鲍威尔态度转变降息落地分歧隐现，巨头财报分化加剧

Group 1: Federal Reserve Decisions - The Federal Reserve recently lowered interest rates for the second time this year and announced it will stop shrinking its balance sheet starting in December, indicating a move towards a more accommodative monetary policy [6]. - There are notable internal divisions within the Federal Reserve regarding the extent of rate cuts, with some members advocating for more aggressive easing while others prefer to maintain the current stance, reflecting differing economic outlooks [8]. - Chairman Powell's comments on rising trade policy impacts and the average American household spending an additional $1,300 annually have created uncertainty in the market regarding future rate cuts [8]. Group 2: Technology Giants' Earnings - Meta continues to generate significant revenue from its advertising business, with over 3.5 billion daily users, but its investments in virtual reality and the metaverse are currently unprofitable, raising questions about the long-term value of these expenditures [9]. - Microsoft's performance remains strong, particularly in its cloud service Azure, which is growing rapidly and challenging industry leaders, although there are concerns about a potential slowdown in growth and declining profit margins [9]. - Google's earnings report was the most impressive, with total revenue surpassing $100 billion for the first time, driven by strong search advertising and a rapidly profitable cloud business, though it faces challenges from substantial fines and high future investment costs [9]. Group 3: Market Outlook - The current market is at a delicate balance, with expectations for continued accommodative signals from the Federal Reserve while technology giants face various challenges despite strong core businesses [12]. - Investors are advised to be cautious, as the Federal Reserve's next steps will depend on upcoming economic data, and attention should be given to stable core businesses with healthy cash flows while being wary of unprofitable ventures and slowing growth lines [12]. - The market is likened to a crossroads, where policy direction and actual corporate profitability will jointly determine future movements [12].