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Futures on the Nasdaq 100 (NDX), S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) are down by 0.36%, 0.26%, and 0.22%, respectively, at 4:00 a.m., EST, August 8.

The second quarter earnings season continues to throw surprises. Traders are enjoying the show while it lasts. The three major averages ended in positive territory yesterday, lifted by some solid earnings performances. The Dow touched one of its best levels in the last two months. Shares of Warren Buffett-led Berkshire Hathaway (BRK.B) touched a 52-week high on August 7, following solid Q2 results. Also, Chegg shares (CHGG) soared over 20% in after-hours trading thanks to its dabbling in AI and quarterly revenue that exceeded expectations.

Plus, Palantir stock (PLTR) gained in after-hours trading after reporting in-line revenues and earnings. Lucid stock (LCID) also gained in after-hours trading despite a Q2 earnings miss. Notable companies reporting earnings today include AMC Entertainment (AMC), United Parcel Service (UPS), Eli Lily (LLY), Under Armour (UAA), Li Auto (LI), and Rivian (RIVN).

Meanwhile, the real focus this week continues to be the Consumer Price Index (CPI) and the Producer Price Index (PPI) reports due on August 10 and 11. Should the inflation numbers come in higher than anticipated, it could drag the markets down towards the end of the week. The Federal Reserve’s interest rate decision in September will depend on these two reports. Elsewhere, China’s imports and exports data for July came in worse than expected, dragging down Chinese markets, and stoking fears of a delayed economic recovery.

Notably, European indices are trading in the red on Tuesday amid the action-packed earnings season.

Asia-Pacific Markets End Mixed on Tuesday

Asia-Pacific indices finished mixed on Tuesday following a worse-than-expected trade balance report from China. China’s July imports fell 12.4% year-over-year, while exports declined 14.5% year-over-year. The report flags the uncertainty in China’s economic recovery and the need for greater stimulus to revive the mainland.

Hong Kong’s Hang Seng index and China’s Shanghai Composite and Shenzhen Component indices finished lower by 1.81%, 0.25%, and 0.42%, respectively.

On the other hand, Japan’s Nikkei and Topix indices ended up by 0.38% and 0.34%, respectively.  

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