The strength of medical insurance supports Dow Jones Technology and semiconductors under pressure.

U.S. stocks diverged intraday, with Dow Jones rising slightly driven by strong rebound from medical insurance stocks, while Standard & Poor's and Nasdaq fell due to technology and semiconductor retractions. The market's short-term bets on interest rate cuts have cooled, coupled with rising uncertainty about tariffs, diverting funds to defense and solid cash flow targets, putting pressure on growth and high valuation themes.

The semi-retracement of index divergence fees dragged down the momentum of the market.

The Dow Jones Industrial Average was provisionally reported at 45,038.68, up 0.28%, the Standard & Poor's 500 Index was provisionally reported at 6,458.38, down 0.16%, the Nasdaq Composite Index was provisionally reported at 21,638.35, down 0.33%, and the Philadelphia Semiconductor Index was provisionally reported at 5,751.5, down 2.28%. Bank funds are concentrated in medical insurance and some cloud software, semiconductor equipment is under heavy selling pressure, and overall risk appetite is weakening.

Buffett's news of opening a position ignited medical insurance bulls.

After Berkshire Hathaway(BRK.B) disclosed its holding of 5 million shares with a closing market value of approximately US$1.6 billion, UnitedHealth Group(UNH) rose by approximately 13.8% during the session, pushing Dow Jones and medical insurance stocks up as a whole. Inter-bank buying strengthened simultaneously, highlighting the return of funds 'preference for solid earnings and cash flow assets.

Conservative outlook for semiconductor equipment and tariff concerns triggered a sharp decline.

Applied Materials(AMAT) fell by about 13.7% intraday due to a lower-than-expected outlook for the quarter and the mention of macro and tariff uncertainty shocks, dragging down KLA(KLAC) and Lam Research(LRCX) by about 8.0% and 7.0% respectively, with semi-synchronous retracement. The policy trend on semiconductor import tariffs has put pressure on supply chain sentiment, and investors have become more conservative about China's related demand and order visibility.

Retail sales support consumption, but expectations of interest rate cuts suppress growth stocks.

The latest retail sales increased by about 0.5% month-on-month, slightly lower than the market consensus of 0.6%, indicating that consumption is still resilient but limited momentum. Previously, the producer price index was higher than expected, driving the yield rate slightly higher, cooling the interest rate cut bet, which was relatively unfavorable to high price-to-earnings ratios and long-term assets. As a result, technology and semiconductors have become one of the main axes of market adjustment.

Large-scale technology trend differentiation funds withdraw from high valuation themes.

Nvidia(NVDA) fell about 1.26% intraday, Tesla(Tesla, TSLA) and Apple(Apple, AAPL) retreated about 1.39% and 0.92% respectively, and Amazon(Amazon, AMZN) fell slightly by about 0.33%. In contrast, Microsoft(MSFT) and Meta Platforms(META) rose by about 0.44% and 0.86% respectively, while Alphabet(Google parent company, GOOGL) rose by about 1.62%, indicating that funds are being allocated more selectively among large equity stocks.

The upward adjustment in cloud software ratings drives ethnic sentiment.

Salesforce(CRM) is supported by brokerage D.A. Davidson raised his rating and cited activist investor Starboard Value as a catalyst for increased investment, which rose during the session. Cloud and enterprise software communities are relatively popular amid economic concerns, with investors focusing on defensive attributes such as free cash flow and repurchase discipline.

Renewable energy groups are rushing to attract short-term funds.

Enphase Energy(ENPH) and First Solar(FSLR) surged by about 13.0% and 12.1% respectively during intraday trading, demonstrating the market's willingness to pursue short-term prices on policy benefits and long-term growth themes in a highly volatile environment. Compared with the valuation and business cycle risks of semiconductor equipment, renewable energy stocks attract capital inflows with their subject matter and fundamental resilience.

Policy rumors push Intel up, but details are unclear.

Intel(INTC) rose after news that the government was considering using U.S. Chip and Science Act funds to invest in the company, but the relevant structure and timetable were not yet clear. The market is also paying attention to follow-up news of possible tariff increases on semiconductor imports and the results of international high-level meetings. Policy uncertainty has caused supply chain evaluation to face rebalancing.

Individual regulatory news affects medical and e-commerce innovation.

Hims & Hers Health(HIMS) slipped amid a reported Federal Trade Commission investigation of its business practices as investors assess the impact of regulatory variables on growth stock premiums. Medical and health e-commerce start-ups are generally evaluated by cross-subsidies, customer acquisition costs and regulatory risks.

Commodity and currency markets show cooling risk appetite.

Oil and gold futures fell, U.S. 10-year bond yields rose slightly, the U.S. dollar weakened against the euro, pound and yen, and most mainstream crypto assets retreated. Cross-asset trends reflect the easing of stock market risk appetite and the reallocation of funds between defensive assets and foreign exchange positions.

Follow-up observations focus on tariff details and the true strength of corporate guidance.

Investors will continue to track the specific content of the semiconductor tariff policy, whether medical insurance stocks continue to flow in, and the latest statements of semiconductor equipment factories on China's order and inventory adjustments. At the same time, data related to yield rate trend and inflation remain key variables in assessing valuation discounts and risk appetite, which will influence the relative performance of growth stocks and value stocks.