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July 10, "Federal Reserve mouthpiece" Nick Timiraos latest article said that a debate brewing within the Federal Reserve on how to deal with the risks posed by Trumps tariffs may end a period of relative unity, and officials may disagree on whether new cost growth is a reason to keep interest rates high. In recent weeks, Federal Reserve Chairman Powell has hinted that the threshold for rate cuts may be lower than it looked this spring, but no rate cuts are expected this month. Instead, Powell described a "middle path": if inflation data is lower than expected or the job market is slightly weak, this may be enough for the Federal Reserve to start cutting interest rates by the end of summer. This standard is lower than the previous more stringent threshold-at that time, against the backdrop of more massive tariff increases triggering violent inflation expectations, the Federal Reserve may require more obvious signs of economic deterioration before considering rate cuts. The tariff increase announced by Trump in April exceeded expectations, sparking concerns about stagflation with weakening economic growth and rising prices, disrupting the Federal Reserves plan to resume rate cuts this year. But since then, two developments have driven a possible shift. First, Trump has reduced some of the most extreme tariff increases; second, tariff-related consumer price increases have not yet become a reality. This provides a key test of competing theories about whether tariffs are inflationary and has sparked internal disagreements over how to manage forecast errors.Delin Holdings (01709.HK) rose more than 60%. The company plans to tokenize assets of up to 500 million yuan, of which no more than 60 million will be used for distribution to shareholders.Pulson Energy (00090.HK) rose more than 240%. The company has subscribed to Series A preferred shares issued by HashKey Holdings. After the subscription is completed, the company will hold a maximum of 5% equity in digital asset financial services company HashKey.The Hang Seng Index in Hong Kong opened at 23,865.64 points, down 26.68 points, or 0.11%, on July 10 (Thursday); the Hang Seng Technology Index opened at 5,218.31 points, down 13.68 points, or 0.26%, on July 10 (Thursday); the CSI 300 Index opened at 8,588.74 points, down 8.53 points, or 0.1%, on July 10 (Thursday); the H-share Index opened at 4,110.46 points, up 1.88 points, or 0.05%, on July 10 (Thursday).Hang Seng Index futures opened down 0.07% at 23,866 points, 26 points below the spot price.

Dow Futures Decline While Indices Drop For Third Session

Skylar Williams

Aug 31, 2022 11:14

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Futures for U.S. equities were trading flat on Tuesday evening, as key benchmark indices extended down for a third consecutive day and investors maintained their retreat in response to Jerome Powell's hawkish remarks at the Jackson Hole Symposium last week.


At 7:20pm ET (11:20pm GMT), Dow Jones Futures were down 0.1%, while S&P 500 Futures were basically stable and Nasdaq 100 Futures were up 0.1%.


In extended trading, shares of Chewy (NYSE:CHWY) fell 11% after the company reported Q2 losses of $0.12 per share, in line with expectations, and revenue of $2.43 billion, vs $2.44 billion projected.


PVH Corp. (NYSE:PVH) declined 3.3% after reporting second-quarter earnings per share of $2.08, above expectations of $2.00, and revenue of $2.13 billion, vs $2.21 billion expected. The firm has announced a 10% reduction in its global workforce.


HP Inc. (NYSE:HPQ) declined 6% after posting EPS of $1.04 for the third quarter, which was in line with market expectations. The actual revenue was $14.66 billion, as opposed to the anticipated $15.69 billion.


Crowdstrike Holdings Inc (NASDAQ:CRWD) fell 0.3% after reporting Q3 earnings of $0.36, above projections of $0.28, on revenue of $535.15 million compared to $515.98 million expected.


Ambarella (NASDAQ:AMBA) fell 6.5% after posting second-quarter earnings per share of $0.20, which was slightly over analyst projections of $0.20. Actual revenue was $80.88 million compared to the forecasted amount of $80.19 million.


ChargePoint Holdings Inc (NYSE:CHPT) climbed 1.5% after reporting second-quarter losses of $0.21 per share, which exceeded the average forecast of $0.20 per share. Contrary to expectations, the second quarter's sales came in at $81.63 million, as opposed to $76.1 million.


Hewlett Packard Enterprise (NYSE:HPE) climbed 1.7% after reporting earnings per share of $0.48 for the third quarter, well above the consensus estimate of $0.47, and revenue of $6.95 billion, exceeding the average estimate of $6.85 billion.


Wednesday's session will be highlighted by remarks from the Federal Reserve's Mester and Bostic, as well as Chicago PMI and ADP employment data.


During Tuesday's regular trading session, the Dow Jones Industrial Average dropped 308.1 points, or 1%, to 31,790.9, the S&P 500 slid 1.1% to 3,986.16, and the NASDAQ Composite dropped 1.1% to 11,883.1.


CB consumer confidence came in above estimates at 103.2, up from 95.3 last month, while JOLTs Job Openings also surprised to the upside, climbing to 11.239 million, beyond forecasts of 10.475 million and up from 11.040 last month.


The 10-Year U.S. bond market interest rate was 3.112%.

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