Rising interest rate cut expectations drive the index higher, capital preference growth and server themes

U.S. stocks were driven up by signals of a weakening labor market. The four major indices rose, funds returned to large growth stocks and server supply chains, and AI-related stocks performed differently. The market also digested discussions on the Fed's personnel and policy independence, and the overall risk sentiment was positive.

The four major indexes all rose and half led the rise, indicating that technology buying momentum continues to warm up

The Dow Jones Industrial Average was provisionally reported at 45,523.47 points, up 0.56%, the S & P 500 Index was provisionally reported at 6,479.81 points, up 0.49%, the Nasdaq was provisionally reported at 21,602.21 points, and the Philadelphia Semiconductor Index was provisionally reported at 5,632.78 points, up 0.71%. The disk structure shows that technology and semiconductors led the gains, driving overall risk appetite to be maintained.

Cooling labor market strengthens chances of interest rate cuts in September

Only 54,000 new jobs were created in ADP private companies, which was lower than the market expectation of 65,000. The number of people receiving unemployment benefits at the beginning of each week was higher than expected and hit a recent monthly high. ISM service industry activity was better than expected, but employment indicators shrank for the third consecutive month, showing a mixed pattern of prosperity and employment. Traders raised the probability of interest rate cuts in September to about 97%, which is significantly higher than the previous day, and interest rate expectations have supported the evaluation of growth stocks.

Federal Reserve personnel review focuses on independent market waits on official signals

Trump's nominee for the Fed, Stephen Miran, attended the Senate hearing, amid concerns about the impact of his relationship with the White House on the independence of the central bank. Although the short-term policy direction is still dominated by data, personnel variables make the market cautious about future communication guidance, and the linkage between interest rates and the stock market has become the core intraday observation.

Large technology stocks diverge in performance, Amazon leads gains, drives growth risk appetite

The trends of the seven leading U.S. stocks diverged during the session, with Amazon (Amazon, AMZN) leading the gains, Meta Platforms (Facebook, META) rising 1.49%, and Microsoft (MSFT) rising 0.28%. Nvidia (NVDA) fell slightly 0.09%, Apple (AAPL) fell slightly 0.16%, Alphabet (Google parent company, GOOGL) fell 0.62%, and Tesla (Tesla, TSLA) rose 0.22%. Growth stocks are generally supported by expectations of interest rate cuts, but the rotation among industries is rapid.

Server demand drives HPE Technology to attack the strong semiconductor community amid shocks

Hewlett Packard Enterprise (HPE) reported better than expected and raised its outlook, pointing to strong server demand, and its share price rose intraday and attracted buying. Texas Instruments (TXN) fell because the chief financial officer mentioned that the recovery in terminal demand was not as good as some market expectations. However, driven by the upward trend of the Philadelphia Semiconductor Index, the overall population remained relatively strong. Western Digital (WDC)'s 4.54% increase was outstanding, and Huida retracted slightly, indicating that there are still structural differences within the AI chain.

Finance and retail have their own themes, Puxin and American Eagle costumes are highlights

T. Rowe Price Group (TROW) surged 6.15% after announcing a partnership with Goldman Sachs (GS) to launch public and private sector investment solutions, driving the asset management community to recover. American Eagle Outfitters (AEO) benefited from marketing activities and led to significantly better results than expected. Its share price rose sharply during the session, and retail stocks gained funds 'favor, reflecting that the consumer side is still resilient but showing brand differentiation.

Enterprise news divides AI software community, profit-taking and re-evaluation appear

Salesforce (CRM) has doubts about the monetization progress of its AI platform due to its conservative sales outlook, and is the weakest performer among Dow Jones components. C3.ai (AI) replaced its chief executive officer, lost more than expected in a single quarter and withdrew its full-year guidance, dragging down some AI software concepts. The market demand for AI is still seeing real orders on the hardware side, but the difference in the revenue delivery schedule on the software side has widened, and evaluation revisions have accelerated intra-stock rotation.

Weaker commodities, bond yields fall, stronger US dollar suppresses gold and risky assets

Oil and gold futures fell intraday, reflecting the strengthening of the US dollar and changes in interest rate expectations. U.S. ten-year bond yields fell, supporting risk appetite in the same direction as stocks, but the U.S. dollar rose against the euro, pound and yen, putting pressure on precious metals and commodities. The prices of major cryptocurrencies fell, and the internal differentiation of risky assets increased.

Trading volume is amplified, concentrated, subject, stock price volume is coordinated with synchronous amplification and fluctuations

Intraday observation, HPE Technology's trading volume of strong stocks such as Eagle Apparel Witten Electronics and Amazon significantly increased, with both prices and volumes rising indicating positive buying;C3.ai and Saifu increased and fell in volume, indicating that selling pressure triggered by the news dominated the trend. The volume can be concentrated on a few topics, and the short-term shock range will be relatively increased.

Futures and stocks rotation guidance short-term rhythm focuses on employment report and Federal Reserve Commission communication

Stock index futures and spot prices rose simultaneously, continuing the tone of a large market. In terms of stock rotation, technology and communication services lead the way, finance and retail are supported by the benefits of individual stocks, and the defensive group is relatively backward. Follow up on the official employment report and the latest information released by Federal Reserve officials. The data will continue to affect market pricing at the rate and timing of interest rate cuts, and also affect the evaluation of growth stocks and the performance of interest rate-sensitive groups.