TradingKey Daily Market Briefing: US Tech Stocks Rally as Waller Eases Rate-Hike Expectations; SpaceX Soars Over 6%, Bitcoin Tops $80,000

Tracking Market Trends

TradingKey - The three major U.S. stock indices rose across the board, with the S&P 500 Index gaining 1.07% to close at 7,748 points, and the Nasdaq Composite Index advancing 1.40% to close at 26,584 points. Prominent tech stocks gained across the board, among which SpaceX (SPCX) surged over 6%, Tesla (TSLA) rose over 4%, Meta (META) gained over 3%, Microsoft (MSFT) advanced over 2%, and Nvidia (NVDA), Amazon (AMZN), and Google (GOOG) all climbed over 1%.

Among enterprise hardware, networking, storage, and hybrid cloud infrastructure peers, Dell Technologies (DELL) closed at $515.94, up 4.82%, while Cisco Systems (CSCO) closed at $108.61, down 0.78%, highlighting divergent trends among artificial intelligence (AI) infrastructure stocks.

WTI crude oil (USOIL) fell 0.3% this morning to $90.75 per barrel; Brent crude (UKOIL) edged down 0.23% to $94.88 per barrel, pausing its rally. Spot gold (XAUUSD) rose 0.2% to $4,481.57 per ounce; spot silver (XAGUSD) gained 0.39% to $67.08 per ounce.

Bitcoin (BTC) rose 5.4% to $81,002.69; Ethereum (ETH) gained 5.3% to $2,500.73; Ripple (XRP) jumped 7.53% to trade at $1.44; Solana (SOL) advanced 4.15% to $103.59.

Market News

Federal Reserve Governor Waller stated that inflation has shown signs of easing, but he would support rate hikes if the data rebounds. Waller provided three reasons: underlying core inflation is actually performing better than the core data itself indicates, with about half of the July core PCE price index increase stemming from non-market service prices; he also no longer views elevated energy prices and tariffs as long-term sources of persistent inflationary pressure.

The U.S. August ISM Services PMI expanded beyond expectations, with the price gauge hitting a four-year high. The August ISM Services PMI rose to 55.4, above the expected 54.3, reaching a six-month high, while the new orders growth rate reached its fastest pace since early 2023. The Prices Paid Index surged to 72.6, its highest level since August 2022. The Chair of the ISM Services Business Survey Committee noted that prices for petroleum-related products rose again, with GPUs and steel also added to the supply shortage list.

The AI boom sparked a surge in tech equipment imports, causing the U.S. July trade deficit to widen by 24%, the largest increase since early 2025. The U.S. trade deficit expanded 24.4% month-over-month in July to $88.6 billion, a new high since March 2025, driven mainly by a surge in capital goods imports fueled by the AI infrastructure boom, with computer accessories recording their largest single-month increase on record; exports fell 2.1% due to reduced shipments of oil, gas, and gold. Net exports are expected to drag down third-quarter GDP by more than 1.3 percentage points.

Trump stated that a new round of strikes against Iran would not 'last very long,' pausing the rally in crude oil prices. Trump said Iran was attempting to rebuild radar systems, missile systems, and mine-laying equipment, describing the U.S. military strike on the 1st as 'very heavy,' destroying 'all new equipment the Iranian side was trying to deploy along the Strait of Hormuz,' and emphasizing that 'we stand ready to strike again at any time.' WTI crude oil futures, which had gained about 9% over the previous three trading sessions, stabilized around $91 per barrel.

Boosted by dual expectations of rate hikes and intervention, the yen surged past the 156 mark against the U.S. dollar, posting its best single-day performance since the joint U.S.-Japan intervention. USD/JPY fell 1.83% to 155.759, sliding intraday from 158.97 to 155.29, marking a cumulative two-day decline of 2.96%, the yen's largest two-day gain since August 2024. Market focus turned to the Bank of Japan, as Policy Board member Hajime Takata suggested this week that unconventional or consecutive rate hikes could be implemented, with overnight index swaps fully pricing in a 25-basis-point rate hike by the BOJ in September.

Nvidia agreed to acquire Hugging Face, with Jensen Huang stating that users will be allowed to freely upload and download models without mandatory use of Nvidia hardware. Nvidia announced an agreement to acquire open-source AI platform Hugging Face for $12.93 billion, marking its largest acquisition to date. Jensen Huang stated that the company will maintain the openness of the Hugging Face platform, allowing developers to freely upload and download models and datasets without requiring the use of Nvidia hardware products.

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