As the new week begins, U.S. Futures are showing a positive start following updates from Chinese authorities. After last week’s downturn, the Nasdaq 100, S&P 500, and Dow Jones Industrial Average futures are up by 0.34%, 0.22%, and 0.18% respectively, indicating a potential recovery.
Earnings announcements are eagerly anticipated, with Nvidia (NVDA) taking the spotlight as a key player in the AI race. Their Q2FY24 results, set to release on August 23, are expected to reveal adjusted earnings of $2.08 per share on revenues of $11.14 billion, signifying substantial growth from the previous year.
Zoom Video Communications (ZM) is also scheduled to unveil its Q2FY24 results this week, alongside other retailers such as Lowe’s (LOW), BJ’s Wholesale (BJ), Dicks Sporting Goods (DKS), Macy’s (M), Urban Outfitters (URBN), and Kohls (KSS). These reports will shed light on the economic landscape and consumer behavior.
Notably, the market will be keenly attuned to Fed Chair Jerome Powell’s speech at the Jackson Hole conference, which holds implications for monetary policy and the overall U.S. economy’s health. This pivotal address could influence market sentiments and strategies.
Economic data will be in focus as well, including Existing Home Sales, MBA Mortgage Applications, Build Permits, New Home Sales, and August’s S&P Global Manufacturing and Services PMIs. Weekly Initial Jobless Claims and Durable Goods orders will provide insights into the economy’s dynamics.
Amidst this, Asia-Pacific markets exhibited mixed trends due to China’s rate cuts falling short of expectations. While Hong Kong’s Hang Seng index and China’s Shanghai Composite and Shenzhen Component indices experienced declines, Japan’s Nikkei and Topix indices saw gains. The global economic landscape remains a dynamic realm of possibilities and uncertainties.
