Overnight US stocks | The three major stock indices rose this week, with UnitedHealth Group Incorporated (UNH.US) rising by nearly 12%.

On Friday, the three major indexes fluctuated, with all three indices recording steady gains for the week. US StocksAt the close, the Dow rose 34.86 points, or 0.08%, to 44,946.12 points; the Nasdaq fell 87.69 points, or 0.40%, to 21,622.98 points; the S&P 500 fell 18.74 points, or 0.29%, to 6,449.80 points. Intel Corporation (INTC.US) rose 2.93% and UnitedHealth Group Incorporated (UNH.US) rose nearly 12%. The Nasdaq China Golden Dragon Index rose 0.74%, Bilibili, Inc. Sponsored ADR Class Z (BILI.US) rose 4.32%, and Alibaba Group Holding Limited Sponsored ADR (BABA.US) fell 0.85%. Major stock indices all recorded gains for the week, with the Dow up 1.75% overall. The S&P 500 rose 0.93% and the Nasdaq Composite Index rose 0.79%. European StocksMajor European stock indices closed with mixed results, with the Euro Stoxx 50 Index rising 0.24%, the UK's FTSE 100 Index falling 0.44%, the French CAC 40 Index rising 0.67%, the German DAX 30 Index falling 0.06%, and the FTSE Italy MIB Index rising 1.11%. Asia-Pacific Stock MarketThe Nikkei 225 Index rose 1.71%, the KOSPI Index in South Korea rose slightly, and the Indonesia Composite Index fell 0.41%. Crude OilNYMEX light crude oil futures for September delivery fell $1.16 to $62.80 per barrel, a decrease of 1.81%; ICE Brent crude oil futures for October delivery fell 99 cents to $65.85 per barrel, a decrease of 1.48%. Foreign ExchangeThe US Dollar Index, which measures the dollar against six major currencies, fell 0.41% to close at 97.853 in the forex market. At the close of the New York forex market, 1 euro was exchanged for 1.1703 US dollars, higher than the previous trading day's 1.1642 US dollars; 1 pound sterling was exchanged for 1.3554 US dollars, higher than the previous trading day's 1.3533 US dollars. 1 US dollar was exchanged for 147.21 Japanese yen, lower than the previous trading day's 147.88 Japanese yen; 1 US dollar was exchanged for 0.8062 Swiss francs, lower than the previous trading day's 0.8085 Swiss francs; 1 US dollar was exchanged for 1.3813 Canadian dollars, lower than the previous trading day's 1.3814 Canadian dollars; 1 US dollar was exchanged for 9.5524 Swedish kronor, lower than the previous trading day's 9.5888 Swedish kronor. MetalsSpot gold rose 0.04% to $3,336.74 per ounce, down 1.79% for the week, with a significant decline on August 11 and continued narrow fluctuations from August 12-15. COMEX gold futures fell 0.03% to $3,382.20 per ounce, down 2.16% for the week (down 3.14% since the close on August 8). The Philadelphia Gold and Silver Index rose 0.90% to 231.43 points, up 0.49% for the week. CryptocurrencyBitcoin fell 0.48% to $117,819, and Ethereum fell 1.6% to $4,477.04. The Federal Reserve announced on Friday that it would cancel a so-called "novel activitie" regulatory plan that specifically oversees banks' cryptocurrency and financial technology activities, instead incorporating such activities into its regular bank monitoring. The Fed launched this new plan in 2023 to focus on how banks interact with these emerging technologies. However, the Fed stated that this is no longer necessary as it has strengthened its understanding of these risks and how banks manage them. Macro News US retail sales grew across the board, with July data revised upwards. Driven by car sales and large online promotions, retail sales in the US grew in July, indicating that consumers have increased spending in recent months. Data released on Friday showed that retail sales, excluding inflation adjustments, rose 0.5%, an upward revision from June's 0.9% growth. Retail sales excluding the car sector grew 0.3%. Nine out of thirteen categories saw growth, including the largest car sales increase since March. Sales growth at online retailers and department stores may have been driven by promotions such as Amazon.com, Inc.'s extended Prime Day, Walmart Inc.'s week-long "sales" event, and similar promotions by Target. Friday's report suggests a much better start to consumer spending in the second half of this year, as the uncertainty surrounding Trump's policies (mainly tariffs) in the past six months has dampened market sentiment and kept many consumers on the sidelines. US consumer confidence in August fell slightly, mainly due to concerns about inflation. Joanne Hsu, director of the University of Michigan Consumer Survey, stated that US consumer confidence fell by about 5% in August, the first decline in four months. This deterioration is largely due to increasing concerns about inflation. Purchases of durable goods have declined by 14% due to high prices, hitting the lowest level in a year. In addition, the assessment of personal financial conditions has slightly decreased, reflecting increased concerns about purchasing power. Personal financial expectations have slightly improved, while income expectations have also strengthened slightly, but income expectations remain weak. Overall, consumers are no longer preparing for the worst-case scenario after tariffs were announced in April and then suspended. However, consumers still expect future inflation and unemployment rates to worsen. In addition, inflation expectations for the next year have risen from 4.5% last month to 4.9% this month. Long-term inflation expectations have also risen from 3.4% in July to 3.9% in August. This month ended a trend of two consecutive months of declining short-term inflation rate expectations and three consecutive months of declining long-term inflation rate expectations. However, these two data points are still far below the brief peaks in April and May 2025. Trump: Imposing semiconductor tariffs at up to 300%. US President Trump said he will impose tariffs on semiconductors in the next two weeks, the latest sign that he is preparing to significantly expand the tariff system. Trump told reporters aboard Air Force One on his way to a summit with Russian President Putin in Alaska on Friday, "I will determine the tariffs for steel and chips next week or a few weeks later. I mean chips and semiconductors, we will determine it next week or at some point in the coming weeks." It is not clear whether Trump misspoke about steel and chip tariffs. He had already increased import tariffs on steel and aluminum to 50% in June. The president has repeatedly promised to impose tariffs on semiconductors and drugs in the coming weeks, but has not made a formal announcement yet. In addition, Trump suggested that tariffs on imported semiconductors could be even higher, stating: "The tax rate I intend to set may be 200%, or maybe 300%?" US industrial output slows down as factories face weak demand. US industrial production decreased in July, with manufacturing output remaining sluggish due to cooling demand and changing trade policies. Data showed that industrial production in July fell by 0.1%, with manufacturing output, which accounts for three-quarters of total industrial output, remaining unchanged after an upward revision in June. Mining and utilities production both declined. US manufacturing had a strong start at the beginning of the year, receiving a large number of orders before tariffs were imposed, but since then, production has declined as businesses deal with the uncertainty related to Trump's trade policies and a slowdown in capital expenditures. Manufacturers are facing many challenges, including uneven consumer spending and tariff-induced price increases in some raw materials. Japan increased its holdings of US Treasuries in June, while China's holdings remained unchanged. According to data from the US Department of Treasury, China held $756 billion in US Treasury securities in June, the same as in May. Japan held $1.148 trillion in US Treasury securities in June, up from $1.135 trillion in May. The UK held $858 billion in US Treasuries in June, up from $809 billion in May. Bank of America Corp: Adjusting the Federal Reserve's investment portfolio may bring $2 trillion to the Treasury. Bank of America Corp states that the potential adjustment of the Federal Reserve's holdings in US Treasuries could lead to the central bank purchasing nearly $2 trillion in Treasuries over the next two years, enough to absorb almost all of the Treasury's issuance during that period. Analysts Mark Cabana and Katie Craig expect the Fed to adjust its investment portfolio to better match assets and liabilities, in order to guard against rate risks and negative assets, while shortening the debt's duration. This move will ultimately bring much-needed revenue to the Treasury. Since raising the debt limit last month, the Treasury has issued a large amount of short-term bonds to cover the widening deficit and replenish cash balances. Stock News Meta Platforms (META.US) plans to restructure its AI business for the fourth time and is expected to be split into four departments. According to sources, Meta Platforms plans to restructure its AI business for the fourth time, with an expected split into four departments within the next six months. One group will be a new lab, previously referred to as the TBD Lab, meaning "TBD." Previously, Zuckerberg had restructured Meta's AI business into the Meta Superintelligence Labs architecture. The Trump administration is considering using funds from the chip bill to acquire a stake in Intel Corporation (INTC.US). According to sources, the Trump administration is considering using funds from the "American Chip and Science Bill" to acquire a stake in Intel Corporation (INTC.US). Discussions are still in the early stages, focusing on whether Intel Corporation's existing part or all of the funds from the bill will be converted into equity, whether new funds will be allocated, or whether the funds from the bill will be combined with other financing channels. Intel Corporation is already the largest potential beneficiary of this program. Under the bill enacted in 2022, Intel Corporation has received $7.9 billion in commercial semiconductor manufacturing subsidies, up to $30 billion for the Pentagon's "safe havens" project, and a $110 billion loan capacity. This potential source of funding has not been previously reported, and discussions are still evolving. Although President Trump has previously criticized Intel Corporation CEO Pat Gelsinger, it is reported that his position is now secure Gelsinger met with President Trump on Monday. The Trump administration aims to quickly inject unused funds from the "American Chip and Science Bill" into areas viewed as critically important to US national security. The White House has declined to comment on the matter. Major Bank Ratings Citigroup: Applied Materials (AMAT.US) removed from focus list; target price lowered to $205.