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On Monday morning, US stock futures showed slight declines, with Dow futures down 0.21%, Nasdaq futures down 0.29%, and S&P 500 futures down 0.22%.
Most major tech stocks were weaker in pre-market trading. Notable movements included:
Chinese stocks generally performed well, with NIO rising nearly 6%, Alibaba up over 3%, Baidu up nearly 3%, Pinduoduo up over 2%, and JD.com up over 1%. However, Xpeng Motors fell nearly 1%.
Cryptocurrency-related stocks mostly declined, with Strategy down over 4%, MARA Holdings and BMNR down nearly 4%, and Coinbase down nearly 3%. ALTS rose nearly 2%, while SOFI saw a slight increase.
Pinduoduo's stock surged over 11% at one point, following its Q2 earnings report that exceeded expectations. Key figures included:
NIO's stock rose nearly 6% after Citigroup set a target price of $8.10, citing five reasons for a "buy" rating:
BeiGene's stock rose nearly 3% after announcing a licensing agreement with Royalty Pharma, which involves an $885 million payment for rights to certain monoclonal antibody products.
Ethzilla's stock increased over 3% as it raised its fundraising target to $10 billion to support ETH purchases, following a revised sales agreement.
Keurig Dr Pepper's stock fell nearly 5% as it nears a deal to acquire European coffee company JDE Peet for approximately $18 billion.
Apple plans a significant redesign over the next three years, introducing new models including a thin "iPhone Air" and a foldable iPhone by 2026, marking a renewed focus on flagship product design.
Following Fed Chair Powell's remarks, major banks adjusted their expectations for a 25 basis point rate cut in September, with predictions of two cuts this year. Barclays and BNP Paribas have shifted their forecasts accordingly.
Jefferies has raised its S&P 500 target to 6,600 points, citing strong corporate earnings, aligning with other major banks that have also increased their targets.
The upcoming employment and CPI data on September 5 and 11 will be crucial in determining the Fed's rate cut decision.
The Hong Kong Monetary Authority has officially launched optimized arrangements for offshore RMB bond repurchase operations, receiving positive market feedback.
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