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Core Viewpoint - The article discusses the recent performance of the U.S. stock market, highlighting a shift in investor focus from high-valuation tech stocks to sectors benefiting from economic expansion following the Federal Reserve's interest rate cut. Market Performance - The Dow Jones Industrial Average rose by 646.26 points, or 1.34%, closing at 48,704.01, marking a new record high. The S&P 500 increased by 0.21% to 6,901.00, also setting a new closing record. In contrast, the Nasdaq Composite fell by 0.26% to 23,593.86, with tech stocks underperforming [3][4]. - Small-cap stocks performed particularly well, with the Russell 2000 index up 1.21% to 2,590.61, also reaching a historical high. This is attributed to their higher sensitivity to interest rates, which improves profit expectations following rate cuts [3]. Tech Sector Insights - Oracle's stock plummeted by 10.83% after its cloud business revenue fell short of expectations, and the company announced an additional $15 billion investment in data center expansion, raising concerns about "overheating" in AI capital expenditures [3][4]. Economic Indicators - The Federal Reserve lowered the policy interest rate to a range of 3.5% to 3.75%. Despite some internal disagreements on future monetary policy, Chairman Powell indicated a wait-and-see approach, stating that rate hikes are "not on the table" and emphasizing the resilience of the U.S. economy [5][6]. - Initial jobless claims rose to 236,000, significantly above the expected 220,000, marking the largest weekly increase since 2020, indicating a cooling labor market [6]. Trade Data - The U.S. trade deficit narrowed to $52.8 billion, the lowest in five years, with exports increasing by 3% and imports rising by only 0.6%, supporting GDP upgrade expectations [6]. Market Outlook - Analysts suggest that the recent rate cut signals a more moderate easing phase for the Fed, with expectations that the pace of rate cuts next year will be slower than this year. There are concerns about potential risks in 2024, including pressures from AI capital expenditures and uncertainties surrounding the new Fed chair [7]. - The ten-year U.S. Treasury yield fell by 2.3 basis points to 4.141%, while the two-year yield decreased by 3.9 basis points to 3.526% [7]. Commodity Market - Following the rate cut, the U.S. dollar weakened, leading to a surge in precious metals. February gold futures rose by 2.1% to settle at $4,313 per ounce, a one-month high, while spot silver increased nearly 4% to $64.22 per ounce [8]. Oil Market - International oil prices declined, with light crude oil futures for January 2026 dropping by $0.86 to $57.60 per barrel, a decrease of 1.47% [9].