Preview of US Stock Market | Three major stock index futures rise together, the minutes of the Fed meeting will be released tonight.

1. Before the U.S. stock market opened on Wednesday, the futures of the three major U.S. stock indexes all rose. As of the time of writing, the Nasdaq futures were up 0.25%, the S&P 500 index futures were up 0.42%, and the Dow futures were up 0.50%. 2. As of the time of writing, the German DAX index rose by 0.74%, the UK FTSE 100 index rose by 1.05%, the French CAC 40 index rose by 0.45%, and the European Stoxx 50 index rose by 0.83%. 3. As of the time of writing, WTI crude oil rose by 2.57% to $63.86 per barrel. Brent crude oil rose by 2.57% to $69.15 per barrel. Market News The minutes of the Federal Reserve meeting will be released tonight. The minutes of the January Federal Reserve meeting, to be released at 3:00 am Beijing time on Thursday, may provide more insight into the central bank's future monetary policy path. It is worth noting that two Federal Reserve Board members, Stephen Milan and Christopher Waller, have expressed opposition to the Fed's decision last month to maintain interest rates and pause a series of rate cuts since mid-last year. Policymakers emphasized the signs of stabilizing employment and inflation as reasons to keep rates between 3.5% and 3.75%. Officials also generally lean towards keeping rates in this range at least until June, taking a wait-and-see approach to observe the evolution of employment and price increases in the coming months. Meanwhile, Fed Chair Powell is about to end his term as head of the central bank. Trump has nominated former Fed Governor Wash to replace Powell, and investors have been trying to understand whether Wash's rate policy may differ from his predecessor's. U.S. Energy Corp. Minister: The main interest in Greenland is not rare earths. U.S. Energy Corp. Minister Wright said that the Trump administration's main interest in Greenland is national security, not the development of its rare earth or energy resources. Trump has long sought to control Greenland, and since his return to the White House, his administration has been negotiating on developing untapped mineral resources there. However, Wright stated on Tuesday that these efforts are only part of a secondary goal, namely that the U.S. seeks to expand its military presence on Greenland while creating more economic opportunities for the Greenlandic people. "The Big Seven" off to a weak start in 2026 dragging down the market, S&P 500 critical support on the edge of being lost. After the S&P 500 index recorded its largest weekly decline since November last year, Wall Street strategists are trying to determine how far this benchmark index will fall, as it is once again testing a support level that has been maintained for several months. Within this month, the benchmark index has broken through its 100-day moving average for the third trading day a key support line that has remained stable since last May. Currently, investors are rotating funds from overvalued tech stocks to defensive sectors in the market. On Tuesday, the stock market experienced sharp fluctuations, ultimately closing slightly higher after recovering from early losses. Oil prices edge up slightly amid U.S.-Iran talks. As of the time of writing, WTI crude oil rose by 2.57% to $63.86 per barrel. Brent crude oil rose by 2.57% to $69.15 per barrel. Reports indicate that Washington and Tehran reached an understanding on key "guiding principles" in talks held in Switzerland on Tuesday, raising expectations for a potential agreement that could ultimately bring more Iranian oil to the global market. The energy market is closely watching these negotiations as Iran is a major oil-producing country and is located along the strategically important Strait of Hormuz, through which about one-fifth of global oil consumption passes every day. Additionally, there are reports that the Trump administration is much closer to launching a major war in the Middle East than most Americans realize. This war could erupt soon. Individual Stock News Semiconductor manufacturer Analog Devices, Inc. (ADI.US) reported revenue of $3.16 billion for the first quarter of the 2026 fiscal year, a 30% increase year-on-year. For the three months ending January 31, 2026, Analog Devices, Inc. generated revenue of $3.16 billion, a 30% increase from the $2.423 billion in the same period last year. Gross profit reached $2.045 billion, a 43% increase year-on-year; gross margin was 64.7%, up 570 basis points from 59.0% in the same period last year. Operating profit was $997 million, a significant increase of 103% year-on-year; operating profit margin was 31.5%, up 1,120 basis points from 20.3% in the same period last year. Adjusted diluted earnings per share were $2.46, a 51% increase from $1.63 in the same period last year. For the second quarter of the 2026 fiscal year, the company expects revenue to be $3.5 billion, with a range of plus or minus $1 billion. The company expects reported earnings per share to be $2.19, with a range of plus or minus $0.15; adjusted earnings per share are expected to be $2.88, with a range of plus or minus $0.15. Palo Alto (PANW.US) plunges before the market! Q2 results beat expectations, but Q3 and full-year profit guidance disappoint. Palo Alto Networks reported second-quarter revenue of $2.59 billion, up 15% year-on-year, surpassing expectations of $2.58 billion. Net profit was $732 million, a 29% increase from $566 million in the same period last year; adjusted earnings per share were $1.03, exceeding expectations of $0.94, compared to $0.81 in the same period last year. Looking ahead, Palo Alto Networks forecasts third-quarter revenue for the 2026 fiscal year to be $2.94 billion to $2.95 billion, higher than analysts' general expectation of $2.6 billion; it expects third-quarter adjusted earnings per share to be $0.78 to $0.80, lower than analysts' general expectation of $0.92. For the 2026 fiscal year, the company expects full-year revenue to be $112.8 billion to $113.1 billion, exceeding the expected $105 billion. As of the time of writing, this cybersecurity company was down over 7% in pre-market trading on Tuesday. AI Chip Design Wave Fuels Performance Surge: Cadence Design Systems (CDNS.US) Reports Q4 Exceeds Expectations, AI-Driven IP Business Surges 25%. Cadence Design Systems achieved revenue of $1.44 billion in the fourth quarter, a 6.2% year-on-year increase, slightly higher than analysts' previous expectation of $1.42 billion. On the profitability side, the company's Non-GAAP earnings per share (EPS) reached $1.99, exceeding the market's expectation of $1.91. At the business level, AI, high-performance computing (HPC), and automotive electrification have become core growth engines for the company. Its intellectual property (IP) business recorded strong growth of nearly 25% in the 2025 fiscal year. Looking ahead, Cadence Design Systems management is optimistic about performance in the 2026 fiscal year and has provided performance guidance above market expectations. The company expects revenue for the 2026 fiscal year to be in the range of $5.9 billion to $6 billion, with a Non-GAAP operating profit margin expected to be maintained at a high level of 44.75% to 45.75%. Record Copper Prices Cannot Offset Coal Decline, Glencore (GLNCY.US) Full-Year Profit Falls 6% Year-on-Year. Glencore reported a year-on-year decline in profit, as record copper prices failed to offset the impact of declining profits from its vast coal business. The company's total revenue for 2025 reached $247.5 billion, a 7% increase year-on-year; core profit was $13.5 billion, a 6% decrease from the previous year. Despite the decline in profits, Glencore has announced plans to return $2 billion to shareholders, including an additional $800 million in additional dividends. Just under two weeks before this performance was announced, negotiations between Rio Tinto plc Sponsored ADR and Glencore collapsed, temporarily ending a deal that was expected to create the world's largest mining giant. The deadlock in negotiations was due to the two parties' inability to agree on how much of a premium Rio Tinto plc Sponsored ADR should pay, leading to the negotiations reaching an impasse. Meta (META.US) Partners with NVIDIA Corporation (NVDA.US) to Expand Strategic Cooperation, Accelerate AI Data Center Deployment, AMD (AMD.US) Stock Price Falls in Response. Meta has announced a major collaboration agreement with NVIDIA Corporation that covers multiple years, deploying millions of NVIDIA Corporation chips in its artificial intelligence data centers, including NVIDIA Corporation's latest standalone CPUs and next-generation Vera Rubin systems. The deal was announced to the public on Tuesday, but specific financial terms have not been disclosed. In a statement, Meta CEO Zuckerberg stated that this expanded cooperation will continue the company's long-term vision of "providing superhuman intelligence for everyone in the world," a vision that was formally introduced in July of this year. Upcoming Important Economic Data and Events At 9:30 pm Beijing time: U.S. December Durable Goods Orders Preliminary Monthly Rate (%), U.S. December Building Permits Preliminary Monthly Rate (%). At 10:15 pm Beijing time: U.S. January Industrial Production Monthly Rate (%). Next day at 5:00 am Beijing time: U.S. December Net Foreign Purchases of Long-term Securities ($ billion). Next day at 5:30 am Beijing time: U.S. API Crude Oil Inventory Change (thousand barrels) through the week ending February 13. Next day at 3:00 am Beijing time: Federal Reserve releases monetary policy meeting minutes. Earnings Forecast Thursday morning: Occidental Petroleum Corporation (OXY.US) Thursday pre-market: Rio Tinto plc Sponsored ADR (RIO.US), Walmart Inc. (WMT.US)