Bank of America(US:BAC) Hua Er Jie Jian Wen·2025-05-09 10:32Group 1 - The core viewpoint is that the recent rally in U.S. stocks may be nearing its end, as the market transitions into a "buy the rumor, sell the news" phase, despite a strong reaction to trade easing announcements [1] - Since President Trump announced a pause on certain tariffs on April 9, the S&P 500 index has surged by 14%, indicating a strong market response to trade easing, yet it remains down 3.7% year-to-date, underperforming compared to international peers [1] - The recent moderate stance of the U.S. on global trade may have already been fully priced in by the market, suggesting limited further upside potential [1] Group 2 - Hartnett's views are supported by significant capital outflows, with approximately $24.8 billion withdrawn from the U.S. stock market over the past four weeks, marking the highest redemption level in two years [2] - Hartnett advises investors to favor bonds over stocks by 2025, and prefers international stocks over U.S. stocks, indicating a shift towards more defensive and potentially upward-moving markets [2] - He notes that U.S. stocks are in the late stages of a structural bear market compared to non-U.S. markets, providing clear guidance for investors seeking to protect their assets [2]