On September 4 local time, the three major U.S. stock indices collectively closed higher, with the S&P 500 hitting a new closing high again. As of the close, the Dow rose by 350.06 points, or 0.77%, to 45,621.29; the Nasdaq increased by 209.97 points, or 0.98%, to 21,707.69; and the S&P 500 gained 53.82 points, or 0.83%, to 6,502.08.

Large-cap tech stocks generally rose, with Amazon up over 4%, Netflix up more than 2%, Meta and Tesla up over 1%, and Google, Apple, and Microsoft posting slight gains. Google's stock price hit a new high. Among chip stocks, Micron Technology rose over 4%, UMC and ARM gained more than 3%, Intel, ASML, and Qualcomm increased over 2%, Nvidia saw a slight rise, while Texas Instruments fell over 4%.

Most popular Chinese concept stocks declined, with the Nasdaq Golden Dragon China Index closing down 1.11%. BeiGene's U.S. stock fell over 5%, Alibaba dropped over 4%, NIO declined more than 3%, and XPeng Motors decreased over 2%; meanwhile, Trip.com rose over 2%, and Baidu gained more than 1%.

That same day, New York Fed President John Williams indicated that policy rates would be gradually lowered over time but did not reveal a specific timeline for adjustments. In a speech published on the New York Fed's website, he stated: "Looking ahead, if progress toward our dual mandate goals continues as in my baseline forecast, I expect it will be appropriate to adjust rates to a more neutral level over time."

Williams also mentioned that the impact of tariffs on inflation has so far been smaller than initially feared, but he noted that the effects are still in the early stages and will take time to fully manifest.

According to the latest data from CME's "FedWatch Tool," the probability of the Fed maintaining unchanged rates in September is 0.6%, while the probability of a 25-basis-point rate cut is 99.4%. For October, the probability of unchanged rates is 0.3%, the cumulative probability of a 25-basis-point cut is 44.5%, and the cumulative probability of a 50-basis-point cut is 55.3%.