Technology stocks led the gains but the index diverged

U.S. stocks showed a bullish pattern dominated by technology stocks, but the overall index trend was divided. The Dow Jones Industrial Average was provisionally reported at 45,100.24, down 0.43%, the S & P 500 Index was provisionally reported at 6,433.65, up 0.28%, the Nasdaq Index was provisionally reported at 21,476.02, up 0.92%, and the Philadelphia Semiconductor Index was provisionally reported at 5,571.41, down 0.61%. Large platform and device stocks strengthened, and semiconductors and energy weakened, exacerbating the rotation of stocks.

Declining regulatory uncertainty supports market risk appetite

The federal court did not require Google to sell Chrome in the antitrust case and allowed Alphabet to continue to maintain profit-sharing arrangements with Apple for default searches, significantly reducing regulatory risks. Alphabet(Google parent company, GOOGL) shares were trading at US$231.02, up 8.98%, driving communications services stocks to rebound, and Apple(Apple, AAPL) rose simultaneously, boosting overall large-scale technology evaluation and buying willingness.

Employment data weakens and strengthens pricing for September interest rate cuts

The number of JOLTS job vacancies in the United States reported 7.18 million, lower than market expectations of 7.38 million and lower than the previous value of 7.36 million, indicating that the labor market continues to cool. The cooling employment gap has increased the chances of the Fed's short-term interest rate cuts. The market's bet on a 1-yard interest rate cut in September exceeds 90%. If the subsequent employment report weakens further, discussions on policy space will increase.

Yield rates fall from high end to provide buffer for growth stocks

U.S. Treasury yields fell back after climbing earlier. The ten-year yield hovered below 4.22%, and the 30-year yield was around 4.90%. The decline from high levels eased the valuation pressure on growth stocks. The US dollar index weakened slightly against the euro and the pound, and strengthened against the yen. Gold futures continued to hit high levels, indicating that risk aversion and allocation demand coexist.

Large-scale technology supports the market but the trend is divided

The seven leading U.S. stocks were generally overrepresented in intraday trading. Tesla(Tesla, TSLA) reported $341.79, up 3.77%, Apple reported $237.43, up 3.36%, and Alphabet rose 8.98%, the strongest performer. Meta Platforms(Facebook parent company, META) reported US$736.36, up 0.17%, Microsoft(MSFT) reported US$504.11, down 0.20%, Amazon(Amazon, AMZN) reported US$225.60, up 0.12%, and Nvidia(NVDA) reported US$170.86, up 0.05%. Platforms and devices are relatively strong, while cloud and AI hardware are on the defensive.

Semiconductor group pullback suppression fee half trend

The Philadelphia Semiconductor Index weakened, indicating that AI and high-end hardware communities were taking a short break, and profit-taking and selling pressure put pressure on the index relative to the broader market. Huida was almost flat in intraday trading, with the market focusing on subsequent data center demand and new product cycles, but short-term funds clearly shifted to platform and application targets.

Energy stocks are under pressure, crude oil falls back, dragging down the oil and gas chain

International oil prices have weakened, and discussions have emerged in the market that OPEC+ is considering increasing production, suppressing the performance of the oil and gas chain. ConocoPhillips(COP), APA(APA Energy), and Diamondback Energy(FANG) fell intraday, with energy stocks becoming the main source of headwinds, dragging down the weight of Dow Jones and S & P Energy.

People's livelihood consumption is divided, food stocks benefit from inflation and cool down

There are differences in the strength of consumption targets. Campbell Soup(CPB) rose by about 5.5% in intraday trading, benefiting from home cooking needs and cost controls, defensive consumption has gained renewed attention. In contrast, Dollar Tree(DLTR) fell by about 7.8%. The company warned that this quarter would be affected by tariffs, and profits would be under short-term pressure. Investors adjusted their intra-year profit curve for discounted retail.

Medical equipment retracts and highly rated stocks become profit-taking targets

Selling pressure emerged from the medical equipment community, with Intuitive Surgical(ISRG) falling about 6.35% intraday, indicating that highly rated stocks are vulnerable to funding adjustments amid uncertainty about interest rates and policies. Intraday buying is biased towards technology leaders with higher fundamental visibility and reduced regulatory risks.

Transaction volume is concentrated on platforms and consumer leaders

Disk volume can be concentrated on technology platforms and some consumer leaders whose regulatory negative positions have been lifted. Alphabet and Apple are obviously aggressive in volume; in contrast, energy and medical equipment groups are weak in volume and price. The overall market transaction momentum has increased, but long and short funds are racing against the two major weights of semiconductors and energy, causing structural differentiation in the index performance.

Futures and volatility indicators show stable risk sentiment

Stock index futures continued to fluctuate at high levels during the session, echoing the spot trend. The VIX panic index fell slightly, reflecting a slight easing in the market's pricing of recent months 'volatility, consistent with a combination of lower yields and reduced regulatory risks.

Follow-up attention to the employment report and the Federal Reserve Information Window

The market focus turned to the upcoming employment data and official communication before the Federal Reserve's decision. If subsequent data continues to be weak, discussions on the interest rate path will focus on the magnitude and pace of interest rate cuts; on the contrary, as long as labor and inflation readings do not deviate significantly, funds may maintain their allocation preference for large technologies while increasing their preference for cyclical stocks. selectivity. Overall, rising expectations of interest rate cuts and declining regulatory uncertainty are becoming the two main axes supporting risky assets in the intraday market.