美股IPO·2025-08-21 03:28Core Viewpoint - Recent pullback in tech stocks creates a buying opportunity, but the outlook may turn pessimistic if signs of "stagflation" emerge [1][2][15] Group 1: Market Analysis - The recent decline in U.S. stocks is driven by a sell-off in tech stocks, making next week's Nvidia earnings report more significant than the Jackson Hole global central bank meeting [3][4] - The S&P 500 index experienced its worst single-day drop in nearly three weeks, while the Nasdaq is heading towards its largest two-day decline since April [4] - Momentum factor has retraced about 7%, which is within the historical normal range, indicating that the adjustment is not unprecedented [8] Group 2: Key Variables to Monitor - Investors should closely watch for potential "stagflation signals," including weak PMI data, worsening unemployment figures, and hawkish comments from Fed Chair Powell at the Jackson Hole meeting [2][15] - Nvidia's upcoming earnings report is seen as a critical catalyst that could reignite interest in AI investments [2][16] Group 3: Jackson Hole Meeting Insights - The market has low expectations for the upcoming Jackson Hole meeting, with no significant new information anticipated from Fed Chair Powell [9][11] - The decision on whether the Fed will cut rates in September will depend heavily on upcoming economic data, including the non-farm payroll report and consumer price index [12][13]