MARKET SNAPSHOT

U.S. stock markets closed modestly lower. Treasury yields were close to flat ahead of key consumer-inflation data due Tuesday. Gold settled lower as President Trump clarified that the metal won't be subject to tariffs. Oil futures settled modestly higher. The U.S. dollar strengthened against peers.

MARKET WRAPS

EQUITIES

U.S. stock markets closed modestly lower after President Trump signed an executive order extending the deadline for higher tariffs on China by 90 days.

The Dow Jones Industrial Average fell 0.5%, while the S&P 500 and the Nasdaq Composite both slipped 0.3%.

Much market chatter centered on Nvidia and AMD's deal to pay the government a cut of their sales of artificial-intelligence chips to China, an arrangement that is unusual to say the least.

The Trump administration will receive 15% of the sales of Nvidia's H20 chips and AMD's MI308 chips, according to people familiar with the matter. The full terms of any deal weren't clear Monday. AMD and Nvidia dropped 0.3%.

Meanwhile, Intel's chief executive was set to visit the White House on Monday, after Trump singled him out for his China ties last week and called for his removal. Intel shares climbed.

Markets in Asia rose on Monday.

China's benchmark Shanghai Composite Index gained 0.3%. The Shenzhen Composite Index jumped 1.4%, while the ChiNext Price Index climbed 2%.

Hong Kong's Hang Seng Index increased 0.2%.

Japan's Nikkei Stock Average rose 1.9%.

Stocks in Australia rose, as the S&P/ASX 200 Benchmark Index added 0.4%.

In New Zealand, the S&P/NZX 50 Index rose 0.5%.

COMMODITIES

The price of gold fell by the most in three months, as traders sold the asset ahead of President Trump's clarification that there would be no tariff on bullion entering the U.S.

The most active gold futures contract trading on Nymex fell 2.5% to settle at $3,404.70, or $86.60 an an ounce, in Monday trading - logging its worst one-day percentage decline since May 12, according to Dow Jones Market Data.

Also possibly weighing on the yellow metal's price, according to analysts, were hopes for a cease-fire in the Ukraine-Russia war ahead of a meeting on Friday in Alaska between Trump and Russian President Vladimir Putin.

Monday's settlement for gold was its lowest since Aug. 1, when it closed at $3,399.80 an ounce, according to Dow Jones Market Data.

Oil futures settled modestly higher in a rangebound session with the market looking to Friday's planned meeting between Trump and Putin.

"The crude trade is taking it mostly as if there will be some kind of temporary agreement that will keep Russian exports intact at least for now," Dennis Kissler of BOK Financial said.

Another potential source of volatility was kicked down the road as Trump extended for another 90 days the tariff truce with China to allow for further trade negotiations.

WTI settled up 0.1% at $63.96 a barrel, and Brent gained 0.1% to $66.63.

TODAY'S TOP HEADLINES

China Trade Deal Deadline Extended to Nov. 9

President Donald Trump has extended the trade truce with China until Nov. 9, The Wall Street Journal reported.

That means the tariff rate on imports from China will remain at 30%, rather than boomerang up to a higher level as it would have if no deal had been struck by Tuesday.

The White House didn't immediately reply to Barron's request for comment.

Ford's Answer to Cheap Chinese EVs Starts With a $30,000 Electric Pickup

LOUISVILLE, Ky.-Ford Motor says it has an answer to the cheap Chinese electric vehicles that are gobbling up market share around the world, and it starts with a $30,000 electric pickup for U.S. consumers.

The automaker said Monday that it would spend $2 billion to overhaul a Louisville, Ky., factory to build a new line of affordable, high-tech EVs. It aims to launch the pickup in 2027.

Even though EV sales have stalled in the U.S., automakers say the vehicles are still the industry's future. Americans want EVs that are smaller and affordable but also fun to drive and stuffed with technology, executives have said.

Nvidia, AMD to Give U.S. 15% Cut on AI Chip Sales to China

Nvidia and Advanced Micro Devices have agreed to give the Trump administration a portion of the sales from their artificial-intelligence chips to China, unusual agreements that deepen their relationships with the U.S. government.

The Trump administration will receive 15% of the sales as part of a deal to approve exports of Nvidia's H20 AI chip to China, according to people familiar with the matter. That could amount to billions of dollars given demand for the H20 chips and is the latest example of the White House employing novel tactics to raise revenue.

The administration has reached the same agreement with AMD for its MI308 chip, the people said. Details of the arrangements and the financial structures are still being worked out.

Skydance's Paramount Lands UFC Rights in $7.7 Billion Deal

Skydance's Paramount has struck a seven-year, $7.7 billion deal with TKO Group for exclusive media rights for all Ultimate Fighting Championship matches in the U.S. starting next year, the companies said.

Under the terms, the Paramount+ streaming service will carry UFC's slate of 13 marquee events and will also have rights to 30 "Fight Nights." In addition, Paramount can simulcast some fights on its sister broadcast network CBS on Saturday nights.

The pact gives TKO's UFC a significant pay increase over the organization's current agreement with Disney's ESPN. Paramount is paying an average of $1.1 billion a year, while Disney's deal was valued at $550 million annually.

Rare-Earth Magnet Maker Raises $65 Million in Push to Counter China

Startup Vulcan Elements said it raised $65 million in a new funding round to increase production of the rare-earth magnets crucial to everything from drones to electric vehicles.

The funding signals the growing push to build up an industry in the U.S. and reduce dependence on China.

Expected Major Events for Tuesday

00:00/SIN: 2Q GDP

00:00/SIN: 2Q Balance of Payments

01:30/AUS: Jul NAB Business Survey

03:00/SKA: KDI Economic Outlook Update

04:30/AUS: Reserve Bank of Australia monetary policy decision

09:59/CHN: Jul Broad Money M2

17:00/NZ: Jul QV Nationwide Residential Property Values

22:45/NZ: Jul Electronic Card Transactions

23:00/SKA: Jul Economically Active Population Survey, including Unemployment

23:50/JPN: Jul Corporate Goods Price Index

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(END) Dow Jones Newswires

August 11, 2025 16:52 ET (20:52 GMT)

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