On Tuesday, all three major US indices closed lower as surging Treasury yields weighed on investor sentiment. US stocks performed strongly in August, with the Dow gaining over 3%, the S&P 500 climbing nearly 2%, and the tech-heavy Nasdaq advancing 1.6% for the month. This marked the fourth consecutive monthly gain for the S&P 500.

**US Markets** At Tuesday's close, the Dow fell 249.07 points or 0.55% to 45,295.81; the Nasdaq dropped 175.92 points or 0.82% to 21,279.63; and the S&P 500 declined 44.72 points or 0.69% to 6,415.54 points. NVIDIA (NVDA.US) closed down 1.95%, while CoreWeave (CRWV.US) fell 9.41%.

**European Markets** Germany's DAX 30 fell 534.22 points or 2.22% to 23,488.84; the UK's FTSE 100 dropped 83.99 points or 0.91% to 9,112.35; France's CAC 40 declined 53.65 points or 0.70% to 7,654.25; the Euro Stoxx 50 fell 78.93 points or 1.47% to 5,288.15; Spain's IBEX 35 dropped 223.00 points or 1.49% to 14,707.50; and Italy's FTSE MIB declined 704.71 points or 1.66% to 41,705.00.

**Asia-Pacific Markets** Japan's Nikkei 225 gained 0.29%, South Korea's KOSPI rose 0.94%, and Indonesia's Composite Index advanced 0.85%.

**Oil Markets** October delivery light crude futures on NYMEX rose $1.58 to $65.59 per barrel, up 2.47%. November Brent crude futures gained 99 cents to $69.14 per barrel, up 1.45%.

**Foreign Exchange** The US Dollar Index, measuring the dollar against six major currencies, rose 0.69% to close at 98.382 in late trading. At the close of New York currency markets, 1 euro traded at 1.1645 dollars, down from 1.1708; 1 pound at 1.3386 dollars, down from 1.3544; 1 dollar at 148.28 yen, up from 147.22; 1 dollar at 0.8038 Swiss francs, up from 0.8010; 1 dollar at 1.3780 Canadian dollars, up from 1.3752; and 1 dollar at 9.4472 Swedish kronor, up from 9.3916.

**Cryptocurrencies** Bitcoin rose 1.66% to $111,074.1, while Ethereum gained 0.34% to $4,329.05.

**Metals** New York gold futures briefly touched $3,600 per ounce, setting a new record high with a daily gain of 2.39%. Spot gold rose 1.64% to $3,533.85. Gold prices hit new records driven by increased safe-haven demand, strengthened expectations for US rate cuts, and continued central bank purchases. World Gold Council Market Intelligence Manager Krishan Gopaul noted that ongoing market uncertainty, concerns about Federal Reserve independence, renewed September rate cut expectations, renewed US stagflation risks, and broad dollar weakness have collectively strengthened gold's appeal. Geopolitical tensions and tariff concerns further reinforced this trend. Gopaul stated that gold ETFs, bars, and coins continue to see strong investor demand, while central banks continue advancing reserve diversification. He added that the core factors driving this rally are unlikely to disappear in the short term.

**US Treasuries** The 10-year benchmark Treasury yield rose 3.30 basis points to 4.2614%, trading in a 4.2420%-4.3043% range throughout the day following the long weekend. The 2-year yield gained 2.25 basis points to 3.6392%, trading between 3.6270%-3.6741%.

**Macro News** Trump stated he would appeal tariff rulings to the Supreme Court as early as Wednesday, claiming stocks want tariffs. On Tuesday, President Trump told reporters in the White House Oval Office that his administration would ask the Supreme Court to expedite rulings on global tariff cases, seeking to overturn federal court decisions finding several of his tariffs illegal. He emphasized the critical importance of maintaining current trade policies. Trump said his administration would appeal to the Supreme Court as early as Wednesday, warning that if the earlier appellate court ruling takes effect, it would "cause devastating damage to our country." He stated: "We will ask the Supreme Court to expedite the ruling; we need a judgment as soon as possible." Trump claimed: "The stock market is falling precisely because the market needs tariff measures; they crave tariffs." However, market analysts believe corporate bond issuance and developed nations' budget concerns are the main causes of stock market declines.

A ruling on Trump's dismissal of Fed Governor Lisa Cook is unlikely before September 4. The federal court in Washington regarding President Trump's dismissal of Federal Reserve Board member Lisa Cook may not issue a ruling before September 4, as the judge has agreed to extend the deadline for the government to submit arguments. US District Judge Jacob has requested the Justice Department submit another brief by Thursday regarding opposition to Cook's request for immediate court action to block the Fed from executing the dismissal order. According to judicial procedures, judges typically wait for all documents to be submitted before ruling. Judge Jacob held a hearing on August 29. Cook's lawyers argue that if no agreement is reached with the government to ensure her continued service during litigation, the judge needs to quickly issue a temporary ruling maintaining the status quo. The Fed's next interest rate meeting is scheduled for September 16-17.

**Individual Stock News** Google antitrust ruling allows data sharing without Chrome or Android divestiture. A Washington judge ruled Tuesday that Alphabet's Google (GOOGL.US) must share data with competitors and open online search market competition, while rejecting prosecutors' demands for Google to sell its Chrome browser. Additionally, Google does not need to divest its Android operating system. Furthermore, Google is scheduled to face another Justice Department lawsuit in September, where a judge has already ruled that Google holds an illegal monopoly in online advertising technology, with remedial measures to be determined then. The Justice Department's two lawsuits against Google are part of a bipartisan crackdown on big tech companies that began during Trump's first term, involving Meta Platforms, Amazon, and Apple. Following the ruling announcement, Google's after-hours stock rose 6%, while Apple gained 4%.

Apple continues losing AI talent as robotics research head joins Meta. Apple's (AAPL.US) artificial intelligence robotics research head has left to join Meta Platforms (META.US), marking the latest case of AI talent loss at the company. Meta confirmed Tuesday that Jian Zhang has joined its robotics studio. According to sources, three other AI researchers will leave Apple's internal large language model team. The recent wave of departures last week included John Peebles, Nan Du, and Zhao Men. These personnel all came from Apple's foundational model team, which has seen about 10 members leave in recent weeks, including the team leader. This team is core to developing Apple's intelligence platform, launched last year as an important initiative for the company to catch up with the AI wave.

NVIDIA stock falls for fourth day, breaking key technical level as analysts warn of weakening short-term momentum risk. NVIDIA (NVDA.US) fell as much as 4% intraday Tuesday to $167.22, declining for the fourth consecutive trading day and breaking below the 50-day moving average of $171.02. The breach of this closely watched technical level is viewed as a negative signal of weakening short-term momentum. Kingsview Partners Chief Technical Analyst Buff Dormeier stated: "This shows upward momentum has collapsed, which makes me concerned about the stock's short-term trend." He uses the 50-day moving average as a key reference indicator. Dormeier considers $160 the next support level, followed by $145 - a level that was an important threshold before the June breakout. He added: "If the stock falls below $145, I would be deeply concerned about its prospects." This chip manufacturing giant's stock declined alongside the broader market, with geopolitical concerns and high valuation pressures continuing to weigh. Despite NVIDIA's four-day decline totaling over 7% and resulting in market cap losses exceeding $340 billion, the stock's recent overall trend remains upward.

**Analyst Ratings** D.A. Davidson: Raised Alphabet (GOOGL.US) target price to $190 Haitong International: Raised Baidu (BIDU.US) target price from $85 to $95