🇺🇸September 4 US pre-market analysis: US July JOLTS job openings fell to a 10-month low, combined with the FOMC Beige Book mentioning "economic growth stagnation and rising price pressures," driving market expectations for a Federal Reserve rate cut in September to surge to 97%. Behind the seemingly positive policy expectations, concerns about economic fundamentals have laid risk factors for US stocks, with the interplay between policy and economics leaving markets in a dilemma.

Yesterday's US stocks exhibited a divergent pattern of "strong individual stocks, weak indices": boosted by positive developments in antitrust cases, Google surged 9% and Apple rose nearly 4%, but the technology sector's gains of over 1% failed to lift the broader market—the Dow Jones Industrial Average even closed lower, perfectly aligning with our previous assessment that "individual stock performance struggles to transmit to indices."

From a volume perspective, yesterday's US stock trading volume generally contracted. Current gains and losses have not yet formed a clear trend, and combined with the asynchronous movements between sectors and indices, the market remains in a consolidation phase. In the short term, market focus has completely shifted to Friday's non-farm payroll report. Before then, today's US stocks will likely be characterized by narrow fluctuations with modest gains and losses, making it difficult to achieve a clear directional breakthrough.