Shang Hai Zheng Quan Bao·2025-09-05 00:31Market Performance - The three major U.S. stock indices rose collectively, with the S&P 500 index reaching a new closing high. The Dow Jones increased by 350.06 points (0.77%) to 45621.29 points, the Nasdaq rose by 209.97 points (0.98%) to 21707.69 points, and the S&P 500 gained 53.82 points (0.83%) to close at 6502.08 points [2][3]. Federal Reserve Insights - New York Fed President John Williams indicated that the policy interest rate will gradually decrease over time, although he did not specify a timeline for rate adjustments. He mentioned that if progress continues as per his baseline forecast, it would be appropriate to adjust rates to a more neutral level [5][6]. Earnings Reports - Lululemon reported Q2 net revenue of $2.53 billion, slightly below the expected $2.54 billion, and an EPS of $3.10, exceeding the forecast of $2.87. However, the company lowered its full-year EPS guidance to $12.77-$12.97 from a previous range of $14.58-$14.78, leading to a post-market drop of over 15% [7][8]. - Broadcom's Q3 adjusted EPS was $1.69, above the expected $1.67, with net revenue of $15.95 billion, surpassing the forecast of $15.84 billion. The company expects Q4 revenue of approximately $17.4 billion, exceeding analyst expectations of $17.05 billion, resulting in a post-market increase of over 4% [7][8]. Trade Policy Developments - President Trump signed an executive order to implement a U.S.-Japan trade agreement, imposing a 15% baseline tariff on nearly all Japanese imports. Japan will provide significant market access for U.S. manufacturers and commit to purchasing $8 billion worth of U.S. agricultural products annually [10].