U.S. index futures edged higher in pre-market trading on Monday,
as investors aimed to reclaim record levels following the Federal
Reserve’s signal of potential interest rate cuts. After a strong
week marked by Jerome Powell’s comments, Wall Street eagerly
anticipates rate cuts to ease recent economic concerns.
At 5:14 AM ET, Dow Jones futures (DOWI:DJI) rose 19 points or
0.05%. S&P 500 futures gained 0.14%, and Nasdaq-100 futures
advanced 0.18%. The yield on the 10-year Treasury note stood at
3.791%.
The U.S. economic calendar includes the release of July durable
goods orders at 8:30 AM ET, with a median forecast of a 4.0%
increase, compared to a 6.7% decline the previous month.
Additionally, durable goods orders excluding transportation will be
released, with prior results at 0.5%. Furthermore, San Francisco
Fed President Mary Daly is set to give an interview at 2:00 PM
ET.
In commodities, oil prices rose amid concerns that conflicts in
Gaza could escalate, impacting Middle Eastern oil supply.
Following a preemptive strike by Israel, where 100 planes
destroyed Hezbollah missile launchers in southern Lebanon, the
Middle East braced for potential regional escalation. Israel,
claiming intel on Hezbollah’s plans to attack northern Israel,
faced missile and drone retaliations, resulting in limited
casualties and damage. The tensions disrupted ceasefire talks in
Gaza and led to evacuations. The situation remains volatile, with
the risk of Iranian involvement and implications for diplomatic
negotiations.
The expectation of U.S. interest rate cuts also boosted economic
outlooks and fuel demand, while tensions involving Hezbollah and
Iran keep the oil market on edge.
West Texas Intermediate crude for October rose 1.18% to $75.71
per barrel, while Brent for October increased 1.11% to $79.90 per
barrel.
Gold (PM:XAUUSD) stabilized near its record high after Fed
Chairman Jerome Powell hinted at interest rate cuts. The precious
metal, up more than 20% this year, benefits from the expectation of
lower rates, enhancing its appeal relative to interest-bearing
investments like Treasuries.
Asia-Pacific markets had mixed performances. Japan’s Nikkei 225
and Topix fell 0.66% and 0.87%, respectively. In South Korea, the
Kospi dropped 0.14%, and the Kosdaq lost 0.84%. Australia’s
S&P/ASX 200 rose 0.76%, nearing its all-time high. Mainland
China’s CSI 300 slipped 0.09%, while Hong Kong’s Hang Seng advanced
1.11% near the close.
Singapore’s industrial production surged 10.1% in July,
reversing the revised 4.3% drop in June and beating the 5.3% growth
forecast. On an annual basis, it grew 1.8%, exceeding the 1.1%
decline forecast.
Asian investors are preparing for potential U.S. monetary policy
easing in September, following Federal Reserve Chairman Jerome
Powell’s speech suggesting imminent rate cuts. This scenario has
boosted the yen and weakened the dollar.
At the Federal Reserve’s annual conference in Jackson Hole,
academics and policymakers discussed how central banks shape market
perceptions of monetary policy.
The Bank of Japan, following an unexpected rate hike in July,
emphasized the need to align communication and actions to maximize
impact. However, the BOJ’s lack of clear guidelines caused market
confusion, highlighting the importance of more structured
communication regarding future rate decisions. The Fed’s moderate
shift could relieve pressure on the Bank of Japan (BOJ) to
strengthen the yen but may complicate interest rate hikes.
A typhoon with winds up to 200 km/h is expected to hit Kyushu in
southern Japan between Tuesday and Wednesday. Kyushu Railway and
Central Japan Railway warned of possible train service disruptions,
including the Tokaido Shinkansen. Power and water outages are
expected, and damages could exceed $10 billion.
In China, Vice President and Bank of China President Liu Jin
resigned for personal reasons. The board approved Ge Haijiao as
acting president. Liu, who assumed the presidency in April 2021,
previously led China Everbright Bank and held positions at the
China Development Bank. His departure follows the resignation of
former president Liu Liange, who was investigated and convicted of
corruption.
During U.S. National Security Advisor Jake Sullivan’s visit to
China, Beijing will address issues concerning Taiwan, tariffs, and
sanctions. China aims to express concerns about development and
strategic security, while also discussing trade and security
issues. Sullivan will seek to keep dialogue open despite
tensions.
European markets are mostly down due to low trading volumes,
influenced by the UK holiday. Technology and auto stocks are
underperforming, while real estate and energy stocks are up.
ECB Chief Economist Philip Lane stated over the weekend that
interest rates need to remain high to achieve the 2% inflation
target. Investors await the eurozone inflation data due on
Friday.
In Germany, the business climate index fell to 86.6 in August,
slightly above the 86.0 forecast. Despite the smaller-than-expected
decline, the Ifo survey indicates growing pessimism, with companies
assessing their current situation as worse.
U.S. stocks saw a strong rebound on Friday, with the Dow Jones
rising 1.14%, the S&P 500 advancing 1.15%, and the Nasdaq
gaining 1.47%. Federal Reserve Chairman Jerome Powell indicated
that rate cuts are imminent, boosting investor confidence. Powell
emphasized that inflation is nearing the 2% target, justifying the
cuts. The Dow posted a 1.3% weekly gain, while the Nasdaq and
S&P 500 rose 1.4% and 1.5%, respectively.
Additionally, U.S. new home sales in July surged 10.6%, reaching
739,000 units, significantly exceeding expectations and signaling a
hot housing market.
On the quarterly earnings front, PDD
Holdings (NASDAQ:PDD), Daqo New
Energy (NYSE:DQ), Viomi Technology
Company (NASDAQ:VIOT), will report before the market
opens.
After the close, numbers are expected from
Trip.com (NASDAQ:TCOM), Heico
Corp (NYSE:HEI), Tuya
Inc (NYSE:TUYA), American
Woodmark (NASDAQ:AMWD), BHP
Group (NYSE:BHP), and more.
Viomi Technology (NASDAQ:VIOT)
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