Group, Inc., and KKR to create an independent computing financing platform that will mobilize over $500 billion in third-party capital for building artificial intelligence infrastructure. NVIDIA stated that the new financing platform will transform NVIDIAs computing and full-stack AI infrastructure into an investable asset class on a global scale, expand access to AI factories, create long-term revenue linked to usage, and support NVIDIA's ecosystem growth in hardware sales and software applications. Morgan Stanley launches a $1.5 trillion U.S. innovation infrastructure plan, focusing on AI and other cutting-edge technologies. Morgan Stanley (MS.US) announced the launch of the "U.S. Innovation Infrastructure Initiative," planning to raise approximately $1.5 trillion over the next ten years through capital fundraising, financing, consulting, and related investment activities to support the next phase of economic growth in the United States. The initiative will focus on strategic areas such as artificial intelligence, advanced computing, quantum technology, semiconductors, data infrastructure, cybersecurity, aerospace, defense, and critical minerals, while promoting the construction of digital, physical, and energy infrastructure. Morgan Stanley stated that the initiative aims to support the development of businesses, technologies, and platforms that are critical to the U.S. economy and national security, integrating its capabilities in investment banking, capital markets, wealth management, and investment management to support companies from startup to scaling. [Major Bank Ratings] UBS Group AG raises target price for Berkshire Hathaway Inc. Class B (BRK.B.US) from $585 to $604.