Sou Hu Cai Jing·2025-09-01 00:15Market Overview - US stock markets collectively declined last Friday, with technology stocks facing significant sell-offs, but overall performance in August remained positive, with the Nasdaq recording five consecutive monthly gains and the S&P 500 four consecutive monthly gains [1][2] - The S&P 500 index fell by 0.64% to 6460.26 points, the Dow Jones index decreased by 0.20% to 45544.88 points, and the Nasdaq index dropped by 1.15% to 21455.55 points as of last Friday's close [1] - In the week, the Dow Jones and Nasdaq indices both saw a decline of 0.19%, while the S&P 500 index fell by 0.10% [1] Economic Indicators - The US non-farm payroll data for August is set to be released this Friday, which will serve as a crucial indicator of economic health and test investor expectations regarding potential interest rate cuts by the Federal Reserve [5] - The Federal Reserve will also release its Beige Book on Wednesday, which includes various economic condition surveys [5] Legal and Regulatory Developments - A US appeals court ruled that most of the global tariff policies implemented by former President Trump were illegal, marking a significant blow to one of his administration's hallmark policies [4][16] - The court's decision allows the tariffs to remain in effect until mid-October, providing time for further appeals to the Supreme Court [4][16] Seasonal Trends - September is historically the worst-performing month for the S&P 500, with an average decline of 0.8% over the past 35 years, and this trend is expected to continue [6][18] - The month is characterized by high volatility, particularly in the first year of a presidential term, where the probability of decline increases to 58% [18] Company Performance - Notable declines were observed in major tech stocks last Friday, including Nvidia down 3.32%, Microsoft down 0.58%, and Tesla down 3.50% [9][12] - In contrast, Alibaba saw a significant increase of 12.90% [12] Global Market Performance - European stock indices experienced slight declines, with the UK FTSE 100 down 0.32%, France's CAC 40 down 0.76%, and Germany's DAX down 0.57% [10] - Asian markets showed mixed results, with the Hang Seng Index up 0.32% and the Nikkei 225 down 0.26% [10]