Concerns about tariff escalation triggered sell-off and the four major indexes fell across the board.

U.S. stocks experienced significant selling pressure due to the resumption of tariff tensions between the United States and China. The four major indexes simultaneously turned black and the decline widened. The Dow Jones Industrial Average was temporarily reported at 45,811.64, down 1.18%; the Standard & Poor's 500 Index was temporarily reported at 6,621.8, down 1.68%; the Nasdaq Composite Index was temporarily reported at 22,497.58, down 2.29%; the Philadelphia Semiconductor Index was temporarily reported at 6,575.46, down 3.87%. The breadth of the market weakened, with the number of intraday declines accounting for 81.5%, indicating that selling pressure is diffuse.

Growth weights and AI chains have become the focus of selling semiconductors, which has dragged down the market.

Technology and semiconductors have become the main battlefields for capital withdrawal, with Fei's decline leading the four major indexes. Most of the seven leading U.S. stocks weakened during the session, with Nvidia(NVDA) reporting at US$188.3, down 2.22%;Tesla (Tesla, TSLA) reported $419.46, down 3.69%;Apple(Apple, AAPL) reported $247.81, down 2.45%;Meta Platforms(Facebook, META) reported $712.41, down 2.88%;Microsoft(MSFT) reported $514.63, down 1.49%; Alphabet(Google parent company, GOOGL) reported $239.63, down 1.07%;Amazon(Amazon, AMZN) reported $219.11, down 3.79%. High-growth and AI-benefiting stocks are under pressure simultaneously, creating a downward thrust on the index.

Defending against necessary consumption, blue-chip consumer stocks supported the market.

Funds are rotating in a defensive manner, and consumption must be matched by specific value stocks. PepsiCo(PepsiCo, PEP) rose 3.63%, AutoZone(AZO) rose 2.95%, and Philip Morris International(PM) rose 2.7%, providing a cushion for the broader market decline. In comparison, Estee Lauder Companies(EL) fell 8.23%, and Mosaic(MOS) fell 7.98%. The performance of non-essential consumption and raw materials was divided, indicating that capital preference has significantly shifted to defensive groups.

Tariff risks are rising. Rare earths and sensitive groups in the supply chain have strengthened intraday.

As tariff issues heat up, the market is pursuing a few beneficial themes to hedge risks. Individual stocks related to the rare earth supply chain strengthened intraday, and MP Materials(MP Materials, MP) showed relatively bright trends, reflecting investors 're-evaluation of strategic metal supply and price elasticity. Overall, subject buying does not hinder the market from pulling back into the main axis, but it creates a short-term hedging effect at the ethnic and individual stock levels.

Tensions between the United States and China rise, Trump threatens to impose substantial tariffs and has severely reduced risk appetite.

The main reason for the market turmoil comes from rising policy uncertainty. Trump said on the social platform that he was evaluating a significant tariff increase on China goods. The news triggered the market to re-price supply chain costs and corporate profit prospects. At the same time, foreign media claimed that China imposed additional port charges on US ships and launched an antitrust investigation against Qualcomm(QCOM), which intensified tensions between the two sides. Signals of change from meetings with potential leaders also weaken risk appetite, with technology, semiconductors and section-sensitive stocks bearing the brunt.

Consumer confidence has changed moderately, the current situation is stable, but future expectations are weakening.

The initial value of consumer confidence shows that the overall momentum is flat and its support for the stock market is limited. The headline index was at 55, slightly down from 55.1 in the previous period and slightly better than the consensus; the current situation index rose to 61, higher than market expectations, but consumers 'expectations for the future dropped to 51.2, which was worse than the consensus and previous values, indicating that the outlook has weakened. Inflation expectations are 4.6% in the past year and 3.7% in five years, with limited change in inflation perceptions. After the data was released, the early rally was difficult to continue, and the intraday trend further retreated.

Official data vacuum to be solved The Bureau of Labor Statistics plans to release CPI as scheduled to facilitate decision-making.

Against the background of the government shutdown and delayed official releases, the market is paying close attention to the progress of inflation indicators. The Bureau of Labor Statistics has reported that the recall is working hard to release the consumer price index before the Federal Reserve Board's decision-making meeting. If it takes place, it will provide a key basis for policymakers and the market. Before the data came into effect, funds tended to lower risk positions and increase intraday volatility.

Market breadth and depth have weakened at the same time. Selling pressure has spilled from technology to most stocks.

The intraday downgrades accounted for 81.5%, indicating that selling pressure is not only concentrated on large-scale technologies, but also spilled over to industry, raw materials and some non-essential consumption. Trading activity is concentrated in weight and theme stocks, fluctuations in individual stocks are amplified, and short-term sentiment dominates price volume. In contrast, stocks with high dividends and defensive attributes act as safe havens for funds, and the decline is relatively controlled.

Derivatives and interest rate dynamics are the evaluation of the impact of risk thermometer fluctuations and yield rate trends.

Changes in futures and options positions, the VIX panic index and U.S. bond yields continue to affect the pace of the stock market. Historical experience shows that if volatility expectations rise or long-term yields rise, greater pressure will be placed on growth-oriented and high-profit ratio groups; conversely, falling volatility and stabilizing interest rates will help repair risk appetite. The market is currently focusing on the interactive influence of policies and data, waiting for the direction to be clear.

Follow-up observations will focus on the Fed's signal and financial equity in the earnings week, which will reveal the prelude.

Next, the market focuses on two main lines: one is how Fed officials 'talks and upcoming inflation data reshape interest rate expectations; the other is guidance after the official start of the earnings season. Financial equity stocks will be the first to appear, and the net interest margins, credit costs and lending momentum of large banks such as JPMorgan Chase(JPM) and Citigroup(C) will provide key clues to corporate profits and economic resilience. Under the intersection of policy uncertainty and financial report variables, the disk structure may maintain the characteristics of high volatility.