Strengthening semiconductors drove major indexes up, but soaring oil prices affected inflation expectations. The Nasdaq Composite Index and the S & P 500 rose simultaneously during the intraday session, and the Philadelphia Semiconductor Index rose significantly ahead. The market maintained risk appetite while digesting a series of financial reports and policy messages. However, the sharp rise in U.S. oil and Brent futures triggered inflation and interest rate expectations once again became the focus.

The steady rise of the four major indexes shows a return of buying. The Dow Jones Industrial Index was temporarily trading at 46,700.13 points, up 0.24%; the S & P 500 Index was temporarily trading at 6,732.18 points, up 0.49%; the Nasdaq Composite Index was temporarily trading at 22,909.82 points, up 0.75%; the Philadelphia Semiconductor Index was temporarily trading at 6,818.92 points, up 2.12%, indicating that funds clearly prefer technology and chip groups.

Capital flows back to technology, led by semiconductors, and spread to large-scale assets. Most of the seven major U.S. stocks were higher during the session, with Nvidia(NVDA) up 0.84%, Tesla(TSLA) up 1.63%, Apple(AAPL) up 0.54%, Meta Platforms(Facebook, META) up 0.37%, Microsoft(MSFT) up 0.29%, Alphabet (GOOGL) up 0.82%, and Amazon(Amazon, AMZN) up 0.84%. Although Super Micro Computer(SMCI) in the server supply chain fell 8.78% intraday, the overall semiconductor index still led the market.

The sharp rise in oil prices has driven concerns about high inflation and triggered interest rate expectations. As the United States increased its sanctions on large Russian oil producers, oil prices surged by about 6% intraday. Brent crude oil once approached US$66 per barrel, and West Texas Intermediate crude oil stood at US$62 per barrel. The jump in energy prices has created new variables on the path of inflation, and the market is concerned about whether the Federal Reserve's interest rate assessment and financial conditions will be changed in the future.

During the earnings digestion period, the divergence of the disk surface clearly showed structural rotation. International Business Machines(IBM) was under pressure as software revenue fell short of market expectations, and its share price fell back. In contrast, Tesla(TSLA) rebounded and rose more than 1% in the intraday session after previously announcing mixed results, indicating that a correction to previous doubts is underway. American Airlines(AAL) moved higher after revising its quarterly profit guidance, while T-Mobile US(T-Mobile, TMUS) shares fell slightly despite a user net increase that exceeded expectations, highlighting investors 'different trade-offs between growth and earnings quality.

Medical insurance and defensive stocks were under pressure and became weak on the market. Molina Healthcare(MOH) continued its inaccurate earnings report and negative revisions to its full-year outlook, plunging by about 20% intraday, dragging down the performance of relevant groups. The market remains cautious about the topics of medical benefits and cost control in the high volatility range.

The industrial and chemical sectors benefited from surprises and profits led to a warmer mood. Dow(DOW) unexpectedly paid out its third-quarter GAAP profit despite slightly lower revenue. Its share price rose more than 10% intraday, driving U.S. stock market equity to warm up again. Honeywell International(Honeywell, HON) shares rose after raising its full-year profit outlook and updating its spin-off schedule, boosting the relative strength of industrial stocks.

The sightseeing game and the upswing of medical equipment stocks became the highlights of the market. Las Vegas Sands(LVS) surged more than 12% intraday, benefiting from the imagination of recovery in tourism and gaming demand;West Pharmaceutical Services(WST) rose more than 11%, and the momentum of medical consumables and high-value product lines was favored by the market and improved the evaluation of the medical supply chain.

The concept of quantum computing is stimulated by the policy trend, driving theme stocks to promote. Market reports pointed out that the U.S. is considering letting the Ministry of Commerce take a stake in some quantum computing companies, and the shares of D-Wave Quantum(D-Wave Quantum, QBTS), IonQ(IonQ, IONQ), Rigetti Computing(RGTI) and Quantum Computing(QUBT) rose. Although policy participation can improve capital acquisition, relevant assessments are still uncertain and volatility risks rise simultaneously.

Sino-US interactions released a soothing signal to support market sentiment. China and U.S. officials are expected to start dialogue in the near future, and President Trump also said that arrangements for meetings with Chinese leaders are already under planning. Although details remain to be seen, positive progress on trade and technology cooperation issues will help boost confidence in corporate capital expenditures and supply chain stability.

Bond market and housing market signals intertwined to guide changes in risk appetite. The 10-year U.S. bond yield rose intraday, indicating that the market imagination of the end of interest rates and the timing of interest rate cuts continues to adjust amid rising oil prices and policy uncertainty. However, the mortgage sector continued the previous decline in interest rates. Freddie Mac data showed that the average interest rate on the 30-year fixed mortgage has dropped to approximately 6.19%, and to approximately 5.44% for the 15-year period, which will help boost the volume of existing home transactions and support consumption and the housing market.

The strong trend of the US dollar and the rise in precious metals reflect the dual effects of risk aversion and interest rates. The US dollar rose against the Japanese yen and British pound, but remained unchanged against the euro; gold prices rose as a diversified asset allocation option under inflation and geopolitical variables. Cryptographic assets rose overall, with Binance rising more than 5% intraday. The market was concerned about the news extension effect and regulatory direction of President Trump's pardon of Binance founder Zhao Changpeng.

Intel's financial report has become the focus of after-hours technology observation and affects supply chain evaluation. Intel(INTC) will announce its latest quarterly earnings report. The market expects revenue of approximately US$13.15 billion and adjusted earnings per share of approximately US$0.01. The focus will be on the transformation progress of its manufacturing business and the pace of capital expenditures. The stock has seen considerable gains since its last earnings report, and has received positive support from the U.S. government, Vitek and SoftBank Investments. Investors will look for subsequent growth clues from guidance and gross profit trends.

It is recommended to focus on two main lines when risks and opportunities coexist on the market. One is that changes in oil prices will re-price inflation and interest rate expectations, affecting the evaluation of growth stocks and the strength of stocks; the other is technology and semiconductor financial reports and capital expenditure signals, which determine the continuation of AI and cloud cycles. In line with the China-US dialogue and the trend of corporate news, short-term fluctuations may intensify, but the main axis of the market is still shaped by fundamentals and policy frameworks.