Pre-market US stocks | Tesla's first CyberTruck rolls off the production line, Meta's Threads user engagement declines, TSMC rumored to lower full-year revenue forecast.
Tesla rose 1.7%, Activision Blizzard rose nearly 4%, Alibaba and LI AUTO-W fell nearly 1%, JD-SWR fell 1.8%, PDD fell over 2%, BILIBILI-W fell nearly 3%, BEKE-W fell nearly 1%, BIDU-SWR rose 1%.
US Stock Market News
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Wells Fargo: Raised Tesla's target price from $170 to $265.
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On July 17th, Taobao launched a new version called "Night Taobao," which is an innovation of Taobao's summer version. It is considered the most significant upgrade in three years since Taobao's comprehensive information flow on the homepage in 2020.
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According to TechCrunch, the social app Threads has reached one-fifth of Twitter's active users in just a few days since its launch, making it 86 times more popular than TruthSocial, a competitor of Twitter.
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On July 17th, 2023, at 13:10, Special Envoy for Climate Change Affairs of China, Xie Zhenhua, concluded his meeting with John Kerry, the US Special Presidential Envoy for Climate, which lasted for about four hours. (CCTV News)
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Tesla announced on Twitter that the first CyberTruck has been manufactured at the Texas Gigafactory.
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Tesla has started selling vehicles produced at its Shanghai factory in South Korea.
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According to the latest research report published by S&P Global Mobility, the automotive industry has largely overcome the semiconductor shortage issue.
Pre-market Movement
In pre-market trading, Dow Jones futures fell by 0.22%, while Nasdaq futures and S&P 500 futures showed a slight decline.
Tesla's stock price rose by 1.7% in pre-market trading. After a two-year delay, the company's first CyberTruck has been unveiled.
Meta fell by 1%.
Alibaba and Li Auto both dropped by nearly 1%, JD.com fell by 1.8%, Pinduoduo dropped by over 2%, Bilibili fell by nearly 3%, Beike fell by nearly 1%, and Baidu rose by 1%.
Institutional Perspectives
1. HSBC Research lowers Tencent's target price
HSBC Global Research stated that Tencent will announce its second-quarter earnings on August 17th, and the bank's profit forecast remains largely unchanged. Considering new equity costs and a reduction in the number of shares due to more buybacks, HSBC Research has lowered Tencent's target price from HK$440 to HK$425 while maintaining a buy rating. HSBC Research also pointed out that the reduction of Prosus's holdings may cause short-term fluctuations in Tencent's stock price.
2. Tech Giants' Latest Earnings Reports May Determine the Future of the US Stock Market
The earnings reports of the seven tech giants in the US stock market will be released in the coming weeks, and analysts believe that this may determine the direction of the US stock market this year. Currently, Wall Street has high profit expectations for these seven giants. Bank of America Global Research predicts that over the next 12 months, the average earnings of these companies will grow by 19%, more than twice the expected 8% growth of other components of the S&P 500 index.