Expectations for interest rate cuts are warming up, but the index fluctuates.

U.S. stocks were stable during the session. Dow Jones temporarily reported 45,664.68 up 0.33%, the S & P 500 reported 6,506.12 up 0.17%, the Nasdaq reported 21,837.37 up 0.18%, and the Philadelphia Semiconductor Index reported 5,813.07 up 0.06%. Annual benchmark revisions to employment data showed that the labor market was weaker than previously estimated, and bets on the potential for an increase in interest rate cuts were rising. However, the trends of large equity stocks were divided, depressing the broader market to continue its gains.

Medical insurance led the gains and boosted Daoqiong's momentum.

UnitedHealth Group(UNH) surged by 8.84%. The company said it expects about 78% of Medicare Advantage members to be in the highest-rated plan next year, driving an upward revision of ethnic ratings. Centene(CNC) rose by 6.24% simultaneously, with medical insurance and defensive health care becoming safe havens for bank funds and providing Dow Jones with the main upward thrust.

Large-scale scientific and technological performance differentiation AI themes continue to be popular.

The seven major U.S. stocks had divergent intraday trends, with Nvidia falling 0.15% at 168.06, Tesla (Tesla, TSLA) rose 0.15% to 346.91, Apple(Apple, AAPL) fell 0.08% to 237.7, Meta Platforms(Facebook, META) rose 1.48% to 763.47, Microsoft(MSFT) rose 0.19% to 499.13, Alphabet (Google parent company, GOOGL) reported a gain of 1.76% at 238.28, and Amazon(Amazon, AMZN) reported a gain of 0.83% at 237.79. The market reported that Microsoft and AI infrastructure providers have signed a cooperation deal with a scale of up to US$19.4 billion. The emotional side supports the large cloud and AI supply chain. Super Micro Computer(SMCI) rose 5.57%. Fei Ban's small uplink shows that the chip population is mainly consolidating.

Copper mine mergers and acquisitions news suppresses raw materials stocks.

Freeport-McMoRan(FCX) fell 5.91%, as the market digested the news that Anglo American Resources agreed to acquire Teck Resources(TECK) for approximately US$53 billion. The possible reorganization of the global copper supply landscape triggered relative valuation adjustments. On the other hand, Albemarle(ALB) fell 11.46%, with materials and metals stocks becoming a source of market pressure.

Weaker employment benchmark revisions strengthen the imagination of easing.

The preliminary revision of the annual benchmark for non-agricultural employment in the United States lowered its number by 911,000, reducing the average new increase in the past 12 months from 147,000 to 71,000, indicating that real labor momentum is soft. The confidence indicators of small businesses have not changed much. The overall data combination has heated up the market's discussion on the extent and pace of interest rate cuts at the upcoming meeting of the Stock Exchange Commission, but the trading market still maintains a wait-and-see and stock picking pattern.

Gold and crude oil rise together, bond yields rise and the dollar diverge.

Safe-haven demand and inflation-preserving buying continued. Gold futures continued to hit record highs once hitting US$3700, and crude oil futures rose simultaneously. U.S. 10-year Treasury yields rose intraday, with the US dollar strengthening against the euro and pound and weakening against the yen. Cross-asset price signals showed a pattern of intertwined inflation and easing expectations.

Apple's share price fell slightly before the conference, and the market waited and saw.

Apple's share price fell slightly as the market focused on the impact of the hardware rhythm and price strategy of the new generation of iPhone and accessory updates on the replacement cycle. In terms of technology themes, Microsoft rose slightly due to the momentum of AI cloud cooperation. The supply chain of related servers and cabinets continued to be strong. The upward volume of ultramicro computers in the United States has become one of the focuses of the disk.

Media stocks are dragged down by the end of family trust disputes.

Shares of News Corp(NWSA) and Fox(FOXA) weakened. The market digested governance structure changes and the possibility of asset adjustments after the conclusion of the Murdock family trust inheritance dispute. Media and content stocks were under short-term selling pressure, and funds shifted to groups with higher fundamentals and cash flow visibility.

Futures and volatility signals indicate stable risk appetite.

Index futures remained stable intraday, spot market trading was neutral, market expectations for short-term volatility did not expand significantly, and the performance of crypto asset prices was divided, indicating that risk appetite was still fluctuating within the range.

Subsequent observations focus on corporate momentum and policy signals.

After hours and in the following days, we will focus on Redbook, an early retail indicator, pre-orders and supply chain feedback after Apple's new products are released, and the market's re-pricing of dot charts and statement wording before the Federal Reserve Board's decision. In an environment of weak employment corrections and rising bond yields, funding expectations continue to rotate and rebalance among medical insurance, AI cloud, high cash flow targets and raw materials.