On Thursday, August 29th, Eastern Time, the three major U.S. stock indices closed with mixed results, with the Dow Jones Industrial Average (DJIA) setting new intraday and closing historical highs as the market awaited the release of the key inflation indicator, the Personal Consumption Expenditures (PCE) index, on Friday. Federal Reserve's Barkin stated that inflation has somewhat declined, not yet to the desired level, but progress is being made.

Nvidia's stock price fell by over 6%, with its market value evaporating nearly $200 billion in a single day.

After two consecutive days of decline, U.S. West Texas Intermediate (WTI) crude oil rebounded, regaining the $75 per barrel threshold. Approximately 700,000 barrels per day of Libyan crude oil production was shut down, with multiple ports halting exports.

Chinese assets experienced a significant surge, with popular Chinese concept stocks generally rising, and the NASDAQ Golden Dragon China Index increasing by 2.63%.

The U.S. second-quarter GDP was unexpectedly revised upwards.

At the close, the DJIA rose by 0.59% to 41,335.05 points; the NASDAQ Composite fell by 0.23% to 17,516.43 points; and the S&P 500 index fell by 0.22 points to 5,591.96 points.

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On Thursday, economic data showed that the U.S. second-quarter GDP and personal consumption components were unexpectedly revised upwards, with the U.S. second-quarter real GDP annualized quarter-over-quarter growth rate revised to 3%, higher than the expected 2.80%. The GDP price index was revised up by 0.2 percentage points.

The number of people applying for unemployment benefits for the first time in the U.S. last week decreased, but the opportunities for the unemployed to return to work are gradually diminishing, indicating that the unemployment rate in August may remain at a relatively high level.

Federal Reserve's Barkin stated that inflation has somewhat declined, not yet to the desired level, but progress is being made.

Federal Reserve's Bostic indicated that, by historical standards, the employment rate remains quite strong. However, the pace of inflation decline exceeded expectations, while the rise in the unemployment rate far exceeded my anticipation, which means that rate cuts should be brought forward to the third quarter.The Federal Reserve's preferred inflation indicator—the Core Personal Consumption Expenditures (PCE) index—will be released on Friday, allowing the market to further anticipate the extent and speed of monetary policy easing.

Nvidia's market value evaporates by 1.4 trillion yuan

Most technology stocks rose, with the Wind U.S. TAMAMA Technology Index falling by 0.8%. Nvidia plummeted by 6.38%, with its market value evaporating by $196.7 billion (approximately 1.4 trillion yuan) in a single day.

Apple rose by 1.46%, Amazon by 0.77%, Netflix by 1.26%, Google fell by 0.66%, Facebook rose by 0.28%, and Microsoft increased by 0.61%.

Following the release of Nvidia's financial report, several investment banks have raised their target price for Nvidia. Data shows that the average target price given by 61 analysts for Nvidia is $143.44.

Both J.P. Morgan and Bernstein have raised their target prices for Nvidia. J.P. Morgan increased its target price from $115 to $155, while Bernstein raised its target price from $130 to $155. Raymond James also increased its target price for Nvidia from $120 to $140.

Additionally, according to market news, Nvidia has discussed investing $100 million in OpenAI's funding round.

Dell soars after hours due to a significant increase in AI server orders

Dell Technologies reported second-quarter revenue of $25.026 billion, compared to an expectation of $24.13 billion; net profit was $846 million, compared to an expectation of $715 million; earnings per share were $1.17, compared to an expectation of $1.19.

Specifically, Dell Technologies sold $3.1 billion worth of AI servers in the second quarter, up from $1.7 billion in the previous quarter; server and networking revenue was $7.7 billion, a year-over-year increase of 80%.Dell Technologies' stock jumped over 7% after hours following better-than-expected earnings.

WTI Crude Oil Futures Rebound

After two consecutive trading days of decline, U.S. WTI crude oil futures rebounded, closing up 1.9% on Thursday at $75.91 per barrel.

According to comprehensive media reports, approximately 700,000 barrels per day of crude oil production capacity in Libya has been shut down, with multiple ports halting exports. The total production halt is expected to reach between 900,000 and 1,000,000 barrels per day and will last for several weeks.

Additionally, sources revealed that Iraq plans to reduce its oil production from 4.25 million barrels per day in July to about 3.9 million barrels per day in September.

Energy stocks rose across the board, with ExxonMobil up 1.4%, Chevron up 1.01%, ConocoPhillips up 2.04%, Schlumberger up 0.99%, and Occidental Petroleum up 0.75%.

Popular Chinese ADRs Generally Rise

Popular Chinese ADRs generally rose, with the NASDAQ Golden Dragon China Index up 2.63%. Gaotu Group increased by 17.41%, Noah Holdings by 14.46%, Atour Hotel by 13.32%, Boss Zhipin by 12.51%, Dingdong Maicai by 8.29%, Zeekr by 7.35%, Miniso by 6.32%, and Huazhu Hotels by 6.2%.

Chinese Electric Vehicle Stocks Rise Collectively

Chinese electric vehicle stocks collectively rose, with NIO Inc. up 6.32%, XPeng Inc. up 8.1%, and Li Auto Inc. up 10.62%.