# 1. Hot News

Federal Reserve Dynamics

Core inflation heats up monthly, Federal Reserve faces interest rate decision this week

• The U.S. CPI in August rose 3.4% year-on-year and 0.4% month-on-month; core CPI rose 2.4% year-on-year and 0.3% month-on-month.
• The core CPI decreased from 2.5% in July year-on-year, but accelerated from 0.2% to 0.3% month-on-month, indicating uneven cooling of inflation.
• The Federal Reserve will hold a meeting from September 15 to 16, U.S. time, and will release an economic outlook summary. The interest rate decision is scheduled to be announced at 02:00 Beijing time on September 17.

Market Impact: A year-on-year decline in core inflation does not mean that short-term price pressures have dissipated. For technology stocks and crypto assets, this week will not only focus on whether there will be an interest rate hike but also on whether the policy statement and interest rate forecasts indicate continued tightening; the latter will affect whether valuations face a one-time adjustment or prolonged pressure.

International Commodities

Saudi oil facilities and Gulf shipping face new attacks, energy supply risks escalate

• Over the weekend, Saudi oil infrastructure and Gulf vessels were hit by a new wave of attacks, making crude oil export security a market focus again.
• The east-west oil pipeline in Saudi Arabia was previously shut down for preventive reasons due to attacks, and alternative routes bypassing the Strait of Hormuz have been affected.
• A planned meeting in Oman on Monday to discuss navigation arrangements in the Strait of Hormuz has been postponed.

Market Impact: The market needs to reassess how long supply disruptions may last. High oil prices benefit some upstream producers but will squeeze profits in aviation, logistics, and manufacturing; if energy price increases are passed on to other goods and services, the stock market will face pressure from both rising costs and tightening monetary policy.

Macroeconomic Policy

CLARITY Act enters critical voting week, crypto regulation faces procedural hurdles

• According to public reports, the U.S. Senate plans to vote on the motion to terminate debate related to the CLARITY Act at 02:00 Beijing time on September 16.
• This procedure requires at least 60 votes in support; passing the motion does not equate to the bill being approved or officially taking effect.
• Legislative progress this week will serve as an important signal for observing structural reforms in the U.S. digital asset market.

Market Impact: The clearer the regulatory framework, the easier it is for trading platforms and financial institutions to plan products and compliance investments. However, procedural progress does not directly translate into industry revenue; trading still needs to distinguish between sentiment fluctuations brought by legislative expectations and actual business increments.

# 2. Market Review

Commodity & Forex Performance

• Spot Gold: Approximately $4,333.93 per ounce.
• Spot Silver: Approximately $64.00 per ounce.
• WTI Crude Oil Futures: Reference price approximately $102.83 per barrel, October 2026 contract.
• Brent Crude Oil Futures: Reference price approximately $107.31 per barrel, November 2026 contract.
• U.S. Dollar Index (DXY): Approximately 99.11 points.

Driving Factors Analysis: Supply channel disruptions continue to support oil prices. Gold faces two opposing forces: increased geopolitical risks raise safe-haven demand, while rising interest rates increase the opportunity cost of holding non-interest-bearing assets. This week, the common observation point for commodities and forex is how central banks respond to energy shocks, rather than just looking at daily price directions.

Cryptocurrency Performance

• BTC: Approximately 76,795.01 USDT.
• ETH: Approximately 2,508.09 USDT.

Driving Factors Analysis: The Federal Reserve's interest rate decision and the procedural vote on the CLARITY Act will intensively land this week. The former affects the cost of dollar funding, while the latter influences regulatory expectations; these two lines may bring different trading reactions. Whether risk appetite can improve still needs to observe sustained buying after the events land, rather than judging trends solely based on policy headlines.

U.S. Stock Index Performance

• Dow Jones: Closed at 52,573.29 points, up 0.98%.
• S&P 500: Closed at 7,656.98 points, up 0.86%.
• Nasdaq: Closed at 26,333.04 points, up 0.96%.

Tech Giants Dynamics

• NVDA: $218.29, down 0.03%.
• AAPL: $332.27, up 1.75%.
• MSFT: $495.63, up 0.65%.
• GOOGL: $338.50, up 1.77%.
• AMZN: $256.78, up 1.94%.
• META: $648.03, up 0.57%.
• TSLA: $365.44, up 0.52%.

Performance Summary and Driving Analysis: Six out of seven major tech stocks rose, with Amazon leading, followed closely by Alphabet and Apple, while Nvidia slightly declined. The rebound last Friday did not cover all AI leaders. This week, key observations will be whether corporate earnings and financing needs can withstand interest rate pressures, and whether rising oil prices will affect the continuation of the rebound; the impact of new messages over the weekend on U.S. stocks will need to wait for Monday's trading verification.

Sector Movement Observation

Cloud Infrastructure: Oracle opens high but falls back, order growth still needs cash flow realization

• Representative Stock: Oracle (ORCL) fell 1.74%, closing at $150.28, below the opening price of $164.43.
• Driving Factors: Financial reports show strong demand for cloud infrastructure, but investments in data centers and financing needs remain market concerns. The stock price's intraday decline coexists with market worries about the capital return cycle; future observations need to see if revenue growth can translate into cash flow improvement.

Creative Software: Adobe opens low and closes up, financial report support coexists with AI competition

• Representative Stock: Adobe (ADBE) rose 1.37%, closing at $252.23, above the opening price of $242.17.
• Driving Factors: The company's quarterly revenue growth and upward adjustment of the annual target constitute fundamental support for the stock price; whether it can convert AI product usage into paid subscriptions remains key to assessing the sustainability of valuation recovery.

# 3. In-Depth Analysis of U.S. Stocks

1. Nvidia (NVDA) - Negotiating participation in Anthropic IPO, customer relationships and capital investments further intertwined

Event Overview: Nvidia closed at $218.29 on September 11, down 0.03%. According to Reuters, the company is negotiating to invest in the Anthropic IPO, considering an investment of up to $10 billion; the plan has not yet been finalized.
Market Interpretation: Potential investments may strengthen customer relationships but also increase capital exposure to a single AI ecosystem. For chip suppliers, it is necessary to distinguish between the purchasing power generated by customers' own operations and the computing power needs maintained by external financing.
Investment Insight: Pay attention to the final investment terms, use of funds, and quality of customer repayments. Participating in the IPO does not equate to having locked in chip orders, nor does it mean that related revenues can be immediately confirmed.

2. Oracle (ORCL) - High open and low close after earnings report, tug-of-war between AI orders and capital pressure

Event Overview: Oracle fell 1.74% on September 11, closing at $150.28. The latest quarterly revenue was approximately $19.3 billion, a year-on-year increase of 30%; cloud infrastructure revenue was approximately $7.4 billion, a year-on-year increase of 121%.
Market Interpretation: The speed of business expansion is prominent, but converting orders into profits and cash flow requires going through construction, delivery, and repayment. The company increased its restructuring budget, highlighting the pressure of expansion alongside cost control. Evaluating this financial report requires considering both revenue growth and capital investment, and not judging business prospects solely based on stock price reactions.
Investment Insight: Focus on cloud capacity delivery, capital expenditures, and financing costs. The expansion of order scale is a demand signal, but the speed of cash recovery determines whether this round of expansion can improve shareholder returns.

3. Adobe (ADBE) - Revenue and annual target raised, AI commercialization still needs continuous verification

Event Overview: Adobe rose 1.37% on September 11, closing at $252.23. In the third quarter of fiscal year 2026, revenue was $6.76 billion, a year-on-year increase of 13%; non-GAAP earnings per share were $6.13. The company raised its full-year non-GAAP earnings per share target to $24.45---$24.50.
Market Interpretation: Performance growth indicates that existing businesses still have resilience, but growth in free users does not equate to growth in paid revenue. Whether AI features can improve subscription conversion, retention rates, and revenue per customer is more important than simply expanding the number of users.
Investment Insight: Pay attention to subscription revenue, renewal performance, and AI service costs. If new features increase revenue while eroding profit margins, valuation recovery may still be limited.

# 4. Market & Project Dynamics

1. According to Ledger Insights' report on ESMA's recent findings, tokenized stocks face liquidity fragmentation risks: the same stock may have multiple token versions, potentially dispersing trading depth. For users, it is necessary to separately verify product legal rights, underlying custody, and redemption arrangements; "1:1 support" should not be directly equated with holding native stocks.

2. According to a notice previously released by Spark and reported by the media, the project plans to close the SparkLend lending service on Gnosis Chain today, and outstanding loans may face liquidation. Relevant users need to pay attention to debt and collateral disposal; this adjustment does not announce the closure of all SparkLend on-chain.

3. According to public reports from Token Unlocks data, Arbitrum is expected to unlock approximately 92.65 million ARB at 21:00 Beijing time on September 16. The unlock increases the circulating supply, but does not mean that all tokens will be sold immediately; it needs to be observed in conjunction with subsequent transfers from receiving addresses and market liquidity.

4. MoneyGram launched a stablecoin-supported Visa card on September 10, first landing in Colombia, initially supporting USDC. Users can spend using the in-app balance, extending the application of stablecoins from cross-border transfers to daily payments.

# 5. Today's Market Calendar

Data Release Schedule

All times are in Beijing time (UTC+8); market attention is based on the editor's judgment.
Time
Country/Region
Event
Market Attention

|------------|-----|----------------------|-----| | September 14, 12:30 | Japan | July industrial output revision and capacity utilization | ⭐⭐ | | September 14, 20:30 | Canada | August CPI | ⭐⭐⭐ | | September 14, all day | Eurozone | European Central Bank officials' speeches, focus on whether they involve inflation and interest rates | ⭐⭐⭐ |

Important Event Forecast

• CLARITY Act procedural vote: According to public reports, it is scheduled for 02:00 on September 16, focusing on whether the required number of votes to advance the procedure can be reached.
• Federal Reserve interest rate decision and economic outlook summary: 02:00 on September 17, focusing on interest rate paths and inflation forecasts.
• Bank of England and Bank of Japan decisions: To be announced on September 17 and 18, respectively, focusing on the impact of policy divergence among major economies on forex and risk assets.

Institutional Views:

According to a report on September 14, Michael Feroli, Chief U.S. Economist at JPMorgan, expects the Federal Reserve to raise interest rates twice this year, in September and December, and has indicated risks to policy credibility. Ben Snider, Chief U.S. Equity Strategist at Goldman Sachs, believes that corporate earnings can still support the continuation of the bull market. The two views are not contradictory: rising interest rates will raise the valuation threshold, and whether companies can deliver earnings growth will determine if stock prices can withstand higher capital costs.

Disclaimer: The above content is for market information reference only and does not constitute any investment advice. Quotes may change with market fluctuations; please refer to the market conditions at the time of trading.