Tony Pasquariello, a top trader at Goldman Sachs, pointed out that in the past four decades, five times the Fed cut interest rates without a recession ensuing, and on average, the S&P 500 index declined after the first rate cut. has risen 17% in the past 12 months. However, in the current interest rate cutting cycle, U.S. GDP growth is hovering at 3%, which is very strong, and the Dow and S&P have regained all-time highs. This makes the current stock market, especially the Nasdaq 100, which is dominated by technology stocks, not very attractive. ” and “the margin for error is quite small.” He still believes that the US stock market is in a bull market, and "the future trend is still higher", but the risk/reward has been significantly reduced, "the setting is very harsh, and the path will be unstable", but in the past two years, he has bought when the market has sharply corrected in the future. strategy is still effective.