Last night and this morning, many significant events took place.

The Dow Jones Industrial Average hit a record high, with Intel surging nearly 10%, and Alibaba once jumping nearly 5%! PCE data strengthens expectations for a Fed rate cut in September. The Brazilian Supreme Court ordered a nationwide suspension of Musk's X. The Dow Jones Industrial Average hit a record high!

On August 30th, Eastern Time, the three major U.S. stock indices all closed higher. The Dow Jones rose by 0.55%, reporting 41,563.08 points, setting a record high; the S&P 500 index increased by 1.01%, reporting 5,648.4 points; the Nasdaq Composite rose by 1.13%, reporting 17,713.62 points.

For the week, the Dow Jones increased by 0.94%, the S&P 500 index increased by 0.24%, and the Nasdaq Composite fell by 0.92%. In August, the Dow Jones rose by 1.76%, the S&P 500 index rose by 2.28%, and the Nasdaq Composite increased by 0.65%.

PCE data strengthens expectations for a Fed rate cut in September

The U.S. core PCE price index for July rose 2.6% year-on-year, expected to rise 2.7%, with the previous value also rising 2.6%; it rose 0.2% month-on-month, expected to rise 0.2%, with the previous value rising 0.2%. The PCE price index rose 2.5% year-on-year, expected to rise 2.6%, with the previous value rising 2.5%; it rose 0.2% month-on-month, expected to rise 0.2%, with the previous value rising 0.1%.

Advertisement

As one of the Federal Reserve's most favored indicators, the core PCE price index rose slightly less than market expectations year-on-year, indicating moderate inflation. This further strengthens expectations for a 25 basis point rate cut by the Fed in September. Some financial institutions even predict that the Fed will cut rates by 50 basis points in September.

Intel surges nearly 10%

On August 30th, Eastern Time, Intel's stock price opened high and continued to rise, once surging 9.89%, closing the day at $22.04, up 9.49%, marking the largest single-day increase since October 2022, with a transaction volume of $3.856 billion.

According to informed sources, Intel is now working with Goldman Sachs and Morgan Stanley to discuss various plans to navigate through the most difficult period in its 56-year history.These plans include splitting the product design and manufacturing business, as well as suspending or canceling some projects, to save the company's financial performance.

Intel emphasized that the negotiations are still in the early stages, and the company has not taken any significant measures.

The Brazilian Supreme Court ordered a nationwide suspension of Musk's X

According to reports, on August 30th local time, the Brazilian Supreme Court ordered a nationwide suspension of the social network X under Elon Musk.

On August 28th, the court announced that Musk and X Company had 24 hours to appoint a legal representative for their business in Brazil, otherwise they would face a "penalty for suspending activities", but Musk refused.

The Chief Justice of the Brazilian Supreme Court, Alexandre de Moraes, also called for daily fines for Brazilian individuals or companies who use virtual private networks (VPNs) or other methods to access X during the ban on X in the country.

This ban put an end to a months-long dispute between Musk and the Chief Justice of the Supreme Court, who is leading the crackdown on fake news and hate speech, saying that these contents undermine Brazil's democracy. Musk and conservative figures, including former Brazilian President Jair Bolsonaro, said that the judge overstepped his authority and undermined freedom of speech.

Alibaba once rose by nearly 5%

On August 30th Eastern US time, stimulated by the company's completion of a three-year rectification, Alibaba's stock price opened sharply higher and once surged by 4.60%, and then the increase narrowed; the day closed at $83.31, up 2.83%.

Previously, the State Administration for Market Regulation issued an announcement stating that Alibaba Group had completed a three-year rectification and achieved good results. Alibaba responded by saying: "For Alibaba, this is a new starting point for development. In the future, we will continue to focus on innovation, adhere to compliant operations, increase investment in technology, promote the healthy development of the platform economy, and create more value for society."