Preview of US Stock Market | The three major stock index futures all rose, and Powell will speak with several officials tonight.

September 26 (Thursday) before the US stock market, the futures of the three major US stock indexes rose together. As of the time of publication, the Dow Jones futures rose by 0.46%, S&P 500 index futures rose by 0.84%, and Nasdaq futures rose by 1.52%. As of the time of publication, the Germany DAX index rose by 1.25%, the UK FTSE 100 index rose by 0.14%, the France CAC 40 index rose by 1.61%, and the European Stoxx 50 index rose by 1.84%. As of the time of publication, WTI crude oil fell by 2.60%, to 67.88 US dollars per barrel. Brent crude oil fell by 2.37%, to 71.17 US dollars per barrel. Market News The US bond market is in a "silent" state, as traders eagerly await Powell's speech. Tonight, several officials from the Federal Reserve including Powell, Collins, Kugler, Baumann, Williams, Barr, and Cook will speak successively, which may determine whether the Fed will significantly cut interest rates again in November. Traders have paused trading US treasuries. Prior to this, the Fed initiated a rate cut cycle of 50 basis points, and the market is continuously pricing in the remaining rate cut expectations for the year. As the first week after the Fed meeting, the speeches of officials tonight may provide clarity for the market. The currency market has a large difference in opinion on whether the Fed will cut rates by 25 basis points or 50 basis points at the next meeting. Earlier this week, US consumer confidence data showed the largest drop in three years, leading to increased expectations of a Fed rate cut. Traders expect the Fed to cut rates three times by the end of the year, by 25 basis points each time. "Data Thunder" to be released tonight! US GDP may be significantly revised downwards. At 20:30 Beijing time on Thursday, the US will release the final annualized GDP growth rate for the second quarter, along with other important data. Investors are worried that the GDP revision announced on Thursday evening may erase much of the purported economic growth of this administration. According to Goldman Sachs Group, Inc., based on revised data on major GDP sources, the GDP growth rate for the past year is expected to be downgraded by 0.3-0.4%. Global M&A activity grew by 14% before the US election, but cautious sentiment led to a slowdown in US M&A activity. Deal makers are preparing for a slowdown in global M&A activity in the fourth quarter, as companies have delayed pursuing large targets before the 2024 US presidential election. Nevertheless, analysts believe this is just a temporary setback in the M&A market, and expect a significant rebound next year. Dealogic data shows that as of September 25, the total amount of announced M&A transactions worldwide in the third quarter of 2024 reached $846.8 billion, a 14% increase year-on-year. M&A deal volume in the US fell by 8% to $338 billion due to market volatility, strict regulatory review, and high interest rates. M&A activity outside North America appears to be more active, with the Asia-Pacific region seeing a 54% increase in deal volume, reaching $273 billion driven by some large transactions. BlackRock, Inc.: Despite modest earnings expectations decline, stock market valuations remain supportive. Helen Jewell, Chief Investment Officer for Basic Stocks in Europe, the Middle East, and Africa at BlackRock, Inc., stated that global companies appear optimistic about earnings expectations for the remaining year. Jewell believes that the stock market may be able to absorb the impact of a slight decline in earnings expectations. She mentioned that earnings forecasts for 2024 have been "pushed back" to the second half of the year, and expressed that a slight decline in forecasts does not necessarily mean the market will decline, as valuations are not excessively high. She added that while there are concerns about a possible economic recession and weakening consumer demand that could dim business earnings prospects, the stock market has rebounded this year. Gold price hits a new high again! JP Morgan and UBS Group AG both bullish on continued uptrend until 2025. Gold futures rose slightly on Wednesday, closing at $2681.3 per ounce, a new historical high. At least two major banks predict that gold prices will continue to rise next year, as funds flow back into gold ETFs and markets expect central banks, including the Fed, to further cut interest rates. Analysts at JPMorgan stated that strong physical demand from China and other central banks supported gold prices over the past two years. However, with the upcoming rate cut cycle by the Fed, fund flows, especially retail-oriented ETFs, will be crucial in further boosting gold prices. Analysts at UBS Group AG also believe that despite record highs in gold prices this year, there is still significant room for upward movement in the next 6-12 months. Important Economic Data and Events Accenture Plc Class A (ACN.US) revenue and profits exceed expectations in the fourth quarter, with optimistic future growth prospects. In the fourth quarter, Accenture Plc Class A reported a net profit of $1.68 billion, or $2.66 per share, a significant increase from $1.37 billion, or $2.15 per share in the same period last year. Excluding one-time items, adjusted earnings per share were $2.79, slightly exceeding analyst expectations of $2.78. Revenue increased by 5% year-on-year to $16.41 billion, also exceeding analyst expectations of $16.37 billion. Looking ahead, Accenture Plc Class A expects revenue to grow by 3% to6% of profits for the fiscal year will begin on September 1. The profit for the fiscal year 2025 is estimated to increase by 10% to 13%, with earnings per share expected to be between $12.55 and $12.91, which is in line with current analyst forecasts of $12.82, reflecting the company's optimistic outlook for future growth.AI wave sets off storage demand! Micron Technology, Inc. (MU.US) Q4 performance and guidance exceed expectations. Thanks to strong demand for artificial intelligence (AI) devices, Micron Technology, Inc. (MU.US) announced better-than-expected fourth-quarter results and guidance after the US stock market closed on Wednesday. Data shows that in the fourth quarter of fiscal year 2024 ending on August 29, 2024, Micron Technology, Inc. saw a 93% year-on-year increase in revenue to $7.75 billion, surpassing the market expectation of $7.66 billion; earnings per share excluding certain items were $1.18, also beating the market expectation of $1.12. Micron Technology, Inc. predicts that revenue for the first quarter of fiscal year 2025 will reach around $8.7 billion, easily exceeding the market expectation of $8.32 billion; earnings per share, excluding certain items, are expected to be around $1.74, while the market expectation is $1.52. This optimistic outlook is the latest sign that Micron is benefiting from the AI spending boom. Stock price hits historic high! Meta (META.US) releases blockbuster new products: AR glasses prototype, cheaper VR headset. Meta has launched its first augmented reality (AR) glasses, Orion, which can display a combined view of digital and real-world images. In addition, Meta also released a multimodal large language model and the latest virtual reality (VR) headset device Quest 3S. After the news was announced, Meta's stock price rose 2.2% to $575.77 in the short term, reaching a historic high; by the end of Wednesday, the closing price narrowed to 0.88%, at $568.31. Walt Disney Company (DIS.US) launches "paid sharing" feature, initiates new round of layoffs. Following the successful launch of the "paid sharing" plan by competitor Netflix, Walt Disney Company (DIS.US) has launched an initiative to crack down on password sharing behavior on Disney+ streaming service. After testing in several regions this summer, Disney+ has launched additional paid sharing features in the United States, Canada, Europe, Costa Rica, Guatemala, and the Asia-Pacific region. This move aims to generate revenue from those who essentially use other paying users' credentials to "freely" use the streaming service. When Netflix launched its paid sharing plan/password sharing crackdown, the company estimated that around 100 million users were using its service through password sharing without paying. EQT Corporation (EQT.US): AI data centers to become the largest "engine" of US natural gas demand. The boss of EQT Corporation, the largest fossil fuel producer in the United States, said that in the coming years, artificial intelligence data centers will be the biggest growth point for US natural gas demand. Consumption in the United States has soared in the past 10 years. After natural gas surpassed coal as the primary fuel for power plants, the launch of export facilities along the Gulf Coast has brought in major new customers outside of the United States. However, AI may bring more sudden and dramatic impacts to the US Energy Corp. market. The massive power scale required by data centers that operate training or execute AI capabilities has become a major topic in the energy and tech industries this year. Boosted by China's economic stimulus policy, popular Chinese concept stocks rose across the board, with Bilibili, Inc. Sponsored ADR Class Z up more than 10%, JD.com, Inc. Sponsored ADR Class A, XPeng, Inc. ADR Sponsored Class A up over 8%, and Alibaba Group Holding Limited Sponsored ADR, Netease Inc Sponsored ADR, Baidu Inc Sponsored ADR Class A up over 5%. Important economic data and events schedule 8:30 PM Beijing time: US second-quarter actual GDP annualized quarterly rate final value (%), US August durable goods orders monthly rate initial value (%), US initial jobless claims for the week ending September 21 (in thousands). 10:00 PM Beijing time: US August seasonally adjusted existing home sales index monthly rate (%). 9:10 PM Beijing time: Boston Fed President Collins hosts an online meeting on central bank regulation and financial inclusivity, with Fed Governor Kugler attending. 9:15 PM Beijing time: Fed Governor Bowman delivers a speech on economic outlook and monetary policy. 9:20 PM Beijing time: Fed Chair Powell delivers opening remarks in a pre-recorded video for an event. 9:25 PM Beijing time: FOMC permanent voter and New York Fed President Williams gives a speech. 10:30 PM Beijing time: Fed Governor Barl gives a speech, Fed Governor Lisa Cook participates in a roundtable discussion on artificial intelligence and labor development. 11:20 PM Beijing time: US Treasury Secretary Yellen delivers a speech. 1:00 AM Beijing time the next day: FOMC voter and Minneapolis Fed President Kashkari and Fed Governor Barl have a fireside chat. 6:00 AM Beijing time the next day: Fed Governor Lisa Cook delivers a speech on artificial intelligence and the labor market. Earnings forecast Friday morning: Costco (COST.US)