[Pre-market U.S. Stocks] Technology has been under pressure for four consecutive days, and U.S. stock futures are weak (2025.08.21)

Risk sentiment has become more conservative, with futures weakening parallel to commodity differentiation

After the S & P 500 fell for four consecutive days, pre-market index futures in Taiwan continued to weaken. S & P 500 futures fell about 0.2%, Dow Jones futures fell about 0.3%, and Nasdaq futures fell slightly. The yield rate of the 10-year U.S. bond has not changed much, oil prices have risen, gold prices have fallen, and risky assets have tended to both risk aversion and rotation. Bitcoin fell back to about $113,500, indicating that risk appetite has cooled. The pre-market focus focused on large-scale retail earnings reports, the latest trade and investment frameworks in the United States and Europe and technology capital expenditure signals.

Contradictory data from leading retail companies, Wal-Mart's profits eclipse outlook

Walmart(WMT) announced that in the second quarter of fiscal year 2026, adjusted earnings per share of US$0.68 fell short of market expectations of US$0.73, but revenue increased by nearly 5% year-on-year to US$177.4 billion was better than consensus, and the U.S. same-store sales increased by 4.3% year-on-year also exceeded expectations of 4.1%. The company revised its full-year revenue and adjusted earnings per share outlook, but its pre-market share price fell more than 3%, reflecting the market's immediate response to the gross profit structure and expense aspects. Retail fundamentals show the resilience of consumption momentum, but profit margin pressure still needs to be observed.

Selling pressure on technology continues, and the sentiment remains cautious after the pullback

The Nasdaq index fell 0.67% on the previous trading day, and Apple(Apple, AAPL), Amazon(Amazon, AMZN) and Alphabet(GOOGL) all fell more than 1%. Highly rated technology stocks became the source of selling pressure. Palantir(PLTR) fell for six consecutive days, influenced by short reports and evaluation discussions. The market has further digested the popularity and valuation balance of the AI cycle, and technology stocks have short-term chips that favor profit-taking.

AI investment is subject to cost review, and Meta freezes recruitment raises salary concerns

The Wall Street Journal reported that Meta Platforms(Meta, META) has frozen recruitment for artificial intelligence teams, previously offering high signing bonuses for talent recruitment, reportedly worth US$100 million. Analysts focus on the dilution risk of equity-based compensation costs to shareholder returns. Meta's share price fell slightly before the market. This message deepens the market's tracking of the pace of capital expenditures and investment returns on large platforms, and also affects the sentiment of the AI ecosystem.

Transatlantic framework is released, US and European tariffs and procurement commitments affect supply and demand

The United States and the European Union have issued a trade and investment framework. The European Union intends to eliminate all tariffs on U.S. industrial products and grant priority market access to a number of U.S. seafood and agricultural products; the United States will adopt most-favored-nation tariffs and the higher of 15%. The framework is based on the July agreement and includes a European commitment to purchase US$750 billion in U.S. energy products. This move has positive guidance for U.S. industrial, energy and agricultural exports, but has created a higher tax bottom line for some European goods exported to the United States. The subsequent quotations and supply chain configuration of companies deserve continued attention.

Derivatives innovation accelerates, CME joins hands with FanDuel to lay out event contracts

CME Group(CME Group) has partnered with FanDuel, a subsidiary of Flutter Entertainment, and expects to provide event-based contracts for financial market and economic data on the FanDuel App later this year, covering indicators such as the S & P 500, Nasdaq, crypto asset trend and inflation, and GDP. Robinhood Markets(Robinhood, HOOD) has previously provided similar mechanisms at sporting events. Pre-market reports related to CME and Flutter drove the stock price slightly higher. The market will pay attention to supervisory compliance, investor appropriateness and liquidity formation speed.

The Fed's path is divided, and policy signals return to data dependence

The latest public minutes of the July meeting show that decision-making officials have become more divided on inflation and employment risks, with some officials paying more attention to the pressure of a slowing labor market. The market also discussed the historical experience of entering the cycle of interest rate cuts near the high index, and became cautious in pricing the interest rate path. Overall, policy forward-looking guidance is limited, and follow-up still relies on inflation and employment data.

Policy uncertainty rises, renewable energy approval rhetoric adds variables

Trump said on social platforms that he would no longer approve new solar and wind power projects, continuing the policy tone of tightening federal approvals last month. Although it is at the policy statement stage, the market is more alert to the predictability of renewable energy and public utility capital expenditures, and relevant costs, subsidies and grid integration schedules or intraday observation points.

International markets are hot and cold, and regional performance differences widen

Most Asia-Pacific stock markets fell, except for Australia's S&P/ASX 200 breaking through 9,000 points and reaching a high; the UK's FTSE 100 continued to hit a high during intraday trading in Europe, and inflation in the UK in July was hotter than expected. Differences in the strength of the external stock market and the divergence in commodity trends are intertwined, constraining the pre-market sentiment of U.S. stocks. If the US dollar and oil prices continue to move, the impact on the relative performance of aviation, transportation and energy-related stocks is worth noting.

The list of concerns focuses on financial reports and trade details, with the rhythm of capital rotation as the key

Pre-market indicators include the three major futures trends, oil, gold and 10-year U.S. bond yields, the spillover impact of Walmart's share price on retail and essential consumption, the strength of chip correction in technology equity stocks, and the regulations and implementation of the US-European trade and investment framework. Time. Also pay attention to the influence of Meta cost signals on the evaluation of large platforms and AI supply chains, the supervision progress and user penetration of CME event contracts. Overall, amid the empty window of economic data and the noise of policy signals, the short-term rotation pattern of funds shifting from high-valuation technologies to defensive and stable cash flow assets is still being tested on the floor.