Preview of US Stock Market | The three major stock index futures fell together, and this week the heavyweight of US CPI and PPI are coming.

1. Before the market opened on March 10th (Monday), the three major US stock index futures all declined. As of the time of writing, Dow Jones futures fell by 1.11%, S&P 500 index futures fell by 1.28%, and Nasdaq futures fell by 1.49%. 2. As of the time of writing, the German DAX index fell by 1.27%, the UK FTSE 100 index fell by 0.60%, the French CAC 40 index fell by 0.52%, and the European Stoxx 50 index fell by 1.01%. 3. As of the time of writing, WTI crude oil rose by 0.55% to $67.41 per barrel. Brent crude oil rose by 0.51% to $70.72 per barrel. Market News Starting from March 9th, the US enters daylight saving time, with US stock trading hours advanced by 1 hour. From March 9th Beijing time, the US will enter daylight saving time. Therefore, starting from March 10th, the opening and closing times of the US stock market will be advanced by one hour. Pre-trading hours will be from 16:00 to 21:30 Beijing time; trading hours will be from 21:30 to 04:00 the next day Beijing time; post-trading hours will be from 04:00 to 08:00 Beijing time. This week, the US CPI and PPI are coming out with a key focus on inflation under the shadow of tariffs. Last week, due to the lack of clarity in President Donald Trump's tariff plans and the potential impact of these plans on the overall economy shrouded the market, US stocks fell sharply. In the coming week, key updates on inflation are closely watched, including the latest readings of the Producer Price Index (PPI) and Consumer Price Index (CPI), as investors try to find clues on how tariffs may affect future price trends. Data on inflation expectations and consumer confidence will also be released. In a relatively quiet week for corporate earnings releases, the earnings reports of Oracle Corporation (ORCL.US) and Adobe (ADBE.US) will be the focus. The US is "one step away from an economic recession"! Bank of America recommends buying long-term US treasuries and is optimistic about Chinese and European stocks. Bank of America Corp strategist Michael Hartnett recently commented on the current economic situation in the US, saying that after five years of fiscal expansion, the US economy is starting to enter a "government recession." He advised investors to buy 30-year US treasuries and sell UK, EU, and Japanese bonds. With the cooling of the "US exceptionalism" trade, the strategist also favors international stocks, particularly Chinese and European stocks. Hartnett pointed out several indicators suggesting economic weakness, including weak growth in government and quasi-government employment, and an increase in the US household savings rate due to weakening confidence in fiscal aid. Employment growth in government and quasi-government sectors accounted for a large part of US employment growth in January 2025. Trump speaks out again: the US economy is in a "transition period", downplaying the risk of economic recession. US President Donald Trump stated that the US economy is in a "transition period" and is trying to downplay the concerns about economic slowdown in the market. Earlier, his implementation of tariffs and federal government layoffs caused market turmoil. When asked if the US would enter an economic recession this year, Trump said: "I don't want to predict such things. We are in a transition period, and what we are doing is very meaningful." While Trump refused to answer the question, his response is generally consistent with his speech in Congress last week and recent comments from senior officials such as US Treasury Secretary Scott Beesnett. The core argument of Trump's team is that the prospects of future tax cuts and tariff revenues will stimulate the economy. From enthusiasm to caution! Trump's policies overturn the bull market script, and Wall Street urgently reassesses US stock expectations. Over the past two years, market forecasters have continuously raised their expectations for the S&P 500 index to keep up with the market's continuous rise. However, less than three months into this year, sell-side strategists, including companies like Morgan Stanley and RBC Capital Markets, are cautious about the bullish expectations for 2025. This is because President Trump's tariff policy has raised concerns about economic growth and led to market turmoil. Although forecasters have not yet explicitly lowered their expectations, the shift in mood shows an increasing uncertainty among Wall Street forecasters after the S&P 500 index hit a historical high in less than three weeks. According to analysis by Piper Sandler & Co., historically, strategist consensus targets tend to lag market performance by about 60 days. Stock News Stock prices plummeted before trading, as Novo Nordisk A/S Sponsored ADR Class B (NVO.US) new generation weight loss drug had less weight loss effect than expected for diabetic patients. Novo Nordisk A/S Sponsored ADR Class B announced on Monday that its experimental new drug CagriSema helped overweight or obese type 2 diabetes patients lose weight by 15.7% after 68 weeks. As of the time of writing, Novo Nordisk A/S Sponsored ADR Class B fell by 6.40% in pre-market trading, to $81.56. Kepler Cheuvreux analyst David Evans said that investors were originally expecting this number to be close to 20%. This is the second major disappointment with CagriSema research, as a study last December showed that its weight loss effect in a non-diabetic population was also lower than expected. Ford (F.US) injects $4.8 billion into German business to revive European market. US automaker Ford announced on Monday that it will invest up to 4.4 billion euros (approximately $4.76 billion) in its struggling German business to revive its European operations. Ford stated that its German subsidiary Ford-Werke will continue to advance its strategic turnaround plan, with a focus on reducing costs and enhancing competitiveness. Ford vice chairman John Lawler said, "By investing in our German business, we ensure that we can build a sustainable and healthy European business and continue our successful history in the European market.""In this restructuring, we are supporting the transformation of our European business and enhancing our competitiveness through a new product portfolio." "In order to establish a sustainable business in Europe, we also need to continue simplifying governance structures, reducing costs and improving efficiency."Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR (TSM.US) saw accelerated revenue growth in the first two months, highlighting strong demand for AI chips. Data released on Monday showed that Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR had revenue of about NT$260.09 billion in February, a decrease of 11.3% month-on-month, but an increase of 43.1% year-on-year. Total revenue for the first two months was NT$553.3 billion, a 39% year-on-year increase compared to the 34% growth for the full year of 2024. Analysts on average estimate that revenue growth for this quarter will reach around 41%. As a manufacturer of most AI chips globally, Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR's sales are a barometer for the industry. The accelerated growth of Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR indicates that there is resilience in demand for chips used in AI development. ServiceNow (NOW.US) is close to finalizing a deal to acquire AI assistant manufacturer Moveworks. According to sources, ServiceNow is nearing a deal to acquire the AI enterprise Moveworks, which would be its largest acquisition to date. The software company is reportedly in the final stages of perfecting the acquisition of Moveworks headquartered in Mountain View, California, and may announce the news in the coming days. The acquisition could value Moveworks at around $3 billion. Despite significant progress in negotiations, there is still a possibility of a delay or failure. Representatives from ServiceNow declined to comment, and Moveworks spokespersons could not be reached immediately for comment. A federal judge in the United States has ruled that Boeing Company (BA.US) must face a shareholder class action lawsuit. Last Friday, a U.S. federal judge ruled that Boeing Company must face a shareholder class action lawsuit alleging that the company overstated its commitment to manufacturing safe planes and deceived investors. The judge in Virginia allowed shareholders led by a Rhode Island financial chief to file a lawsuit against Boeing Company as a group seeking damages. These shareholders held Boeing Company stocks between January 7, 2021, and January 8, 2024. A Boeing Company 737 MAX 9 operated by Alaska Air Group, Inc. experienced an in-flight incident on January 5, 2024, which led to the Federal Aviation Administration restricting production of Boeing Company's best-selling planes and reviewing the company's safety measures. Important economic data and events forecast 23:00 Beijing time: US February New York Fed's 1-year inflation expectations (%). 02:00 the next day Beijing time: US President Trump meets with US technology leaders, including CEOs of HP Inc., Intel Corporation, IBM, and Qualcomm. 03:00 the next day Beijing time: US President Trump signs executive orders. Earnings forecast Early Tuesday: Oracle Corporation (ORCL.US), Yalla Group Ltd. Sponsored ADR Class A (YALA.US) Pre-market Tuesday: 36Kr Holdings Inc ADR Class A (KRKR.US), Kohl's (KSS.US)