Overnight US stocks | The three major indices fell ahead of the July CPI announcement, while Coreweave (CRWV.US) surged over 12% after hours.

On Tuesday, the three major indices closed lower as the market shifts its focus to a batch of key inflation data. The U.S. Consumer Price Index (CPI) for July will be released on Wednesday, followed by the Producer Price Index (PPI) on Thursday. U.S. StocksAt the close, the Dow Jones Industrial Average fell 184.13 points, down 0.34%, to 53,791.85 points; the Nasdaq dropped 159.91 points, down 0.60%, to 26,445.45 points; and the S&P 500 index decreased by 24.91 points, down 0.32%, to 7,728.20 points. SK hynix (SKHY.US) rose 4.7%, SpaceX (SPCX.US) fell 3.9%, and Apple Inc. (AAPL.US) dropped 1%. The Nasdaq Golden Dragon China Index closed down 2.95%. European StocksThe German DAX 30 index rose 44.25 points, up 0.17%, to 26,399.32 points; the UK FTSE 100 index fell 17.90 points, down 0.16%, to 10,844.60 points; the French CAC 40 index decreased by 11.09 points, down 0.13%, to 8,714.94 points; the Euro Stoxx 50 index rose 16.23 points, up 0.25%, to 6,551.85 points; the Spanish IBEX 35 index increased by 30.99 points, up 0.15%, to 20,213.89 points; and the Italian FTSE MIB index rose 67.12 points, up 0.13%, to 53,731.00 points. Asian MarketsThe Nikkei 225 index rose 2.08%, and the KOSPI rose 0.73%. U.S. Dollar IndexThe dollar index, which measures the dollar against six major currencies, rose 0.02% on the day, closing at 99.828. As of the end of the New York market, 1 euro was exchanged for 1.1540 dollars, down from 1.1542 dollars the previous trading day; 1 pound was exchanged for 1.3503 dollars, down from 1.3509 dollars; 1 dollar was exchanged for 159.26 yen, up from 159.24 yen; 1 dollar was exchanged for 0.8112 Swiss francs, up from 0.8101 Swiss francs; 1 dollar was exchanged for 1.3920 Canadian dollars, down from 1.3942 Canadian dollars; and 1 dollar was exchanged for 9.5244 Swedish krona, up from 9.5016 Swedish krona. CryptocurrencyBitcoin fell 0.52%, trading at $63,680.54; Ethereum rose 0.49%, trading at $1,885.32. Crude OilLight crude oil futures for September delivery on the New York Mercantile Exchange rose by $1.07 to settle at $83.20 per barrel, an increase of 1.3%; October Brent crude futures rose by $1.19 to settle at $88.91 per barrel, an increase of 1.36%. Precious MetalsSpot gold fell 0.48% to $4,368; spot silver slipped slightly, priced at $64.683. Macro News U.S. existing home sales fall to three-month low as high prices and interest rates weigh on the housing market. Existing home sales in July fell to a three-month low, with high prices and sustained mortgage rates continuing to pressure the market. According to data released by the National Association of Realtors on Tuesday, the volume of contracts in July fell 1.7% month-on-month, equating to an annual rate of 4.06 million units, consistent with the median estimate from economists' surveys. Weak sales figures indicate that the housing market remains sluggish. The persistently high listing prices and rising borrowing costs this year deter many potential buyers. The existing home market has lingered around the annualized level of 4 million units since the end of 2022, awaiting a catalyst for a sustained rebound. Lawrence Yun, Chief Economist at the National Association of Realtors, stated in a release: "Home sales have remained very stable, even as mortgage rates have continued to rise over the past few months. If the average mortgage rate could return to near 6%, there is no doubt that the housing market would flourish." Nick Timiraos: Waller is skeptical of "data dependence," but the old framework still prevails. Reporter Nick Timiraos noted that the market is focusing on the month-on-month change of the July inflation data to be released on Wednesday, as increasing numbers of FOMC members suggest that future inflation readings over the next few months will determine whether they believe the prediction of inflation returning to 2% over the next two years remains achievable without further rate hikes. Federal Reserve new Chair Waller has recently expressed skepticism regarding the framework linking policy-sensitive forecasts to high-frequency data. He previously indicated that he does not see much practical value in the Feds current data-dependent policy. In addition, Nick remarked that part of the purpose of the task force established by Waller seems to be to help construct a framework to replace the old one. However, until the new framework is clearly defined, the old framework appears to still be in operation. CME Group Inc. Class A silver will begin 24-hour trading starting September 11. CME Group Inc. announced today that its 100-ounce silver futures contracts will expand to 24-hour trading starting September 11, 2026, pending regulatory approval. Jin Hennig, Managing Director and Global Head of Metals at the Chicago Mercantile Exchange Group, stated: Silver connects the worlds of precious and industrial metals, serving as a diversification tool for investors while also responding to macroeconomic signals and real demand. Our retail clients have shown strong demand for the ability to trade 1-ounce gold futures at any time, so we are now extending the same 24-hour trading privileges to silver to help participants manage risk and seize opportunities. Since 24-hour trading for 1-ounce gold futures began on July 24, the additional weekend trading sessions have recorded approximately 53,000 contracts traded, with a notional value of about $2.19 billion, making it the most liquid market for weekend trading of gold futures. Individual Stock News CoreWeave's revenue doubles in Q2, shares jump 12% in after-hours trading. CoreWeave (CRWV.US) surged 12% in after-hours trading on Tuesday, after reporting Q2 revenue of $2.58 billion, a 112% year-on-year increase, surpassing Wall Street expectations, indicating strong market demand for AI computing power; net losses amounted to $626 million, compared to $290 million during the same period last year; current order backlog has reached $104 billion, with a project capacity of 1.5 gigawatts. CoreWeave is accelerating its expansion in the data center business, competing with cloud giants like Amazon.com, Inc., Alphabet Inc. Class C, and Microsoft Corporation in the market for data centers that can deploy chips running generative AI models. However, CoreWeave has yet to achieve profitability. As of the end of this quarter, the company's debt on its balance sheet reached $35 billion, primarily used to finance purchases of NVIDIA Corporation GPUs and other equipment. This quarter, Meta announced it will invest an additional $2.1 billion into CoreWeave. Furthermore, CoreWeave announced a multi-year collaboration agreement with Anthropic and has secured $6 billion in commitments from quantitative trading firm Jane Street. Swiss National Bank's U.S. stock holdings reach record high, with NVIDIA Corporation, Apple Inc., and Microsoft Corporation as the top three. The value of U.S. equities held by the Swiss National Bank grew over 10% in Q2, reaching the highest level on record. According to the 13F-HR filing submitted by the Swiss National Bank to the U.S. Securities and Exchange Commission on Tuesday, as of June 30, the bank held shares in over 2,300 publicly traded U.S. companies, with a total value of $191.4 billion. The Swiss National Bank allocated just over a quarter of its foreign exchange reserves to equities, part of which was invested in the U.S. The top three holdings are NVIDIA Corporation (NVDA.US), Apple Inc. (AAPL.US), and Microsoft Corporation (MSFT.US). The bank also holds a $716.6 million stake in defense software company Palantir, despite an activist investor's previous demand to sell about $1.1 billion of its Palantir holdings, which the Swiss National Bank refused.