TEBBIT US Stock Perpetual Daily Report｜August 21, 2026 (Friday)
Data as of: August21, 2026 08:00 (UTC+8)
Corresponding US stock trading day: August20, 2026
1. Overnight US Stocks
On August 20, US stocks were broadly under pressure, with the three major indices generally declining during the session. Earlier, the US Treasury expanded the scale of long-term Treasury repurchase operations, which temporarily drove a notable drop in Treasury yields, but pressure in the bond market soon re-emerged, and long-term Treasury yields rose again.
The market continued to focus on large-cap technology, AI, and semiconductor sectors, while digesting the Federal Reserve’s July FOMC meeting minutes, US employment and manufacturing data, as well as the latest earnings reports from major companies like Walmart.
After Walmart’s earnings release, its stock price fell significantly, weighing on the Dow Jones Industrial Average; meanwhile, stronger-than-expected US economic data led the market to reassess the Fed’s policy path and the duration of high interest rates.
Dow Jones Industrial Average: 52,759.21 points ( -703.84 points, -1.32%)
S&P 500: 7,641.16 points ( -66.82 points, -0.87%)
Nasdaq Composite Index: 26,067.17 points ( -263.92 points, -1.00%)
2. Perpetual Contract Market
| Asset | Reference Price | 24h Change |
| NVDAUSDT | $216.85 | -0.33% |
| TSLAUSDT | $345.13 | -1.71% |
| AAPLUSDT | $311.30 | -1.75% |
| MSFTUSDT | $481.15 | -0.47% |
| AMZNUSDT | $260.11 | -2.16% |
| METAUSDT | $545.83 | -0.04% |
| SNDKUSDT | $1,600.62 | +2.02% |
| SPYUSDT | $762.62 | -0.84% |
Note: Reference prices and percentage changes are based on the closing prices during the regular trading hours of the corresponding US stocks/ETFs on August 20. TEBBIT actual transaction prices of US stock perpetual contracts may vary due to trading hours, market liquidity, and price fluctuations.
3. Market Observation
On August 20, market focus centered on US Treasury yields, Federal Reserve policy expectations, US economic resilience, and major corporate earnings reports.
Earlier, the US Treasury announced an expansion of long-term Treasury repurchase operations, which led to a notable decline in long-term Treasury yields, but this positive effect did not last. On August 20, Treasury yields rose again, with the 10-year Treasury yield hovering around **4.7%**, renewing valuation pressure on growth stocks.
The latest US economic data overall exceeded expectations. Initial jobless claims recorded 206,000, indicating continued labor market resilience; the Philadelphia Fed Manufacturing Index rose to 47.4, significantly above the market expectation of about 25 and the previous value of 41.4.
Strong economic data on one hand alleviates concerns about a rapid US economic slowdown, but on the other hand may reinforce expectations that high interest rates will be maintained longer, exerting some pressure on technology and high-valuation growth stocks.
The retail sector also drew attention. Walmart’s quarterly revenue and earnings were generally solid, but the slowdown in US same-store sales growth and the company’s future earnings outlook raised market concerns. WMT’s stock price fell significantly during the session, dragging down the Dow’s performance.
Additionally, international oil prices rose noticeably due to geopolitical tensions, further increasing market focus on inflation and Treasury yields.
4. Key Asset｜NVDAUSDT
NVDA recently experienced notable volatility alongside the AI and semiconductor sectors, as the market continues to reassess AI sector valuations and the degree of capital crowding following its previous rapid rise.
On August 20, rising Treasury yields again put valuation pressure on high-valuation growth stocks. Meanwhile, strong US employment and manufacturing data left considerable uncertainty about the Fed’s future policy path.
In the short term, focus is on whether NVDA can stabilize after recent adjustments and whether capital will flow back into the AI and semiconductor sectors. With NVIDIA’s next earnings report approaching, related trading sentiment and short-term volatility may further intensify.
5. August 20 Highlights
Walmart Earnings Report
Walmart released its latest quarterly results, with quarterly revenue of approximately $187.9 billion, overall performance better than market expectations, and US e-commerce business continuing rapid growth.
However, the market paid closer attention to the slowdown in US same-store sales growth and the company’s future earnings outlook. WMT’s stock price fell significantly after the earnings release and was one of the main drags on the Dow that day.
US Employment and Manufacturing Data
At 20:30 Beijing time, the US released the latest economic data:
Initial Jobless Claims — 206,000, below market expectations.
Philadelphia Fed Manufacturing Index — 47.4, previous value 41.4, significantly above market expectations of about 25.
The data indicate that the US labor market and manufacturing activity remain resilient. Stronger-than-expected economic data may reduce market bets on short-term policy easing and prompt investors to reassess the Fed’s future interest rate path.
Treasury Yields Rise Again
After the US Treasury expanded the scale of long-term Treasury repurchase operations, the bond market briefly rebounded significantly, but on August 20, long-term yields rose again.
The 10-year Treasury yield climbed back to around **4.7%**, and the 30-year yield remained above **5.2%**. Rising bond yields exert some pressure on technology and high-valuation growth sectors.
Key Corporate Earnings
On August 20, besides Walmart, companies like Alibaba (BABA) and Deere (DE) released quarterly results.
Alibaba’s stock price fell significantly after its earnings release; Deere’s quarterly earnings and revenue overall beat market expectations.
After-hours market focus will be on Ross Stores (ROST) earnings, with investors watching US consumer spending trends and the company’s future guidance.
6. Today’s Focus
Today’s market focus centers on three main themes:
US economic data and Fed policy expectations｜Earnings reports from major companies like Walmart｜US Treasury yields and international oil price trends
Technology sector continues to focus on highly volatile assets such as NVDA, META, and SNDK.
Strong US employment and manufacturing data indicate the economy remains somewhat resilient, but may also increase market concerns about sustained high interest rates.
If Treasury yields continue to rise, high-valuation technology and AI sectors may face ongoing valuation pressure; if the bond market stabilizes, attention will turn to whether capital flows back into large-cap technology and semiconductor sectors.
Additionally, international oil prices and geopolitical tensions may continue to influence inflation expectations, Treasury yields, and overall market risk appetite.
7. Today’s Trading Hours Reminder
US Stock Trading Hours｜ 21:30–04:00 (Beijing Time)
Market liquidity and trading activity are usually high during this time.
Pre-market and After-hours｜ 16:00–21:30 / 04:00–08:00
Liquidity is relatively lower; be cautious of rapid price fluctuations around earnings releases.
US Stock Market Closed Periods
Perpetual contracts may still trade during these times; monitor liquidity changes and potential gap risks at the next trading day’s open.
8. Risk Warning
US stock perpetual contracts are leveraged products and may experience significant price volatility. Market volatility may increase notably around earnings releases, macroeconomic data, and major market events. Please manage positions and leverage prudently.
9. Disclaimer
This article is for market information reference only and does not constitute any investment or trading advice. Relevant market data are sourced from public markets and TEBBIT platform; discrepancies in price and timing may exist between different data sources. Users should make independent judgments and bear trading risks themselves.
TEBBIT Team