Overnight US stocks | The three major indices had mixed ups and downs, US bonds and oil prices disrupted the market, and the Oracle (ORCL.US) data center project raised concerns

The Zhitong Finance App learned that on Thursday, the three major US stock indices closed with mixed ups and downs. The Dow Jones index fell for the third consecutive trading day as US Treasury yields were at a decades-high level and continued to put pressure on the cyclical sector. Furthermore, there are reports that US and Iran negotiators in New York are considering reaching an agreement to end the Middle East conflict in stages. Affected by this news, the stock market rebounded from today's low.

[US Stocks] At the close, the Dow Jones Index fell 0.31% to 51349.98 points; the S&P 500 index fell 0.02% to 7704.13 points; and the Nasdaq Composite Index rose 0.01% to 26939.37 points. Meta (META.US) closed up 4.5%, with a market capitalization approaching $2 trillion; Intel (INTC.US) rose 3.9%, AMD (AMD.US) rose 2.38%, and Oracle (ORCL.US) fell 3.47%.

[European stocks] The German DAX30 index fell 0.57% to 25266.53 points; the British FTSE 100 index fell 0.24% to 10679.99 points; the French CAC40 index fell 0.52% to 8081.43 points; the European Stoxx 50 index fell 0.43% to 6272.95 points; the Spanish IBEX35 index fell 0.30% to 19573.40 points; Italy's FTSE MIB index fell 0.85% to 51543.45 points.

[Asian Stock Market] The Nikkei 225 Index rose 0.76%, and the Korea Composite Index rose 0.90%.

[US Dollar Index] The US dollar index, which measures the US dollar against six major currencies, rose 0.19% on the same day and closed at 101.285 at the end of the foreign exchange market. As of the end of the exchange market in New York, 1 euro was worth 1.1374 US dollars, lower than 1.1387 US dollars on the previous trading day; 1 pound was worth 1.3217 US dollars, lower than 1.3243 US dollars on the previous trading day. 1 US dollar was worth 158.85 yen, up from 158.27 yen on the previous trading day; 1 US dollar was worth 0.8282 Swiss franc, higher than 0.8244 Swiss franc on the previous trading day; 1 US dollar was worth 1.4141 Canadian dollars, higher than 1.4097 Canadian dollars on the previous trading day; 1 US dollar was worth 9.9224 SEK, up from 9.9169 on the previous trading day.

[Cryptocurrency] Bitcoin rose slightly by 0.2% to about $84,357, while Ethereum rose 0.9% to about $2,695. Bitcoin and Ethereum quarterly options expire this Friday, totaling billions of dollars, of which Bitcoin options are about US$1.59 billion and Ethereum options are about US$210 million.

[Crude oil] Light crude oil futures for November delivery on the New York Mercantile Exchange rose $2.45, or 2.66%, to close at $94.61 a barrel; London Brent crude oil futures for November delivery rose $3.52, to close at $106.60 a barrel, or 3.41%.

[Precious Metals] Pressured by the strengthening of the US dollar, spot gold fell 0.4% to 4272.32 US dollars per ounce.

[Macro News]

The US and Iran allegedly negotiated a phased agreement with a view to reopening the Strait of Hormuz. According to people familiar with the matter, US and Iranian negotiators are currently discussing a phased agreement, which includes Iran reopening the Strait of Hormuz and the US lifting the blockade of Iranian ports. The source, who asked not to be named, said that both countries have refused to sign a similar agreement in recent months and pushed for a breakthrough in negotiations during the UN General Assembly on Thursday. The source added that Qatari officials acted as mediators in this negotiation. The model of this step-by-step agreement is similar to the memorandum of understanding reached between the US and Iran in mid-June. The memorandum led to a fragile cease-fire, but the cease-fire broke down after only a few weeks. A White House official said that President Donald Trump is still willing to talk with Iran, but stressed that the US does not need negotiations; the continued increase in sanctions and the ongoing maritime blockade have severely damaged the Iranian economy, and the US is in an advantageous position. Since the war began, intermittent negotiations between the US and Iran have broken down many times. The differences mainly focus on the Strait of Hormuz issue and when Iran will be able to obtain billions of dollars of funds frozen by the US. Iranian President Masood Pezzahizyan, who is attending the UN summit in New York, stressed in his speech that as long as the sanctions and US maritime blockade are not lifted, Iran will not allow free navigation through the Strait of Hormuz.

The sell-off in US debt continues to ferment. The 30-year US Treasury yield rose to 5.502% intraday on Thursday, a record high since 2004. The yield on the benchmark 10-year US Treasury linked to mortgage interest rates soared to 5.223%, the highest since June 2007. The 2-year US Treasury yield rose to 4.941%. The US Treasury Department carried out the second large-scale treasury bond repurchase operation on the same day. The actual repurchase of 4,078 billion US dollars of 20 to 30-year treasury bonds was announced in advance. Furthermore, the winning bid yield of the US Treasury's $44 billion 7-year Treasury note reached 5.085%, the highest since issuance resumed in 2009, indicating that demand fell short of expectations.

Federal Reserve officials collectively “fly the hawk.” Philadelphia Federal Reserve Chairman Paulson said that the Federal Reserve may need to raise interest rates again to reduce inflation; New York Federal Reserve Chairman Williams said that the US economy has shown “extraordinary resilience,” but the Fed still has a lot of work to do in dealing with price pressure; Cleveland Federal Reserve Chairman Hamak believes that inflationary pressure is still high, and the longer this situation continues, the more difficult it will be to push inflation back to the target; Richmond Federal Reserve Chairman Balkin also pointed out that widespread and continuous cost pressure has increased the risk of deep-seated inflation. As yields soared, market expectations for further interest rate hikes from the Federal Reserve heated up. According to the CME FedWatch tool, the probability that the Federal Reserve will raise key interest rates again in October is close to 71%, compared to about 55% a week ago.

[Individual Stock News]

Oracle has allegedly issued a notice to Stack Infrastructure invoking the “force majeure” clause. According to media reports, Oracle has issued a notice invoking the “force majeure” clause to Stack Infrastructure, a subsidiary of Blue Owl Capital, hoping to defer payment of the relevant payments when construction of the “Project Jupiter” (Project Jupiter) data center in New Mexico is blocked and cannot be put into operation as planned in 2028. According to people familiar with the matter, Oracle is not the main tenant seeking to withdraw from the project. Oracle responded that such notices are intended to preserve contractual rights and by themselves do not mean that the project has been postponed or that delivery expectations have changed. Blue Owl also said the notice will not change the parties' financial commitment to this multi-year project.

Tesla's Nevada plant is in operation, and production of heavy Semi trucks is about to increase. Tesla will officially open the first factory to mass-produce the heavy electric truck Semi in Sparks, Nevada. CEO Elon Musk will use this to enter the heavy truck sector. Tesla first unveiled the Semi truck in 2017 and delivered it in small quantities to its first customers in 2022, including core customer PepsiCo. When the plant was put into operation, Tesla's core electric vehicle business faced increasingly fierce competition around the world; at the same time, high diesel prices brought potential opportunities for the commercial truck sector to shift to electrification.

Qualcomm announced the renewal of a global patent license agreement with Apple. On September 24, local time, Qualcomm announced the renewal of the global patent license agreement with Apple. The new agreement will take effect on April 1, 2027. The term of the agreement and financial terms were not disclosed. The two companies ended their patent litigation and signed a licensing agreement in 2019. The current agreement expires at the end of March 2027.

Google, OpenAI, and Anthropic allegedly plan to jointly build a “cutting-edge AI standards bureau. According to reports, Google, OpenAI, and Anthropic are promoting the establishment of an AI safety standards organization, which aims to be implemented by the end of this year or the beginning of 2027. The agency is tentatively named “Authority Standards Authority for Frontier AI (SAFA)” (SAFA), and plans to operate independently without government supervision. Previously, AI regulation at the US federal level progressed slowly, and preparations for relevant agencies also came to a standstill.