美股连涨终结，避险情绪再现

Group 1 - The U.S. stock indices ended a nine-day winning streak as investors reassessed former President Trump's latest tariff comments, leading to a resurgence in risk-averse sentiment with significant increases in safe-haven assets like gold [1] - Trump's proposal to impose a 100% tariff on foreign films negatively impacted market sentiment, particularly affecting entertainment stocks such as Netflix and Paramount Global, reigniting concerns over his overall trade policy stance [2] - Recent economic data showed mixed signals, with the ISM services PMI unexpectedly rising to 51.6 in April from 50.8 in March, while employment sub-indices shrank for the second consecutive month, raising doubts about the labor market fundamentals [2][4] Group 2 - The upcoming Federal Reserve policy meeting is surrounded by uncertainty, especially with no substantial progress in U.S.-China trade negotiations, despite both sides expressing willingness to continue dialogue [4] - Market expectations suggest the Federal Reserve will maintain interest rates in the May meeting, with close attention on potential rate cuts in June or July, although rising trade risks are leading to a downward adjustment in expectations for recent easing policies [4][6] - The S&P 500 index is facing key technical resistance at the 200-day moving average, which historically serves as an important market inflection point, indicating persistent bearish sentiment in the market [6]