According to Jinshi Data, CICC Research pointed out that since July, the weakening of several US economic data has exacerbated recession concerns, which in turn triggered market fluctuations. However, the panic has eased, and the Fed's interest rate cut in September is "set in stone", and the market has fully priced in the interest rate cut.
Contrary to the market's intuitive feeling, the performance of US stocks in the second quarter did not slow down significantly, but accelerated overall. However, the internal structural differences reveal the market's concerns and potential pressure points. For example, the slowdown in the growth of technology companies has become a "source of volatility" under the conditions of high valuations and a large number of profit-taking orders. Low-end consumption has slowed down due to residents' pursuit of cost-effectiveness. Cyclical sectors such as real estate and manufacturing are still bottoming out.