The Federal Reserve has issued a cautious interest rate cut signal and corporate momentum has cooled, making risk appetite more conservative. The intraday market pulled back from high-end, with technology equity leading the decline. Funds shifted to defensive stocks such as energy and medical care. U.S. stocks showed an index polarization pattern. Investors turned to focus on the Fed's preference for inflation indicators and semiconductor financial guidance.

Index differentiation and weight retractions suppress overall performance.

The Dow Jones Industrial Average was down 0.13% at 46,319.89, the S & P 500 was down 0.46% at 6,663.19, the Nasdaq was down 0.70% at 22,629.24, and Philadelphia Semiconductor was down 0.16% at 6,319.68. Weak value technology has put pressure on growth stocks. Energy and medical groups on the market have resisted declines, and overall trading has focused on event-driven targets.

The tone of the Federal Reserve's communication tends to be prudent under both risks.

Chairman Bauer reiterated that upward inflation and downward employment risks coexist, and there is currently no risk-free path, implying that the pace of interest rate cuts will be more gradual. The market is paying attention to the upcoming release of the personal consumption expenditure price index to verify whether inflation heats up again, which in turn affects expectations for further easing during the year.

Several officials from the Federal Reserve Commission spoke to strengthen patience.

Goolsbee, President of the Federal Reserve Bank of Chicago, reiterated the importance of the 2% inflation target and did not consider the pace of sharp interest rate cuts; Vice Chairman Bowman was worried that the labor market was weakening and if it worsened, interest rates might need to be cut faster; Bostic, President of the Federal Reserve Bank of Atlanta, warned that neutral interest rates might rise. The interweaving of long and short signals has caused the market to converge on the number and timing of interest rate cuts.

The co-existence of cooling corporate activity and cost pressures makes the boom signal neutral.

S&P Global's manufacturing PMI reported 52 and services PMI reported 53.9, both below previous levels but still in the expansion range. The report points out that new jobs in the service industry have slowed down, there are signs of layoffs in the manufacturing industry, and corporate marginal adjustments have intensified. At the same time, input prices are still high and transfer capabilities are weakening, indicating that profit margins are under pressure but favorable inflation is gradually moderating.

The general pullback of large-scale technologies has become the main drag.

Nvidia(NVDA) fell 2.75% intraday, Amazon.com(Amazon, AMZN) fell 2.57%, Microsoft(MSFT) fell 0.90%, Apple(Apple, AAPL) fell 0.56%, Alphabet (GOOGL) fell 0.25%, Tesla(Tesla, TSLA) fell 0.16%, and Meta Platforms(META) fell 0.64%. The simultaneous weakening of weights amplifies the retracements of Nasdaq and S & P.

The focus of the AI chain turns to memory cycles and capital expenditure implementation.

Micron Technology(MU) will announce its financial results after hours. The market focuses on memory demand and future revenue guidance driven by AI servers. Expected annual growth momentum will become the key to evaluation. Previously, Nvidia announced a large-scale investment in OpenAI to stimulate the AI market, but in the short term, profit-taking occurred under the cooling of the Federal Reserve's signals and data.

Energy and medical care are relatively dominant.

Halliburton(HAL) rose 7.73%, McKesson(MCK) rose 6.41%, and Texas Pacific Land(TPL) rose 6.10%, indicating a preference for solid cash flow and higher pricing visibility targets; in contrast, Generac(Generac, GNRC) fell 6.24%, Vistra(VST) fell 5.25%, and power equipment and power-related stocks faced selling pressure.

The company dynamically drives cloud and community ecological topics.

Oracle(Oracle, ORCL) fell back intraday, partially retracting the gains boosted the previous day by the TikTok U.S. Business Investment Alliance theme. The market is concerned about whether its existing data hosting cooperation with TikTok has expanded and the continuation of AI cloud order momentum, and the monthly performance is still significantly better than the broader market.

Futures and volatility reflect the tug of war between data and policies.

Stock index futures were mixed in the early stages, and spot stocks continued to diverge after the opening. Investors stayed on the sidelines to wait and see for a clearer outline of inflation and employment signals. Volatility has attracted more attention but has not been out of order. The trend of yield rates is still a key variable in the evaluation of growth stocks. Funds tend to control exposure before important data.

Subsequent observations focused on inflation readings and semiconductor guidance.

Investors will use PCE inflation results to calibrate the assumption of interest rate cuts during the year, and use Micron's financial report to verify the real impact of AI server sourcing on memory prices and capacity utilization; if inflation continues to moderate and the company's outlook remains positive, Market risk appetite is expected to improve, otherwise the shock may continue into the quarter-end funding adjustment period.