Technology and chips led the decline, while U.S. stocks fell under the dual pressure of tariff uncertainty and higher yields.

The major indexes of U.S. stocks fell across the board during the session, and capital risk appetite cooled significantly. The Dow Jones Industrial Average was temporarily reported at 45,144.08, down 0.88%; the S & P 500 was temporarily reported at 6,387.78, down 1.12%; the Nasdaq was temporarily reported at 21,168.64, down 1.34%; the Philadelphia Semiconductor Index was temporarily reported at 5,555.79, down 2.00%. The combination of rising risk aversion and policy uncertainty has put pressure on growth stocks and weakened market breadth.

The general decline in large technologies dragged down index performance.

The seven U.S. stocks fell simultaneously, forming a main pressure on the broader market. Nvidia(NVDA) was trading at US$169.29, down 2.81%;Tesla (Tesla, TSLA) reported $329.94, down 1.17%;Apple(Apple, AAPL) reported $228.42, down 1.60%;Meta Platforms (Meta Platform, META) reported US$732.26, down 0.87%;Microsoft(MSFT) reported US$501.93, down 0.94%;Alphabet (GOOGL) reported US$209.67, down 1.81%;Amazon(Amazon, AMZN) reported US$225.08, down 1.71%. The simultaneous pullback of equity stocks amplified the index's decline, and the market's interest rate sensitivity to high-value assets increased.

Chip and AI supply chains have increased selling pressure and semi-return fees are among the top.

The Philadelphia Semiconductor Index fell first among the four major indexes, highlighting the rising pressure on profit-taking among AI and hardware communities. Affected by higher U.S. bond yields and policy uncertainty, funds tend to reduce their exposure to highly volatile growth themes, and the short-term bargaining side tends to be conservative.

Changes in the outlook for tariff policies have increased market uncertainty.

The Federal Court of Appeals ruled against the tariff policy of the Trump administration. The market has doubts about the direction of future tariff arrangements, directly impacting risk appetite and corporate outlook assessment. The instability of tariff expectations has increased the uncertainty of corporate cost and profit visibility, particularly affecting cross-border supply chains and consumer goods leaders.

Gold prices hit high, oil prices rose, the US dollar and US bond yields rose together.

The price of gold hit a record high again, reflecting the continued need for safe-haven; the rise in oil prices highlighted the continued issue of commodity inflation. The yield on the 10-year U.S. government bond has risen, and the yield on the 30-year bond has approached 5%, putting pressure on the evaluation of growth stocks. The US dollar has strengthened against the euro, the British pound and the Japanese yen, and the signal of tight financial conditions is clear. The VIX panic index climbed above 18, indicating that the market is pricing future volatility higher.

Food and beverage stocks are clearly intertwined and differentiated.

Constellation Brands(STZ) revised its financial forecast downwards, citing weakening beer demand and the impact of tariffs. Its share price fell, falling 6.8% intraday. Kraft Heinz(KHC) announced its spin-off into two listed companies. The market was reserved about the prospects, and its share price fell 6.97%. In contrast, PepsiCo(PepsiCo, PEP) rose on the news that activist shareholder Elliott Investment Management opened a position of about US$4 billion and urged increased shareholder compensation, with food and beverage stocks showing a clear divergence led by the news.

Consumption and biotechnology have become one of the few highlights on the market.

Ulta Beauty(ULTA) rose 6.53%, and Ralph Lauren(RL) rose 3.9%, indicating that there are still structurally strong targets within selective consumption. Biogen(Biogenics, BIIB) rose 3.56%, benefiting from Leqembi, a weekly subcutaneous injection therapy for Alzheimer's disease approved by the U.S. Food and Drug Administration in cooperation with Eisai of Japan. Biotech themes have been favored by funds and become a relatively strong group of people who both defend and grow.

Financial technology and AI supply chain individual stocks diverge.

Block(Block, SQ) was downgraded by BNP Paribas, citing the fact that fundamental growth slowed and the stock price was under pressure as the stock price rose. Corning(Corning, GLW) received a downgrade from UBS and was optimistic about the demand for its AI-related optical fiber products, prompting its share price to rise. The news affects the switching of fundamental narratives, making the performance of theme stocks significantly separate.

Futures index and derivative commodities show rising demand for safe-haven.

The U.S. stock futures index weakened in the same direction as the spot, reflecting the market's reservation about risky assets. The VIX panic index rose, the demand for safe-haven calls increased, the rise in implied volatility of options and spot retractions were mutually causal, and increased short-term volatility became the main theme of trading.

Abnormal volume can be concentrated on the news side, driving individual stocks to intensify short-term fluctuations.

The transaction volume of news targets such as Kraft Heinz, Constellation Group, PepsiCo, Block and Biogen has increased significantly, and the convergence of prices and volumes suggests that funds are rapidly reassessing fundamentals. In contrast, the volume of index weighted stocks can be amplified simultaneously but biased towards selling pressure. Short-term support and pressure frequently switch, the reliability of technical signals decreases, and the trading range expands.

Policy signals and economic data remain the dominant variables on the market.

The market continues to pay attention to White House policy communications, including the president's statement related to housing issues; it also focuses on economic information such as ISM manufacturing, construction spending, and overall auto market sales, as well as the next employment report's guidance on the economy and interest rate path. Under the dual uncertainty of policies and data, the layout of funds tends to return to targets with better fundamentals and balance sheet resilience, and short-term volatility remains high.