Preview of US Stock Market | The three major stock index futures have mixed movements, and Trump will meet Putin at 3 a.m.

1. Before the U.S. stock market opens on Friday, the futures of the three major U.S. stock indexes are mixed. As of the time of writing, the Dow Jones Industrial Average futures are up 0.59%, the S&P 500 index futures are up 0.12%, and the Nasdaq futures are down 0.05%. 2. As of the time of writing, the German DAX index is up 0.09%, the UK FTSE 100 index is down 0.11%, the French CAC 40 index is up 0.58%, and the European Stoxx 50 index is up 0.27%. 3. As of the time of writing, WTI crude oil is down 0.53% at $63.62 per barrel. Brent crude oil is down 0.39% at $66.58 per barrel. Market News At 3 am, Trump will meet Putin. On Saturday at 3 am Beijing time, U.S. President Trump and Russian President Putin will hold a meeting in Alaska. The focus of this meeting will be on the Russia-Ukraine conflict and peace prospects. This will be the first offline meeting between the U.S. and Russian leaders in four years, as well as the first meeting between Trump and Putin since 2019, and Putin's first visit to U.S. soil in 10 years. In terms of political significance for GEO Group Inc, this summit is unprecedented. Trump called it an "exploratory meeting," aimed at understanding Putin's conditions and his commitment to peace. Trump also warned on Wednesday that Putin must agree to a ceasefire, or face "serious consequences." He said on Thursday that there is a 25% chance of the meeting failing, "like playing international chess," and that he believes Putin is willing to reach an agreement on the Russia-Ukraine conflict. Jerome Powell's Jackson Hole meeting speech time has been announced, with the market focusing on rate cut expectations and succession decisions. According to the Federal Reserve's schedule, Federal Reserve Chairman Jerome Powell will deliver a speech on economic outlook and Federal Reserve policy framework evaluation at the Kansas City Fed's annual central bank symposium in Jackson Hole, Wyoming at 10 am Eastern time on August 22 (10 pm Beijing time). This speech comes at a critical time: the latest data shows that tariffs have had some impact on inflation, while the labor market is slowing down. This complex situation reinforces the market's expectation that the Fed may announce a 25 basis point rate cut at the next meeting. At the same time, President Trump continues to pressure for a rate cut and is looking for a successor. Powell's term as Federal Reserve chairman will end in May next year. BofA's renowned strategist Hartnett: If Jackson Hole turns dovish, U.S. stocks may see a "buy the rumor, sell the fact" trend. Following the historic highs in the U.S. stock market this week, Bank of America Corp's strategy team pointed out that if the Fed sends a dovish signal at the Jackson Hole economic symposium, U.S. stocks may face a pullback risk. The strategy team led by Michael Hartnett stated that investors are flocking to high-risk assets like stocks, cryptocurrencies, and corporate bonds, betting that the Fed will support the weak job market and alleviate U.S. debt pressure through rate cuts. Hartnett specifically warned in a research report that if Fed Chairman Powell hints at a dovish stance at the August 21-23 Wyoming meeting, it could trigger a profit-taking trend of "buy the rumor, sell the fact." He reiterated his view that international stocks are preferred over U.S. stocks - a strategy that has been validated in the market this year. 13F filings reveal: Hedge funds went on a buying spree of tech stocks in Q2! Buffett, Tepper, and other hedge funds led the charge in buying UnitedHealth Group Incorporated (UNH.US). Hedge funds have recently released their Q2 13F holdings reports, with many institutions increasing their holdings of tech giants like Microsoft Corporation (MSFT.US) and Netflix. Despite the market volatility caused by Trump's trade policies, major indexes ultimately saw significant gains. Bloomberg's analysis of 13F filings shows that over the three months ending June 30, hedge fund holdings of Microsoft Corporation stock increased by $12 billion to $47 billion, making it the highest total market value holding, driven by net buying operations and the company's soaring stock price. With artificial intelligence undergoing a transformative development, large hedge funds on Wall Street such as Bridgewater Associates, Tiger Global Management, and Discovery Capital have all been adding to their holdings of large tech stocks in the second quarter. BofA sounds the alarm: Inflation is rising, but the Fed wants to cut rates! The dollar could face a rare shock in 20 years. Bank of America Corp warned that the dollar could face an unfavorable situation: the Fed lowering rates amid rising annual inflation rates. This kind of unfavorable situation has not occurred in nearly two decades. Bank of America Corp's foreign exchange strategist Howard Du stated in a report on Thursday: "If the Fed restarts a rate cutting cycle, any remaining rate cuts in 2025 may occur against the backdrop of rising year-on-year inflation. This situation is possible, but historically rare." Du noted that the last time the real policy rate was suppressed in the United States was during the second half of 2007 and the first half of 2008, during which time the Bloomberg Dollar Index fell by about 8%. Stock News Tuniu Corp. Sponsored ADR Class A (TOUR.US) reported a 15.3% year-on-year increase in Q2 revenue and announced a $10 million share buyback plan. Tuniu Corp. Sponsored ADR Class A reported a net revenue of 134.9 million yuan (RMB) in the second quarter, a 15.3% year-on-year increase; net profit attributable to the company's shareholders was 14.5 million yuan, down from 43 million yuan in the same period last year. By business segment, revenue from package tours was 113.4 million yuan, up 26.3% year-on-year; while revenue from other services was 21.5 million yuan, down 21.0% year-on-year. As of June 30, 2025, the company's cash and cash equivalents, restricted cash, short-term investments, and long-term deposits totaled 1.2 billion yuan. Looking ahead, Tuniu Corp. Sponsored ADR Class A expects third-quarter net revenue to be between 199 million and 208.3 million yuan, a year-on-year increase of 7% to 12%. So-Young International, Inc. Sponsored ADR Class A (SY.US) reported a significant drop in Q2 information and booking service revenue. So-Young International, Inc. Sponsored ADR Class A reported revenue of 378.7 million yuan in the second quarter, a 7.0% year-on-year decrease, which was higher than market expectations; earnings per ADS were -0.35 yuan, compared to earnings of 0.18 yuan per ADS in the same period last year. Net loss attributable to So-Young International, Inc. Sponsored ADR Class A was 36 million yuan, compared to a net profit of 18.9 million yuan in the same period last year. So-Young International, Inc. Sponsored ADR Class A stated that the main reason for the revenue decline was a reduction in the number of medical service providers subscribing to the Information Services Group on the So-Young International, Inc. Sponsored ADR Class A platform. For the third quarter of 2025, So-Young International, Inc. Sponsored ADR Class A expects revenue from beauty treatment services to be between 150 million and 170 million yuan, representing a growth of 230.5% to 274.6% compared to the same period in 2024. Applied Materials (AMAT.US) Q4 performance guidance falls below expectations, raising concerns about demand. The largest U.S. chip manufacturing equipment maker, Applied Materials, provided disappointing sales and profit forecasts, once again raising concerns about the impact of U.S.-China trade tensions on demand. For the third quarter ending July 27, Applied Materials reported quarterly revenue of $7.3 billion, an 8% year-on-year increase, exceeding the average analyst expectation of $7.21 billion; adjusted net profit was $1.989 billion, a 13% year-on-year increase; adjusted earnings per share were $2.48, also surpassing the average analyst expectation of $2.36. However, the company forecasted fourth-quarter revenue to be around $6.7 billion, below the average analyst expectation of $7.32 billion; and projected adjusted earnings per share to be around $2.11, below the average analyst expectation of $2.38. Viomi Technology Co., Ltd. Sponsored ADR Class A (VIOT.US) expects first-half revenue in 2025 to exceed 1.4 billion yuan, a year-on-year growth of over 70%. Viomi Technology Co., Ltd. Sponsored ADR Class A released a preliminary earnings report indicating that the company expects total revenue in the first half of 2025 to exceed 1.4 billion yuan, representing a significant year-on-year growth of over 70%. The revenue growth is primarily due to the continuous increase in sales of household water purifiers, supported by government subsidy policies. Important Economic Data and Events Preview 8:30 pm Beijing time: U.S. August New York Fed Manufacturing Index, U.S. July Import Price Index monthly rate (%), U.S. July Retail Sales monthly rate (%). 9:15 pm Beijing time: U.S. July Industrial Output monthly rate (%). 10:00 pm Beijing time: U.S. August University of Michigan Consumer Confidence Index preliminary value. 1:00 am the next day Beijing time: U.S. Total Rig Count as of August 15. 4:00 am the next day Beijing time: U.S. June Net Foreign Purchases of Long-Term Securities ($ billion). To be determined: U.S. President Trump and Russian President Putin meeting in Alaska. 3:00 am the next day Beijing time: Trump will hold a bilateral meeting with Russian President Putin in Anchorage, Alaska, and the CFTC will release its weekly position report.