U.S. stocks closed lower, gold, silver and crude oil both fell; Waller said hot core inflation may prompt interest rate hikes
On July 13 (Monday), Eastern Time, the three major U.S. stock indexes collectively closed down, with the S&P 500 (SPX) Index falling 0.79% to 7,515.34 points; the Dow Jones Index falling 0.26% to 52,498.64 points; and the Nasdaq (NDAQ) Index falling 1.55% to 25,873.18 points. On July 13, the benchmark 10-year U.S. Treasury yield was 4.62%, and the 2-year U.S. Treasury yield, which is most sensitive to the Federal Reserve’s policy interest rate, was 4.26%. Among popular U.S. stocks, Nvidia (NVDA) fell 3.52%, Apple (AAPL) rose 0.63%, Google A (GOOGL) fell 1.31%, Google C (GOOG) fell 1.23%, Microsoft (MSFT) rose 1.53%, and Amazon (AM) ZN) rose 0.80%, TSMC (TSM) fell 2.88%, Meta (META) fell 1.87%, Tesla (TSLA) fell 3.19%, AMD Semiconductor (AMD) fell 4.21%, and Intel (INTC) fell 6.12%. Index rise and fall points: French cac40 (FCHI) 0.31% 8364.65 British FTSE 100 (FTSE) 0.01% 10498.29 German dax (GDAXI) 0.19% 25114.25 Russian rts (RTS) 0.93% 889.88 On July 13, overnight Hang Seng Technology Index futures fell 0.87%, the Nasdaq (NDAQ) China Golden Dragon Index fell 0.14%, and the FTSE China A50 Index fell 0.63%. In terms of popular Chinese concept stocks, Tencent Holdings (HK0700) (Hong Kong stocks) fell 0.56%, Alibaba (BABA) rose 0.02%, Pinduoduo (PDD) fell 0.67%, NetEase (NT) ES) rose 2.66%, Baidu (BIDU) fell 3.52%, Ctrip (TCOM) fell 1.03%, Li Auto (LI) rose 0.66%, and Weilai (NIO) rose 3.03%. Foreign exchange rate rise and fall (basis points) USD/CNY (away) 6.78-3.9 bp USD/EUR 0.88-0.4 bp USD/JPY 162.45-120 bp The latest price of commodity futures rise and fall: COMEX silver -3.90% 57.51 US dollars / ounce COMEX gold - 2.28% 3997.40 US dollars / ounce WTI crude oil - 0.90% 71.19 US dollars / barrel Brent crude oil - 0.90% 75.22 US dollars / barrel LME copper - 0.16% 13418.55 US dollars / ton
Federal Reserve Board Governor Christopher Waller said that if underlying inflation continues to indicate widespread price pressures, policymakers may need to raise interest rates in the near future. "If core inflation spikes again this week, the FOMC will need to consider tightening monetary policy in the near term," Waller said in a speech prepared for an event in New York on Monday. Waller emphasized that the U.S. economy is in good shape, the labor market is stable, and consumer (883434) demand remains resilient. However, he also pointed out that inflationary pressures brought about by tariffs, energy (850101) prices, and artificial intelligence (885728) infrastructure construction have brought monetary policy to a "crossroads." "No matter how you look at it, and whichever metric you use, inflation is rising this year," Waller said. "Right now, I'm concerned about the pace of core inflation that remains elevated." He also said he would need to see several months of lower core inflation data to be confident that prices are moving in the right direction. Waller added that the above results are still reasonable expectations and that under such circumstances he would support keeping interest rates unchanged. (Associated Press) U.S. short-term interest rate futures show that the probability of the Federal Reserve raising interest rates in July is about 45%. U.S. short-term interest rate futures show that the probability of the Federal Reserve raising interest rates in July is about 45%, up from 35% earlier on Monday. (Fed.com) Fed Governor Waller: If core inflation reaches high levels again, the Fed will need to consider raising interest rates in the near future. Fed Governor Waller said that if core inflation reaches high levels again this week, the Fed will need to consider raising interest rates in the near future. Tariffs, energy (850101) prices, and demand brought about by artificial intelligence (885728) construction are factors pushing up inflationary pressures. Earlier concerns that rising oil prices may push up price levels more broadly have weakened significantly. (Financial Associated Press) Apple's (AAPL) stock price rose above the high point in early June, setting a new record high, with a total market value of US$4.71 trillion. As AI technology stocks fell, Apple's (AAPL) stock price rose 1.65% to US$320.53 per share, setting a new record high, with a total market value of US$4.71 trillion. Intel (INTC) announced an additional investment of 5 billion euros in the Irish factory to expand AI chip production capacity. Intel (INTC) announced on July 13 that it will invest an additional 5 billion euros (approximately US$5.7 billion) in the LeixLIp park in Ireland to expand advanced chip manufacturing capabilities to meet the needs of artificial intelligence (885728) and high-performance computing. Intel (INTC) stated that the investment will be used to upgrade existing fab facilities, install advanced manufacturing (883433) equipment, and expand automated production systems to increase the production capacity of Intel Xeon 6 and next-generation Xeon server processors under the Intel 3 process node, while expanding R&D activities. U.S. President Trump said that if the filibuster rule is not ended, a government shutdown may occur in September. U.S. President Trump said that if the filibuster rule is not ended, a government shutdown may occur in September. (Financial Associated Press) Goldman Sachs (GS): The stock market is usually under pressure at the beginning of the Fed's interest rate hike cycle (883436). Goldman Sachs (GS) strategists said that the prospect of increased interest rate fluctuations will bring potential pressure to U.S. stocks. Historical data shows that the stock market tends to perform weak at the beginning of the Fed's interest rate hike cycle (883436). The research team led by Ben Snyder said that earnings growth will determine the overall mid- to long-term trend of the market, but if the Federal Reserve starts to raise interest rates, the stock market will be under pressure in the short term. According to team statistics, after the start of seven interest rate hike cycles (883436) in the past few decades, the S&P 500 (SPX) Index's three-month average return was -2%. However, in these seven cycles (883436), the average return of the S&P 500 (SPX) index reached 9% in the 12 months after the first interest rate hike; except for 2022, the 12-month returns in each cycle (883436) were positive. The report pointed out that the recent trends of stocks with weak balance sheets are highly bound to the Fed's interest rate expectations, and such stocks will remain highly sensitive to changes in the outlook for monetary policy. Specifically, the high floating rate debt equity portfolio (GSXUHIFL) has recently shown a significant correlation with short-term interest rates. Goldman Sachs (GS) Supplement
, the current market has priced in short-term interest rate hike expectations. If the Federal Reserve's monetary policy turns dovish, it may become a positive catalyst for the stock market to rise. (Sina Finance) China Fruit Network: Apple (AAPL) trading has not improved and goods are not moving quickly. On July 13, 2026, the inventory of Fuji in the Shandong production area remained light. Traders replenished a small amount on demand. The transactions were light, and the sales and price negotiations were mainly completed. There are not many western early-ripening apples (AAPL) on the market. The overall size is too large, the shipment speed is slow, and the price maintains a slow sliding trend. (Zhongguo.com) It is reported that the NVIDIA (NVDA) order was lost due to quality issues. Shenghong Technology (300476) responded: Cooperation with customers is normal and no notification has been received. News on the morning of July 13th. Recently, market news circulated that Shenghong Technology (300476) faces major quality risks. NVIDIA (NVDA) quality inspection department has received multiple quality inspection reports. After evaluation, there is a high probability that it will no longer continue to cooperate with Shenghong Technology (300476). Shenghong Technology (300476) has lost all orders from August 2026 to the first half of 2027. Most of the orders were taken by Shanghai Electric Co., Ltd. (002463), with an amount of approximately 5 billion yuan. In response to this rumor, Sina Finance called the securities department of Shenghong Technology (300476) as an individual investor. Relevant staff stated that the company has not received any notifications from customers. Currently, cooperation with customers is normal, and order taking and production are proceeding normally. (Sina.com) Nick Timiraos, "Federal Reserve Speaker": Some colleagues of Federal Reserve Chairman Warsh have increased concerns about inflation and may push for discussion of interest rate hikes at the Fed's July meeting. "Fed Speaker" Nick Timiraos published an article saying that some colleagues of Federal Reserve Chairman Warsh have increased concerns about inflation, and they may push for discussion of interest rate hikes when the Federal Reserve meets on July 28-29. Warsh will have a chance to help shape that consensus when he testifies before Congress this week. By then, he will have the latest June inflation data - which is also the last batch of important data released before the meeting. (Financial Associated Press)
Federal Reserve Board Governor Christopher Waller said that if underlying inflation continues to indicate widespread price pressures, policymakers may need to raise interest rates in the near future. "If core inflation spikes again this week, the FOMC will need to consider tightening monetary policy in the near term," Waller said in a speech prepared for an event in New York on Monday. Waller emphasized that the U.S. economy is in good shape, the labor market is stable, and consumer (883434) demand remains resilient. However, he also pointed out that inflationary pressures brought about by tariffs, energy (850101) prices, and artificial intelligence (885728) infrastructure construction have brought monetary policy to a "crossroads." "No matter how you look at it, and whichever metric you use, inflation is rising this year," Waller said. "Right now, I'm concerned about the pace of core inflation that remains elevated." He also said he would need to see several months of lower core inflation data to be confident that prices are moving in the right direction. Waller added that the above results are still reasonable expectations and that under such circumstances he would support keeping interest rates unchanged. (Associated Press) U.S. short-term interest rate futures show that the probability of the Federal Reserve raising interest rates in July is about 45%. U.S. short-term interest rate futures show that the probability of the Federal Reserve raising interest rates in July is about 45%, up from 35% earlier on Monday. (Fed.com) Fed Governor Waller: If core inflation reaches high levels again, the Fed will need to consider raising interest rates in the near future. Fed Governor Waller said that if core inflation reaches high levels again this week, the Fed will need to consider raising interest rates in the near future. Tariffs, energy (850101) prices, and demand brought about by artificial intelligence (885728) construction are factors pushing up inflationary pressures. Earlier concerns that rising oil prices may push up price levels more broadly have weakened significantly. (Financial Associated Press) Apple's (AAPL) stock price rose above the high point in early June, setting a new record high, with a total market value of US$4.71 trillion. As AI technology stocks fell, Apple's (AAPL) stock price rose 1.65% to US$320.53 per share, setting a new record high, with a total market value of US$4.71 trillion. Intel (INTC) announced an additional investment of 5 billion euros in the Irish factory to expand AI chip production capacity. Intel (INTC) announced on July 13 that it will invest an additional 5 billion euros (approximately US$5.7 billion) in the LeixLIp park in Ireland to expand advanced chip manufacturing capabilities to meet the needs of artificial intelligence (885728) and high-performance computing. Intel (INTC) stated that the investment will be used to upgrade existing fab facilities, install advanced manufacturing (883433) equipment, and expand automated production systems to increase the production capacity of Intel Xeon 6 and next-generation Xeon server processors under the Intel 3 process node, while expanding R&D activities. U.S. President Trump said that if the filibuster rule is not ended, a government shutdown may occur in September. U.S. President Trump said that if the filibuster rule is not ended, a government shutdown may occur in September. (Financial Associated Press) Goldman Sachs (GS): The stock market is usually under pressure at the beginning of the Fed's interest rate hike cycle (883436). Goldman Sachs (GS) strategists said that the prospect of increased interest rate fluctuations will bring potential pressure to U.S. stocks. Historical data shows that the stock market tends to perform weak at the beginning of the Fed's interest rate hike cycle (883436). The research team led by Ben Snyder said that earnings growth will determine the overall mid- to long-term trend of the market, but if the Federal Reserve starts to raise interest rates, the stock market will be under pressure in the short term. According to team statistics, after the start of seven interest rate hike cycles (883436) in the past few decades, the S&P 500 (SPX) Index's three-month average return was -2%. However, in these seven cycles (883436), the average return of the S&P 500 (SPX) index reached 9% in the 12 months after the first interest rate hike; except for 2022, the 12-month returns in each cycle (883436) were positive. The report pointed out that the recent trends of stocks with weak balance sheets are highly bound to the Fed's interest rate expectations, and such stocks will remain highly sensitive to changes in the outlook for monetary policy. Specifically, the high floating rate debt equity portfolio (GSXUHIFL) has recently shown a significant correlation with short-term interest rates. Goldman Sachs (GS) Supplement
, the current market has priced in short-term interest rate hike expectations. If the Federal Reserve's monetary policy turns dovish, it may become a positive catalyst for the stock market to rise. (Sina Finance) China Fruit Network: Apple (AAPL) trading has not improved and goods are not moving quickly. On July 13, 2026, the inventory of Fuji in the Shandong production area remained light. Traders replenished a small amount on demand. The transactions were light, and the sales and price negotiations were mainly completed. There are not many western early-ripening apples (AAPL) on the market. The overall size is too large, the shipment speed is slow, and the price maintains a slow sliding trend. (Zhongguo.com) It is reported that the NVIDIA (NVDA) order was lost due to quality issues. Shenghong Technology (300476) responded: Cooperation with customers is normal and no notification has been received. News on the morning of July 13th. Recently, market news circulated that Shenghong Technology (300476) faces major quality risks. NVIDIA (NVDA) quality inspection department has received multiple quality inspection reports. After evaluation, there is a high probability that it will no longer continue to cooperate with Shenghong Technology (300476). Shenghong Technology (300476) has lost all orders from August 2026 to the first half of 2027. Most of the orders were taken by Shanghai Electric Co., Ltd. (002463), with an amount of approximately 5 billion yuan. In response to this rumor, Sina Finance called the securities department of Shenghong Technology (300476) as an individual investor. Relevant staff stated that the company has not received any notifications from customers. Currently, cooperation with customers is normal, and order taking and production are proceeding normally. (Sina.com) Nick Timiraos, "Federal Reserve Speaker": Some colleagues of Federal Reserve Chairman Warsh have increased concerns about inflation and may push for discussion of interest rate hikes at the Fed's July meeting. "Fed Speaker" Nick Timiraos published an article saying that some colleagues of Federal Reserve Chairman Warsh have increased concerns about inflation, and they may push for discussion of interest rate hikes when the Federal Reserve meets on July 28-29. Warsh will have a chance to help shape that consensus when he testifies before Congress this week. By then, he will have the latest June inflation data - which is also the last batch of important data released before the meeting. (Financial Associated Press)