“TACO交易”成信仰！特朗普真的会乖乖“认怂”？

Group 1 - The VIX index has dropped to 16, significantly below the long-term average of around 20, indicating lower short-term volatility expectations for the S&P 500 [1] - Nvidia's market capitalization has surpassed $4 trillion, leading a surge in technology stocks [1] Group 2 - Despite President Trump's recent threats of new tariffs, market reactions have been muted, with investors less concerned about his statements compared to earlier in the year [3] - The "TACO trade" has emerged, reflecting investor sentiment that Trump is likely to back down from aggressive tariff actions that could harm U.S. growth [3][4] - The foreign exchange market remains calm, with volatility indices returning to early-year levels, suggesting that the market does not expect a repeat of the turmoil seen in April [4] Group 3 - Some investors express concerns that the current stock market exuberance may embolden Trump to implement more aggressive trade actions than anticipated [5] - The S&P 500 is nearing historical highs, with forward P/E ratios reaching 24, raising concerns about low safety margins in valuations [5]