From last night to today, the U.S. market saw a rather interesting movement—tech stocks and cryptocurrencies led a rebound, but the underlying policy game became even more intense. All major U.S. stock indexes closed higher: the Dow Jones rose about 185 points (+0.39%) to close at 47,474 points; the Nasdaq performed even better, gaining 137 points (+0.59%) to 23,413 points; and the S&P 500 rose more than 16 points (+0.25%), ending near 6,829 points.

However, the rally was not an easy one. After the open, both the S&P and Dow briefly turned negative, and the Nasdaq almost went into the red as well, but they managed to recover later. Looking at the component stocks tells the story: within the S&P 500, 286 stocks fell while 216 rose—a classic case of internal divergence.

It was really tech stocks that held up the market. Nvidia rose 0.86%, Apple gained 1.09% (even touching a record high of $287.4 during trading), and Google, Microsoft, and Amazon all gained as well. The semiconductor sector was even more impressive: the optical communications company MaxLinear, which originated from Zhangjiang, Shanghai, surged 10.12% to a new high; Intel did even better, jumping 8.65%, driving the overall Philadelphia Semiconductor Index higher.

Now, everyone’s attention is focused on the Federal Reserve’s rate-setting meeting on December 10, and with no clear direction on U.S.-China trade policy, this market tug-of-war is likely to continue for some time.