On Thursday, August 8th, U.S. stocks closed significantly higher, with the Dow Jones Industrial Average and the S&P 500 Index recording their largest single-day gains since 2022. The sharp decline in the number of initial jobless claims in the U.S. last week has alleviated market concerns about a U.S. economic recession.

Tesla will recall over 1.68 million vehicles in China due to a safety risk. Some vehicles may not be detected by the front trunk latch assembly system as being unlocked after the front trunk lid is unlocked, posing a safety hazard.

Chinese concept new energy vehicle stocks, referred to as "NIO, XPeng, and Li Auto," rose collectively. NIO Inc.'s stock increased by 4.22%, XPeng Inc.'s stock rose by 3.66%, and Li Auto's stock increased by 2.6%.

Dow Jones, S&P 500 Index Record Largest Single-Day Gain in a Year

As of the closing bell, the Dow Jones Industrial Average rose by 1.76% to 39,446.49 points, the S&P 500 Index increased by 2.3% to 5,319.31 points, and the Nasdaq Composite Index gained 2.87% to 16,660.02 points. Both the Dow Jones and the S&P 500 Index achieved their largest single-day gains in a year.

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On the economic data front, the number of initial jobless claims in the U.S. last week saw the largest drop in nearly a year.

The number of initial jobless claims in the U.S. last week was 233,000, which was lower than the expected 240,000. The previous figure was revised from 249,000 to 250,000. The four-week moving average was 240,750, with the previous figure revised from 238,000 to 238,250.

This week, U.S. stocks experienced significant fluctuations. Federal Reserve's巴尔金 expressed optimism that inflation data will perform well in the coming months. The stock market (recent fluctuations) does not seem to be due to any significant catastrophic events. Financial markets are not only focusing on the regular outlook but also on tail risks.

According to Hong Kong Wan De Communication Society, HSBC updated its expectations for the Federal Reserve's policy interest rate path, adjusting its forecast for three rate cuts by the Federal Reserve within the year.

HSBC stated that the latest U.S. employment report was significantly below expectations, so the Federal Reserve may consider further rate cuts even without a clear signal of a recession. Although the possibility of a 50 basis point rate cut at the Federal Reserve's September meeting is increasing, HSBC still expects only a 25 basis point rate cut at the September policy meeting. In addition, it is expected that there will be 25 basis point rate cuts at the Federal Reserve's policy meetings in November and December, respectively.JPMorgan Chase has indicated that three-quarters of global arbitrage trades have been closed out, with the recent downturn erasing gains made this year. The JPMorgan team wrote that the spot portion of the global arbitrage trade basket suggests that 75% of arbitrage trades have been closed. They reiterated that there is not much time left for G-10 arbitrage trades. The chance for a rebound in August may be slim, as the central bank's schedule is relatively light during this period, and volatility has already begun to cool down.

Tesla is set to recall over 1.68 million vehicles in China.

Tech stocks are across the board, with the Wind US TAMAMA Technology Index rising by 2.69%, Tesla by 3.69%, Apple by 1.66%, Amazon by 1.86%, Netflix by 3.09%, Google by 1.94%, Facebook by 4.24%, and Microsoft by 1.07%.

According to comprehensive media reports, Apple plans to launch a Mac mini within the year, which will become the company's smallest ever desktop computer. According to informed sources, the product's volume may be close to that of Apple's TV box.

In other news, the UK Competition and Markets Authority (CMA) has launched an investigation into Amazon and Anthropic, with a decision on the first phase to be announced before October 4th. Amazon expressed disappointment that the UK Competition and Markets Authority has not yet concluded its investigation into the company's partnership with Anthropic.

The latest recall announcement from the State Administration for Market Regulation shows that Tesla will recall over 1.68 million vehicles in China, involving some imported Model S, Model X, and domestically produced Model 3, Model Y electric vehicles manufactured between October 15, 2020, and July 17, 2024.

The recall is due to a defect in which some vehicles, after the front trunk lid is unlocked, may fail to detect that the front trunk lid is in an unlocked state, and the vehicle may not issue a "front trunk not securely closed" warning. In extreme cases, this could cause the front trunk lid to be lifted while the vehicle is in motion, affecting the driver's vision and increasing the risk of collision, posing a safety hazard.

WTI and Brent crude oil closed higher, with energy stocks rallying collectively.

The September delivery of WTI crude oil futures closed up 96 cents on Thursday, a gain of 1.28%, at $76.19 per barrel. Brent crude oil futures for October delivery rose to $79.16 per barrel, with a daily gain of nearly 1.06%.According to Citigroup, Brent crude oil prices may climb to the mid-$80s, partly due to geopolitical risks in North Africa and the Middle East.

Energy stocks rose collectively, with ExxonMobil up 1.92%, Chevron up 1.48%, ConocoPhillips up 1.26%, Schlumberger up 1.92%, and Occidental Petroleum up 4.3%.

Popular Chinese concept stocks generally rose, with Bit Digital up 18.42%, Sino Silicon up 10.8%, Canaan Technology up 9.69%, Dingdong Grocery up 7.32%, EHang Intelligent up 7.15%, Huya Live up 6.62%, Beike up 5.74%, Baidu up 5.52%, Huazhu up 4.75%, and Kingsoft Cloud up 4.66%.

On the downside, Bilibili fell 2.54%, and Lotus Technology fell 2.48%.

Chinese concept electric vehicle stocks rose collectively, with NIO up 4.22%, Xiaopeng Motors up 3.66%, and Li Auto up 2.6%.