Overnight US stocks | Nasdaq and S&P 500 indices hit intraday record highs, spot gold briefly surpasses $3400.

On Wednesday, both the Nasdaq and S&P 500 indexes hit intraday record highs. However, the three major indexes saw a late-day decline, as Fitch downgraded the outlook for the US 25% industry prospects to "deteriorating". Fitch stated that policy risks have cast a shadow over the US credit outlook. In its mid-year update, Fitch downgraded the outlook for the US 25% industry to "deteriorating" for 2025, citing increased uncertainty, slowing economic growth, and expected interest rates remaining high in the long term. Fitch indicated that recent tax and spending bills highlight long-term challenges facing the US fiscal outlook and will bring pressure to healthcare-related industries. The combination of tax legislation and extensions of previous tax cuts is likely to keep the US government's total deficit above 7% of GDP and push the debt-to-GDP ratio up to 135% by 2029. [US Stocks] As of the close, the Dow Jones fell 19.12 points, or 0.04%, to 44,323.07 points; the Nasdaq rose 78.52 points, or 0.38%, to 20,974.17 points; and the S&P 500 index rose 8.81 points, or 0.14%, to 6,305.6 points. Opendoor Technologies (OPEN.US) closed up 42.67%. [European Stocks] The German DAX30 index rose 11.58 points, or 0.05%, to 24,299.15 points; the UK's FTSE 100 index rose 21.03 points, or 0.23%, to 9,013.15 points; the French CAC40 index fell 25.97 points, or 0.33%, to 7,796.70 points; the Euro Stoxx 50 index fell 15.78 points, or 0.29%, to 5,343.45 points; the Spanish IBEX35 index rose 38.00 points, or 0.27%, to 14,031.50 points; and the Italian FTSE MIB index fell 149.99 points, or 0.37%, to 40,162.00 points. [Asia-Pacific Stock Market] The South Korean KOSPI index rose 0.71%, and the Indonesia composite index rose 1.18%. [Foreign Exchange] The US dollar index fell by nearly 0.6%, the Japanese yen rose by over 1%, the Euro rose by about 0.4%, and the Swiss franc rose by over 0.2%. [Crude Oil] The price of light crude futures for August delivery on the New York Mercantile Exchange fell by 14 cents to close at $67.20 per barrel, down 0.21%; and Brent crude oil futures for September delivery fell by 7 cents to close at $69.21 per barrel, down 0.10%. [Metals] Gold prices briefly surpassed $3400 per ounce. The weakening of the US dollar and US bond yields against the backdrop of trade negotiations' uncertainty have led to this increase. The US has set a deadline for all countries to reach an agreement by August 1, otherwise, they will face additional tariffs. David Meger, metal trading director at High Ridge Futures, stated, "As the August 1st deadline approaches, this brings a certain degree of uncertainty to the market, which of course is advantageous." Meger also mentioned that rumors about the US cutting interest rates earlier than expected are heating up, and speculation about the replacement of Fed Chair Powell and a restructuring of the Fed has intensified market anxiety. [Cryptocurrency] Bitcoin fluctuated slightly, while Ethereum fell by 0.08%, to $3,750.42. [Macro News] The US Congressional Budget Office: The Build Back Better Act will increase the US deficit by $3.4 trillion. The US Congressional Budget Office estimates that the tax and spending bill recently signed into law by Trump (the Build Back Better Act) will increase the US deficit by $3.4 trillion over the next decade. According to the analysis by the Congressional Budget Office, the bill includes cuts to healthcare subsidies and other expenditures that could result in 10 million Americans losing health insurance by 2034. The CBO's score reflects that by 2034, US revenue will decrease by $4.5 trillion compared to current law, and spending will decrease by $110 billion. The Toy Association of America: Tariff levels are far beyond what the industry can bear. Analysts and experts expressed before the release of second-quarter earnings that the toy industry continues to face a challenging environment. Greg Ahearn, CEO of the Toy Association of America, said that about 60% of toy manufacturers have laid off personnel in the past two months. He said, "You can see the severity of the impact," "Hasbro, Inc. has reduced staff by 3%, medium-sized companies by 20%, and small businesses say they are facing the risk of closure." He added that high tariffs on goods from Southeast Asian manufacturing hubs have eroded profit margins and led some companies to cancel holiday season orders entirely. Ahearn said, "These tariffs are not figures our industry can bear." Bank of Canada survey shows over 60% of respondents plan to reduce purchases of US goods. How are Canadians responding to US President Trump's tariff policies? According to a Bank of Canada survey, they are increasing their resistance to US travel and products. For the first time in its history, the Bank of Canada asked people about their plans to travel to the US in its consumer quarterly survey. About 55% of Canadians said they are avoiding or reducing spending on vacations in the US, and about one-third said they plan to increase domestic travel spending. The survey showed that about 63% of respondents are reducing purchases of American goods, higher than the 55% in the first quarter. Federal Reserve Chairman Powell faces criminal charges from Trump ally. US Representative Anna Paulina Luna has filed criminal charges with the Department of Justice, alleging that Federal Reserve Chairman Powell committed perjury twice. Luna wrote in a letter, "On June 25, 2025, Powell testified before the US Senate Banking, Housing, and Urban Affairs Committee about the renovation issues at the Federal Reserve's Eccles Building. In his testimony, he made several significant false statements." Luna also said, "Furthermore, in a letter to the Director of the Office of Management and Budget (OMB) Russell Vought, Powell stated that the change from $1.9 billion to $2.5 billion in the project's cost was insignificant. However, documents reviewed by congressional investigators show that the scope and cost overrun of this project are not trivial in nature and in substance." Falsifying testimony, in addition to fines, can result in a maximum of 5 years in prison. New York Fed survey: Consumers find it easier to obtain car loans or mortgage refinancing. The latest credit data released by the Federal Reserve Bank of New York shows that in June, it was somewhat easier for American households to apply for mortgage refinancing or car loans. The bank stated on Monday that the mortgage refinancing application rejection rate fell to 15% in June, down from 42% in February, the highest since the fall of 2013. The rejection rate for car loans also decreased from 14% in February to 7% in June, although the decline was smaller. The New York Fed stated that overall credit applications and rejection rates remained stable over the past year. These results are from the New York Fed's Consumer Expectations Survey, which closely monitors inflation expectations and consumer sentiment readings. [Stock News] NXP Semiconductors NV (NXPI.US) provided a disappointing revenue guidance for the third quarter, causing the stock price to plummet more than 4% after-hours. NXP Semiconductors NV reported revenue of $2.93 billion for the second quarter, slightly below analysts' expectations of $2.9 billion. EPS for the second quarter was $1.75, compared to $2.54 in the same period last year. Adjusted EPS for the second quarter was $2.72, beating analysts' expectations of $2.68. Free cash flow (FCF) for the second quarter was $696 million, below analysts' expectations of $754 million. The company expects revenue for the third quarter to be between $3.05 billion and $3.25 billion, slightly below analysts' expectations of $3.07 billion. EPS for the third quarter is expected to be between $2.22 and $2.62, below analysts' expectations of $2.42. Adjusted EPS for the third quarter is expected to be between $2.89 and $3.30, also below analysts' expectations of $3.06. The company forecasts an adjusted gross margin of 56.5% for the third quarter, below analysts' expectations of 56.9%. NXP Semiconductors NV's stock price dropped 4.50% after-hours. The Trump Media Company (DJT.US) has accumulated $2 billion in Bitcoin. The Trump Media and Technology Group announced on Monday that they have accumulated approximately $2 billion in Bitcoin and related assets. As Trump turned to the highly profitable field of cryptocurrency, his net worth continued to grow during his presidency. The company stated in a press release that their Bitcoin holdings currently constitute about two-thirds of the total assets of Trump Media's liquidity. Trump had been skeptical of digital currencies, but now vows to make the US the global capital of cryptocurrencies. He has taken several actions in this direction, including signing an executive order to establish a "Strategic Bitcoin Reserve," appointing a "Crypto Czar," and urging Congress to pass multiple bills related to cryptocurrencies. Ethereum investment company "Ether Machine" plans to raise $1.6 billion in IPO. Ether Machine is a new crypto enterprise supported by well-known crypto investors, and it plans to merge with the blank check company DYNAM JAPANix Corporation to list on the Nasdaq, aiming to raise over $1.6 billion. The combined entity will be named "Ether Machine" and aims to have over 400,000 Ether on its balance sheet, making it the largest public vehicle for institutional exposure to the world's second largest cryptocurrency. DYNAM JAPANix's stock price rose nearly 28% in early trading. This deal highlights the growing interest of institutions in holding cryptocurrencies on their balance sheets, as several projects have announced plans for public listings in recent months, intending to package crypto assets as stocks to attract traditional investors. Strike while the iron is hot: BitGo secretly submits US IPO application. Cryptocurrency custody company BitGo Holdings Inc. announced on Monday that, amidst optimism in the digital asset market, the company has secretly submitted an IPO application. Established in 2013, BitGo is one of the largest cryptocurrency custody companies in the US, storing and protecting digital assets for clients. The cryptocurrency industry market cap has risen to $4 trillion, and Bitcoin recently hit an all-time high, surpassing $120,000. Matt Kennedy, Senior Strategist at Renaissance Capital, stated, "This is the best market condition for the cryptocurrency field in years, and companies want to take advantage of that. Crypto startups know that the IPO window could unexpectedly close, especially in a volatile field like cryptocurrency, so they want to strike while the iron is hot." [Big Banks Ratings] Morgan Stanley: Raised the target price for Meta Platforms (META.US) from $650 to $750