Group 1 - The recent dovish signal from Federal Reserve Chairman Powell at Jackson Hole has led to a rebound in global risk assets, with the Dow Jones Industrial Average reaching its first historical high of the year [1] - The market is now focused on the upcoming personal consumption expenditures price index, which is the Fed's preferred inflation indicator, as future inflation paths will significantly impact interest rate cut prospects and investor risk appetite [1][3] - The S&P Global reported that the U.S. August composite PMI preliminary value reached 55.4, a nine-month high, while the manufacturing PMI preliminary value hit 53.3, a 39-month high [3] Group 2 - The likelihood of a 25 basis point rate cut by the Fed in September has risen from around 70% to nearly 85% [4] - Despite Powell's hints at a rate cut, it is not expected to mirror last year's 50 basis point cut, as he believes the labor market is balanced and recent weaknesses do not indicate significant risks [5] - The U.S. stock market experienced a rebound, with the Dow Jones reaching a record close, driven by expectations of Fed easing, particularly in the energy, real estate, and financial sectors [6][8] Group 3 - The technology sector has faced pressure, with AI-related stocks being a major contributor to recent market weakness, despite significant gains earlier in the year [6][7] - There are indications that 95% of companies investing in AI have not seen returns, suggesting potential over-excitement among investors [7] - The market breadth remains stable, indicating that investors are not entirely fleeing but are seeking new leaders in cyclical sectors like industrials, energy, and finance [7][8]