Small stocks led the gains and created highs. Service industry data weakened, unblocking the bullish atmosphere

U.S. stocks continued to be bullish during the session, with Russell small-cap stocks leading the gains and the four major indexes all hit record intraday highs earlier. Although the service industry's prosperity showed a slowdown, risk appetite remained. Funds spilled from large-scale technology to traditional stocks such as medical and finance. The divergence between the rise and fall of technology equity stocks made Nasdaq relatively weak, and the breadth of the market expanded to today's main axis.

Major indices were mixed and hit record highs in early trading

The Dow Jones industrial average was provisionally reported at 46,941.77, up 0.91%. The S & P 500 index rose 0.20% tentatively at 6,728.48. The Nasdaq Composite Index was provisionally trading at 22,794.45, down 0.22%. The Philadelphia Semiconductor Index was provisionally reported at 6,614.54, down 0.18%. The index level presents a structure of strong prices and stable volume. As the weight technology pulls back, value and small stocks support the overall momentum.

Market breadth has expanded significantly, financial contribution has increased

About 70% of U.S. stocks rose during the session, significantly better than in previous days, highlighting the healthy flow of funds. Financial stocks performed well, with Goldman Sachs contributing nearly 20% to Dow Jones's gains that day, driving the comparative advantage of value stocks. Russell's early gain of more than one percentage point in the 2000 period reflects the spread of funds from a few large weights to a wider range of targets.

Medical insurance and medical materials are stronger, tourism and AI software is under pressure

Medical themes led the gains, with Humana(HUM) rising 9.74%, The Cigna Group(Cigna, CI) rising 5.39%, and Teleflex(Teleflex, TFX) rising 4.85%, with the volume increasing simultaneously. The vulnerable groups are concentrated in tourist casinos and AI software. Las Vegas Sands(LVS) fell 6.63%, and Palantir Technologies(PLTR) fell 6.46%, indicating that short-term fluctuations in theme stocks have intensified.

Differences in scientific and technological rights suppress the momentum

The seven major U.S. stocks were divided, with Nvidia(NVDA) down 0.91%, Tesla(TSLA) down 3.44%, Apple(AAPL) up 0.46%, Meta Platforms(Facebook, META) down 1.66%, Microsoft(MSFT) up 0.45%, Alphabet (GOOGL) down 0.19%, and Amazon(Amazon, AMZN) down 0.91%. The decline and decline of equity stocks has limited the rise of the technology index and also caused a semi-high shock.

The service industry's prosperity weakens, new orders and activities have dropped to near the boom-bust line

S&P Global's comprehensive PMI fell to 54.6 before 53.9, and the service industry PMI was 54.2 before 54.5, still expanding. The ISM service industry PMI fell to 52.0 before 50.0. In the sub-items, new orders 47.2 and commercial activity 49.9 fell below the boom-bust line, indicating that demand and momentum have weakened. However, the data did not reverse market sentiment, and funds were still biased towards risky assets.

Suspension delayed employment report earnings window is coming to an end

The federal government's shutdown has delayed non-farm payrolls reports, extended the official data vacuum, and the market has relied more on private institutional indicators and corporate outlook guidance. The financial report comes to an end, and the third quarter financial report season will debut. By then, the outlook for orders and capital expenditures of various industries will be the key to verifying fundamentals.

Investment bank leaders send divergent signals on AI investment

Goldman Sachs CEO David Solomon said that the U.S. economy is expected to accelerate thanks to AI infrastructure construction, but also warned that historical lessons of high technology valuations are still valid. Lisa Shalett, chief investment officer at Morgan Stanley, pointed out the risk of possible cracks in AI capital expenditures. The intertwined discussions between the two sides have prompted the market to weigh AI themes and valuation risks.

Trading volume is concentrated on the subject stocks. The volume-price structure shows that buying is dominant

Intraday volume can spread upward, and medical insurance and medical equipment groups have experienced a strong upward trend, pushing prices and transaction volume up simultaneously. In contrast, some theme stocks suffered profit-taking after accumulating gains in the previous period. The time-sharing trend showed that rallies and down-shift undertakings coexist, and short-term support and pressure saw intensified.

Observation of futures index volatility and volatility is an emotion thermometer

Changes in futures and options positions will continue to affect the intraday rhythm, and changes in the VIX panic index are still an indicator of rapid turning in risk appetite. If the yield rate of 10-year U.S. Treasury bonds shows a trend upward, it may once again suppress the P/E ratio of highly rated growth stocks; conversely, the stability of the yield rate will help the continued high-end consolidation of risky assets.

The index is high-end and volatile but the breadth is healthy. Pay attention to fundamental verification and funding continuity

Overall, the market surface showed a state of coexistence of high-end shocks and internal rotation. Small stocks and traditional stocks made up for gains to support the index, and differences in technology weights limited the upward angle. The follow-up focus is on the transmission of corporate orders from the slowdown in the service industry, the sustainability of the pace of AI capital expenditure, and whether the earnings season provides sufficient fundamental support, which will determine whether the multi-head structure can transition smoothly.