Hot news

• Before the market on Thursday, a series of optimistic economic data was released, and the three major US stock indices rose

The data released on August 29th showed:

• The annualized quarterly revised quarterly value of real GDP of the US for the second quarter was 3%, the forecast was 2.8%, and the initial value was 2.8%;

• The number of people applying for unemployment benefits in the US for the first time in the week of August 24 was 0.231 million, lower than the expected and previous value of 0.232 million;

• The US core PCE price index for the second quarter was 2.8%, lower than expected.

After the data was released, the three major indices rose slightly.

Star Technology stocks generally rose before the market. $Apple (AAPL.US)$ , $Tesla (TSLA.US)$ An increase of more than 1%, $NVIDIA (NVDA.US)$ It fell more than 3%.

Most of the popular Chinese securities have risen.$Li Auto (LI.US)$,$Bilibili (BILI.US)$An increase of more than 4%,$PDD Holdings (PDD.US)$, $Alibaba (BABA.US)$ Up about 2%.

• Nvidia's Q3 revenue guidance fell short of highest expectations, falling more than 3% before the market

despite $NVIDIA (NVDA.US)$ Sales revenue for the second fiscal quarter continued to double and exceed expectations, but the current quarter's guidance fell short of Wall Street's most optimistic expectations, and there was news that there was a problem with the production of its much-hyped Blackwell chip. The company's stock price plummeted by more than 8% after the market, and the stock's decline narrowed before the market. As of press release, the stock fell 3.57%.

• Rumor has it that the seven-seater Model Y will be launched in China in October. Tesla official: No news has been received that there is such a plan

According to some sources, $Tesla (TSLA.US)$ The plan is to launch the seven-seater Model Y made in China in the Chinese and European markets in October of this year. Currently, the Shanghai Gigafactory has begun production of this model. Regarding the above situation, the relevant Tesla staff in China was contacted to seek evidence. The relevant staff member said, “Currently, we have received no news that there is such a plan.”

• Will Apple's AI phone be a success? New iPhone orders increased by more than 10% year over year

According to Nikkei News quoting a number of people familiar with the matter, $Apple (AAPL.US)$ It is betting that its first iPhone equipped with artificial intelligence will be a hit, and requires suppliers to prepare parts for around 88 million to 90 million smartphones, surpassing the initial order for around 80 million new iPhones last year. Some component manufacturers say they've even received orders for more than 90 million units, but they added that iPhone manufacturers usually place more orders at the beginning and then adjust the number of orders after the product is actually on the market.

Additionally, Citi listed Apple as the preferred AI stock for 2025, surpassing Nvidia and Arista Networks.

• Safran raised its full-year profit guidance in Q2, up nearly 5% before the market

$Salesforce (CRM.US)$ Q2 revenue increased 8% year over year to $9.33 billion, better than market expectations of $9.23 billion. This is also the first time in the 20 years since Safran went public that it announced a single-digit revenue growth rate. SAFTSE expects earnings per share for the 2025 fiscal year to be between $10.03 and $10.11, compared to a maximum of $9.94. Safransit's earnings forecast for the current fiscal year exceeded market expectations, easing investors' concerns about a slowdown in sales growth.

• The US version of “HuaBi” Affirm Q4 surpassed expectations and soared more than 23% before the market

$Affirm Holdings (AFRM.US)$ Revenue for the fourth fiscal quarter increased 48% year over year to $0.659 billion, better than analysts' expectations of $0.604 billion; net loss was 45.1 million US dollars, which was significantly narrower than the net loss of 0.206 billion US dollars in the same period last year; adjusted loss of $0.14 per share was better than analysts' expected loss of 0.51 US dollars per share. Total Q4 commodity transaction volume (GMV) was $7.2 billion, up 31% year over year; the number of active merchants exceeded 0.3 million; active consumers increased 19% year over year to 18.6 million.

• Best Buy's second-quarter results exceeded expectations, up more than 13% before the market

$Best Buy (BBY.US)$ The second-quarter revenue was $9.29 billion, and the market estimated $9.24 billion. Adjusted earnings per share for the second quarter were $1.34, and the market estimated $1.16. Best Buy expects adjusted earnings of $6.1-$6.35 per share for the full fiscal year, compared to $5.75-6.2 previously.

• Pilotto may file for bankruptcy, plummeting nearly 28% before the market

According to people familiar with the matter, American home discount retailers $Big Lots (BIG.US)$ After years of declining sales, they are considering filing for bankruptcy. People familiar with the matter said that the company is still seeking investors to avoid bankruptcy. Affected by the news, Pilotto's stock price plummeted 30% after the market. Piloto is one of the retailers affected by the slowdown in household spending in the US. Additionally, furniture retailers$Conn's (CONNQ.US)$ Inc. filed for bankruptcy in July of this year, while the American flooring company$LL Flooring (LLFLQ.US)$It also filed for bankruptcy this month.

• Uber makes a strategic investment in Wayve

British autonomous driving technology startup Wayve announced a partnership with $Uber Technologies (UBER.US)$ Forge new strategic partnerships. Uber also agreed to make a strategic investment in Wayve as an extension of the company's previously announced Series C funding. According to the cooperation between the two parties, autonomous vehicles powered by Wayve will be used on the Uber network in various markets around the world in the future.

• JD rose nearly 2% before the market, and Citi actively reaffirmed its buying rating

Citi believes $JD.com (JD.US)$ The newly announced $5 billion share repurchase program sends a stronger signal that management is concerned about shareholder returns and believes the current share price is undervalued. Citi has a positive view of this, believing that the plan is sooner than expected. Reiterating the buy rating for JD, the ADR target price is $41.

Global macroscopic

• Regarding the rapid rebound in US stocks, Goldman Sachs warns: market confidence has recovered too fast

Christian Mueller-Glissmann, head of asset allocation research at Goldman Sachs, said that market confidence quickly recovered after a sharp sell-off in global risk assets, which should be viewed as a matter of concern. Mueller-Glissmann said on Wednesday that investors can regard the stock market crash in early August as a “warning”. The stock market was under pressure at the beginning of this month due to concerns about a possible recession in the US economy and the cancellation of interest spreads linked to the yen, which dragged the stock market out of record highs.

• The unemployment rate rose in most US cities in July, and many cities experienced a “contraction” in wages

Data from the July Metropolitan Area Employment and Unemployment Report released by the US Bureau of Labor Statistics on Wednesday showed that in July, the unemployment rate in 9 out of 10 US cities increased compared to the same period last year, while the average weekly wage in more than 40% of these cities fell, highlighting the general slowdown in the labor market. Compared with the same period in 2023, the unemployment rate increased in 350 cities out of 389 metropolitan areas in July. Although the US unemployment rate is still very low by historical standards, these figures help explain the continued weakness of the national job market.

• Atlanta Federal Reserve Chairman: Hope more data confirms the need to cut interest rates next month

Atlanta Federal Reserve Chairman Bostic said that “it may be time” to cut interest rates, but he is still looking for more data to support interest rate cuts next month. Bostic reiterated that after inflation fell faster than expected and the unemployment rate rose faster than expected, his expected schedule of interest rate cuts had been brought forward, but he was still very cautious. The US PCE price index data for July, which will be released this Friday, is expected to further indicate that the market's long-awaited interest rate cut is imminent.

Top 20 pre-market turnover of US stocks

US Stock Macro Calendar Reminder

(The following are all Beijing time)

20:30: Revised value of the US real GDP annualized quarterly rate for the second quarter (%), the number of US jobless claims for the week ending August 24 (10,000), and the initial monthly rate of US wholesale inventory for July (%).

22:00: Monthly rate (%) of the US existing home contract sales index after the July seasonal adjustment.

22:30: Changes in US EIA gas inventories for the week ending August 23 (100 million cubic feet).

03:30 a.m. the next day: 2024 FOMC voting committee and Atlanta Federal Reserve Chairman Bostic delivered a speech on monetary policy and economic prospects.

Performance Forecast

Friday morning: $Dell Technologies (DELL.US)$ ,$Ulta Beauty (ULTA.US)$,$Cango (CANG.US)$

Friday pre-market:$MINISO (MNSO.US)$,$JinkoSolar (JKS.US)$

edit/emily