深夜，飙涨，第21次新高

Core Viewpoint - The article discusses the recent performance of the U.S. stock market, the rising expectations for Federal Reserve interest rate cuts, and concerns regarding the independence of the Federal Reserve amid political pressures [1][3][4]. Group 1: Stock Market Performance - On September 4, U.S. stock indices collectively rose, with the S&P 500 closing at a record high of 6502.08 points, marking the 21st time this year it has closed at a new high [1]. - The Dow Jones index increased by 0.77% to 45621.29 points, while the Nasdaq Composite rose by 0.98% to 21707.69 points, both near record levels [2]. - Major tech stocks saw significant gains, with Amazon up over 4% and Netflix rising more than 2%. Google reached a new high, while chip stocks like Micron Technology rose over 4% [2]. Group 2: Federal Reserve Rate Cut Expectations - Recent data has strengthened the view of a cooling labor market, leading to increased bets on a Federal Reserve interest rate cut, with market pricing indicating a 90% probability of a cut in September [3]. - The ADP report showed only a 54,000 increase in private employment for August, significantly below the expected 75,000, indicating a potential rise in the unemployment rate [3]. - Analysts suggest that if the trend of weak job growth continues, it could lead to negative employment growth, prompting the Fed to consider rate cuts [3]. Group 3: Concerns Over Federal Reserve Independence - The article highlights a criminal investigation into Federal Reserve Governor Lisa Cook, raising concerns about the independence of the Fed amid political interference [4][5]. - There are warnings from financial analysts that government intervention in the Fed could lead to higher inflation and increased market volatility [5][6]. - The potential appointment of close Trump advisors to the Fed has led to heightened concerns among investors regarding the Fed's independence and the implications for inflation expectations [6][7].