Technology and semiconductors led the decline, major U.S. stocks fell

U.S. stocks weakened across the board during the session, and selling pressure on technology and semiconductors expanded. The Dow Jones Industrial Average fell 0.74% at 46,577.13, the S & P 500 Index fell 0.89% at 6,675.74, the Nasdaq Index fell 1.51% at 22,606.6, and the Philadelphia Semiconductor Index fell 3.54% at 6,597.04. With the intensive announcement of financial reports and the divergence of industry prospects, market risk appetite has cooled significantly.

The pale earnings report and conservative outlook triggered an expansion of selling pressure

Multiple heavyweight financial reports were not as good as expected, triggering an index correction. Netflix(NFLX) made less than expected profits and was affected by a tax dispute in Brazil. Its share price fell by about 10.14% intraday, becoming one of the weakest performers among the S & P 500 components. Texas Instruments(Texas Instruments, TXN)'s financial report and outlook guidance were soft, saying that the chip industry's recovery was not as good as previously expected, driving stocks under simultaneous pressure and deepening the market's concerns about the evaluation of growth stocks.

Intuitive surgery and medical equipment are highlights in the plate

Intuitive Surgical(ISRG) reported a better-than-expected profit and revised its outlook upwards. Thanks to the continued expansion of the volume of surgeries on the Daventry system, its share price surged by about 13.35% during the session, leading the gains in medical stocks. Boston Scientific(BSX) has also been stronger, with an intraday increase of about 4.52%. The medical equipment community has resisted and has become a safe haven for capital transfer.

Packaging identification themes are popular and Avery Dennison rises sharply

Avery Dennison (AVY) reported better than expected and announced a partnership with Walmart (WMT) to introduce digital sensing tracking technology for food preservation, which rose by about 9.07% during the session. Inspired by this, retail supply chain and sensing application themes gained attention, and Walmart's share price rose slightly simultaneously, reflecting the market's positive evaluation of operational efficiency and digitalization.

Most of the seven U.S. stocks fell, Microsoft and Alphabet fell against each other

The trends of large equity stocks are divided. Nvidia(NVDA) fell about 1.9%, Tesla(Tesla, TSLA) fell about 2.2%, Apple(AAPL) fell about 2.3%, Meta Platforms(Facebook, META) fell about 0.8%, and Amazon(Amazon, AMZN) fell about 1.9%. In contrast, Microsoft(MSFT) rose about 0.6%, and Alphabet (GOOGL) rose about 0.1%. Tesla's earnings report will appear after hours, and the market's wait-and-see sentiment is heating up.

Chip cycle recovery fell short of expectations, dragging down costs by half

Driven by Texas Instruments 'conservative outlook, the semiconductor community was put under pressure, and the Philadelphia Semiconductor Index fell more than 3% intraday. Selling pressure is particularly heavy in analog chips and segments with high cycle sensitivity. The market's intensity and timing of warming up downstream demand have been adjusted again, and the evaluation of growth stocks has been revised and expanded to include technology rights and secondary supply chains.

Data center and power infrastructure needs are still supported

As the overall technology rolls back, the themes of power and cabinet infrastructure in the data center are relatively supportive. Vertiv Holdings(Vertiv, VRT) was motivated by the news that the visibility of orders and pending deliveries was positive. The continuity of corporate investment in AI and power efficiency was a few structural highlights in the market's technological adjustment.

New themes catalyze and retail investors 'popularity triggered large fluctuations in individual stocks

Volatility of subject stocks intensified. DraftKings (DKNG) announced the acquisition of Railbird Technologies to expand into the forecasting market, sending its share price higher. Krispy Kreme(DNUT) was driven by the popularity of retail investors, and market risk appetite was heating up on some themes. However, the pursuit of non-profit or unclear business models also expanded the risk of volatility simultaneously.

Foreign exchange bonds and commodities signal neutral gold prices continue to fall

The yield on the 10-year U.S. Treasury bond remained unchanged, holding steady at 3.97%, and the bond market signal was neutral. Oil futures rose, while gold prices fell after hitting their biggest one-day decline in more than a decade in the previous trading day, indicating that demand for safe-haven has cooled. The US dollar strengthened against the British pound and weakened against the euro and the yen. Most of the major crypto assets fell, and the overall cross-asset risk signal has not yet formed a consistent direction.

Quantitative calculation, new progress has not changed the market direction

Alphabet announced that its Willow quantum processor has reached a new milestone in verifiable quantum advantages, with specific algorithms running at speeds significantly ahead of traditional supercomputers. However, the news had limited impact on stock prices, with Alphabet only rising slightly during the session, indicating that funds are currently focusing more on short-term financial reports and changes in the industrial cycle.

Policy and data gaps make the market focus on inflation and interest rate paths

The U.S. federal government shutdown continues, the release of some official data is delayed, and the market focus turns to upcoming inflation data as a key reference before the next Federal Reserve meeting. Interest rate futures show that traders are generally betting on a one-yard interest rate cut. The latest MBA data shows that the 30-year mortgage interest rate is about 6.37% and applications are slowing down. The Energy Information Administration will announce changes in crude oil and gasoline inventories, which may affect energy stocks and inflation expectations.

The disk structure shows that funds are shifting to defensive medical care and necessary consumption

Under the pressure of technology and semiconductors, relatively defensive topics such as medical equipment and packaging identification were funded, forming a partial buffer for the market's decline. The relative weakness is concentrated in high-beta groups such as streaming and chips, with exponential fluctuations amplifying. Looking to the market outlook, the peak of the earnings season and the giant law will influence risk appetite, while inflation and policy paths are the core variables in evaluation adjustments and capital rotation.

Intraday performance and volatility focus of key stocks

In addition to Netflix and Texas Instruments, Intuitive Surgical gained approximately 13.35%, Avery Dennison gained approximately 9.07%, and Boston Scientific gained approximately 4.52%. Lennox International(LII) fell approximately 8.76%. On the theme side, DraftKings was pushed up by mergers and acquisitions news, and Krispy Kreme fluctuated sharply amid the popularity of retail investors. Overall, financial reports and individual stock news are still the key drivers of intraday dominant stock prices.