Overnight US stocks | The Dow ended a five-day winning streak, Western Digital Corporation (WDC.US) fell 13%, and crude oil strengthened as the market focuses on the non-farm payroll report.

On Thursday, the three major indices declined, with the Dow ending its previous five-day streak of gains. Oil prices rose after Iranian state news cited a parliament member stating that a draft concerning the shipping conditions in the Strait of Hormuz would allegedly prohibit vessels from the U.S. and Israel from passing through this crucial waterway. The Iranian news agency Fars reported that the plan is currently under review by an Iranian parliamentary committee. Additionally, market attention shifted to the non-farm payroll report due on Friday. U.S. StocksAt market close, the Dow dropped 464.02 points, down 0.85%, closing at 53885.10; the Nasdaq fell 15.09 points, down 0.06%, to 26348.35; the S&P 500 index decreased by 13.53 points, a decline of 0.18%, to 7710.02. SanDisk (SNDK.US) fell by 6.8%, Western Digital Corporation (WDC.US) dropped 13%, SK Hynix (SKHY.US) fell 5%, while SpaceX (SPCX.US) rose by 6%. The Nasdaq China Golden Dragon Index closed up 0.27%, with Alibaba Group Holding Limited Sponsored ADR (BABA.US) down 1%. European StocksThe German DAX 30 index rose by 20.00 points, an increase of 0.08%, closing at 26159.03; the UK FTSE 100 index fell by 15.39 points, or 0.14%, to 10872.91; the French CAC 40 index rose by 30.41 points, an increase of 0.35%, to 8699.71; the STOXX Europe 50 index increased by 30.27 points, up 0.47%, to 6507.25; the Spanish IBEX 35 index rose by 122.90 points, an increase of 0.61%, to 20179.90; the Italian FTSE MIB index increased by 259.20 points, up 0.48%, to 53706.00. Asian StocksThe Nikkei 225 index fell by 0.93%, and the Korea Composite Stock Price Index decreased by 4.58%. U.S. Dollar IndexThe U.S. dollar index, which measures the dollar against six major currencies, rose by 0.25%, closing at 99.930. At the end of the New York currency market, 1 Euro was exchanged for 1.1524 U.S. dollars, down from 1.1553 dollars on the previous trading day; 1 British Pound was traded for 1.3457 dollars, down from 1.3469 dollars; 1 U.S. dollar was traded for 158.33 Japanese yen, up from 157.67 yen; 1 U.S. dollar was exchanged for 0.8122 Swiss francs, up from 0.8069 Swiss francs; 1 U.S. dollar was equivalent to 1.4014 Canadian dollars, up from 1.4008 Canadian dollars; and 1 U.S. dollar was worth 9.5068 Swedish kronor, up from 9.4832 kronor. CryptocurrencyBitcoin hovered above $64,000, priced at $64402.18; Ethereum fell by 0.12%, trading at $1904. Crude OilLight crude oil futures for September delivery on the New York Mercantile Exchange rose by $2.07, closing at $77.29 per barrel, up 2.75%; October delivery of London Brent crude oil futures increased by $3.04, closing at $82.49 per barrel, an increase of 3.83%. Precious MetalsSpot gold slightly fell by 0.14%, at $4240.27; spot silver stood at $61.533. Macro News Trump: A deal with Iran might be reached soon; the Strait is somewhat open. On Thursday local time, U.S. President Trump signed an executive order regarding birthright citizenship and polysilicon tariffs at the White House. Discussing the Iran issue, Trump stated, "The war with Iran will be over soon; I am involved in negotiations with Iran, and a deal could be reached shortly. I believe Iran cannot hold out for long. An agreement regarding the Strait of Hormuz has not been reached, but the Strait is currently 'somewhat' open, and we control it." Trump also mentioned arms supply issues: "We are in good shape right now with an unlimited supply, but we always want more ammunition. We have stockpiles around the world, and if needed, we will proactively take more." The U.S. is considering delaying tariffs on polysilicon-related products. On the 6th, it was reported that Trump administration officials are considering delaying the tariffs planned for CECEP Solar Energy panels and other polysilicon products by several months. According to insiders, President Trump may order the implementation of the tariffs as early as Thursday, but officials are considering setting a transitional period of 90 to 120 days. This arrangement could encourage companies involved in U.S. renewable energy projects to accelerate imports before the tariffs are officially enforced. U.S. crude oil imports from Saudi Arabia dropped to zero in July, interrupting a continuous flow for the first time in over 40 years. Preliminary data from the U.S. government indicated that in July, U.S. crude oil imports from Saudi Arabia fell to zero, marking the first month since 1985 without any imports of Saudi crude oil. Data released by the U.S. Energy Corporation on Wednesday showed that shipments of Saudi crude oil to the U.S. had completely stopped in July. Considering that earlier this year, U.S. refineries were purchasing over 800,000 barrels of Saudi crude oil daily, this drop is significant. With the closure of the Strait of Hormuz and other war-related supply disruptions pushing up crude oil prices linked to global benchmarks, U.S. refineries have been seeking alternative supplies of Saudi crude oil. While Saudi oil deliveries to the U.S. have historically dropped to zero in individual weeks, July marked the first time in over 40 years that the level was zero for an entire month. According to Kpler data, U.S. imports of crude oil from Saudi Arabia are expected to recover to around 300,000 barrels per day this month, in line with recent historical normal levels. Stock News SpaceX plans to build a natural gas power plant and large-scale energy storage facility for its Texas chip plant. SpaceX (SPCX.US) plans to establish its own power generation facilities for its large semiconductor manufacturing plant, Terafab, being developed in Texas alongside Tesla, Inc. On Wednesday in Grimes County, Texas, Riley Trettel, responsible for SpaceX's energy and data center development business, stated: "We will be self-sufficient, building a natural gas power plant and a very large battery array to store energy." These remarks provided new details about the plans of Musk's two largest companies for the new factory. The surge in power demand from data centers and the new factory has driven the need for new natural gas power plants, and Musk has long favored a vertical integration model. It is not the first time Musk and his companies have been involved in the Texas energy market. Tesla, Inc. produces large grid-scale battery storage devices called Megapack and owns a Megapack factory located west of Houston. NVIDIA Corporation reportedly considering reducing memory capacity for Rubin Ultra chips. It has been reported that NVIDIA Corporation (NVDA.US) is considering a significant measure to address the shortage of high-bandwidth memory chips. NVIDIA Corporation is looking at adopting a lower-than-planned memory configuration on the next generation graphics processor, Rubin Ultra. Insiders revealed that NVIDIA Corporation has tested at least three versions of the Rubin Ultra graphics card over the past few weeks, with some versions featuring lower memory capacities than initially announced specifications. This adjustment is partly due to the possibility of not being able to obtain sufficient high-end memory to meet the original design's supply requirements. The reduction in memory could impact chip performance, but NVIDIA Corporation can compensate in other ways. However, other AI companies using this lower-memory chip to run large AI models will need to utilize more chips than originally planned. Alphabet's massive bond issuance attracted $115 billion in orders. Alphabet (GOOG.US) recently completed a massive round of bond issuance, garnering approximately $115 billion in orders, indicating renewed investor interest in debt related to the AI boom after a recent sell-off. Insiders disclosed that the demand for this bond issuance exceeded the expected upper limit of $25 billion by four times. This demand surpassed that of other recent AI-related bond issues from companies such as Amazon.com, Inc. and SpaceX. Alphabet offered relatively attractive issuance premiums to investors to attract demand. Tesla, Inc.: Terafab plans to launch in Texas, aiming for over 1 terawatt of computing power annually. Tesla, Inc. (TSLA.US) announced that earlier this year, SpaceX and Tesla, Inc. launched the "Terafab" project, the world's largest chip manufacturing initiative, integrating logic chips, memory chips, and advanced packaging technology within the same facility. In April, Tesla, Inc. broke ground on a new R&D wafer factory in the northern section of the Texas Gigafactory, which is the precursor to Terafab. Today, we officially announce that Terafab will be located in Grimes County, Texas. This facility will serve as an advanced semiconductor wafer plant, aiming to bridge the vast gap between current global chip supply capabilities and future computing requirements. The combined demand for chips from SpaceX and Tesla, Inc. is expected to exceed 1 terawatt (TW) of computing power, significantly surpassing current global supply capabilities. We are extremely grateful to existing chip suppliers and encourage them to expand production where possible, but the growing gap between supply and demand in the future is the core reason for the existence of the Terafab project. The goal of Terafab is to manufacture new computing capabilities at an unprecedented scale and speed. The project plans to build a vertically integrated factory with a footprint exceeding 100 million square feet. The facility will encompass the manufacturing, packaging, and testing phases of advanced logic chips and memory chips. Centralizing these processes in one location helps achieve rapid iterative improvements and accelerates the deployment of new computing capabilities. Major Ratings BNP Paribas: Raised the target price for Western Digital Corporation (WDC.US) from $660 to $700.