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Bank of America Global Research: Lowered its target price for Broadcom (AVGO.O) from $530 to $460.

Broadcom (AVGO.O) fell as much as 5.9%, its biggest drop since August 14.

According to Axios, OpenAI will host 300 security leaders at its headquarters on Thursday.

According to Axios: OpenAI President Greg Brockman is expected to announce expanded access to critical infrastructure for the company's tools.

According to Axios: OpenAI convened its security lead before releasing a cybersecurity-related announcement.

According to Al Jazeera: A U.S. official said Iran launched retaliatory attacks Wednesday night, including against U.S. bases in Kuwait, but U.S. military bases in the region "were not attacked."

The Dow Jones Industrial Average opened 349.47 points higher, or 0.66%, at 53,411.42 on Thursday, September 3; the S&P 500 opened 31.03 points higher, or 0.40%, at 7,697.71; and the Nasdaq Composite opened 115.08 points higher, or 0.44%, at 26,332.91.

September 3 - Russia's oil revenues plummeted to a six-month low in August, reflecting falling oil export prices and further increasing pressure on the Kremlin to fund the war in Ukraine. According to data released by the Russian Ministry of Finance on Thursday, net budget revenues from oil production totaled 326.2 billion rubles (approximately $3.76 billion) in August, a year-on-year decrease of about 22%, the lowest level since February. Oil and gas revenues constitute a significant portion of Russia's budget revenue and are a key source of funding for the war in Ukraine. Data from the Russian tax authorities shows that the benchmark oil price used to calculate Russia's August budget revenues was slightly above $59 per barrel. The average monthly price of Urals crude oil reached nearly $95 per barrel this spring. On a monthly basis, Russia's oil revenues plunged by more than 60% in August.

On September 3rd, Federal Reserve Governor Waller stated that the Fed must establish clear and consistent rules for policy responses, otherwise the market will be unable to predict them. He noted that while the specific quantification of the response function may have flaws, it is crucial from a qualitative perspective; his views on the perfection of the response function differ significantly from those of Fed Chairman Warsh. Regarding Fed transparency, Waller stated that surprising the market is of no benefit, criticizing the "never explain" approach as an old and undesirable model, suggesting that some disclosure of future policy directions would be better. Waller also stated that there are very strong differences of opinion within the Fed regarding communication issues, with strong opposition to scenario analysis last year, and it remains uncertain what the communication working group will achieve. Regarding the balance sheet working group's discussions, he will oppose any suggestions that would lead to a return to a scarce reserve situation; regarding the data working group, he emphasized the need to be wary of trust issues, advocating for the use of verifiable data, and stated that the inflation working group may be most helpful to the Federal Open Market Committee (FOMC).

On September 3rd, Federal Reserve Governor Waller stated that mortgage and auto loan rates are not low, and he expects CPI and PPI to be "at reasonable levels" next month. He believes that the "loose financial environment" actually reflects stock prices. He argues that interest rates affecting ordinary Americans are not loose. He points out that the US cannot maintain a 3% structural fiscal deficit indefinitely, which doesn't necessarily mean the US will "fall off a cliff," but could lead to further increases in yields. Fiscal factors and competition for capital from artificial intelligence are both pushing up yields, and some studies also show that the premium on US Treasury bonds has disappeared, which also contributes to rising yields.

Note: Federal Reserve Governor Waller has finished speaking.

Federal Reserve Governor Waller: The inflation task force is probably the most helpful to the Federal Open Market Committee.

Federal Reserve Governor Waller: The inflation task force is probably the most interesting.

Federal Reserve Governor Waller: (Regarding the data task force) We must be wary of trust issues and need to use data that people can verify.

Federal Reserve Governor Waller: Federal Reserve Chairman Warsh made "perfection" the enemy of "good".

Federal Reserve Governor Waller: (Regarding the Fed's transparency) There is no benefit to surprising the market.

Federal Reserve Governor Waller: His views on the perfection of the reaction function are quite different from those of Federal Reserve Chairman Warsh.

Federal Reserve Governor Waller: The specific quantification of the reaction function may be flawed, but from a qualitative perspective, this is very important.

Federal Reserve Governor Waller: This is just basic economics, not some “strange advice”.