The strength of semiconductors led the market to a moderate upward trend.

U.S. stocks maintained a narrow range of intraday trading despite limited news, with the Philadelphia Semiconductor Index leading the gains. Investors were also concerned about Trump's latest move on the independence of the SPC and the mood swings before Viida's earnings report. In terms of the four major indexes, the Dow Jones Industrial Average was temporarily reported at 45,314.84, up 0.07%; the S & P 500 Index was temporarily reported at 6,448.57, up 0.14%; the Nasdaq Index was temporarily reported at 21,493.64, up 0.21%; the Philadelphia Semiconductor Index was temporarily reported at 5,818.5, up 1.08%. The overall risk appetite is still stable, but the rotation is significant.

There is a clear rotation between capital concentration chips and pharmaceutical defense stocks.

Bank funds are obviously biased towards semiconductors and large pharmaceutical companies, and consumer beverages and some communication services are under pressure. Semiconductor stocks are supported by expectations for AI and data center demand, while pharmaceutical stocks are driven by clinical gains to defend buying back. In contrast, the beverage and beer chains have weakened due to changes in fundamentals and ratings, and the performance of digital advertising and social platforms has diverged.

The performance of weight stocks was differentiated but the overall impact was moderate.

The seven major U.S. stocks had mixed intraday trends, with Nvidia(NVDA) rising 1.02%, Tesla(TSLA) rising 0.13%, Apple(AAPL) rising 0.39%, Meta Platforms(Facebook, META) falling 0.37%, Microsoft(MSFT) falling 0.77%, Alphabet (GOOGL) falling 0.79%, and Amazon(Amazon, AMZN) falling 0.04%. With the rise and fall of weight stocks, the index maintained a slight upward trend.

Clinical benefits push up the trend of leading medicine.

Eli Lilly(Lilly, LLY) announced that its oral weight-loss drug reached the primary and key secondary endpoints in the phase three trial. Its share price rose 4.39% intraday, making it one of the top performing stocks in the S & P 500, with trading volume significantly enlarged. Market interpretation of this result will help speed up shipments to the FDA, form more direct competition with Novo Nordisk(NVO), and gain support for the health care community.

Consumer beverage chain pressure rating downgrade and merger news.

Constellation Brands(STZ) was downgraded by Bank of America on the grounds that declining demand for beer may depress performance and weaken its stock price. Keurig Dr Pepper(KDP) continued its decline from the previous day. Affected by the announcement of the US$18 billion acquisition of JDE Peet's and the plan to spin off into two companies, it fell 5.4% intraday, with active transactions. eBay(eBay, EBAY) fell 4.41%, among the weaker stocks on the market.

Differences in performance between communications and software groups highlight the difficulty of stock selection.

AppLovin(APP) rose 3.58%, boosted by expectations of improved advertising technology momentum and profitability;MACOM Technology Solutions(MTSI) rose 3.22%, supported by the outlook for communications and data center demand. In contrast, the trend of large-scale communities and search platforms in communication services is weak, dragging down the performance of the sector.

Spectrum trading has fueled a surge in satellite operators.

EchoStar(SATS) surged sharply due to the news that it would sell some spectrum assets to AT& T (T) for about US$23 billion. Funds poured in, while AT&T's share price fell. The transaction highlights the market context of the revaluation of spectrum assets and raises concerns about the prospects for integration of the telecommunications industry.

Industry and transportation chain news affects the differentiation of individual stocks.

Boeing(BA) received incentives from Korean Air to place 103 passenger jets higher, indicating that the replacement of long-term fleets and the recovery of Asian travel demand continue. CSX(CSX, CSX) was under pressure after Warren Buffett said Berkshire Hathaway(BRK.B) would not acquire more railway assets, and the performance of the transportation railway community was relatively weak.

Rising policy uncertainty pushed yield rates higher and the dollar weakened.

Trump claimed that he had decided to replace Federal Reserve Governor Lisa Cook. Cook responded that the president had no power to recall and refused to resign. The incident exacerbated market doubts about the independence of monetary policy. Long-term U.S. bond yields rose slightly, at about 4.27% for the 10-year period and about 4.91% for the 30-year period. The US dollar index fell back and weakened against the euro, pound and yen.

The resurgence of trade issues has affected ethnic sentiment.

Trump also threatened to impose retaliatory tariffs and high-tech export restrictions on economies that impose digital services taxes, covering chips and technology products, increasing the risk of friction with the EU; the suggestion of imposing higher tariffs on furniture imports has caused furniture stocks such as RH(RH, RH), Williams-Sonoma (WSM), and Arhaus (ARHS) to fall, putting pressure on consumer cycles.

Weakening consumer confidence casts a shadow on the momentum of domestic demand.

The Conference Board's consumer confidence index fell to 97.4, down from 98.7, with expectations falling to 74.8, below the usual warning zone for a weakening economy. Employment sentiment continues to deteriorate and optimism about future earnings has also ebbed slightly, which may put pressure on retail and durable goods demand.

Futures and volatility indicators show continued wait-and-see sentiment.

Stock index futures moved synchronously within the spot shock range, and VIX consolidated within a narrow range, showing no obvious signs of hedging. Most crypto assets rose but Bitcoin weakened, indicating that the allocation of funds among risky assets is still cautious.

The trend of raw materials and major asset categories is divided.

The fall in oil prices and the rise in gold prices reflect a staggered interpretation of growth and policy uncertainty. Overall, the interaction between stocks, bonds, and commodities is still dominated by policies and corporate news, and lacks a strong driving factor in a single direction in the short term.

The focus returns to AI's leading financial reports and interest rate prospects.

The market is generally concerned about Huida's upcoming financial report and outlook. With the stock price rising significantly this year and sales restrictions on the China market continuing, investors are paying more attention to the resilience of data center demand and supply chain growth. In line with the new variables in Trump's Joint Stock Exchange and trade policies, the seesaw pattern of funds between growth and defense may continue, and the market will continue to be driven by industry news and individual stock fundamentals.