Weakening technology and wait-and-see sentiment suppress the market

U.S. stocks were divided intraday, technology selling pressure dragged down growth stocks, and index performance was divided. The Dow Jones Industrial Average was provisionally reported at 44,922.91, up 0.02%; the S & P 500 Index was provisionally reported at 6,412.95, down 0.56%; the Nasdaq Composite Index was provisionally reported at 21,338.38, down 1.35%; the Philadelphia Semiconductor Index was provisionally reported at 5,693.06, down 1.44%. The market's focus is back on retail earnings this week and Federal Reserve Chairman Bauer is about to speak at Jackson Hole, and funds tend to wait and see.

Semiconductor and AI themes are the main selling pressure

Chips and AI-related targets led the decline, suppressing the evaluation of growth stocks. The Philadelphia Semiconductor Index fell, with Nvidia(NVDA) down 2.91% intraday. The market was concerned about the news that CEO Huang Renxun sold 150,000 shares;Advanced Micro Devices(AMD) fell 5.05%. Among the software and AI application groups, Palantir Technologies(PLTR) fell 8.36%. Crypto assets weakened, MicroStrategy(MSTR) fell 6.49%, and appetite for risky assets cooled significantly.

Intel receives strategic investment and goes up against the trend

Intel(Intel, INTC) bucked the trend and rose 7.31%. Japan's SoftBank Group announced an investment of US$2 billion in shares. The market also digested media reports that the Trump administration was evaluating its 10% stake in the company, boosting imagination about its transformation and capital structure. Although the overall semiconductor industry is weak, funds show signs of moving closer to the theme of lagging behind and making up for growth.

Retail earnings start steadily, driving individual stocks in the consumer chain

Home Depot(HD) reported second-quarter results slightly below Wall Street expectations, but U.S. same-store sales resumed continuous growth and reiterated its full-year outlook, with its share price rising. The market will follow the financial reports of Target(TGT) and Walmart(WMT) to assess consumption resilience and cost transmission after tariffs are introduced, and to observe whether demand for home and building materials continues to benefit from signs of a recovery in the housing market.

Demand from companies benefiting from the information security community remains strong

Palo Alto Networks(PANW) rose after earnings, revenue and guidance all exceeded expectations, reflecting continued demand for corporate security spending. In contrast, Oracle(Oracle, ORCL) has weakened due to layoffs and reports of the company's capital security chief's departure, cloud and enterprise software performance has been divided, and investors have become more picky about fundamental visibility.

The general retreat of equity stocks dragged down the performance of the index

Heavyweight technology stocks generally weakened, suppressing index momentum. Tesla(Tesla, TSLA) fell 1.56%, Apple(Apple, AAPL) fell slightly 0.12%, Meta Platforms(Facebook, META) fell 2.04%, Microsoft(Microsoft, MSFT) fell 1.14%, Alphabet(GOOGL) fell 1.22%, and Amazon.com(Amazon, AMZN) fell 1.47%. Faced with high evaluations and rising uncertainty, funds pay more attention to the visibility of recent profits and cash flows.

Defense and asset-based stocks are opposed to falling

Benefiting from the theme of stabilizing cash flow and falling interest rates, real estate and basic chemicals have resisted declines. Prologis(Prologis, PLD) rose 4.77%, attracting funds while industrial real estate and logistics demand was still supporting;Celanese(Celanese, CE) rose 3.97%, and chemical cycle themes gained funding attention in anticipation of an end to inventory adjustments. The market showed a shift from high Beta to defense and asset return.

Strengthening bond markets and falling commodities reflect cooling risk appetite

The yield rate on the 10-year U.S. government bond fell, indicating that demand for safe-haven is heating; oil prices and gold prices futures fell simultaneously. The US dollar strengthened against the pound and weakened against the euro and the yen, and the foreign exchange market showed divergence. Prices of most major cryptocurrencies fell, and signals of pressure on risky assets echoed among multiple assets.

The Federal Reserve and geopolitics are the next variables

The market has entered a silent wait-and-see period on the eve of Jackson Hole, and Fed Chairman Bauer's remarks will provide clues to the direction of the September meeting. As inflation remains sticky and the job market weakens, the policy path becomes more subtle. On the geopolitical front, Trump promoted negotiations in Ukraine and rumored that he would discuss his intention to meet with Russian President Vladimir Putin. European leaders supported Ukraine. Related uncertainty further conservates risk appetite.

Intraday funding signals focus on the pace of financial reports and the gap in fundamentals

Short-term funds focus on the verification of consumer resilience by retail financial reports and the strength of semiconductor and AI chains after rolling back. The volatility of individual stock prices has increased, but overall trading is more inclined to choose stocks rather than markets, and the logic of giving priority to fundamentals prevails. In the future, we will observe the implementation of the Federal Reserve Commission's message, the transmission of tariff impact and the pace of housing market repair, as key anchors for market risk appetite.