Zheng Quan Shi Bao·2025-08-22 00:17Market Overview - On August 21, U.S. stock indices collectively declined, with the S&P 500 down 0.4%, the Dow Jones down 0.34%, and the Nasdaq down 0.34%, marking five consecutive declines for the S&P 500 and three for the Nasdaq [1][5] - The market is focused on the upcoming Jackson Hole global central bank conference, where Federal Reserve Chairman Jerome Powell is expected to deliver a key speech regarding future monetary policy [2][3] Federal Reserve Insights - Federal Reserve officials, including Cleveland Fed President Loretta Mester, Atlanta Fed President Raphael Bostic, and Kansas City Fed President Esther George, have expressed cautious signals, emphasizing that monetary policy should rely on data and are not in a hurry to cut rates [2][3] - Mester stated that current inflation levels remain too high and have been on the rise over the past year, indicating no reason to lower rates at this time [2] - Bostic believes that the current federal funds rate target range of 4.25%-4.5% is slightly tight and acknowledges significant uncertainty regarding the need for rate cuts [3] Economic Indicators - According to S&P Global, the U.S. manufacturing PMI expanded at its fastest pace in over three years due to stronger demand, contributing to a composite PMI that reached its highest level of the year in August [2] - This expansion has intensified ongoing inflationary pressures, as companies are increasingly passing on rising costs to customers [2] Walmart Financial Performance - Walmart reported second-quarter revenue of $177.4 billion, exceeding analyst expectations of $176.16 billion, but adjusted earnings per share of $0.68 fell short of the expected $0.74, marking the first time in three years that profits did not meet expectations [6] - Walmart raised its full-year sales growth forecast to between 3.75% and 4.75%, up from the previous estimate of 3% to 4% [6] Chinese Stocks Performance - The Nasdaq Golden Dragon China Index rose by 1.35%, with notable gains in several Chinese companies such as XPeng Motors, which saw a nearly 12% increase, and NIO, which rose over 9% [7] - XPeng Motors reported a significant revenue increase of 125.3% year-over-year for Q2 2025, driven by a record high delivery volume of 103,200 vehicles, a 241.6% increase compared to the same period last year [7]