On August 7, Eastern Time, the three major U.S. stock indices were mixed. The Dow and S&P 500 fell by 0.51% and 0.08%, respectively, while the Nasdaq rose by 0.35%, driven by large tech stocks, setting another record closing high.

Eli Lilly’s stock dropped over 14% as its latest Q2 earnings report, though exceeding market expectations, raised concerns due to weaker-than-expected weight loss data for its popular anti-obesity drug.

Most U.S. tech stocks rose, with the "Magnificent Seven" tech index up 0.51%. Apple gained over 3%, while Nvidia and Tesla rose 0.75% and 0.74%, respectively. Amazon and Google edged higher, while Microsoft fell 0.78%, and Meta dropped over 1%.

Chinese stocks performed strongly, with the Nasdaq Golden Dragon China Index rising 0.95%. Lianzhang Portal surged over 44%, while WeRide, Hesai Technology gained over 5%. FinVolution Group, E-Power Energy, and GDS Holdings rose over 4%.

International Precious Metals Futures Mostly Rise

As U.S. macroeconomic data further cooled, international precious metals futures mostly climbed.

Data showed that as of 5:54 Beijing Time on August 8, COMEX gold futures rose 1.44% to $3,482.7 per ounce, while COMEX silver futures gained 1.66% to $38.53 per ounce.

The latest U.S. Labor Department data revealed that initial jobless claims for the week ending August 2 increased by 7,000 to a seasonally adjusted 226,000, the highest since early July and above market expectations of 221,000. Continuing claims rose to 1.974 million, the highest since November 2021, signaling a potential gradual cooling in the labor market.

The CME FedWatch Tool shows a 93.2% probability of the Fed cutting rates by at least 25 basis points in September, slightly down from 94.6% the previous day but significantly higher than 37.7% a week ago.

Due to OPEC+'s production increase plan, international oil prices continued to decline. On August 7, Eastern Time, the U.S. crude benchmark contract fell 0.82% to $63.82 per barrel, while Brent crude dropped 0.81% to $66.35 per barrel.