投资者质疑估值，美股连续第四日下跌

Core Viewpoint - U.S. stock market has declined for the fourth consecutive day, raising concerns among investors about high valuations amid upcoming retail earnings reports and a central bank conference [1] Market Performance - S&P 500 index fell by 0.7% and Nasdaq dropped over 1% [1] Valuation Concerns - Howard Marks, co-chairman of Oaktree Capital Management, stated that stock valuations are expensive compared to fundamentals [1] - The market has not experienced a significant correction in 16 years, leading to a tendency among investors to overlook potential market adjustments [1] Consumer Spending Pressure - Torsten Slok, chief economist at Apollo Management, reported that consumer spending is under pressure due to several factors, including slowing job growth, the resumption of student loan repayments, and an increase in eviction rates, which reduces the consumer base [1]