September S&P 500 futures (ESU23) are down -0.11%, and September Nasdaq 100 E-Mini futures (NQU23) are down -0.09% this morning as market participants looked ahead to the release of the minutes of the Federal Reserve’s latest policy meeting as well as quarterly earnings reports from high-profile retailers.

In Friday’s trading session, Wall Street’s major averages closed mixed, with the benchmark S&P 500 and tech-heavy Nasdaq 100 dropping to 1-month lows. Wynn Resorts Limited (WYNN) slid over -3% after the company announced the closure of its sports betting app in eight states. Chip stocks also slumped, with Lam Research Corp (LRCX) falling about -5% and NVIDIA Corporation (NVDA) dropping more than -3%. In addition, U.S.-listed Chinese technology stocks plunged on concerns surrounding the state of China’s economy. As a result, JD.com Inc (JD) closed down over -5%, and Baidu Inc (BIDU) closed down more than -4%. On the bullish side, News Corp (NWSA) climbed over +4% and was the top percentage gainer on the S&P 500 after the Rupert Murdoch-owned media conglomerate topped quarterly profit estimates.

Data on Friday showed the U.S. July producer price index stood at +0.8% y/y compared to +0.2% y/y in June, stronger than expectations of +0.7% y/y. Also, U.S. Core PPI arrived at +2.4% y/y in July, stronger than expectations of +2.3% y/y. In addition, the University of Michigan’s consumer sentiment reading came in at 71.2 in August, stronger than expectations of 71.0, while year-ahead inflation expectations unexpectedly eased to +3.3%.

“We think there’s some reassessment of inflation going on with investors looking further under the hood. Disinflation has been very rapid in the past months at the top level, but that may be leveling out here a little,” said Paul Christopher, head of global market strategy at Wells Fargo Investment Institut.

Second-quarter earnings season winds down, with investors anticipating fresh reports from major global companies this week, including Home Depot (HD), Agilent Technologies (A), Cisco (CSCO), TJX (TJX), Target (TGT), Walmart (WMT), Applied Materials (AMAT), Ross Stores (ROST), Deere&Company (DE), Palo Alto Networks (PANW), and Estee Lauder (EL).

In the coming week, investors will be monitoring a spate of economic data, including U.S. Retail Sales, Core Retail Sales, Export Price Index, Import Price Index, NY Empire State Manufacturing Index, Building Permits (preliminary), Housing Starts, Industrial Production, Manufacturing Production, Crude Oil Inventories, Philadelphia Fed Manufacturing Index, and Initial Jobless Claims.

In addition, investors will be closely watching the release of the Federal Reserve’s minutes from the July meeting on Wednesday, seeking additional insights into the trajectory of interest rates after the July CPI reading calmed some nerves. U.S. rate futures have priced in an 88.5% probability of no hike and an 11.5% chance of a 25 basis point rate increase at the next central bank meeting in September.

The U.S. economic data slate is mainly empty on Monday.

In the bond markets, United States 10-Year rates are at 4.158%, down -0.24%.

The Euro Stoxx 50 futures are up +0.35% this morning as investors digested better-than-expected Germany’s inflation data while awaiting the release of Federal Reserve policy minutes later in the week. Telecom and bank stocks gained ground on Monday, while mining and energy stocks underperformed. Data released by the Federal Statistical Office on Monday indicated that German wholesale prices fell by -2.8% year-on-year in July, marking the fourth consecutive month of decline. In corporate news, Kon.Philips N.V. (PHIA.NA) surged over +4% after Exor NV bought a 15% stake in the Dutch medical technology company. Also, Talanx Ag (TLX.D.DX) rose more than +2% after boosting its profit guidance.

Germany’s WPI data was released today.

The German July WPI has been reported at -0.2% m/m and -2.8% y/y, compared to expectations of -1.4% m/m and -2.6% y/y.

Asian stock markets today settled in the red. China’s Shanghai Composite Index (SHCOMP) closed down -0.34%, and Japan’s Nikkei 225 Stock Index (NIK) closed down -1.27%.

China’s Shanghai Composite today closed lower amid persistent concerns over slowing economic growth. Recent data showed that China’s new bank loans plunged in July, with other key credit gauges also showing signs of weakening, despite policymakers’ efforts to mitigate the economic slowdown through interest rate cuts and pledges of further support. Meanwhile, Country Garden Holdings Co Ltd tumbled over -18% after the country’s top private property developer said it would suspend trading in onshore bonds of 11 of its units amid growing debt problems. Also, shares of Chinese electric vehicle makers listed in Hong Kong plunged amid worries about further price cuts after Tesla cut prices again in China for some Model Y versions, with Li Auto Inc falling more than -2% and Xpeng Inc slumping about -3%. In other news, two clients of Chinese trust company Zhongrong International Trust Co said over the weekend that they had not received payment on maturing investment products. On the ground of this, China’s banking regulator announced it would set up a task force dedicated to assessing risks associated with Zhongzhi Enterprise Group Co. Investor attention is now squarely on Chinese retail sales and industrial production data due on Tuesday.

Japan’s Nikkei 225 Stock Index closed sharply lower today, weighed down by losses in chip and energy stocks, while concerns over the Chinese economy also dampened market sentiment. Chip-related stocks slumped on Monday, with chip-making equipment maker Tokyo Electron falling about -1% and chip-testing equipment maker Advantest dropping more than -3%. Meanwhile, Nippon Sheet Glass climbed over +10% after reporting better-than-expected quarterly results. In other news, Reuters reported that SoftBank Group Corp is engaged in discussions to purchase the remaining 25% stake in Arm Ltd from Vision Fund 1, a $100 billion investment fund it raised in 2017. The Nikkei Volatility, which takes into account the implied volatility of Nikkei 225 options, closed up +2.44% to 19.70.

Pre-Market U.S. Stock Movers

Tesla Inc (TSLA) fell over -1% in pre-market trading after the automaker reduced the prices for Model Y Long Range and Performance versions in China.

Okta Inc (OKTA) climbed more than +4% in pre-market trading after Goldman Sachs upgraded the stock to Buy from Sell.

United States Steel Corporation (X) surged over +22% in pre-market trading as the company initiated a formal review of its strategic options after rejecting a $7.25 billion cash and stock takeover offer from Cleveland-Cliffs Inc.

CF Industries Holdings Inc (CF) slid more than -1% in pre-market trading after Barclays downgraded the stock to Equal Weight from Overweight.

Nikola Corp (NKLA) plunged over -15% in pre-market trading after the company announced a recall of all battery-powered electric trucks it had previously delivered due to two battery fires, and it also temporarily suspended sales of new battery-electric vehicles.

Marriott International Inc (MAR) dropped about -3% in pre-market trading after Bernstein downgraded the stock to Market Perform from Outperform.

You can see more pre-market stock movershere

Today’s U.S. Earnings Spotlight: Monday - August 14th

Roivant Sciences (ROIV), Monday.Com (MNDY), Natura & Co (NTCO), Beach Energy (BCHEY), Rumble (RUM), Getty Images Holdings (GETY), JinkoSolar (JKS), Definitive Healthcare (DH), Navitas Semiconductor (NVTS), Altus Power (AMPS), Ast Spacemobile (ASTS), Ferroglobe (GSM), Yalla (YALA), Hut 8 Mining (HUT), Terawulf (WULF), CompoSecure (CMPO).

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