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Wall Street’s fear gauge is behaving unusually even as stocks hit record highs, underscoring a market rally that may be vulnerable at lofty valuations.

SpaceX stock cleared an important hurdle, and some advanced traders now think the selloff may have already bottomed.
Several stock pick stories highlighted favorable setups, including a building materials name, an unloved value stock, and a credit card company with strong growth.
Women-led companies are powering one ETF that is outperforming the S&P 500 this year.
Analysts remain mixed on software, with one former high flyer now seen as weak while other names in the sector are still drawing interest.
The broader market is showing signs that can sometimes appear near major tops, including a sharp rally and unusual behavior in the fear gauge.
AI remains a major theme, with investors focusing on under-the-radar stocks, memory and chip makers, and the ongoing AI infrastructure bottleneck.
Several earnings reports moved stocks sharply, with misses hurting names like Trade Desk and AppLovin, while beats lifted companies such as Atlassian, Sezzle, Lyft, and Redwire.
Market sentiment was also shaped by macro concerns, including Middle East developments and a cautious tone from Wall Street despite record highs.
Investors continue to debate speculation versus fundamentals, with SpaceX, shorted stocks, and other high-profile trades drawing attention from traders and commentators.
Consumer and industrial stories added more color to the tape, including McDonald’s traffic weakness, a bankrupt battery plant, and AMD’s acquisition of an AI chip startup.

Hong Kong stocks fell sharply as the Hang Seng Index dropped 385 points, with financial and property-related shares mixed amid broader market weakness.

English translation of the source headlines and briefs:

Mainland property: China Overseas Land’s contracted property sales in July rose 27.6% year on year.
Commodities: DR Congo bans exports of copper concentrate and cobalt concentrate, effective immediately.
Silver Bonds: The guaranteed interest rate for the 11th batch of Silver Bonds is 4.25%, with a minimum subscription of HK$10,000.
New launch: K. Wah’s Ngau Chi Wan project is named “33 Clear Water Bay”; Phase 1 is awaiting pre-sale approval and involves 361 units, starting from 492 sq ft.
Swire Properties: Hong Kong retail property portfolio sales performance is strong, while the negative rent reversion rate in office renewals is narrowing.
China Candy: Three former senior executives were handed a 13-year disqualification order.
TSMC rumor: TSMC is said to be facing a DRAM supply shortage, affecting Apple chip packaging.
Hong Kong market: The Hang Seng Index fell 385 points on the day; AIA dropped nearly 6%, Wharf REIC rebounded more than 13% after results, and MINIMAX rose 17%.
Switzerland economy: Switzerland’s seasonally adjusted July unemployment rate remained at 3.1%, in line with expectations; unemployed persons rose by 1,525 month on month, or 1.1%.
ByteDance: Liang Rubo said the company accepts short-term lag and will continue self-developing large models.
Expat talent: The return of foreign professionals is accelerating; Mid-Levels rents are outperforming the market, and competition for international school places is intensifying.
Market close: The Hang Seng Index fell 385 points and the Hang Seng Tech Index fell 112 points; Wharf REIC, Techtronic, GenScript, Triview New, and Cathay Pacific all hit record highs amid active turnover.
Korea / semiconductors: South Korea’s Industry Minister said China’s semiconductor industry is developing faster than expected.
Citic / CLP: Citi said CLP Holdings’ first-half profit slightly beat expectations, with growth across major regions.
CLP strategy: CLP hopes to raise its zero-carbon energy share and is exploring investment opportunities in Taiwan, Vietnam, and Laos.
Nomura: It cut its forecast for China’s Q3 economic growth to 4.3%.
BeiGene: CICC/Guotai? (reported by a major broker) raised BeiGene’s revenue and profit forecasts after stronger-than-expected interim results.
Shanghai market: The Shanghai Composite rose 21 points to reclaim the 3,900 level; coal and gold miners rose, and 6G concept stocks were popular.
AI ranking: Artificial Analysis ranked Alibaba Qwen 3.8’s agentic capability first globally.
BeiGene target price: Citi raised BeiGene’s target price to US$466 after better-than-expected second-quarter results.

10 most important items, paraphrased sentence by sentence:

China Overseas Land posted a 27.6% annual increase in July contracted property sales.
DR Congo immediately banned exports of copper and cobalt concentrates.
Hong Kong’s 11th batch of Silver Bonds offers a 4.25% guaranteed yield with a HK$10,000 minimum.
Wharf REIC surged after results even as the Hang Seng Index fell sharply.
ByteDance said it will continue building its own large models despite short-term setbacks.
TSMC was reported to face a DRAM shortage that could disrupt Apple chip packaging.
China’s semiconductor sector is advancing faster than many industry observers expected, according to South Korea’s industry minister.
Nomura lowered its forecast for China’s third-quarter GDP growth to 4.3%.
Artificial Analysis said Alibaba’s Qwen 3.8 leads the world in agentic AI capability.
BeiGene beat expectations, lifted its full-year outlook, and Citi raised its target price to US$466.

Concise 10-item English summary in HTML ul format:

China Overseas Land’s July sales rose 27.6% year on year.
DR Congo banned copper and cobalt concentrate exports immediately.
Hong Kong’s new Silver Bonds pay 4.25% guaranteed interest.
Wharf REIC jumped strongly after earnings while Hong Kong stocks fell.
ByteDance reaffirmed its commitment to self-developed large models.
TSMC was said to face a DRAM shortage affecting Apple chip packaging.
China’s semiconductor progress is being viewed as faster than expected.
Nomura cut China’s Q3 growth forecast to 4.3%.
Qwen 3.8 was ranked No. 1 globally for agentic capability.
BeiGene delivered strong interim results and higher guidance.

Tokyo stocks fell sharply, with the Nikkei briefly down 1,200 points as investors sold AI and semiconductor shares to lock in profits after the previous day’s rally.

Japanese yen trades in the upper 157 range as markets watch developments in the Middle East and remain alert to possible U.S.-Japan currency intervention.
Tokyo stocks fell, with profit-taking in high-tech shares driving a 617-yen decline in the Nikkei to 65,683.
The Cabinet Office estimates rising interest rates will add about 240,000 yen a year to mortgage costs for people in their 30s, with the burden growing by age.
The Development Bank of Japan is issuing corporate bonds to support regional growth, with local governments buying them and the funds then being lent to local companies.
Lawson is testing in-store payment using stablecoins, aiming to attract inbound foreign visitors.
Osaka’s recovery was already underway even without the Expo, according to Kansai views expressed by a Nippon Life vice chairman.
Tokyo stocks briefly dropped 1,200 points as investors sold AI and semiconductor shares after the previous day’s gains.
The U.S. dollar-yen rate in New York stayed in the upper 157 range, with traders waiting to see the outcome of U.S.-Iran talks over the Strait of Hormuz.
The Dow hit a third straight record high, supported by expectations for a temporary agreement related to the Strait of Hormuz issue.
Other major business news includes JR Central, JR West, and JR Kyushu linking reservation services, Kubota launching a remotely monitored autonomous tractor, and SoftBank Group posting a 17.7% drop in quarterly net profit.

Tether’s expansion into Saudi Arabia to launch tokenization with real estate stands out as the biggest crypto-market development, signaling growing institutional adoption of blockchain-based real-world assets.

Tether is expanding its tokenization business into Saudi Arabia, beginning with real estate applications.
Coinbase has received a full UK trading license, and tokenized U.S. stocks with dividends are being highlighted as a major feature.
JPMorgan says Hyperliquid ETF inflows have slowed as competition in the market increases.
Bitcoin’s historically low volatility does not automatically mean the asset has become low risk.
Bitcoin and ether are gaining interest because traders are seeking safety in the largest cryptocurrencies.
Bitcoin is holding a little above $64,000 as markets wait for Friday’s important jobs data.
Ethereum is stuck near $1,910, with neither buyers nor sellers showing clear control.
Bitcoin is seen as near $64,825, with analysts saying the next major macro catalyst could provide the next big move.
Senate Democrats have blocked the path to 60 votes on the CLARITY Act before the August recess.
Several crypto projects face controversy, including a founder charged over fund misuse, a token abandonment after a lawsuit drained treasury funds, and criticism over security-related feature reversals.

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