Breakfast | US stocks rise across the board, Chinese concept stocks outperform the market, Federal Reserve officials support rate cuts in September

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US stocks rose across the board, with the S&P 500 index's 11 sectors generally closing higher

The US revised down the employment population by 818,000 from March to the past year, the largest downward revision in fifteen years. Economists previously expected a downward revision of 500,000 people, while Goldman Sachs expected 1 million. The Federal Reserve released the minutes of the July FOMC monetary policy meeting, with "the vast majority" of officials believing that a rate cut in September may be appropriate. The consensus on Wall Street is that the downward revision in employment data may affect the tone of Federal Reserve Chairman Powell's speech at the Jackson Hole Global Central Bank Annual Meeting on Friday. The market is also concerned that the Fed's rate cut action may be significantly delayed.

The "Tech Seven Sisters" had mixed performances. NVIDIA and Tesla rose by 0.98%, Meta rose by 1.6%, Amazon rose by 0.69%, Google A fell by 0.8%, Microsoft fell by 0.16%, and Apple fell by 0.05%.

Target rose by 11.2%, with Q2 earnings beating expectations and raising full-year profit forecasts. Macy's fell by 12.91%, lowering its full-year net sales estimate. Discount retailer TJX Group rose over 6% to a new high, with second-quarter earnings exceeding expectations and raising annual guidance. In addition, Eli Lilly hit a new high.

Chinese concept stocks outperformed the US market. 17.14% increase for 万国数据， 6.11% increase for 中通快递， 4.28% increase for 小鹏汽车， 4.04% increase for 理想汽车， 3.64% increase for 蔚来汽车， 3.07% increase for Alibaba, and 2.06% increase for Tencent Holdings ADR. JD.com fell by 4.15%, marking the largest decline since October 12 last year. Xiaomi Group ADR rose by 3.5% after its financial report.

Fed Meeting Minutes: Officials Support Rate Cut

Federal Reserve officials strongly favor cutting rates at the September policy meeting, with several officials even willing to cut rates immediately. "Some participants" believe that keeping rates unchanged in the face of continued cooling inflation pressures would mean that monetary policy would further drag on economic activity.

US March Nonfarm Payrolls Revised Down by 818,000, Release Delayed

The US Bureau of Labor Statistics: The preliminary estimate of the annual benchmark revision shows that in March 2024, the total number of nonfarm payrolls in the US was revised down by 818,000, a decrease of 0.5%, or about 68,000 people per month. Some institutions had predicted a reduction of up to 1 million. The final revised data will be released early next year.

NVIDIA's First AI NPC Enters the Game, Allowing Players to Voice Chat and Interact with NPCs

NVIDIA released a game demo where players can interact with NPCs through voice chat, understand level objectives, optimize equipment configurations, and then adjust weapon colors to start combat. NVIDIA ACE is a platform that allows developers to create intelligent game NPCs using generative AI. In short, ACE can create unprecedented fully voice-activated, fully dynamic video game characters.

Meta Launches New Web Crawler Program to Train AI Models

Meta has launched a new web crawler program, Meta-External Agent and Meta-External Fetcher, to collect internet data to train its AI models. This program can bypass robots.txt rules to unlimitedly obtain data

Revenue Guidance for Listed Companies

Microsoft expects first-quarter revenue from its Intelligent Cloud business to be between $23.8 billion and $24.1 billion. Revenue from Azure and other cloud services in the first quarter is expected to decline by 1 to 2 percentage points. Microsoft fell 1% after hours.

Snowflake expects product revenue for the fiscal year 2024 to be $3.36 billion, up from the previous expectation of $3.3 billion, with market forecasts at $3.33 billion.

Xiaomi Group President Lu Weibing on Xiaomi SU7 Loss: Small Scale, High Initial Investment for First Car

The reason for the loss of Xiaomi's car SU7 is twofold: first, the scale of Xiaomi's car business is relatively small, and the automotive industry is a typical economy of scale industry. Xiaomi is confident in scaling up its car business in the future. Second, Xiaomi's first car is a pure electric sedan, with inherently higher initial investment costs. It will take some time to absorb these costs.

Xiaomi Q2 Revenue Hits Record High, Adjusted Net Profit Up 20.1% YoY, Car Gross Margin at 15.4%

Xiaomi Group's second-quarter revenue reached 88.9 billion RMB, a year-on-year increase of 32.0%, exceeding market expectations of 86.85 billion RMB and setting a new historical high. Operating profit increased by 45.7% year-on-year to 5.89 billion RMB, exceeding the expected 4.1 billion RMB, while net profit increased by 38.3% year-on-year to 5.1 billion RMB, surpassing the expected 3.84 billion RMB. Adjusted net profit was 6.18 billion RMB, exceeding the expected 4.85 billion RMB. It is expected to achieve the goal of delivering 100,000 new SU7 cars ahead of schedule in November this year.

Alphabet CEO Pichai Sells $3.77 Million in Company Stock

Ford Adjusts Electric Vehicle Strategy: Lower Production Costs, Reduce Capital Expenditure

Ford will focus on producing two new electric pickups and a new commercial van. The cost of all products will be lower, with longer range, and achieve pre-tax profitability within one year of product launch. The new changes will force Ford to write down $400 million in current assets for large electric SUVs, with an expected additional expenditure of up to $1.5 billion. The company also stated that it will reduce capital spending on electric vehicles, lowering the annual capital budget ratio from 40% to 30%.

Binance CEO: No Need for Company IPO

Goldman Sachs US Election Prediction: Harris Has a Strong Chance of Winning, But Will Become a "Lame Duck President"

Currently, at the national polling level, Harris is leading Trump by approximately 1.5 percentage points and is ahead in the key swing state of Pennsylvania. The probability of Harris winning in November is about 52%-54%. Since taking over the flag to face Trump from Biden, the situation has been on the rise for the past month