According to the Futu Securities app, on Monday, the three major indices showed mixed performance, with the Dow reaching a new high. San Francisco Fed President Daly said it is time to cut interest rates. Libyan production stoppage and increased tensions in the Middle East pushed oil prices up for the third day, with U.S. oil rising over 3.7% at its peak and Brent crude rising over 3.2%.

At the close, the Dow rose 65.44 points, or 0.16%, to 41240.52 points; the Nasdaq fell 152.03 points, or 0.85%, to 17725.77 points; the S&P 500 index fell 17.77 points, or 0.32%, to 5616.84 points. Nvidia (NVDA.US) fell 2%.

Major European stock indices closed mixed, with the German DAX30 index down 0.11%, the French CAC40 index up 0.23%, the Euro Stoxx 50 index down 0.27%, and the UK stock market closed due to a bank holiday.

The Nikkei 225 index fell 0.66%, the Jakarta Composite Index rose 0.82%, and the Vietnam VN30 Index fell 0.19%.

COMEX gold futures rose 0.29% to $2553.60 per ounce; COMEX silver futures rose 0.25% to $29.925 per ounce.

Bitcoin fell nearly 2% to $63182.2 per coin; Ethereum fell 2.4% to $2686.88 per coin.

New York Mercantile Exchange's WTI crude oil futures for October delivery rose $2.59, or more than 3.46%, to settle at $77.42 per barrel.

London metals rose, with nickel up 0.81%, copper up 1.93%, zinc up 2.24%, and lead up 2.5%.

Macro news

US manufacturing data slowed slightly in August. US manufacturing activity declined again in August, although the decline was smaller than the previous month, production increased slightly as companies sought to stabilize in the industrial recovery ahead of possible rate cuts by the Federal Reserve. The data showed that the Dallas Fed's business activity index rose from -17.5 in July to -9.7, the highest level since January 2023. The index has been below zero since April 2022, indicating contraction in the industry. The production indicator in the survey showed only a slight increase, while new orders rose and shipments remained nearly unchanged. Capacity utilization improved but remained in contraction. The survey showed a significant decrease in uncertainty compared to the previous month. However, moderate upward pressure on prices and wages in August continues, which may keep policymakers cautious before any potential interest rate cuts hinted by Fed Chairman Powell last week.

US July business equipment orders decline, previous data revised downward. US July business equipment orders declined and the previous month's increase was revised downward, indicating companies are more cautious about investment. The data released on Monday showed that core capital goods orders, excluding aircraft and defense equipment, fell 0.1% in July, revised from a previous growth of 0.5% in June. The data is not adjusted for inflation. Durable goods orders increased by 9.9% while durable goods orders excluding transportation equipment fell by 0.2%. Despite many companies still committed to long-term investment, the uncertainty of the upcoming presidential election and future demand has led to companies scaling back expansion plans. This suggests that factory production may struggle to gain momentum in the coming months. However, the prospect of Fed rate cuts to stimulate demand may encourage new investments.

Goldman Sachs trading department expects the S&P 500 index to reach new highs this week, and investors will increasingly worry about missing out on the rise. Scott Rubner, Global Head of Markets at Goldman Sachs, believes that strong funds from corporate buybacks and systematic investment strategies are expected to drive the S&P 500 index to new historical highs this week, further reinforcing investors' fear of missing out (FOMO). "We estimate that the non-emotional demand from machines and corporations is $17 billion per day this week," Rubner wrote in a report sent to clients on Monday. "The three-week trading window until September 16 is extremely favorable." The S&P 500 index fell 0.3% on Monday, less than 1% away from the record closing high set on July 16. Rubner reiterated the view of Goldman Sachs' trading department that the Fed's shift to a dovish stance has paved the way for further leverage.

Fed's Daly: Time for rate cuts. Mary Daly, President of the Federal Reserve Bank of San Francisco, said she believes it is appropriate for the Fed to start cutting interest rates. Daly said in an interview on Monday: "The Labor market is at full balance. The time to adjust policy has come." This view echoes the remarks made by Fed Chairman Powell last week at the Jackson Hole Symposium, where Powell expressed confidence that the inflation rate is on track to return to 2% and said "the time to adjust policy has come." Daly emphasized that the Fed must bring the inflation rate back to its 2% target, but she and her colleagues will also work to prevent restrictive policies from harming the labor market.

[Individual stock news]

Delta Air Lines (DAL.US) COO will leave the company at the end of August. According to a document from the U.S. Securities and Exchange Commission (SEC), Delta Air Lines' Chief Operating Officer (COO) Michael Spanos will leave the company on August 31st after only one year of working for the company. A month before Spanos' departure, a virus software update failure from CrowdStrike (CRWD) caused multiple Microsoft Windows systems to crash globally, leading to Delta Air Lines canceling thousands of flights in the following days, far exceeding its competitors United Airlines (UAL) and American Airlines (AAL). Delta Air Lines CEO, Ed Bastian, stated that the disaster cost the airline approximately 0.5 billion dollars, and the U.S. Department of Transportation (DOT) has initiated an investigation into Delta Air Lines' response to the incident. It was reported that Spanos had already been looking for other job opportunities prior to the incident. According to a memorandum from the CEO of Delta Air Lines quoted in news reports, the COO had informed Bastian of his desire to leave the company in "early summer" and intended to join another company.

Exxon Mobil (XOM.US): No signs of long-term slowdown in global oil demand. U.S. energy giant Exxon Mobil updated its "Global Outlook" on its official website on Monday. Exxon Mobil's latest view is that by 2050, global oil demand will stay at current levels, or even slightly increase. The report indicates that demand for oil in areas such as power generation and passenger vehicles may weaken, but demand will continue to be sustained at over 0.1 billion barrels per day in the chemical and commercial transportation sectors.

Apple (AAPL.US) announced that Kevan Parekh will succeed Luca Maestri as CFO. Apple announced on Monday that its Chief Financial Officer, Luca Maestri, who has been in office for ten years, will step down on January 1, 2025, and will be succeeded by the current Vice President of Finance and Corporate Planning and Analysis, Kevan Parekh. The stock price dropped 0.6% after hours. Apple stated that Maestri will continue to lead the team focusing on IT, security, and real estate development.