“Triple Threat” Week: NVDA Earnings, July PCE, and Fed's Jackson Hole Symposium
Last Week's Recap
1. Market Digest: Stocks Retreat, Yields at 20-Year Highs, Debt Crosses $40T, Bitcoin Surges
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Modest retreat — $S&P 500(.SPX)$ and $NASDAQ(.IXIC)$ fell ~1-2%, snapping a three-week win streak. S&P 500 ended 1.6% below its prior week record; NASDAQ 3.4% shy of its early June peak.
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High yields — 30-year Treasury yield ended at 5.27% (near highest in ~20 years); 10-year at 4.73%, 2-year at 4.23%. U.S. gross debt crossed above $40 trillion for the first time.
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Treasury bond buyback — Treasury Secretary Scott Bessent doubled the bond buyback program to $4B per session (from $2B), targeting 10-, 20-, and 30-year segments where yields hit highest since 2007.
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Overseas yields — Japan's 10-year yield climbed to highest in ~30 years; Germany's 30-year yield rose to highest since 2011.
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Bitcoin rally — BTC surged above $77,400 Friday (from ~$63,000 prior week), highest in three months, though still down 11%+ YTD.
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Oil up again — U.S. crude rose to ~$87 (from $82), second weekly gain on Middle East developments, but still below the $92+ July 23 peak.
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Gold shines — Gold climbed for a third straight week, reaching ~$4,670 Friday—highest in 3+ months and up sharply from mid-July's ~$4,000 low.
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Fed's summer agenda — Jackson Hole economic policy symposium begins Thursday, August 27; Fed Chair Kevin Warsh scheduled to speak Friday.
2. US Market – SPX drops 1.43% as Walmart collapse and tech rout offset pharma and energy gains
$S&P 500(.SPX)$ declined 1.43% and closed at 7,674.37, as a brutal post-earnings collapse in Walmart and sharp declines in mega-cap tech overwhelmed strength in pharma and energy.
Industry leaders: Textiles (+17.51%), Copper (+15.48%), Gold (+14.99%), and Precious Metals & Minerals (+14.11%).
10 Popular Stocks:
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$Wal-Mart(WMT)$ -10.04% — The retail giant collapsed on its quarterly earnings report, with e-commerce margin compression and cautious consumer-spending guidance triggering the worst weekly decline among mega-caps.
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$Advanced Micro Devices(AMD)$ -8% — The chip designer tumbled on AI accelerator competition fears and data-center revenue deceleration worries.
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$Meta Platforms, Inc.(META)$ -6.77% — The social-media giant slumped on ad-spending slowdown concerns and AI capex execution risks.
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$Broadcom(AVGO)$ -6.24% — The custom-AI-chip giant continued its slide on valuation concerns and OpenAI deal execution risks.
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$NVIDIA(NVDA)$ -4.64% — The AI chip leader declined on profit-taking and rotation out of high-beta AI names.
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$Tesla Motors(TSLA)$ +6.02% — The EV maker bounced back on robotaxi optimism and delivery stabilization.
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$Eli Lilly(LLY)$ +6.38% — Extended GLP-1 momentum on Mounjaro/Zepbound demand resilience.
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$AbbVie(ABBV)$ +6.21% — The pharma heavyweight advanced on immunology portfolio strength and the Apogee Therapeutics acquisition integration.
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$Johnson & Johnson(JNJ)$ +3.8% — The healthcare bellwether rose on defensive rotation and pharmaceutical pipeline progress.
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$Exxon Mobil(XOM)$ +3.13% — Gained alongside firm Brent crude and OPEC+ supply discipline.
Performance is subjected to market volatility
3. Hong Kong Market – HSI rebounds 3.55% as banks and energy lead broad rally
$HSI(HSI)$ : The Hang Seng Index surged 3.55% and closed at 26,009.46, as a powerful rally in Chinese banks, energy majors, and miners drove the index back above the 26,000 level. The $HSTECH(HSTECH)$ gained 1.24% and closed at 4,766.16.
Industry leaders: Crypto Spot ETF (+22.32%), Gold (+21.23%), Marine (+18.24%), Tobacco (+15.92%), and Golden Industrial Concept (+15.19%).
10 Popular Stocks:
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$XIAOMI-W(01810)$ +13.27% — The consumer electronics and EV player surged on SU7 delivery momentum and AIoT ecosystem traction.
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$ZIJIN MINING(02899)$ +10.8% — The gold and copper miner rallied as precious metals rebounded on safe-haven demand.
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$ABC(01288)$ +7.53% — Led the banking sector higher on defensive dividend-yield positioning and NIM stabilization hopes.
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$PETROCHINA(00857)$ +7.14% — The upstream energy major advanced on firm Brent crude and OPEC+ supply discipline.
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$AIA(01299)$ +6.75% — Bounced back from last week's decline on new-business-value stabilization.
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$CCB(00939)$ +5.78% — Tracked the banking-sector rally on high-dividend attraction.
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$CNOOC(00883)$ +5.71% — The offshore oil specialist gained on crude price resilience.
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$BOSIDENG(03998)$ +4.86% — Rose on income-investor demand and deeply discounted valuation.
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$ICBC(01398)$ +4.33% — Advanced on financial-sector rotation into state-owned lenders.
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$TENCENT(00700)$ +3.86% — The internet giant rebounded on gaming sentiment recovery.
Performance is subjected to market volatility
4. Singapore Market – STI slips 0.95% as gold and ASEAN SDRs cushion the decline
The $Straits Times Index(STI.SI)$ declined 0.95% and closed at 5,688.96, as strength in gold proxies, Thai transport, and Chinese tech SDRs partially offset broader market weakness. The index held above the 5,650 level amid safe-haven flows into precious metals.
Sectors: Gold (+21.41%) led on safe-haven demand and precious-metals momentum. Advertising (+18.23%) surged on digital marketing recovery. Apparel, Accessories & Luxury Goods (+14.81%) advanced on China consumer-spending stabilization, while Health Care Distributors (+11.99%) tracked resilient pharmaceutical demand.
10 Popular Stocks:
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$Airports TH TH SDR1to1(TATD.SI)$ +7.80% — The Thai airport operator's SDR rallied on tourism recovery optimism and resilient passenger traffic.
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$Xiaomi HK SDR 2to1(HXXD.SI)$ +7.8% — The consumer electronics and EV player's SDR surged on EV delivery momentum and AIoT ecosystem expansion.
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$PetroCN HK SDR 1to2(HPCD.SI)$ +6.84% — The oil major's SDR advanced on firm Brent crude and OPEC+ supply discipline.
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$Sembcorp Ind(U96.SI)$ +5.52% — The utilities and urban solutions provider gained on energy transition tailwinds.
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$GLD SG$(GSD.SI)$ +4.63% — The SGD-denominated gold ETF tracked the yellow metal higher on safe-haven demand.
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$GLD US$(O87.SI)$ +5.36% — The USD-denominated gold ETF advanced alongside firm bullion prices.
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$Bank of CN HK SDR 1to1(HBND.SI)$ +3.49% — The Chinese state-owned bank's SDR rose on defensive positioning and attractive dividend yield.
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$YZJ Shipbldg SGD(BS6.SI)$ +3.03% — The Chinese shipbuilder extended its rally on strong order-book momentum.
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$ZICO Hldgs(40W.SI)$ +3.64% — The agribusiness giant advanced on resilient food-products demand.
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$CityDev(C09.SI)$ +2.36% — The property developer edged up on Singapore residential market stability.
Performance is subjected to market volatility
5. Australian Market – XJO slips 0.62% as pharma surge offsets bank and retail carnage
$S&P/ASX 200(XJO.AU)$ declined 0.62% to 9,058.9, as a massive rally in CSL and miners offset a brutal selloff in banks, retail, and fintech.
Industry leaders: Electronic Manufacturing Services (+38.76%), Pharmaceutical Companies (+20.63%), Biotechnology (+19.86%), Consumer Electronics (+18.56%), and Oil & Gas Equipment & Services (+14.29%).
10 Popular Stocks:
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$CSL LIMITED(CSL.AU)$ +23.3% — The biotech heavyweight skyrocketed on blowout earnings and plasma-collection volume recovery.
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$Newmont Mining(NEM)$ +11.42% — The gold miner surged as gold prices rallied on safe-haven demand.
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$BHP GROUP LTD(BHP.AU)$ +6.21% — Advanced on copper and iron ore price strength.
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$Rio Tinto Ltd(RIO.AU)$ +4.65% — Gained on Pilbara shipments and Oyu Tolgoi copper momentum.
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$Block Inc(XYZ.AU)$ -4.65% — The fintech giant slid on consumer-spending slowdown concerns.
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$WESTPAC BANKING CORPORATION(WBC.AU)$ -4.35% — Fell on deposit competition and margin pressure.
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$ANZ GROUP HOLDINGS LTD(ANZ.AU)$ -4.53% — Declined on institutional-banking margin compression.
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$Macquarie(MQG.AU)$ -5.14% — Pulled back on profit-taking after recent strength.
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$WESFARMERS LTD(WES.AU)$ -7.14% — Collapsed on Bunnings and Kmart margin concerns.
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$NATIONAL AUSTRALIA BANK LTD(NAB.AU)$ -7.74% — The week's worst large-cap performer, tumbling on SME credit deterioration and commercial-property exposure fears.
Performance is subjected to market volatility
The Week Ahead: Aug 24- 28
1. Macro Factors: Wednesday PCE & Friday Jackson Hole
🔑 Key Highlights
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Wednesday PCE — This is the most critical data drop of the week. Markets will be watching core PCE closely for clues on whether inflation is cooling enough to justify rate cuts.
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Friday Jackson Hole — Historically a venue for major policy announcements (e.g., Powell's 2022 "pain" speech). Warsh's address could set the tone for Fed policy direction heading into year-end.
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Monday Bessent — Any comments on tariffs, fiscal policy, or Treasury market operations could ripple through yields and equities.
⚠️ Note: The image lists "Fed chairman Kevin Warsh" as the Jackson Hole speaker. This appears to differ from the current Fed leadership under Jerome Powell.
2. Earnings Focus: $PDD Holdings Inc(PDD)$ , $Tiger Brokers(TIGR)$ , $NVIDIA(NVDA)$ , $IREN Ltd(IREN)$ , $Marvell Technology(MRVL)$
Monday 8/24
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Pre-market:
PDD⭐,XPEV
Tuesday 8/25
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Pre-market:
GFI,DKS,VIPS -
After-hours:
ZM,INTU,SMTC
Wednesday 8/26
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Pre-market:
TIGR⭐,KSS,LI,BBWI,SJM -
After-hours:
NVDA⭐,OKTA,HPQ,CRWD,CRM
Thursday 8/27
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Pre-market:
BBY,BILI,HMY,DLTR,CSIQ -
After-hours:
IREN⭐,MRVL⭐,WDAY,AFRM,S
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Last week’s pullback was less a breakdown than a warning: expensive equities are becoming increasingly sensitive to interest rates. With the 30-year Treasury yield near 5.3% and U.S. debt above $40 trillion, investors are demanding a higher risk premium.
This week could decide the next direction. The July PCE inflation report arrives Wednesday, while Fed Chair Kevin Warsh speaks at Jackson Hole Friday. If inflation remains sticky and Warsh sounds hawkish, yields could rise further and pressure high-growth stocks.
But the biggest equity catalyst is Nvidia’s earnings on Wednesday. Wall Street expects roughly $92–95 billion in revenue, making the report a major test of whether AI spending can justify today’s valuations.
My view: stay selective rather than chase the rebound. Gold, energy and defensive sectors remain attractive, while AI leaders need strong guidance—not merely another earnings beat—to reignite momentum.
@TigerObserver [正经]
上周最明显的信号是:长端美债收益率持续高企以后,哪怕企业盈利不差,高估值科技股依然会被压估值。所以周三PCE和周五杰克逊霍尔,比单纯看某家公司EPS更重要。只要收益率继续往上,科技股很难真正轻松。
财报里我最关注的还是 英伟达和迈威尔。英伟达看AI需求、毛利率和下一季指引;迈威尔则更像是在验证ASIC和定制AI芯片这条第二增长线有没有真正进入收入端。
我的策略还是:核心仓继续拿,高Beta不追,留一点现金等数据和财报落地。
一句话:这周市场要重新回答一个问题——AI盈利再强,能不能跑赢越来越贵的资金成本。