The outlook for the Federal Reserve's interest rate cuts has significantly dimmed, and the US stock market is transitioning from a "rate cut expectation-driven" phase to a new logic of "high rates + profit resilience." In the short term, it is difficult to say that a "comprehensive turning point" has been reached, but structural differentiation and increased volatility have become established facts.

Will the US stock market welcome a turning point? The decline in the US stock market is not a "one-sided bear market," nor is it the "ultimate turning point" from bull to bear; rather, it is a "turning point of the upward model + severe differentiation," and a complete collapse will not occur. However, it will enter a phase of "removing the false and preserving the true" → overvalued stocks will face selling pressures, while profitable stocks will prevail.
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