The phenomenon that the market fell despite the favorable data yesterday can be analyzed from multiple angles, which involves the combined effects of multiple factors such as market expectations, economic fundamentals, policy changes and market sentiment. The following is a specific analysis of this phenomenon:

1. Market expectations have been digested in advance

Fed officials said that there would be a 25 basis point cut in September, and this expectation may have been widely discussed and partially digested by the market before the data was released. When the actual rate cut is in line with or lower than market expectations, the market may be disappointed, triggering selling behavior. This is because investors often expect more stimulus measures to boost the economy and market confidence.

2. Economic data reflects economic weakness

Although there was a rebound due to favorable data, the data released later also reflected economic weakness. This sign of economic weakness may make investors worried about the economic outlook, and then choose to sell risky assets such as stocks and turn to safer investment options such as gold or Treasury bonds.

3. The Fed's concerns about the economic outlook

The Fed's concerns about the economic outlook are also reflected in its policy decisions. Although a rate cut is a manifestation of loose monetary policy, it may also be seen as a signal of insufficient economic growth momentum.