On Monday, the three major indices closed lower as investors closely monitored NVIDIA's upcoming earnings report and reassessed the impact of tariffs on inflation and corporate profits.

**US Stocks** At closing, the Dow Jones fell 349.27 points or 0.77% to 45,282.47 points; the Nasdaq dropped 47.24 points or 0.22% to 21,449.29 points; the S&P 500 declined 27.59 points or 0.43% to 6,439.32 points.

Bitcoin-related stocks broadly declined, with Coinbase (COIN.US) falling over 4% and Circle Internet Corp. (CRCL.US) dropping over 7%. NVIDIA (NVDA.US) rose 1%, while Tesla (TSLA.US) gained nearly 2%. The Nasdaq Golden Dragon China Index rose 0.11%, with PDD Holdings (PDD.US) closing up 0.87%.

**European Stocks** Germany's DAX 30 fell 118.91 points or 0.49% to 24,251.83 points; France's CAC 40 dropped 126.65 points or 1.59% to 7,843.04 points; the Euro Stoxx 50 declined 51.28 points or 0.93% to 5,436.95 points; Spain's IBEX 35 fell 157.50 points or 1.02% to 15,253.50 points; Italy's FTSE MIB dropped 89.28 points or 0.21% to 43,221.00 points.

**Asia-Pacific Markets** The Nikkei 225 rose 0.41%, South Korea's KOSPI gained 1.3%, and Indonesia's Composite Index increased 0.87%.

**Oil** October delivery light crude futures on NYMEX rose $1.14 to $64.80 per barrel, up 1.79%; October delivery Brent crude futures gained $1.07 to $68.80 per barrel, up 1.58%.

**Forex** The US Dollar Index, measuring the dollar against six major currencies, rose 0.73% to close at 98.430. At the New York forex market close, 1 euro traded at 1.1621 dollars, down from 1.1722 dollars in the previous session; 1 pound traded at 1.3460 dollars, down from 1.3526 dollars. 1 dollar traded at 147.80 yen, up from 146.87 yen; 1 dollar traded at 0.8060 Swiss francs, up from 0.8011 francs; 1 dollar traded at 1.3853 Canadian dollars, up from 1.3825 dollars; 1 dollar traded at 9.5916 Swedish kronor, up from 9.4971 kronor.

**Cryptocurrencies** Bitcoin fell over 3% to $110,157.4; Ethereum plunged over 8.7% to $4,360.95.

**Metals** Spot gold declined 0.19% to $3,365.59 per ounce, trading mostly lower throughout the day with a brief rally at US market open before giving back over half the gains by market close. COMEX gold futures fell 0.25% to $3,409.90 per ounce. The Philadelphia Gold and Silver Index rose 0.07% to 239.40 points, continuing to set closing records with limited daily volatility.

**Macro News** Fed's Logan suggests weighing whether describing rate targets as ranges remains optimal. Dallas Fed President Logan said Monday that the Federal Reserve should consider a series of communication improvements, including better expressing policymakers' views on interest rate paths and economic outlook. "I think we need to explore how to avoid overemphasizing median forecasts while ignoring diversity of views in the Summary of Economic Projections (SEP) or other channels, while thinking about how to communicate our reaction mechanisms under different scenarios," Logan said at a Bank of Mexico conference. She also noted room for improvement in how the Fed articulates its balance sheet and suggested considering whether continuing to describe policy rate targets as "rate ranges" remains the optimal choice.

Trump again claims "1500%" drug price reduction - buying medicine pays you? Dozens of days after Trump sent letters instructing top pharmaceutical companies to adopt "most favored nation" pricing for US prescriptions, he told reporters today that he has cut drug costs by up to 1400% to 1500%. However, Trump's exaggerated claim is mathematically impossible. Theoretically, if drug price reductions exceed 100%, it would mean people get paid when buying medicine. While the Trump administration did take some measures to reduce prescription drug prices, experts say there's no evidence of such massive reductions. University of Southern California Schaeffer Center Health Policy Director Geoffrey Joyce called Trump's claim "completely fabricated content."

US proposes adding copper and potash to critical minerals list. The US Geological Survey added copper and potash (critical crop fertilizer) to its draft critical minerals list. According to the Federal Register, these two commodities are among 54 minerals proposed for inclusion in the 2025 critical minerals list. The US copper industry has strongly pushed for copper's inclusion to reflect its importance to economic and national security. If formally listed, this would provide funding incentives and streamlined approval processes for exploration, mining, and processing projects. The Trump administration has prioritized revitalizing US metals and minerals production, particularly focusing on copper used in housing, power grids, and transportation. Meanwhile, most US potash relies on Canadian imports, currently exempt from tariffs under NAFTA.

US new home sales exceed expectations as Western demand drives housing market recovery. Against a backdrop of falling prices and aggressive promotions attracting more buyers, US July new home sales data again exceeded expectations after previous month's upward revision. Monday's government report showed July new home sales reached an annualized 652,000 units, with strongest demand in the West, beating market consensus of 630,000 units. Despite exceeding expectations, the new home market increasingly relies on price cuts and promotions in the high interest rate environment. The proportion of builders using promotional tactics reached a post-pandemic high of 66% this month, as developers seek to clear the highest inventory of completed homes for sale since 2009.

Trump administration notice hints at impending 50% tariffs on India. The Trump administration outlined plans to impose 50% tariffs on Indian products in a draft notice released Monday, the latest signal of the White House's plan to proceed with higher tariffs. The Department of Homeland Security notice stated the increased tariffs would target Indian products "entering consumer markets or withdrawn from warehouses for consumption on or after 12:01 AM Eastern Daylight Time on August 27, 2025." President Trump announced earlier this month plans to double tariffs on Indian goods from 25% to 50% for purchasing Russian oil. The Indian government condemned the so-called secondary tariffs as unfair while hoping peaceful negotiations could achieve breakthroughs to eliminate the need for tariffs.

**Individual Stock News** Intel: Trump administration stake poses business risk, government ownership could rise to 15%. Intel (INTC.US) warned Monday that the Trump administration's 10% stake poses risks to its business, with government ownership potentially rising to 15% if it fails to meet specific manufacturing thresholds. In SEC filings, Intel stated the deal could lead to declining sales and strong opposition from other countries, business partners, and even its own employees.

Buffett denies Berkshire plans to acquire railroad company. Berkshire Hathaway CEO Warren Buffett said Monday in an interview that the company has no plans to acquire a railroad company. This followed reports that Berkshire's BNSF was in talks with CSX to form a transcontinental railroad. Buffett's clarification came weeks after these reports emerged. Following the announcement, CSX shares fell about 4.5%. Railroad industry leaders Union Pacific and Norfolk Southern announced an $85 billion merger proposal last month, sparking speculation about more industry consolidation.

Musk sues Apple and OpenAI alleging AI competition disruption. Monday, billionaire Musk's X Corp and xAI filed suit in Fort Worth federal court, arguing Apple's (AAPL.US) decision to integrate OpenAI into iPhone operating systems harms competition and deprives consumer choice. Musk stated Apple makes it impossible for companies other than OpenAI to top App Store rankings - the global exposure platform app developers dream of. X Corp lawyers claimed in the lawsuit: "Apple's exclusive agreement with OpenAI makes ChatGPT the only generative AI chatbot integrated into iPhones" and "maintains monopoly position by locking up the market, preventing innovators like X and xAI from competing."