Hua Er Jie Jian Wen·2025-08-20 07:35Market Overview - Global stock market rally pauses after reaching new highs, primarily due to significant sell-off in technology stocks, raising concerns among investors about the rapid gains since April [1] - On August 20, S&P 500 futures fell over 0.2%, European stocks opened mostly lower, and Asian markets declined by 0.8%, with companies like TSMC and SoftBank leading the losses [1] - The 10-year U.S. Treasury yield rose by 1 basis point to 4.32%, while oil prices increased by 0.6% [1] Technology Sector Performance - Major U.S. stock futures declined, with S&P 500 and Dow futures down over 0.2%, and Nasdaq 100 futures down over 0.5% [3][12] - Technology stocks continued to drop post-market, with Nvidia down 0.3%, Intel down 1.2%, and Palantir down 2.7%, marking its longest losing streak since March [11] - Nvidia's upcoming earnings report is causing significant sell-off pressure, as investors express concerns over its high valuation [11][14] European and Asian Market Trends - European Stoxx 50 index opened down 0.46%, with Germany's DAX down 0.72%, UK's FTSE 100 down 0.11%, and France's CAC40 down 0.34% [4] - Japan's Nikkei 225 index closed down 1.5%, and South Korea's Seoul Composite index fell by 0.7% [5] Currency and Commodity Movements - The U.S. dollar index has risen for three consecutive days, remaining stable, while the euro slightly decreased by 0.1% [6][14] - Gold prices increased by over 0.2%, while silver prices fell by over 0.5% [8] - Crude oil prices rose by over 0.7%, with U.S. oil above $62.80 and Brent oil above $66.30 [9][17] Federal Reserve Outlook - Market participants are closely watching Federal Reserve Chairman Jerome Powell's upcoming speech at Jackson Hole for potential signals regarding a rate cut in September [2][20] - Investors are almost certain that the Fed will cut rates by 25 basis points in September and possibly again by the end of the year [20] - Comments from market strategists suggest that if Powell indicates a preference for rate cuts, it could bolster market confidence and lead to a rebound in stock prices [20]