Overnight US stocks | The three major indices showed mixed results, with Bitcoin and gold continuing last week's gains, while NVIDIA Corporation (NVDA.US) fell nearly 3%.

On Monday, the three major indices showed mixed movements, with technology stocks collectively declining. Following media reports that the U.S. Treasury Department might use its general account to fund buyback operations, U.S. Treasury yields fell. The yield on the 10-year Treasury note dropped by more than 3 basis points to 4.704%. The yield on the 30-year Treasury note, which had broken above 5.3% last week, reaching a nearly 20-year high, fell by 4 basis points to 5.234%. In U.S. stocks, the Dow Jones Industrial Average closed up 140.14 points, or 0.26%, at 53,417.16 points; the S&P 500 index fell by 21.51 points, or 0.28%, to 7,652.86 points; and the Nasdaq dropped by 200.26 points, or 0.76%, to 25,980.19 points. SK hynix (SKHY.US) fell by 4.9%, Micron Technology, Inc. (MU.US) dropped by 5.8%, Sandisk (SNDK.US) declined by 6.4%, and NVIDIA Corporation (NVDA.US) fell by nearly 3%. The Nasdaq China Golden Dragon Index closed down 1.67%, with Alibaba Group Holding Limited Sponsored ADR (BABA.US) down 0.7%. In European stocks, Germany's DAX30 index fell by 24.26 points, or 0.09%, to 26,104.29 points; the UK's FTSE 100 index rose by 35.27 points, or 0.33%, to 10,851.83 points; France's CAC40 index dropped by 31.42 points, or 0.37%, to 8,453.01 points; the European Stoxx 50 index fell by 16.50 points, or 0.26%, to 6,449.15 points; Spain's IBEX35 index rose by 138.97 points, or 0.70%, to 20,100.47 points; and Italy's FTSE MIB index fell by 123.04 points, or 0.23%, to 52,545.00 points. In Asian stock markets, the Nikkei 225 index fell by 0.74%, and South Korea's KOSPI index dropped by 3.12%. The U.S. Dollar Index, which measures the dollar against six major currencies, rose by 0.2% and closed at 99.003. As of the close of the New York foreign exchange market, 1 Euro exchanged for 1.1663 USD, down from 1.1683 USD the previous trading day; 1 British Pound exchanged for 1.3631 USD, down from 1.3652 USD the previous trading day. 1 Dollar exchanged for 159.19 Japanese Yen, up from 159.02 Yen the previous day; 1 Dollar exchanged for 0.8026 Swiss Francs, up from 0.8008 Francs; 1 Dollar exchanged for 1.3850 Canadian Dollars, up from 1.3761 Canadian Dollars; and 1 Dollar exchanged for 9.4973 Swedish Kronor, up from 9.4626 Kronor previously. In cryptocurrency, Bitcoin rose by 1.82%, trading at 79,009.88 USD; Ethereum rose over 1%, trading at 2,482.55 USD. In crude oil, as of the day's close, the price of light crude oil futures for October delivery on the New York Mercantile Exchange fell by 2.05 USD, closing at 85.01 USD per barrel, a decline of 2.35%; Brent crude oil futures for October delivery fell by 2.22 USD, closing at 92.17 USD per barrel, also down by 2.35%. In precious metals, spot gold rose by 1.07%, trading at 4,652.5 USD; spot silver traded at 68.94 USD. In macro news, support for a war with Iran among the American public stands at just 31%, while Trumps approval rating remains at a historic low. According to the latest media polls, public support for the Iran war has dropped to its lowest level since the conflict began, recorded at 31%, causing Trump's approval rating to linger at a historic low of 33%. Only 31% of Americans currently support military action against Iran, down from 37% in March and 34% earlier this month. The primary reason for the declining approval rate is a drop in support from self-identified Republicans regarding the war. Trump's popularity is clearly suffering due to public dissatisfaction with the prolonged Iran war, as he registers a second consecutive poll low, with only 33% of respondents approving of his performance. The survey also shows that about 83% of Americans believe the war will "last a long time," up from 80% in earlier polls this month. The U.S. is employing a combination of soft and hard tactics to urge Canada back to the negotiating table. After tariff negotiations between the U.S. and Canada broke down, Trump announced tariff increases on Canadian goods, warning of severe consequences if Canada does not comply, while his officials attempted to ease the situation. U.S. Treasury Secretary Yellen, during a press conference announcing sanctions against Iran, stated that Trump hopes Canada will return to the negotiation table and negotiate in good faith. Canadian Prime Minister Trudeau remarked that a mutually beneficial agreement with the U.S. is possible, contingent upon the U.S. adopting a proper attitude towards Canadian industries. Previously, U.S. Vice President Harris stated at an event in Maine that trade talks with Canada are still ongoing and emphasized the need for both sides to reach an agreement. However, he also urged the Canadian Prime Minister to clarify that Canada would no longer take advantage of the U.S., emphasizing the need for fair and equitable trade policies. Yellen stated that U.S. Treasury buybacks have not yet started, raising questions about the clarity of policy signals. At an "Economic D-Day" press conference, Yellen did not provide further signals regarding U.S. Treasury operations. Previously, with the 30-year Treasury yield reaching its highest level since 2007, Yellen unexpectedly announced plans to expand the scale of long-term Treasury buybacks. According to the plan, from September 9 to November 4, the minimum amount for each buyback will be increased from 2 billion USD to 4 billion USD. When asked whether the buyback could be expanded further, Yellen responded, "We haven't even bought a single bond yet, and the next operation will be on September 9." Just recently, she had hinted that buyback scales might exceed the newly set lower limit, but this statement showed a clear retraction. Analysts pointed out that Treasury buybacks are essentially a routine, predictable debt management tool rather than an emergency response to market pressures. Earlier, Yellen had claimed to possess "a full set of tools" to stabilize the bond market, leading to speculation that the Treasury might reduce long-term Treasury issuance. Regarding whether the scale of long-term bond auctions would be reduced, Yellen stated that the Treasury will "progress according to the regular issuance plan and hinted that specific arrangements would be revealed in the next quarterly refinancing announcement. An AI fund sold at a discount to Citadel is under SEC investigation. Reports indicate that the U.S. Securities and Exchange Commission is investigating recent near-collapse incidents involving the AI hedge fund Situational Awareness, issuing subpoenas to major Wall Street banks involved in trading the fund and providing leveraged financing. According to knowledgeable sources, the SEC has requested banks to provide details on the timing of the fund's trading, as well as communication records with lenders regarding borrowed funds, and has required them to retain all documents related to the fund. Situational Awareness was founded by former OpenAI researcher Leopold Aschenbrenner and previously achieved high returns through the AI boom. At its peak, the fund managed over 30 billion USD in assets and borrowed hundreds of billions to amplify its investments. However, at the end of last month, as share prices of popular AI companies fell while traditional tech stocks shorted by the fund rose, the fund's losses widened rapidly, ultimately forcing it into a "fire sale," selling most of its stock portfolio at a discount to Citadel. The SEC stated that the investigation is still in its early stages and does not necessarily imply that there will be penalties. Situational Awareness has not been accused of any wrongdoing. The fund has stated that it will "fully cooperate with any regulatory requirements." The U.S. Treasury has established a quantum safety task force to accelerate the financial system's transition to quantum-resistant technologies. The U.S. Treasury recently announced the formation of a "Quantum Security Preparedness Task Force," which will lead the transition of the financial sector to quantum-resistant cryptographic technology to enhance the security of sensitive data, critical infrastructure, and the digital economy. Treasury Secretary Yellen emphasized that the U.S. must be at the forefront of technological security assurance, and this task force will ensure that the financial system remains secure, stable, and competitive amid technological disruptions. The task force brings together government agencies, financial institutions, and technology providers to focus on three main tasks: promoting the post-quantum cryptographic migration for the financial sector, enhancing third-party supply chain security preparedness, and assessing the risks posed by digital assets and emerging technologies. The Treasury pointed out that once quantum computing matures, it will have the capability to break existing cryptographic systems, posing long-term threats to financial data, payment systems, digital identities, and market infrastructures. Therefore, the early deployment of post-quantum cryptographic technology is a crucial step in maintaining economic security and the resilience of the financial system. In individual stock news, Boeing Company (BA.US) has secured a contract with the U.S. Air Force worth up to 131.2 billion USD. Boeing Company has received a contract from the U.S. Air Force with a maximum value of 131.2 billion USD. Project code F-15 Eagle Crest, serving the F-15 program office. This contract covers aircraft production, system integration, modernization, upgrades, modifications, maintenance support, and the establishment of self-maintenance capabilities to deliver and ensure the core operational capabilities of the F-15 "Eagle" weapon system for the U.S. Air Force, Air National Guard, and other Department of Defense customers. In major ratings, Wells Fargo & Company raised its target price for Marvell Technology, Inc. (MRVL.US). Wells Fargo & Company stated that Marvell Technology, Inc. has shown strong performance this year, and with the company preparing to announce its latest quarterly earnings, its stock is expected to continue rising. The investment bank has assigned the chip manufacturer an "outperform" rating and raised its target price from 240 USD to 310 USD, indicating nearly a 31% upside from last Friday's closing price. "We believe Marvell resembles a chip company with independent growth logic, which could outperform the overall growth speed of the industry, whether the chip industry is in a good or bad cycle," Wells Fargo & Company analyst Aaron Rakes stated in a report to clients.