--- title: "SG Morning Brief｜Retail Earnings, Fed Minutes in Focus" type: "News" locale: "en" url: "https://longbridge.com/en/news/296036175.md" description: "US stocks slipped Friday on weak retail sales data, but the S&P 500 still notched a 0.4% weekly gain. STI rose 0.4% to 5,743.59 led by Singtel. Walmart, Home Depot, and Alibaba headline a heavy earnings week; FOMC minutes on Wednesday." datetime: "2026-08-17T00:04:06.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/296036175.md) - [en](https://longbridge.com/en/news/296036175.md) - [zh-HK](https://longbridge.com/zh-HK/news/296036175.md) --- # SG Morning Brief｜Retail Earnings, Fed Minutes in Focus ### Weekend Wrap Geopolitical tensions in the Middle East remained elevated over the weekend as US Treasury Secretary Scott Bessent warned of fresh economic sanctions on Iran that "have never been seen," following the Pentagon's signal that the US naval blockade of Iranian ports could continue "indefinitely." Crude oil held gains with WTI settling at $82.40/bbl on Friday. Separately, Meta faces a landmark federal trial in California where 29 state attorneys general allege Facebook and Instagram were designed to addict young users — the company estimates potential exposure at $1.4 trillion, though it calls the claims without merit. ### US Overnight (Friday Close) S&P 500 closed -0.17% at 7,785.76, Nasdaq -0.28% at 26,729.16, and Dow -0.20% at 53,732.41. The 10-year Treasury yield rose 2 basis points to 4.661%, tracking oil prices higher. For the week, the S&P 500 managed a 0.4% gain. The session was pressured by a disappointing July retail sales report — down 0.6% month-on-month versus expectations for a 0.1% rise — and a University of Michigan consumer sentiment reading that came in below forecasts. **Nu Holdings (NU) +9.33%** — The Brazilian digital bank surged to $15.23 after reporting its first billion-dollar net-income quarter. Q2 IFRS revenue jumped 50% year-over-year to $5.51 billion, with net income of $1.06 billion handily beating the analyst consensus of roughly $967 million. The company also announced Mexican regulators had approved its banking license, making Nubank the largest digital bank in the country. A 33% return on equity underscored the platform's operating leverage. **Intel (INTC) -1.97%** — Shares fell to $102.50, extending a multi-week slide following the company's proposed $15 billion common stock offering announced on August 10. The dilution overhang has weighed on the stock, which is down roughly 31% from its June peak despite a 164% year-to-date gain. The offering is expected to close around August 12 and proceeds are earmarked for general corporate purposes including capital expenditures. ### SGX Preview STI gained 0.4% or 23.54 points to close at 5,743.59 on Friday. Among the banks, DBS slipped 0.21% to S$75.53, OCBC rose 0.92% to S$31.79, and UOB edged up 0.24% to S$41.80. Singtel was the standout, surging 4.7% to S$4.45 after reporting a 21% rise in Q1 underlying net profit to S$831 million, beating Visible Alpha consensus of S$746.1 million on strong contributions from Optus and regional associates. SIA eased 0.56% to S$7.05 in a quiet session. The overnight US tape — soft on consumer data but supported by AI-adjacent strength — points to a cautious open for the STI, with Singtel's earnings momentum likely to provide a local tailwind. ### Asia Pre-Market S&P 500 futures were last indicated near 7,805 (-0.22% from Friday's settlement), though overnight SPY trading showed a mild recovery of 0.11%. Nasdaq 100 futures sat at 30,141.75 (-0.15%). WTI crude held at $82.40/bbl, supported by Middle East supply uncertainty. Spot gold rose 0.7% to $4,380/oz, its highest since early June, as safe-haven demand persisted. Bitcoin was little changed at $63,075. The modestly softer futures strip and elevated crude suggest a mixed open for SGX, with commodity-sensitive and shipping names potentially attracting attention alongside the ongoing US-Iran situation. ### This Week's US Earnings & Economic Calendar **Earnings this week:** Monday: Fabrinet (FN) — post-mkt, consensus EPS $3.81 Tuesday: Home Depot (HD) — pre-mkt, consensus EPS $4.73 on revenue $47.2B Wednesday: Analog Devices (ADI) — pre-mkt, consensus EPS $3.33 on $3.92B; Target (TGT) — pre-mkt, consensus EPS $2.30 on $26.1B; Lowe's (LOW) — pre-mkt, consensus EPS $4.23; TJX (TJX) — pre-mkt, consensus EPS $1.19 Thursday: Walmart (WMT) — pre-mkt, consensus EPS $0.74 on $186.7B; Alibaba (BABA) — pre-mkt, consensus EPS $1.49 on $39.8B; Deere (DE) — pre-mkt **Economic data:** Monday: NY Empire State Manufacturing (8:30 AM ET / 8:30 PM SGT), expected 10.2 Wednesday: FOMC Meeting Minutes (2:00 PM ET / 2:00 AM Thu SGT) — markets will scrutinise the July 28-29 discussion for clues on the September rate path after softer jobs data trimmed hike expectations to roughly 25% Thursday: Initial Jobless Claims (8:30 AM ET / 8:30 PM SGT), expected ~225K; Philadelphia Fed Manufacturing Index Friday: S&P Global Flash US Manufacturing & Services PMI (9:45 AM ET / 9:45 PM SGT) **Spotlight: Walmart (WMT)** — Consensus EPS $0.74 on revenue $186.7 billion. This is the most-watched print of the retail earnings wave. After July retail sales fell 0.6% — the first decline in nine months — Walmart's commentary on consumer spending trends, e-commerce momentum, and grocery inflation will be the key read-through for the broader US consumer. The report lands Thursday before the open, with the FOMC minutes the prior evening setting the macro backdrop. ### One More Thing This week is a stress test for the US consumer narrative. Five of America's largest retailers report in a three-day window, with Walmart the capstone. The July retail sales miss on Friday already planted a seed of doubt. For SG investors, the combination of Wednesday's FOMC minutes and Thursday's Walmart-and-Alibaba double-header means the second half of the week carries more event risk than the first. Positioning ahead of those catalysts, rather than chasing Friday's late-session moves, is the lens to bring to Monday's open. _This briefing is for informational purposes only and does not constitute investment advice._ ### Related Stocks - [WMT.US](https://longbridge.com/en/quote/WMT.US.md) - [HD.US](https://longbridge.com/en/quote/HD.US.md) - [.SPX.US](https://longbridge.com/en/quote/.SPX.US.md) - [SPY.US](https://longbridge.com/en/quote/SPY.US.md) - [IVV.US](https://longbridge.com/en/quote/IVV.US.md) - [VOO.US](https://longbridge.com/en/quote/VOO.US.md) - [SPLG.US](https://longbridge.com/en/quote/SPLG.US.md) - [SPXL.US](https://longbridge.com/en/quote/SPXL.US.md) - [UPRO.US](https://longbridge.com/en/quote/UPRO.US.md) - [SSO.US](https://longbridge.com/en/quote/SSO.US.md) - [SH.US](https://longbridge.com/en/quote/SH.US.md) - [SPXS.US](https://longbridge.com/en/quote/SPXS.US.md) - [SPXU.US](https://longbridge.com/en/quote/SPXU.US.md) - [SDS.US](https://longbridge.com/en/quote/SDS.US.md) - [SPYI.US](https://longbridge.com/en/quote/SPYI.US.md) - [JEPI.US](https://longbridge.com/en/quote/JEPI.US.md) - [XYLD.US](https://longbridge.com/en/quote/XYLD.US.md) - [Z74.SG](https://longbridge.com/en/quote/Z74.SG.md) - [STI.SG](https://longbridge.com/en/quote/STI.SG.md) - [META.US](https://longbridge.com/en/quote/META.US.md) - [.IXIC.US](https://longbridge.com/en/quote/.IXIC.US.md) - [.NDX.US](https://longbridge.com/en/quote/.NDX.US.md) - [.DJI.US](https://longbridge.com/en/quote/.DJI.US.md) - [NU.US](https://longbridge.com/en/quote/NU.US.md) - [INTC.US](https://longbridge.com/en/quote/INTC.US.md) - [D05.SG](https://longbridge.com/en/quote/D05.SG.md) - [O39.SG](https://longbridge.com/en/quote/O39.SG.md) - [U11.SG](https://longbridge.com/en/quote/U11.SG.md) - [C6L.SG](https://longbridge.com/en/quote/C6L.SG.md) - [FN.US](https://longbridge.com/en/quote/FN.US.md) - [ADI.US](https://longbridge.com/en/quote/ADI.US.md) - [TGT.US](https://longbridge.com/en/quote/TGT.US.md) - [LOW.US](https://longbridge.com/en/quote/LOW.US.md) - [TJX.US](https://longbridge.com/en/quote/TJX.US.md) - [BABA.US](https://longbridge.com/en/quote/BABA.US.md) - [09988.HK](https://longbridge.com/en/quote/09988.HK.md) - [DE.US](https://longbridge.com/en/quote/DE.US.md) - [UOVEY.US](https://longbridge.com/en/quote/UOVEY.US.md) - [SGAPY.US](https://longbridge.com/en/quote/SGAPY.US.md) - [S59.SG](https://longbridge.com/en/quote/S59.SG.md) - [89988.HK](https://longbridge.com/en/quote/89988.HK.md) - [HBBD.SG](https://longbridge.com/en/quote/HBBD.SG.md) ## Related News & Research - [Hippocratic AI Unveils Agentic Orchestrators: NYSE Content Update](https://longbridge.com/en/news/295938271.md) - [LIVE MARKETS-Earnings keep driving the market higher](https://longbridge.com/en/news/295558998.md) - [Levels® Launches Strawberry and Unflavored Whey Protein Powders at Select Walmart Stores Nationwide | WMT Stock News](https://longbridge.com/en/news/296002205.md) - [Home Depot CEO Takes Medical Leave. 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