Overnight U.S. Stocks | Major Indices Closed Lower Ahead of July CPI Release; Coreweave (CRWV.US) Surged Over 12% After Hours

According to Zhitong Finance APP, on Tuesday, the three major indexes closed lower. The market will next focus on a batch of key inflation data. The US July Consumer Price Index (CPI) will be released on Wednesday, and the Producer Price Index (PPI) will be published on Thursday.

[US Stocks] At the close, the Dow Jones fell 184.13 points, or 0.34%, to 53,791.85 points; the Nasdaq fell 159.91 points, or 0.60%, to 26,445.45 points; and the S&P 500 Index fell 24.91 points, or 0.32%, to 7,728.20 points. SK Hynix (SKHY.US) rose 4.7%, SpaceX (SPCX.US) fell 3.9%, and Apple (AAPL.US) dropped 1%. The Nasdaq Golden Dragon China Index closed down 2.95%.

[European Stocks] Germany’s DAX30 index rose 44.25 points, or 0.17%, to 26,399.32 points; UK FTSE 100 index fell 17.90 points, or 0.16%, to 10,844.60 points; France’s CAC40 index fell 11.09 points, or 0.13%, to 8,714.94 points; the Euro Stoxx 50 index rose 16.23 points, or 0.25%, to 6,551.85 points; Spain’s IBEX35 index rose 30.99 points, or 0.15%, to 20,213.89 points; Italy’s FTSE MIB index rose 67.12 points, or 0.13%, to 53,731.00 points.

[Asian Stock Markets] The Nikkei 225 Index rose 2.08%, and the Korea Composite Stock Price Index rose 0.73%.

[US Dollar Index] The US Dollar Index, which measures the dollar against six major currencies, rose 0.02% on the day, closing at 99.828 in the foreign exchange market. By the end of the New York session, 1 euro exchanged at 1.1540 US dollars, down from the previous trading day’s 1.1542 US dollars; 1 pound exchanged at 1.3503 US dollars, down from the prior 1.3509 US dollars. 1 US dollar exchanged for 159.26 yen, up from the prior 159.24 yen; 1 US dollar exchanged at 0.8112 Swiss francs, up from the previous day’s 0.8101 Swiss francs; 1 US dollar exchanged for 1.3920 Canadian dollars, down from 1.3942 Canadian dollars; 1 US dollar exchanged at 9.5244 Swedish kronor, up from 9.5016 Swedish kronor.

[Cryptocurrency] Bitcoin fell 0.52%, last quoted at $63,680.54; Ethereum rose 0.49%, at $1,885.32.

[Crude Oil] The September delivery light crude oil futures price on the New York Mercantile Exchange rose $1.07 to close at $83.20 per barrel, an increase of 1.3%; the October delivery London Brent crude oil futures price rose $1.19, settling at $88.91 per barrel, up 1.36%.

[Precious Metals] Spot gold fell 0.48% to $4,368; spot silver slightly declined, quoted at $64.683.

[Macro News]

US Existing Home Sales Drop to Three-Month Low; High Prices and High Interest Rates Crush the Housing Market. US existing home sales in July dropped to a three-month low, as high property prices and mortgage rates continued to put pressure on the housing market. Data released Tuesday by the National Association of Realtors showed contract closings fell 1.7% month-on-month in July, an annualized rate of 4.06 million units, in line with the median economist forecast. The weak sales data indicates the housing market remains sluggish, with persistently high listing prices and rising borrowing costs deterring many potential buyers. The second-hand housing market has hovered around an annualized level of 4 million units since the end of 2022, awaiting a catalyst for a sustained rebound. Lawrence Yun, Chief Economist of the National Association of Realtors, said in a statement: “Home sales have been very stable, even as mortgage rates have climbed in recent months. If average mortgage rates could return to near 6%, there is no doubt the housing market would thrive.”

Nick Timiraos: Waller Is Not Optimistic About “Data Dependence” But the Old Framework Still Dominates. Reporter Nick Timiraos said the market will focus on the month-on-month change in July inflation data due Wednesday, as more FOMC members say that the inflation readings in the coming months will determine whether they believe the forecast that “inflation will fall back to 2% over the next two years” is still attainable, without further rate hikes. Federal Reserve Chair Waller is recently unimpressed by this framework of tying policy-sensitive forecast corrections to high-frequency data. He previously stated that he does not see much practical value in the Fed’s current “data-dependent” policy. In addition, Nick noted that one of the purposes of the working group Waller set up is to help build a framework to replace the old one. However, until a new framework is confirmed, the old one seems to remain in effect.

CME to Launch 24-Hour Silver Trading Starting September 11. CME Group announced today that its 100-ounce silver futures contracts will expand to around-the-clock trading starting September 11, 2026, pending regulatory review. Jin Hennig, Managing Director and Global Head of Metals at CME Group, stated: “Silver bridges the worlds of precious and industrial metals. For investors, it is both a diversification tool and responds to both macroeconomic news and physical demand. Our retail clients have shown strong demand for trading 1-ounce gold futures at any time, so we are now extending the same round-the-clock trading privilege to silver to help participants manage risks and seize opportunities.” Since the 24-hour trading of 1-ounce gold futures began on July 24, the new weekend session has accumulated over 53,000 contracts traded, with a notional value of about $219 million, making it the most liquid market for gold futures weekend trading.

[Individual Stock News]

CoreWeave Q2 Revenue Doubles; Stock Surges 12% After Hours. CoreWeave (CRWV.US) surged 12% in after-hours trading on Tuesday after reporting second-quarter revenue of $2.58 billion, up 112% year-over-year and beating Wall Street expectations, showing that market demand for AI computing power remains in rapid growth; net loss was $626 million, higher than $290 million in the same period last year; current order backlog reached $104 billion, with project capacity under construction at 1.5 GW. CoreWeave is accelerating the expansion of its data center business to compete with cloud giants such as Amazon, Google, and Microsoft for the market of deploying data centers equipped with chips capable of running generative artificial intelligence models. However, CoreWeave is not yet profitable. As of the end of the quarter, the company’s balance sheet debt reached $35 billion, used to pay for Nvidia GPUs and other equipment purchases. This quarter, Meta said it would invest an additional $21 billion into CoreWeave. In addition, CoreWeave also announced a multi-year cooperation agreement with Anthropic and received a $6 billion funding commitment from quant trading firm Jane Street.

Swiss National Bank’s US Stock Holdings Hit Record High; Nvidia, Apple and Microsoft Top Holdings. The value of the Swiss National Bank’s US stock foreign exchange reserves grew by over 10% in the second quarter to the highest level on record. According to the 13F-HR form submitted Tuesday to the US SEC, as of June 30, the bank held shares in over 2,300 publicly traded US companies, with a total value of $191.4 billion. The Swiss National Bank allocates just over a quarter of its foreign exchange reserves to equities, with some invested in the US. The top three holdings are Nvidia (NVDA.US), Apple (AAPL.US), and Microsoft (MSFT.US). The bank also holds $716.6 million in shares of defense software company Palantir, despite earlier activist investor demands for the sale of about $1.1 billion in Palantir holdings, which the Swiss National Bank refused.