① Before the US stock market, the three major stock index futures had mixed ups and downs: Dow futures fell 0.11%, S&P 500 futures rose 0.04%, and NASDAQ futures rose 0.14%. ② European indices generally rose. Among them, the German DAX 30 rose 0.89%, France's CAC40 rose 0.27%, the British FTSE 100 rose 0.36%, and the European Stoxx 50 rose 0.38%. ③ Non-agricultural farmers broke down in July. Interest rate futures have cut interest rates by about 64 bps during the year, and the probability of interest rate cuts in September is close to 90%. ④ San Francisco Federal Reserve Chairman Daly switched pigeons to support interest rate cuts greater than twice during the year; futures are betting that September and October will drop 25 bps each in a row, or 75 bps for the whole year. ⑤ Wall Street warning correction: Morgan Stanley says the tariff impact may cause the S&P 500 to retreat 10%, Evercore is bearish 15%, and the seasonal weak window is approaching. ⑥ Goldman Sachs lowered its outlook: Tariffs plus weak demand, the US GDP growth rate in Q4 2025 is expected to drop to 1.1% year on year, consumption growth rate is only 0.8%, and corporate investment is negative 0.6% per annum. ⑦ Pfizer rose more than 1.5% before the market, after the company raised its adjusted earnings per share forecast for the fiscal year. ⑧ Caterpillar's US stock fell more than 3% before the market, after the company's adjusted earnings per share for the second quarter were $4.72, lower than the forecast of $4.88. ⑨ DuPont's stock price rose more than 5% before the market. Previously, the company's adjusted earnings per share and net sales exceeded expectations.

① Before the US stock market, the three major stock index futures had mixed ups and downs: Dow futures fell 0.11%, S&P 500 futures rose 0.04%, and NASDAQ futures rose 0.14%. ② European indices generally rose. Among them, the German DAX 30 rose 0.89%, France's CAC40 rose 0.27%, the British FTSE 100 rose 0.36%, and the European Stoxx 50 rose 0.38%. ③ Non-agricultural farmers broke down in July. Interest rate futures have cut interest rates by about 64 bps during the year, and the probability of interest rate cuts in September is close to 90%. ④ San Francisco Federal Reserve Chairman Daly switched pigeons to support interest rate cuts greater than twice during the year; futures are betting that September and October will drop 25 bps each in a row, or 75 bps for the whole year. ⑤ Wall Street warning correction: Morgan Stanley says the tariff impact may cause the S&P 500 to retreat 10%, Evercore is bearish 15%, and the seasonal weak window is approaching. ⑥ Goldman Sachs lowered its outlook: Tariffs plus weak demand, the US GDP growth rate in Q4 2025 is expected to drop to 1.1% year on year, consumption growth rate is only 0.8%, and corporate investment is negative 0.6% per annum. ⑦ Pfizer rose more than 1.5% before the market, after the company raised its adjusted earnings per share forecast for the fiscal year. ⑧ Caterpillar's US stock fell more than 3% before the market, after the company's adjusted earnings per share for the second quarter were $4.72, lower than the forecast of $4.88. ⑨ DuPont's stock price rose more than 5% before the market. Previously, the company's adjusted earnings per share and net sales exceeded expectations.