市场“钝感力”显现！特朗普关税威胁渐失魔力 美股走出恐慌模式

Group 1 - The market has shown fatigue towards new developments in the trade war, with minimal reactions to recent tariff announcements from Trump and the EU's revised trade proposal [1][3] - Investor sentiment has shifted, with many believing that the actual impact of tariffs will be less severe than initially threatened, contributing to a steady rise in the S&P 500 over the past six weeks [1][3] - The sensitivity of the S&P 500 index to tariff news has significantly decreased since April, with only about one-third of daily fluctuations now related to tariff news, down from a peak of 80% [3] Group 2 - Multiple pressures are forcing Trump to adopt a more moderate tariff policy, particularly due to signals from the financial markets, such as widening credit spreads and stock market volatility [3] - The trade truce between the US and China, although temporary, has eased market tensions, and progress in the US-UK agreement is also noted, albeit slowly [3] - A trade policy uncertainty index has returned to pre-tariff announcement levels, indicating a significant reduction in tariff-related fears, although policy remains unpredictable [3] Group 3 - Despite a calm market in May following April's volatility, other risk factors are emerging, such as concerns over demand for US debt after Moody's downgraded the US AAA rating [3][4] - The stock market remains susceptible to macro shocks, but unless such shocks occur, fundamentals are expected to regain pricing power [4] - The market is entering a new phase characterized by divergence in data and opinions, leading to lower market correlation and individual stock performance being more influenced by micro fundamentals [7]