TechFlow, August 18 — According to Jinshi Data, on August 12, the U.S. stock market's style rotation following the release of July's CPI recalled the "rate-cut trade" seen after the release of June 2024's CPI on July 11, 2024. However, on August 14, the U.S. July PPI significantly exceeded expectations, cooling down the already emerging "rate-cut trade" and leaving markets conflicted. We believe that if Powell adopts a dovish stance at the Jackson Hole global central bankers' symposium next Friday and officially signals a September rate cut, the main theme of the "rate-cut trade" in U.S. equities could regain clarity. In that case, the July 2024 rally—seen in interest-rate-sensitive indices such as the Russell 2000, S&P 500 Real Estate, and Nasdaq Biotechnology—could re-emerge.
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