Semiconductor selling pressure expands after the epidemic, high-valuation groups fell simultaneously

U.S. stocks weakened across the board during the session, with the Philadelphia Semiconductor Index leading the decline. Pressure on technology stocks intensified. The market turned defensive amid slightly higher inflation data and position adjustments before the long weekend. Trading sentiment is biased towards reducing risk, and weight stocks are retracted to amplify index fluctuations.

The main index fell the most in intraday trading fees

The four major indexes fell simultaneously, with the Dow Jones Industrial Average temporarily trading at 45,494.1, down 0.31%; the S & P 500 Index temporarily trading at 6,452.7, down 0.76%; the Nasdaq Composite Index temporarily trading at 21,420.33, down 1.31%; the Philadelphia Semiconductor Index temporarily trading at 5,665.22, down 3.21%. The sharp decline in the semiconductor community has become the key factor dragging down the market.

AI and chip chains have been sold off, Fuida and Maiweir have become sources of pressure

Nvidia(NVDA) weakened, and the market paid attention to the news that Alibaba Group Holding(BABA) developed its own AI chips, raising doubts about intensified competition in the China market. Marvell Technology(Maiweir, MRVL) fell 17.69% intraday, becoming one of the main reasons for Fei's semi-severe decline. Dell Technologies fell 8.97%, driven by weaker sales of storage products and a weak outlook for the quarter, which led to a weakening of sentiment in the hardware and server supply chain.

Software bucked the trend and strengthened Autodesk led the rise in S & P

Autodesk(Autodesk, ADSK) rose 7.59%, with revenue and profit better than expectations and revised its financial forecast upward. Driven by strong demand for AI data center design software, Autodesk is the best performing stock among the S & P 500 components. Structural demand on the software side provides a few highlights on the disk, but it is not enough to reverse the overall selling pressure.

Industrial leaders are dragged down by tariff risks, Caterpillar weakens

Caterpillar(CAT) fell as the company warned that tariffs could increase costs by as much as US$1.8 billion and erode earnings this year, as industrial and capital property groups retreated simultaneously. The message exacerbated market concerns about corporate profit margins against the backdrop of inflationary pressures and uncertain interest rates.

Consumer and financial technology themes diverge, Alibaba and pet retail strengthen

Alibaba Group's U.S. listing was higher, boosted by progress in AI chips. Petco Health and Wellness(WOOF) surged sharply after announcing a surprise turnaround and raising its full-year outlook, indicating that the company's transformation strategy is beginning to bear fruit. Affirm Holdings(Affirm, AFRM) was motivated higher by better-than-expected results driven by growing trading volume, but overall risk appetite remained constrained by weak technology and chips.

The defense trend is relatively stable, utilities and health care are strong

Edison International(EIX) gained 3.75% and Molina Healthcare(MOH) gained 3.31% as funds shifted to low-volatility stocks such as utilities and healthcare ahead of the holiday to reduce position risk. This is consistent with the rotating structure of growth stocks with high price-to-profit ratios under pressure.

Most large-scale technologies weaken, and the power of science and technology continues to drop index

Most of the seven leading U.S. stocks fell lower during the session, with Fuida weakening. Tesla fell 3.53%, Apple fell 0.23%, Facebook parent company Meta fell 1.84%, Microsoft fell 0.31%, Amazon fell 1.33%, and Alphabet was flat. The weak performance of equity stocks put Nasdaq and the S & P 500 under continued selling pressure.

Trading volume concentrated on the AI chain and fluctuations in single news stocks expanded into the main rhythm of the market

Affected by the news, Maiwell and Dell fell in volume, while Autodesk went up in volume, showing a polarization between bearish and bullish. Funds mainly flow around AI, cloud and large-scale technology equity stocks. Transactions have been significantly enlarged, and short-term price volumes have accelerated, making the index more sensitive to fluctuations in individual stocks.

Inflation data slightly higher expectations, market repricing interest rate cut path

The latest PCE inflation reading was slightly higher than expected. The market adjusted the pace of subsequent interest rate cuts by the RSC. The evaluation pressure was first reflected in the growth and high-valuation groups. Ten-year U.S. bond yields rose intraday, creating additional headwinds on technology and long-term assets. In contrast, value and defense stocks gained favor with funds.

Risk aversion rises, commodities and foreign exchange trends diverge

The VIX panic index rose intraday, and the combination of lower oil prices and higher gold prices showed a typical defensive allocation of funds. The US dollar changed little against the British pound and the Japanese yen and weakened against the euro, indicating that the foreign exchange market was generally stable. Most major crypto assets fell, consistent with the stock market's risk-avoidance orientation.

The market's focus is on the late adjustment and whether the fee can be stabilized

Investors are focusing on whether the Philadelphia Semiconductor Index can stabilize near intraday lows and watching whether selling pressure on Vitek, Maiwell and Dell slows down. Changes in bond yields and extended interpretation of PCE data will still dominate evaluations and risk appetite; position adjustments before the holiday may amplify late-day fluctuations and become a key observation point before the close.