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On August 27, local time, most European and American stock markets closed higher. Dow Jones closes at record high, Nvidia rose more than 1% before its important earnings report. The Nasdaq China Golden Dragon Index surged in early trading, with Ctrip Group rising more than 8% and JD.com rising more than 2%.

Crude oil prices stopped their three-day rise. Gold futures and spot closing prices both hit record highs。

Most European and American stock markets closed higher

Dow Jones closes at record high

On August 27, local time, the three major U.S. stock indexes closed slightly higher. Wind data showed that as of the close, the Dow Jones Industrial Average rose by 0.02%, rising for three consecutive trading days, and the closing price hit a record high for two consecutive days. The S&P 500 rose by 0.16% and the Nasdaq rose by 0.16%.

The "Seven Sisters of Technology" had mixed gains and losses, with Apple up 0.37%, Amazon down 1.36%, Google's parent company Alphabet down 0.89%, Meta down 0.39%, Microsoft up 0.08%, Nvidia up 1.46%, and Tesla down 1.88%. On Wednesday, Nvidia, the world's most valuable chipmaker, will release its earnings report. Nvidia's second-quarter results and third-quarter outlook will be seen as a barometer of AI spending in the technology industry. Some analysts predict that the company will look forward to revenue growth of more than 70% in the current quarter.

Most chip stocks rose, with Qualcomm up 2.62%, NXP Semiconductors up 1.16%, Broadcom up 1.11%, TSMC up 0.89% and ASML up 0.74%.

Most bank stocks fell, with Goldman Sachs Group down 0.1%, Citigroup down 0.15%, Morgan Stanley down 0.21%, Bank of America down 0.63% and Wells Fargo down 0.78%.

Airline stocks generally fell, with Boeing down 0.24%, American Airlines down 0.39%, Delta Air Lines down 0.4%, Southwest Airlines up 3.23% and United Airlines down 1.5%.

The three major European stock indices closed with mixed gains and losses, with Germany's DAX index up 0.35%, France's CAC40 index down 0.32% and Britain's FTSE 100 index up 0.21%.

Analysts advised investors to avoid making big bets ahead of U.S. inflation data and Nvidia earnings report later this week.

Hot Chinese stocks rose and fell

Ctrip Group rose more than 8%

The Nasdaq China Golden Dragon Index rose 0.39%, and at one point during the session it surged to nearly 2%.

In terms of increase, Ctrip Group rose 8.57%, because the company's second-quarter financial report exceeded expectations. Ctrip Group released a financial report showing that in the second quarter of 2024, Ctrip achieved a net income of 12.8 billion yuan, a year-on-year increase of 14%. Among them, the development of inbound tourism and overseas local markets has driven Ctrip's overseas platform revenue to grow by about 70%. In the second quarter, Ctrip achieved a net profit of 3.9 billion yuan, compared with 648 million yuan in the same period last year.

JD.com rose 2.25%. According to JD.com's announcement on August 27, its board of directors has approved a new share repurchase plan effective from September 2024. Under the new share repurchase plan, the company can repurchase shares (including American depositary shares) worth no more than US$5 billion in the next 36 months ending at the end of August 2027. However, last week, JD.com was liquidated by its second largest shareholder Walmart. Previously, Walmart held a 9.4% stake in JD.com, and this reduction involved shares worth approximately US$3.74 billion.

Zeekr rose 4.56%, Douyu rose 3.29%, ZTO Express rose 2.3%, Bilibili, NetEase and Huazhu rose more than 1%.

In terms of decline, Pinduoduo fell 4.09%, fell nearly 29% in the previous trading day, marking the largest single-day drop since its U.S. IPO.

Gaotu Group fell 19%, Miniso fell 4.42%, Lufax Holding fell 3.8%, JinkoSolar fell 2.96%, TAL Education fell 2.80%, Beike fell 2.15%, Baidu, Manbang Group, BOSS Direct, and Weibo fell more than 1%.

Chinese listed new energy vehicle stocks rose and fell, with NIO falling 0.5%, Xpeng Motors rising 6.66%, and Li Auto rising 2.36%.

Oil prices plummet as gold prices hit new highs

International crude oil prices fell across the board. Wind data showed that US WTI crude oil futures and Brent crude oil futures were reported at $75.76 per barrel and $78.95 per barrel, respectively, down 2.14% and 1.78%. Analysts said that after three trading days of rebound in international crude oil prices, some investors took profits, coupled with Goldman Sachs and Morgan Stanley's pessimistic outlook for crude oil demand, and the easing of geopolitical risks, which led to the decline in oil prices.

Weak performance of crude oil futures dragged down US energy stocks. US energy stocks fell across the board, with ExxonMobil down 0.93%, Chevron down 1.03%, ConocoPhillips down 0.96%, Schlumberger down 1.21%, and Occidental Petroleum down 0.92%.

International precious metal prices fluctuated. London spot gold and COMEX gold futures closing prices both hit record highsAs of the close, London spot gold was quoted at $2,524.36/ounce, up 0.27%; London spot silver price was quoted at $29.959/ounce, up 0.24%. COMEX gold futures rose 0.19% to $2,560/ounce, and COMEX silver futures fell 0.07% to $29.985/ounce.

U.S. consumer confidence rebounds

On the macro level, data showed that the Conference Board Consumer Confidence Index in the United States was 103.3 in August, in line with expectations of 100.6, and the previous value was revised from 100.3 to 101.9.

Analysts said the U.S. consumer confidence index rose to a six-month high in August, with optimism about the economy and inflation offsetting weakening confidence in the labor market.

Central bank officials and economists are closely watching developments in the labor market after Fed Chairman Jerome Powell said last week that he “does not want to see any further cooling in the labor market.” Powell acknowledged that downside risks to employment have risen while risks to inflation have fallen.

Investors continue to focus on the prospect of the Fed's rate cut. Bank of America analyst Ohsung Kwon said: "Powell has confirmed the possibility of a rate cut in September at the Jackson Hole meeting, which supports our view that we continue to pay attention to the large-scale sector rotation in the market. But Don't Ignore Nvidia's Earnings, a Big Driver of S&P Returns, could still pose a risk to the market if it underperforms.”