Preview of US Stock Market | Three major stock index futures rise together. Nvidia's financial report and the minutes of the Federal Reserve meeting are about to hit hard.

Pre-market Market Trends 1. Before the market on November 19 (Wednesday), the futures of the three major US stock indices rose. As of the time of writing, Dow futures were up 0.25%, S&P 500 futures were up 0.45%, and Nasdaq futures were up 0.53%. 2. As of the time of writing, the German DAX index rose 0.40%, the UK FTSE 100 index rose 0.15%, the French CAC40 index rose 0.05%, and the European Stoxx 50 index rose 0.18%. 3. As of the time of writing, WTI crude oil fell 1.96%, trading at $59.48 per barrel. Brent crude oil fell 1.79%, trading at $63.73 per barrel. Market News The Federal Reserve is set to release meeting minutes. The Federal Reserve will release minutes from its October meeting at 3:00 AM Thursday, as uncertainty about the direction of US interest rates continues to increase among investors. The minutes will provide a detailed view of the majority of decision-makers' views on the future interest rate path during the October meeting. There is a clear division among Federal Reserve officials on whether it is appropriate to further ease policy before the end of the year, as shown in recent speeches. The minutes may also indicate whether the balance of risks has changed. According to CME Group Inc.'s "FedWatch" tool, investors currently see only a 51% chance of a rate cut by the Fed in December. Standard Chartered believes the Fed will cut rates in December: Non-farm data may be very weak. Despite severe divisions among Federal Reserve policymakers ahead of the December meeting, Standard Chartered Bank believes this is unlikely to stop the Fed from continuing to cut rates, warning that expectations of weakness in the job market will continue to dominate monetary policy. Stephen Englanger, Standard Chartered Bank's global head of G10 FX research and North America macro strategy, said they believe a rate cut is likely in December due to what they expect to be very weak job data from September to November. He added, "We expect the job data for November to be weak," and pointed out that "seasonal hiring could be very weak, and layoffs could be abnormally high," setting a pessimistic tone for the labor market before the meeting. Fidelity International and Allianz speak up jointly: The "AI bubble theory" can rest! Fund managers from Fidelity International and Allianz Global Investors believe that despite concerns about a bubble in the AI sector, the ambitious spending plans and rapid user growth of AI developers suggest that the rally in AI stocks will continue. Joseph Zhang, portfolio manager at Fidelity International, believes that the recent decline in global semiconductor stocks may be temporary until NVIDIA Corporation's earnings report is released. He expects a rebound after this correction, believing that leaving the party early would be a mistake. Hartwig Kos, Head of Global Growth Multi-Asset at Allianz Global Investors, said few people can clearly understand the potential of AI, and investors have not fully grasped all its capabilities. He added, "It is still too early to call it a bubble." Goldman Sachs Group President speaks out: US stocks may still have further to fall. On Wednesday, Goldman Sachs Group President Beijing Worldia Diamond Tools said the market is prepared for a potential further decline, but the extent of the decline will be moderate. He said, "In my view, the market may further pull back. I think the technicals indeed suggest the need for more protective measures and there is more downside potential." He believes the current market pullback is healthy, saying, "The current market is experiencing a pullback, which I think is healthy as the market has accumulated significant gains this year." He emphasized that the upcoming NVIDIA Corporation earnings report on Wednesday will be "a very important moment for the market," with investors closely watching. Fed's Bullard: "Shadowed labor" awaits data guidance, true labor market weaker than appears. St. Louis Federal Reserve Bank President Jim Bullard is optimistic about inflation prospects but suggests that the labor market may be weaker than what current data reflects. Bullard highlighted data showing a decline in job postings while the number of initial claims for unemployment benefits remains stable. He did not disclose whether he would support another rate cut at the Fed's next meeting on December 9-10, only stating that there is still a lot of information to be observed until the meeting. Trump's "taming" of the Fed, will it lead to a rerun of the stagflation nightmare of the 1970s? President Trump's desire to influence the Fed has become a near daily routine. In the eyes of critics, this represents a naked power grab, attempting to emulate the model where conservative justices dominate the Supreme Court to establish absolute control over FOMC in support of low rates. Analysts using a US economic model have simulated two scenarios of political intervention in the Fed may lead to. In both scenarios, there is a short-term false prosperity with robust economic growth and low unemployment rates. However, the painful reality of soft inflation, rising nominal rates, and slowing growth is expected to surface after some time. In a more extreme scenario, Republicans may face an economic stagflation recession dilemma before the 2028 election. Stock-specific News NVIDIA Corporation (NVDA.US) earnings report to be revealed after the market: Will it be a boost for AI or the "final blow"? The highly anticipated NVIDIA Corporation earnings report will be released after the US market closes on Wednesday, providing insight into how billions of dollars in AI spending are flowing. Analysts expect the chip giant's net profit and revenue for the third quarter of the 2025 fiscal year to grow by over 50%. If NVIDIA Corporation reports strong performance and optimistic outlook, it may provide temporary relief for investors. Currently, investors are concerned about the valuation of AI stocks, the cyclical nature of financing in AI trading, and the lack of significant returns from massive AI infrastructure investments. Options data shows that NVIDIA Corporation's earnings report on Wednesday could cause a movement of up to $32 billion in market value - the largest volatility day in history for the AI giant. Tesla, Inc. (TSLA.US) takes another step in its autonomous driving business, approved to operate Robotaxi in Arizona. Tesla, Inc. has been granted permission to start offering autonomous ride-hailing services in Arizona, clearing the way for its emerging Siasun Robot&Automation taxi business to expand to a new state. The Arizona Department of Transportation has recently granted the automaker a so-called transportation network company license. This milestone permit allows Tesla, Inc. to provide vehicle operation services to the public using its autonomous driving system, with human safety operators on board. The company has informed Arizona that it plans to offer ride-hailing services in the Phoenix area, having already held a permit to test autonomous driving vehicles. Target Corporation's (TGT.US) Q3 same-store sales decline more than expected, lowers full-year earnings guidance. Target Corporation's Q3 sales were $25.27 billion, slightly below market expectations of $25.33 billion; same-store sales declined by 2.7%, worse than the expected decline of 2.1%. Adjusted earnings per share were $1.78, better than the expected $1.73. In addition, the company has lowered its 2025 profit forecast, now expecting adjusted earnings per share of $7-8, compared to the previous expectation of $7-9. The company plans to increase its capital expenditures next year by 25% to $5 billion for store renovations, new store openings, and product and shopping experience upgrades. Target Corporation will also collaborate with OpenAI to bring new AI-driven experiences to the retail sector. Lithium price recovery boosts Sociedad Quimica y Minera de Chile S.A. Sponsored ADR Pfd Series B (SQM.US) performance! Q3 net profit increases nearly 36%, with record lithium sales volume for the quarter. Benefit from the recovery in lithium prices, lithium industry giant Sociedad Quimica y Minera de Chile S.A. Sponsored ADR Pfd Series B achieved profit growth in the third quarter of 2025. The financial report shows that Sociedad Quimica y Minera de Chile S.A. Sponsored ADR Pfd Series B's Q3 revenue was $1.173 billion, an 8.9% increase year on year. Adjusted EBITDA was $404 million, a 23.5% increase year on year. Net profit was $178 million, a 35.8% increase year on year. Revenue from the lithium and derivatives business was $604 million, a 21.4% increase from the previous year's $497 million; lithium sales volume for the quarter grew by 43% year-on-year, setting a new record for the company. As of the time of writing, Sociedad Quimica y Minera de Chile S.A. Sponsored ADR Pfd Series B was up over 2% in pre-market trading on Wednesday. Lowe's Companies, Inc. (LOW.US) Q3 performance mixed, raises full-year sales guidance. Thanks to a boost in online sales, Lowe's Companies, Inc.'s Q3 sales increased to $20.81 billion, slightly below market expectations of $20.82 billion. Same-store sales rose by 0.4% (online sales increased by 11%), but fell short of the expected 1% increase. Adjusted earnings per share were $3.06, better than the expected $2.97. The company now expects full-year sales of $86 billion (previously projected $84.5-85.5 billion), with the market expecting $85.31 billion; adjusted earnings per share are expected to be $12.25 (previously projected $12.20-12.45), with the market expecting $12.28; and full-year same-store sales growth is projected to be 0% (previously expected to increase by 0-1%), with the market expecting an increase of 0.3%. As of the time of writing, Lowe's Companies, Inc. was up over 3% in pre-market trading on Wednesday. Important Economic Data and Events Forecast 11:00 PM Beijing time - Fed Director Milan speaks on "Bank Supervision and the Fed's Balance Sheet" 01:45 AM Beijing time next day - FOMC voter and Richmond Fed President Bullard speaks on economic outlook 03:00 AM Beijing time next day - Fed releases monetary policy meeting minutes 03:00 AM Beijing time next day - FOMC permanent voter and New York Fed President Williams speaks Earnings Forecast Before Thursday's market open: NVIDIA Corporation (NVDA.US), Palo Alto Networks (PANW.US), ZTO Express (Cayman), Inc. Sponsored ADR Class A (ZTO.US), FinVolution Group Sponsored ADR Class A (FINV.US), Agora, Inc. Sponsored ADR Class A (API.US) Before Thursday's market open: Walmart Inc. (WMT.US), NetEase Inc Sponsored ADR (NTES.US), Youdao Inc ADR Class A (DAO.US), Vipshop Holdings Ltd Sponsored ADR (VIPS.US), VNET Group, Inc. Sponsored ADR (VNET.US)