美股一线 | 三大股指集体收涨，科技股表现强劲，家得宝等美国零售商公布财报

Market Performance - The US stock indices collectively rose over the past week, with the Dow Jones Industrial Average increasing by 3.41% to 42,654.74 points, the Nasdaq Composite rising by 7.15% to 19,211.10 points, and the S&P 500 gaining 5.27% to 5,958.38 points [1] - Technology stocks showed strong performance, with Nvidia up approximately 16%, Meta Platforms rising 8%, Apple increasing 6%, and Microsoft gaining 3% [1] Economic Outlook - The first quarter of the US economy saw a contraction of 0.3%, marking the first negative growth since Q1 2022, with declines in consumption, government spending, and net exports indicating clear signs of recession [2] - Despite the economic contraction, inflation has not shown a downward trend, with the Consumer Price Index (CPI) failing to reach the Federal Reserve's 2% target, leading to concerns about rising inflation due to tariff policies [2] - The high interest rates maintained by the Federal Reserve due to inflation concerns may lead to stagflation, negatively impacting both the stock and bond markets [2] Valuation Concerns - The rolling price-to-earnings (P/E) ratios of the three major US indices are at historical highs, with the S&P 500's P/E ratio at 26, nearly double that of China's CSI 300 index [2] - The dividend yield for the S&P 500 is currently at 1.3%, significantly lower than the over 4% yield of US Treasury bonds and less than half of the 3% yield of China's CSI 300 index, indicating a lack of investment value in US equities [2] Retail Sector Insights - Upcoming earnings reports from major retailers such as Target, Home Depot, and Lowe's will provide insights into the impact of changing tariff policies on the economy and test the recent stock market rebound [3] - Walmart has warned that high tariffs will necessitate price increases, shifting investor focus to how other retailers will respond [3] - Recent data showed a significant slowdown in US retail sales growth in April, attributed to the waning effects of pre-tariff purchasing and weak consumer confidence [3]