Preview of US Stock Market | The three major stock index futures are not moving in the same direction, the US August PCE data will be released tonight.

1. Before the market opens on September 27th (Friday), the three major stock index futures in the US fluctuated. As of the time of publication, Dow Jones futures rose by 0.02%, S&P 500 index futures fell by 0.04%, and Nasdaq futures fell by 0.12%. 2. As of the time of publication, the German DAX index rose by 0.93%, the UK FTSE 100 index fell by 0.46%, the French CAC 40 index rose by 0.24%, and the European Stoxx 50 index rose by 0.34%. 3. As of the time of publication, WTI crude oil rose by 0.38%, trading at $67.93 per barrel. Brent crude oil rose by 0.31%, trading at $71.31 per barrel. Market News - US August PCE data will be released tonight. At 20:30 on Friday Beijing time, the US August Personal Consumption Expenditures (PCE) price data will be released. Survey shows that the PCE price index for August is expected to increase by 0.1% month-on-month, and the core PCE price index is expected to rise by 0.2% month-on-month. The survey also shows that the PCE price index for August is expected to increase by 2.3% year-on-year, and the core PCE price index is expected to rise by 2.7% year-on-year. The core PCE price index is the Fed's preferred inflation indicator and is the most important economic data this week, which may provide more clues about the magnitude of the rate cut in November. Traders expect a 51% chance of a 50 basis point rate cut in November. Analysts say that if the US core PCE inflation index is stronger than expected, this may cool down the bets on a significant rate cut in November by the Fed; but on the other hand, if the PCE data is below expectations, it may lead to the belief that the Fed will be more dovish. - Unexpectedly elected as the leader of the Liberal Democratic Party of Japan, Shigeru Ishiba to clear obstacles for the Bank of Japan to raise interest rates? On September 27th, former Secretary-General of the Liberal Democratic Party of Japan, Shigeru Ishiba, received a majority of votes in the second round of the party's election and was elected as the new leader of the Liberal Democratic Party. According to custom, the incoming Liberal Democratic Party leader, Shigeru Ishiba, will be appointed as Prime Minister on October 1st through a parliamentary nomination election. Shigeru Ishiba emphasized on Friday that the Japanese economy must completely break free from deflation, and vowed to take measures to raise wages, indicating that his recent focus will be on maintaining economic activity on a sustainable recovery track. After the election results were announced, the yen rose sharply, reaching a high of 142.89 against the US dollar, Japanese bond futures fell, and the Nikkei 225 index futures also fell. Analysts believe that the Bank of Japan is likely to continue raising interest rates. - Fed Governor Cook: "Wholeheartedly" supports a 50 basis point rate cut. Fed Governor Lisa Cook said she "wholeheartedly" supports the Fed's 50 basis point rate cut last week, citing a slowdown in the job market and a slight easing of inflation. Cook did not specify how much monetary easing would be needed in the short term, but said that when considering policy paths, they will carefully watch the upcoming economic data and risk balance. In a speech delivered to Ohio State University on Thursday, she said, "This decision reflects increasing confidence that, by adjusting our policy stance appropriately, in the context of moderate economic growth, a stable labor market can be maintained, and inflation will continue to decline towards our target. " On September 18, the Federal Open Market Committee (FOMC) lowered the benchmark interest rate by 50 basis points to a range of 4.75% to 5%. - Fed rate cuts spark a housing boom, US mortgage demand soars. US online real estate brokerage Redfin reported on Thursday that the Fed's monetary easing policy has sparked a housing boom, leading to a 68% increase in the volume of mortgage rate locks on September 23 compared to a month ago. Other indicators also show improving demand. According to the report, monthly increases in mortgage purchase applications of more than 10% could drive future home sales. Additionally, in the week ending September 22, Redfin's homebuyer demand index surged to its highest level since May. Other factors attracting buyers back include a decline in median monthly payments and an increase in new listings. However, before the Fed began its first rate cut cycle in four years last week, mortgage rates and housing costs had been declining significantly for several weeks. - Black Swan Fund founder raises alarm: US stock market "golden girl" faces sudden end danger. Black Swan Fund Universa Investments founder and chief investment officer Mark Spitznagel said that as the stock market hits historic highs, traders' confidence in an economic soft landing is growing, and the stock market seems to be in the "golden girl zone", but on Thursday he warned investors to beware of second-order effects, such as even with the Fed cutting rates, an economic slowdown could still lead to a sudden market collapse. Spitznagel expects a "collapse" in global markets before the end of the year, likely driven by an economic slowdown. Boosted by expectations of corporate profit elasticity, the Fed rate cut cycle, and the belief that the US economy will be able to avoid a recession, the S&P 500 index hit 42 new highs in 2024. However, Spitznagel believes that the Fed's lowering of borrowing costs will concern investors and make them consider more about the stock price trends next year. Individual Stock News - US middle-class favorite Costco (COST.US) Q4 earnings exceeded expectations, but revenue fell short, with same-store sales increasing by 5.4%. Costco's fourth-quarter profit exceeded market expectations, indicating that consumer spending remains strong despite ongoing cost pressures. The financial report shows that for the fourth quarter of the 2024 fiscal year ending on September 1st, Costco's total revenue was $79.697 billion, an increase of 1% year-on-year, lower than the analysts' average expected $79.96 billion. Net sales were $78.185 billion, up 1% year-on-year; membership fees were $1.512 billion, essentially flat year-on-year. Q4 net profit was $2.354 billion, up 9% year-on-year; diluted earnings per share were $5.29, better than the analysts' average expected $5.07. Q4 same-store sales increased by 5.4%, higher than the analysts' average expected growth of 4.27%. Same-store sales in the US grew by 5.3%; e-commerce sales increased by nearly 19%. - AMD (AMD.US)Welcome to a milestone moment! Oracle Corporation (ORCL.US) collaborates with MI300X to create a supercomputing cluster. Renowned for its cloud computing services and database software globally, tech giant Oracle Corporation recently chose to equip its latest OCI supercomputing cluster instance with AMD Instinct MI300X AI accelerators featuring the open software ecosystem ROCm. Partnering with Oracle Corporation means that AMD, which currently holds less than 10% of the AI GPU market share in data centers, is gradually integrating into the global cloud computing giants' circle, with the potential to continuously seize market share from NVIDIA Corporation in the AI GPU market. The fact that cloud giant Oracle Corporation chose the AMD Instinct MI300X AI accelerator for its latest OCI supercomputing cluster signifies that AMD is continuously strengthening its influence in the AI GPU market. Being recognized and supported by a major cloud player like Oracle Corporation is crucial for AMD.Intel Corporation (INTC.US) and the United States are expected to finalize an $8.5 billion chip financing deal by the end of the year. Negotiations have entered the final stage, but no one can guarantee that the deal will be completed by the end of the year. Reports suggest that any acquisition of all or a portion of Intel Corporation's shares could disrupt the negotiations. Chinese concept stocks continued to rise, with NaaS Technology, Inc. Sponsored ADR (NAAS.US) rising over 10%. NaaS Technology, Inc. Sponsored ADR surged 16% before market open, while Bilibili, Inc. Sponsored ADR Class Z, PDD Holdings Inc. Sponsored ADR Class A, JD.com, Inc. Sponsored ADR Class A rose over 2%, and Alibaba Group Holding Limited Sponsored ADR rose less than 1%. Upcoming important economic data and events: 8:30 pm Beijing Time: US Personal Spending Rate (%) for August, US PCE Price Index Annual Rate (%) for August, US Wholesale Inventory Rate preliminary value for August. 10:00 pm Beijing Time: Final value of the University of Michigan Consumer Confidence Index for September in the US. 1:00 am Beijing Time the next day: Total number of US rigs for the week ending September 27. 9:30 pm Beijing Time: FOMC voters in 2025, Boston Fed President Collins, and Federal Reserve Board member Cogel will give speeches. 1:15 am Beijing Time the next day: Federal Reserve Board member Bauman will participate in a discussion at the Alabama Bankers Association CEO Conference.