Investment Rating - The report maintains a "Weaker than Market" investment rating for the U.S. stock market [4] Core Views - The report indicates that most industries are under pressure, but earnings forecasts are improving [4] - The S&P 500 index experienced a decline of 1.9%, while the Nasdaq fell by 2.7% [1] - There is a notable divergence in performance among sectors, with media and entertainment, pharmaceuticals, and consumer goods showing positive trends, while software and services, semiconductors, and retail sectors faced significant declines [1][2] Summary by Sections 2.1 Investment Returns - The energy sector saw a decline of 3.1% this week, while the healthcare sector increased by 1.9% [14] - The media and entertainment sector outperformed with a return of 3.7% [14] - The overall performance of the S&P 500 components was down by 1.7% [14] 2.2 Fund Flows - The estimated net fund flow for the S&P 500 was -15.403 billion USD this week, indicating significant outflows [16] - The media and entertainment sector had a net inflow of 0.896 billion USD, while the semiconductor sector faced a substantial outflow of -7.798 billion USD [16][2] 2.3 Earnings Forecasts - The earnings per share (EPS) forecast for the S&P 500 components was adjusted upward by 0.9% this week, following a 0.3% increase the previous week [3] - The semiconductor sector saw a notable EPS increase of 6.2%, while the retail sector's forecast was downgraded by 0.4% [3][17] 2.4 Valuation Levels - The report does not provide specific valuation levels but indicates a general trend of improving earnings forecasts across various sectors [19]

Core Points - The U.S. stock market opened slightly higher, with the Dow Jones up 0.65%, the S&P 500 up 0.31%, and the Nasdaq Composite up 0.54%, all reaching new historical highs [1] - Microsoft shares rose over 3%, with a total market capitalization surpassing $4 trillion, following OpenAI's agreement to purchase an additional $250 billion worth of Microsoft Azure services [1] - United Parcel Service (UPS) opened with a 12% increase, raising its full-year earnings outlook for 2025 to at least $14.90 per share, with adjusted earnings per share projected to be at least $16.25 [1]

Group 1 - The U.S. stock market opened slightly higher, with the Dow Jones up 0.65%, the S&P 500 up 0.31%, and the Nasdaq Composite up 0.54%, all reaching new historical highs [1] - Microsoft's stock rose over 3%, with its total market capitalization surpassing $4 trillion, following OpenAI's agreement to purchase an additional $250 billion worth of Microsoft Azure services [1] - United Parcel Service (UPS) opened with a 12% increase, raising its full-year earnings outlook for 2025 to at least $14.90 per share, with adjusted earnings per share expected to be at least $16.25 [1]

美股三大股指收涨，道指涨0.52%，纳指涨0.52%，标普500指数涨0.53%。本周标准普尔500指数上涨 1.7%，纳斯达克指数上涨2.14%，道琼斯指数上涨1.56%。特斯拉涨超2%，甲骨文跌超6%。 来源：滚动播报 ...

Market Performance - The three major U.S. stock indices closed mixed, with the Dow Jones Industrial Average rising by 0.44% while the Nasdaq fell by 0.76% and the S&P 500 decreased by 0.16% [1] - Notable stock movements included Nvidia dropping over 4%, Amazon declining more than 1%, Broadcom falling over 3%, Tesla decreasing by over 1%, Oracle dropping more than 2%, and Walmart rising by over 4% [1] Nasdaq Details - The Nasdaq index closed at 22,521.701, down 172.907 points or 0.76% [2] - The index opened at 22,388.043, reached a high of 22,691.072, and had a trading volume of 8.407 billion [2] - The previous close was 22,694.608, with a low of 22,213.729, resulting in a trading range of 2.10% [2]

Group 1 - The US stock market saw all three major indices rise, with the Dow Jones increasing by 0.18%, the Nasdaq by 0.3%, and the S&P 500 by 0.41% [1] - In the month, the Dow Jones has accumulated a rise of 1.87% and the S&P 500 has increased by 3.53%, both marking five consecutive months of gains; the Nasdaq has risen by 5.61%, achieving six consecutive months of growth [2] - Major tech stocks showed mixed performance, with Nvidia rising over 2% to reach a historic high and a market capitalization exceeding $4.5 trillion, while AMD increased over 3%, and Amazon and Meta fell over 1%, with Intel dropping over 2% [2] Group 2 - The Nasdaq Golden Dragon China Index fell by 0.78%, with most popular Chinese concept stocks declining; Baidu dropped over 2%, while Future Automotive rose over 5% [3] Group 3 - The US federal government has entered a shutdown for the first time in nearly seven years, affecting hundreds of thousands of federal employees who will be forced to take unpaid leave, and causing delays or suspensions in public services and economic data releases [4]

Group 1 - Broadcom shares surged over 16% in pre-market trading, indicating strong investor interest and positive market sentiment [1][2][9] - Tesla's stock increased nearly 3%, driven by news of a new compensation plan for CEO Elon Musk and a proposal to issue an additional 60 million shares to employees [1][8] Group 2 - The Dow Jones Industrial Average rose by 0.20% to 45,713.59, while the S&P 500 increased by 0.43% to 6,530.06, and the Nasdaq Composite climbed 0.71% to 21,862.59 [2] - The U.S. non-farm payroll data for August showed a significant miss, with only 22,000 jobs added compared to the expected 75,000, and the unemployment rate rose to 4.3% from the previous 4.2% [8]

Market Performance - Dow Jones Industrial Average rose by 0.59% to a record high of 45174.51, gaining 263.25 points [1][2] - S&P 500 increased by 0.13% to 6476.70, up by 8.16 points [1][2] - Nasdaq Composite decreased by 0.02% to 21706.04, down by 4.63 points [1][2] - Nasdaq China Golden Dragon Index opened up by 0.4% [1] Company Highlights - UnitedHealth Group saw a significant increase of 10% after Berkshire Hathaway initiated a new position in the company [2] - Intel's stock rose over 4% [2] - Applied Materials experienced a decline of over 13% [2] Economic Data - U.S. retail sales for July increased by 0.5%, with the previous value revised from 0.6% to 0.9% [2]

Group 1 - The three major U.S. stock indices opened slightly higher, with the Dow Jones up 0.04%, the S&P 500 up 0.03%, and the Nasdaq Composite up 0.01% [1] - Chip stocks rose, with Micron Technology increasing by over 5% as the company raised its fourth-quarter earnings forecast [1] - AMC Theatres surged by 9%, reporting a 35.6% year-over-year increase in second-quarter revenue [1]

Group 1 - Arm Holdings shares fell by 13.3% [1] - Dechra Pharmaceuticals shares declined by 8.3% [1] - Qualcomm shares decreased by 7.6% [1] - Applied Materials shares dropped by 5.3% [1] - ASML ADR shares fell by 3% [1] Group 2 - Among the seven major tech companies, Meta shares increased by 11.6% [1] - Microsoft shares rose by 4.2% [1] - Amazon shares grew by 1.8% [1] - Nvidia shares remained flat [1] - Apple shares slightly decreased [1] - Google A and Tesla shares fell by up to 2.7% [1] Group 3 - The S&P 500 index is currently flat [1] - The Dow Jones Industrial Average dropped by 133 points, a decline of 0.3% [1] - The Nasdaq is still up over 0.4% [1]