The last trading day of this week in the U.S. stock market on Friday showed a clear pattern of divergence in trading.

After digesting the discussion on the “massive AI capital expenditures and cash flows” brought by the Alphabet and Tesla earnings reports, funds shifted in a selective manner.

The three major indexes traded in a high-level consolidation. On the one hand, funds moved toward certain technology blue chips with strong earnings expectations (such as Apple). On the other hand, they tilted toward defensive sectors with relatively better defensiveness or growth that exceeded expectations—industrial defense.

Starting July 24, U.S. Eastern Time, a new round of tariff policy framework targeting some trade partners was implemented. The overall tax rate range was maintained within the expected 10%~12.5%. With policy uncertainty removed, the market did not see panic-driven selloffs, but it did create some digestion pressure for cross-border supply-chain sectors.

After crude oil pushed up to the $98~$100 level, it saw short-term profit-taking on Friday. Safe-haven funds exited high-premium semiconductors and discretionary consumption and shifted toward safe-haven weighted stocks in healthcare, industrial defense, and companies with strong cash flow.

‍$AAPL

‍#夏日创作营 #美国对60个经济体加征关税