To The Moon

Wall Street rose slightly ahead of key earnings reports from major AI companies; Chinese stock market mixed after Canada's new tariffs announced

🇺🇸 S&P 500 Index: +0.17% 📈

🇺🇸 Nasdaq Index: +0.16% 📈

🇪🇺 Stoxx 600 Index: +0.17% 📈

🇯🇵 Nikkei 225 Index: +0.47% 📈

🇭🇰 Hang Seng Index: +0.43% 📈

🇨🇳 CSI 300 Index: -0.57% 📉

US stock markets hover near record highs, with the S&P 500 and Nasdaq Composite up slightly by 0.2%, led by technology stocks ahead of Nvidia's highly anticipated earnings report.

The Conference Board's (CB) Consumer Confidence Index rose to a six-month high of 103.3 in August, up from the revised 101.9 in July, with both the present situation and expectations indices improving.

Asian markets were mixed, with Hong Kong's Hang Seng Index reversing early losses to close up 0.4%, while the Shanghai CSI 300 Index fell by -0.6% as investors digested the impact of Canada's newly imposed import tariffs.

China's industrial profits for the first seven months of 2024 increased by 3.6% year-on-year (forecast: 3.3%), slightly faster than the previous period's 3.5% growth.

💡 Upcoming Events: 💡

- On Thursday, US preliminary GDP quarter-on-quarter data, unemployment claims, and Japan's consumer confidence index will be closely watched by investors.

- By the end of this week, we will see the release of the revised University of Michigan Consumer Sentiment Index, PCE price index month-on-month, Tokyo core CPI year-on-year, unemployment rate, preliminary industrial production month-on-month, retail sales year-on-year, EU core CPI, and CPI forecast year-on-year data.

💡 Things to Know Today: 💡

1. In a letter to the U.S. House Judiciary Committee dated August 26, Meta $Meta Platforms, Inc.(META)$   CEO Mark Zuckerberg stated that senior officials from the Biden administration had pressured his social media company to moderate certain COVID-19 content, including humorous and satirical posts. He added that he would push back if such pressure occurred again.

Mark Zuckerberg

2. Chinese e-commerce leader JD.com $JD.com(JD)$  $JD-SW(09618)$  announced a new $5 billion stock buyback plan on Tuesday, allowing the company to repurchase its shares over the next 36 months.

JD

3. Sony $Sony(SONY)$  announced a 19% price increase for its flagship PlayStation 5 console starting September 2, citing a challenging external environment, including global economic fluctuations.

PS5

4. According to two new studies from the nonpartisan Wharton School of the University of Pennsylvania, former President Donald Trump's economic proposals would increase the federal deficit by $5.8 trillion over the next decade, nearly five times the increase projected under Vice President Kamala Harris's proposals.

✅ Key Point:

Investors are eagerly awaiting the chip giant's $NVIDIA Corp(NVDA)$  earnings report, with particular focus on how the company's AI plans will affect its financial performance. While we believe the growth prospects for AI remain strong, recent volatility in the tech sector still presents potential risks.

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