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On Thursday, August 22, Eastern Time, the three major U.S. stock indexes all closed lower, with the Nasdaq falling 300 points. U.S. Treasury yields climbed as the market awaited Powell's speech this Friday.

Tesla's stock price fell by more than 5%, and its market value dropped by $40.2 billion (equivalent to about 287.8 billion yuan), and executives continued to leave! Sreela Venkataratnam, the vice president of finance and operations who had been with Tesla for 11 years, announced his resignation.

Gold posted its biggest one-day drop this month, hurt by a stronger dollar and rising U.S. Treasury yields.

All three major stock indexes closed down

As of the close, the Dow Jones Industrial Average fell 0.43% to 40,712.78 points, the S&P 500 fell 0.89% to 5,570.64 points, and the Nasdaq fell 1.67% to 17,619.35 points.

On the economic data front, the U.S. Department of Labor reported that the number of first-time unemployment claims in the U.S. increased by 4,000 in the week ending August 17, bringing the total to 232,000, compared with expectations of 230,000. The number of continuing unemployment claims in the week ending August 10 was 1.863 million, compared with expectations of 1.867 million.

The number of Americans filing new claims for unemployment benefits barely rose last week, suggesting a gradual slowdown in the labor market.

Boston Fed President Collins said it would be "very soon" for the Fed to start easing the FOMC's monetary policy. In addition, the labor force target and inflation target are in a better balance, and both targets should be given equal attention.

U.S. Treasury yields climbed ahead of Powell's speech.

On Thursday, the 10-year Treasury yield rose 8.6 basis points to 3.862%, while the 2-year Treasury yield rose 9.4 basis points, breaking through the 4% mark to 4.016%.

Another senior executive resigns

Tesla fell more than 5%

Technology stocks fell across the board, with Apple down 0.83%, Amazon down 2.21%, Netflix down 1.17%, Google down 1.24%, Facebook down 0.6%, Microsoft down 2.03% and Tesla down 5.65%.

Sreela Venkataratnam, Tesla's vice president of finance and operations who worked at the company for 11 years, posted on the workplace social media platform that she had left the company.

According to information, she has been involved in the capacity expansion and global expansion of Tesla Model S, Model X, Model 3, Model Y and Cybertruck, as well as the growth of new energy products.

In other news, Microsoft reorganized some of its business units and updated its revenue expectations for those units to reflect the changes.

Microsoft announced that it will incorporate revenue from Microsoft 365 business components into the Productivity and Business Processes division; and transfer revenue from the Copilot Pro artificial intelligence productivity tool to the More Personal Computing division, which is included in the search and news advertising business.

Apple will provide more default browser options for EU users and plans to create a special space on the iPhone to change the default applications; it will allow the deletion of applications such as "Camera", "App Store", "Photos" and "Messages". EU users can choose to delete apps such as APP Store, Messages, Safari, etc.

Apple will change browser and app options in the EU market by the end of 2024.

Gold suffers biggest one-day drop this month

On the eve of Powell's speech, gold recorded its biggest single-day drop this month due to the strengthening of the US dollar and rising US Treasury yields.

COMEX gold futures fell 1.08% to $2,520.10 an ounce; COMEX silver futures fell 2.16% to $28.990 an ounce.

At the end of trading in New York on Thursday, spot gold fell 1.11% to $2,484.62 an ounce, and spot silver fell 2.08% to $28.9855 an ounce.

TD Bank to pay fine for reducing stake in Charles Schwab

Most bank stocks rose, with JPMorgan Chase up 0.98%, Goldman Sachs up 0.37%, Citigroup down 0.14%, Morgan Stanley down 0.08%, Bank of America up 1.32%, and Wells Fargo up 0.97%.

Toronto-Dominion Bank, Canada's second-largest bank, said it would set aside $2.6 billion to cover fines it faces over failing money-laundering controls and has sold part of its stake in Charles Schwab Corp. to raise those funds.

The bank said its stake in Schwab will fall to 10.1% from 12.3% following the sale.

Most of the popular Chinese stocks fell

Most of the popular Chinese stocks fell, with the Nasdaq China Golden Dragon Index down 1.52%, Canadian Solar down 15.69%, iQiyi down 15.58%, Lufax Holding down 13.92%, NetEase down 11.17%, Bilibili down 7.56%, JinkoSolar down 6.89%, Douyu down 6.4%, Canaan Inc. down 5.23%, and Baidu down 4.4%.

In terms of increase, Ehang Intelligent Technology rose 16.44%, Haichuan Securities rose 12.36%, GDS rose 10.43%, and MINISO rose 4.02%.

Chinese listed new energy vehicle stocks were mixed, with NIO up 0.5%, Xpeng Motors down 1.77%, and Li Auto up 1.04%.