Technology stocks continued to hold, but policy uncertainty suppressed overall risk acceptance. During the session, the Nasdaq index rose 0.43%, the S & P 500 index rose slightly by 0.11%, the Dow Jones Industrial Average fell slightly by 0.15%, and the Philadelphia Semiconductor Index rose 0.68%, indicating that funds are still biased towards growth and semiconductors, but the increased risk of a government shutdown limits market momentum.

Differences in index performance reflect selective risk-taking of funds. During the session, Dow Jones temporarily reported 46,177.87, the S & P 500 temporarily reported 6,650.8, the Nasdaq temporarily reported 22,579.74, and the fee half reported 6,348.07. Large-scale weights are relatively stable, driving the relative strength of technology and semiconductors, while traditional stocks are more conservative.

The rising risk of a government shutdown has raised concerns about a vacuum in economic data. The Ministry of Labor said that if government funds are interrupted, the Bureau of Labor Statistics will suspend operations, key data such as non-agricultural employment, consumer and producer prices will be released later, and there may be a window in the market pricing basis in the short term. The previous lower-than-expected initial unemployment benefits and the upward revision of GDP have slightly cooled the market's optimism about the speed of interest rates cut by the RSC. This week's original employment report is even more critical. The market generally estimates that non-agricultural growth will increase by about 43,000 and the unemployment rate will be 4.3%. If the announcement is delayed, the source of fluctuations may turn to policy news.

Increased uncertainty in trade policy interferes with risk assessment. Trump recently announced a new round of tariff schedules and further proposed new tariff concepts on film, television and furniture products. The news caused the market to re-evaluate the prospects of some consumer and media stocks. Film, television and streaming themes were once under pressure and then stabilized. Investors continue to pay attention to the new tariff list and implementation timetable.

Technology and semiconductors maintain relative bright spots to drive market confidence. Most of the seven giants were up, with Nvidia(NVDA) up about 2.08%, Microsoft(MSFT) up 0.69%, Amazon(AMZN) up 0.91%, Meta Platforms(META) up slightly 0.06%, Tesla(TSLA) up slightly 0.32%, Apple(AAPL) down 0.81%, and Alphabet (GOOGL) down 0.53%. The semi-synchronous rise in fees shows that buying of chips and AI-related chips is still in place, but the divergence of individual stocks has intensified and chips have become more cautious in chasing prices.

Energy pressure and the divergence of commodity trends highlight the rotation of stocks. The intraday weakening of international oil prices by about 2.5% put pressure on oil and gas stocks, with Targa Resources(TRGP) down 3.98%. In contrast, copper and metals themes were relatively strong, and Freeport McMoRan(FCX) rose 5.09%, reflecting the divergence in global demand and supply expectations.

Storage and advertising technology themes have become the focus of the panel. Western Digital(WDC) surged 7.48%. Driven by storage and data center application themes, AppLovin (APP) rose 5.25%, benefiting from market expectations of commercialization of advertising technology and improved profitability. The strong strength of related stocks provides structural support for the technology community.

Encryption and highly volatile themes have increased activity but risks coexist. The intraday strength of Bitcoin drove mining concept stocks up. CleanSpark(CLSK) rose more than double digits, and the ethnic rebound was obvious as risk appetite warmed up. However, funds are short-term, and volatility and risk of recloping must be noted.

The weakening of tourism and cruise stocks suggests that prosperity sensitive stocks are under pressure. Carnival(CCL) fell 5.09%. Even though the company previously mentioned high operating and solid demand, its stock price still reflected a re-evaluation of the economy, interest rates and costs, and the group was under short-term pressure.

Individual stocks event-driven add a theme to the market, but the differentiation is obvious. Merus N.V. (Merus, MRUS) surged more than 30%, and the market focused on the progress of its US$8 billion transaction; in contrast, Pagaya(Pagaya, PGY) and Upstart(Upstart, UPST) each fell about 7%, highlighting the sensitivity of the fintech community to interest rates and capital costs. The market is also concerned about the relevant reports of the privatization agreement from Electronic Arts (EA), but more details are still to be clarified.

Better than expected housing market data eased concerns about the economy but failed to reverse policy risks. Sales of pending completed homes increased by 4%, significantly better than the market expectation of 0.3%, indicating that the housing market still has momentum. However, against the background of the unresolved risk of a government shutdown and the possible suspension of economic data, it is difficult for a single data to change the short-term risk balance, and the market will still use policy news as the main trigger point for fluctuations.

Institutions 'upward adjustment of S & P targets provides medium-term confidence but still depends on policies and data in the short term. BMO, Bank of America and Goldman Sachs have successively raised their S & P 500 range targets for the next year to a range of approximately 6800 to 7200. The reasons include downward interest rates, improvement in corporate profits and expansion of market breadth. However, under the double uncertainty of policy variables and data empty windows, the market is still prone to sawing.

Quarterly and month-end remuneration is still positive, but continuity will be affected by events. Cumulative gains were maintained in September and the third quarter, with technology and large stocks being the main sources of contributions. However, if the extension of the government shutdown causes data delays and public sector vacations, it may bring additional pressure on corporate information visibility and market fluctuations.

Follow-up observations focus on policy negotiations and employment data timelines. The market focuses on the progress of Trump's meetings with congressional leaders, changes in the probability of a government shutdown, and the Bureau of Labor Statistics data release arrangements; the industry focuses on the changing hands of semiconductor and AI chains, the support of energy stocks under the trend of oil prices, and the repricing of new tariff messages by consumers and media communities.