美股承压，美联储7月纪要显分歧

Core Viewpoint - The U.S. stock market declined again amid pressure from technology stocks and mixed retail earnings, with the S&P 500 and Nasdaq indices experiencing consecutive drops, while the Dow Jones showed relative strength [1][5]. Market Performance - The S&P 500 index fell by 0.24% to 6395.78 points, marking its fourth consecutive day of decline [1][2]. - The Nasdaq composite index decreased by 0.67% to 21172.86 points, also recording its second consecutive drop [1][2]. - The Dow Jones Industrial Average rose slightly by 0.04%, closing at 44938.31 points, distinguishing itself from the other two indices [1][2]. Sector Analysis - The technology and semiconductor sectors faced significant selling pressure, with investors taking profits from previously high-performing stocks, raising concerns about overvaluation and the sustainability of AI-related trades [5]. - Notable declines included Intel, which dropped by 7%, while Nvidia and Broadcom saw slight decreases [5]. - Major tech companies like Apple, Amazon, Alphabet, and Meta also experienced declines, indicating investor concerns about valuation bubbles after a strong market rally since April [5]. Retail Sector Insights - Retail stocks were in focus, with Target reporting a sales decline, leading to a 6% drop in its stock price [5]. - In contrast, Lowe's, a home improvement retailer, exceeded earnings expectations, resulting in a slight increase in its stock price, highlighting a divergence in performance within the U.S. consumer sector [5]. Federal Reserve Insights - The Federal Reserve's July meeting minutes revealed concerns among officials regarding the labor market and inflation, with most believing it is too early to cut interest rates [6][9]. - The minutes indicated a rare dissent among voting members, with two officials opposing the decision to maintain rates, marking the first time since 1993 that multiple members voted differently on a rate decision [6][9]. - The Fed acknowledged new downward threats to the economy, emphasizing the need for ongoing monitoring [9][10]. Economic Outlook - The Fed's discussions highlighted risks associated with tariffs and their potential impact on inflation expectations, with concerns about rising import costs and their effects on employment and business investment [10]. - Officials expressed doubts about the resilience of the labor market, noting signs of weakness in employment data and the potential need for policy stimulus to prevent further deterioration [10][11]. Market Expectations - Investors are closely watching Fed Chair Powell's upcoming speech for insights into future policy directions, with market expectations for a rate cut in September exceeding 80% [7][11]. - The potential for a hawkish stance from Powell could further pressure technology stocks, as a high-rate environment typically poses challenges for the tech sector [7][11].