Technology and semiconductors led the gains, driving major indices to rise

U.S. stocks continued to be more intraday, with the four major indexes rising simultaneously, with technology and semiconductors leading the upward attack. The Dow Jones Industrial Average was provisionally reported at 46,737.62, up 0.29%; the S & P 500 Index was provisionally reported at 6,753.71, up 0.58%; the Nasdaq Composite Index was provisionally reported at 22,998.01, up 0.92%; the Philadelphia Semiconductor Index was provisionally reported at 6,801.48, up 2.51%. The market maintained risk appetite before the release of the minutes of the Federal Reserve meeting. The previous noise about cooling AI spending remained unchanged, but the return of funds to high-weight growth stocks brought the index back to momentum.

The stabilization of large-scale technology and the rebound of AI supply chains support bullish sentiment

Most of the seven major U.S. stocks were higher during the session, with Nvidia(NVDA) up 1.73%, Tesla(TSLA) up 0.68%, Apple(AAPL) up 0.56%, Meta Platforms(META) up 0.61%, Microsoft(MSFT) up 0.08%, Alphabet (GOOGL) down 0.50%, and Amazon(AMZN) up 1.79%. Stocks related to AI and cloud infrastructure strengthened simultaneously. Advanced Micro Devices(AMD) surged 8.36%, Arista Networks(ANET) rose 8.16%, and Dell Technologies(Dell Technology) rose 6.80%, driving the Philadelphia Semiconductor Index to significantly lead the market.

Funding rotation is biased towards growth themes, but differences still exist

Market funds have refocused on high growth and the AI supply chain, but the performance of individual stocks has continued to diverge. Affected by fundamental or rating news, Fair Isaac(FICO) fell 8.45%, and Warner Bros. Discovery(WBD) fell 4.19%, indicating that although funds are flowing back, there are still screening for profit patterns and cash flow stability.

The enlargement of trading volume confirms the return of buying orders and the rotation of groups

The rise in index stocks was accompanied by an increase in trading volume. In particular, AMD, Arista Networks and Dell Technology advanced significantly during the intraday upswing, and short-term momentum increased. In contrast, weaker stocks also saw heavy volume pressure, indicating that on the eve of the earnings season, funds were eliminated based on news and physical strength, and intraday volatility was higher than the previous day.

The sudden rise of biotechnology stocks has become a highlight in the session

Small and medium-sized biotech stocks were active, with multiple stocks rising sharply, indicating that in addition to high-growth themes, the market is also seeking relative sources of income for defense and innovative therapies. While funds within the ethnic group spread, the gap between the price and price of individual targets widened, and the difficulty of stock selection increased simultaneously.

Gold hits record high again, highlighting the need for asset rebalancing

International gold prices continued to break high. After spot gold prices exceeded US$4000 per ounce, futures peaked at about US$4,066.90. Silver rose by about 2.5% in the past 24 hours. Platinum and palladium strengthened simultaneously. Risk-haven and anti-inflation attributes have driven the popularity of precious metals, and some funds have shifted from US dollar assets to physical safe-haven targets. However, stock market risk appetite is still there, indicating that the investment portfolio is showing a dual-track configuration.

Minutes of the Federal Reserve Commission meeting are imminent, the market focuses on signal of path to interest rate cuts

The market is paying attention to the minutes of the Federal Reserve Board's September meeting, which provides policy clues after the first interest rate cut in the year. Investors will look for details on the assessment of the economy and inflation, as well as differences on whether there will be further interest rate cuts during the year. Due to the limited supply of official economic data, the importance of minutes 'text has increased. Any description of the balance between neutral interest rates and risks may affect the evaluation of interest rates and stocks and bonds.

Government shutdown suppresses data visibility and exacerbates market uncertainty

The continued shutdown of the federal government has prevented Wall Street and the Federal Reserve from obtaining key economic data, increasing uncertainty about decision-making basis and market pricing. While there is no clear solution to the political deadlock, the White House and Congress have extended their offensive and defensive efforts, and the outside world is also concerned about the consumer confidence and financial impact caused by Trump's remarks that he may not repay the salaries of suspended civil servants.

Housing market indicators show cooling demand but interest rates fall slightly

Data from the Mortgage Bankers Association show that mortgage applications fell by 4.7% year-on-year, and the 30-year fixed mortgage interest rate fell back to 6.43% from the previous week. While interest rates have fallen from the high end, demand is still weak, and the momentum of the housing market remains to be seen. The contribution of related housing and durable goods demand to the consumption cycle may be conservative in the short term.

Futures and spot are in tune, reflecting a moderate improvement in risk sentiment

Index futures continued more in the early period, and remained at relatively high-end shocks after opening higher, indicating that before the meeting minutes and earnings season, the market preferred to be proactive rather than comprehensive wait-and-see. Although the sustainability of the AI investment cycle is still questioned, the overall risk sentiment has improved compared with the previous day as equity stocks stabilized and semiconductors led the gains.

Weak concept stocks are under pressure, subject matter, negative impact continues

Some theme stocks performed poorly during the session, with Joby Aviation(JOBY), Nano Nuclear Energy(NNE) and Mercury Fintech Holding(MFH) among the downsides, reflecting that the market still has doubts about insufficient operational visibility or excessive valuations. Under the interactive influence of news and chips, short-term fluctuations have intensified and individual stocks have differentiated.

Earnings season will start the market focus shifts to fundamental verification

The third quarter earnings season is about to start, and investors will use cloud and AI capital expenditures, terminal demand and gross profit trends as measurement indicators. Only a few companies such as AZZ Inc(AZZ Industrial, AZZ) announced results today. The overall wait-and-see atmosphere is not heavy. The market is more concerned about whether the heavyweight financial reports starting tomorrow can support the current evaluation level. Overall, against the multiple backgrounds of high precious metals, suppressed government shutdown data and imminent Federal Reserve minutes, the intraday structure of U.S. stocks led by technology and semiconductors remained dominant.