Key Takeaways

• Tonight’s GDP data could indicate steady rate cut.
• VIX hits a 3-month peak as stocks face steep declines.
• Strategists suggest pullback is healthy, not a cause for panic.
• NVDA testing critical support levels.
• CRWD acknowledges bug behind global IT outages.
• AMZN up after sealing NBA Prime Video deal.

I. Market Report

Stock futures turned to positive after trading lower during early pre-market trading session on Thursday after the release of GDP fighre.

As of 08:41 am, EST (or 08:41 pm in Malaysia), S&P 500 futures gained 0.01%, while Nasdaq 100 futures rose by 0.04%. Futures tied to the Dow Jones Industrial Average climbed by 50 points, or 0.12%.

II. Market Movers

As of 08:24 am, EST (or 08:24 pm in Malaysia), top pre-market movements are as follows:

Note: We are pleased to inform you that our app now supports pre/after-market trading for US stocks. The trading hours for these sessions are as follows:

• Pre-market: 16:00 to 21:30 in Malaysia
• After-hours market: 04:00 to 08:00 the next day in Malaysia

Please note that regular trading hours are from 21:30 to 04:00 UTC.

III. Flash Headlines

US Q2 GDP Growth Accelerates to 2.8%, Beating Expectations of 2.0%

The US real GDP growth in Q2 was 2.8% on a seasonally-adjusted annualized basis, higher than the 2.0% forecast and the previous 1.4% figure. The stronger-than-expected economic growth indicates resilient demand despite rising borrowing costs.

Tonight's Data Eyed for More Good News; Will September's Fed Cut Be Steady?

The US economy is likely to continue growing in the second quarter, driven by solid consumer spending and inventory builds, but the pace of expansion should still keep expectations for a September rate cut by the Federal Reserve intact. In addition, other data are expected to show that US inflation slowed sharply last quarter, with all measures below 3%, good news for Fed officials. Read in detail>>

US economic growth probably accelerated in the second quarter, driven by strong consumer spending and inventory increases, but the pace of the expansion is not expected to affect market expectations for a September interest rate cut by the Federal Reserve. Read in detail>>

VIX 'Fear Index' Hits 3-Month High After Stocks Plummet Overnight

US stocks fell sharply on Wednesday, pushing Wall Street's most watched market volatility gauge to a three-month high and boosting options trading volume, although some strategists dismissed signs of panic. Read in detail>>

Market Strategist: Recent Pullback Healthy, Not Time to Panic: 'A Little Volatility Feels Foreign'

Cameron Dawson, chief investment officer at NewEdge Wealth, said that it was too early to call a top in the market and that the recent downturn doesn't mean the bull market is necessarily over. Read in detail>>

US Treasuries Extend Gains as Global Stocks Decline Boosting Safe-Haven Demand

As global stock markets plummeted and money markets increased bets on a Federal Reserve rate cut, safe-haven buying pushed US Treasuries to continue their steep bull run. Read in detail>>

Yen Surges to Over 2-Month High Against Dollar, Euro in Major Reversal

After a long period of unilateral depreciation against the US dollar, the trend of the Japanese yen against the US dollar seems to have reversed since mid-July. Read in detail>>

IV. Stocks to Watch

Is Nvidia In Trouble? Tech Giant Tests Support

NVIDIA Corporation ($NVIDIA Corporation NVDA$) is testing important support. There was recently a ‘higher low' on the chart. This happens when some of the investors and traders who sold while the stock was at support come to regret their decision to do so after it rebounds. Some of them vow to buy their shares back. Read in detail>>

CrowdStrike Admits Bug Caused Massive Global IT Outages

Cybersecurity firm CrowdStrike Holdings Inc ($CrowdStrike Holdings CRWD$) has acknowledged that a bug in its safety mechanism caused last week's massive global IT outages. The issue stemmed from a flawed data update that led to widespread disruptions, affecting Microsoft Corp's ($Microsoft Corporation MSFT$) Windows systems worldwide, reported Bloomberg. Read in detail>>

Amazon Stock Jumps As NBA Signs Prime Video Broadcasting Deal

Amazon.com Inc ($Amazon.com, Inc. AMZN$) shares are rising in Wednesday’s after-hours session after the National Basketball Association (NBA) announced a deal in which Prime Video will telecast NBA games over the next decade. Read in detail>>

AMD Stock Down YTD, CEO Meets with Tesla: What Investors Should Know

Semiconductor stock Advanced Micro Devices ($Advanced Micro Devices, Inc. AMD$) was among the technology stocks that fell Wednesday on the heels of earnings reports from Tesla Inc (NASDAQ:TSLA) and Alphabet being dissected by investors. Read in detail>>

Tesla Bull Cathie Wood's Ark Sells US$7.16M in Shares After Q2 Earnings Miss

On Wednesday, Cathie Wood-led Ark Invest made a significant move by buying shares of Tesla Inc ($Tesla Motors, Inc. TSLA$), despite the electric vehicle giant’s recent market challenges. Read in detail>>

Unilever Jumps Pre-Market on 17% Interim Profit Growth, Maintained Guidance

Unilever ($Unilever PLC Sponsored ADR UL$) US stocks rose before the market opened, closing at US$59.63. On the news front, Unilever's real operating profit in the first half of the year increased by 17% year-on-year to 6.1 billion euros. Read in detail>>

V. Calendar

Earnings:

$AbbVie, Inc. ABBV$
$Union Pacific Corporation UNP$
$Honeywell International Inc. HON$
$RAYTHEON TECHNOLOGIES CORPORATION RTX$
$Northrop Grumman Corporation NOC$
$CARRIER GLOBAL CORPORATION CARR$
$Digital Realty Trust, Inc. DLR$
$Rogers Communications Inc. Class B RCI$
$Nasdaq, Inc. NDAQ$

Expected IPO:

$Concentra Group Holdings Parent, Inc. CON$
$Lineage LINE$
$LATAM Airlines Group SA Sponsored ADR LTM$
$DT Cloud Star Acquisition Corporation Units Cons of 1 Shs + 1 Rt DTSQU$

Please note that the timing of IPOs is subject to change at any time (including being advanced or delayed). Investors should therefore keep up-to-date with relevant news.

Events:

Finally, just a little reminder:

The regular trading hours for US stocks in the Daylight Saving Time (DST) are from 21:30 to 04:00+1 GMT+8, with pre-market trading available from 16:00 to 21:30.

Have a nice trading day!