华尔街已将贸易战焦虑“抛在脑后”，聚焦降息与AI提振美股牛市

Core Viewpoint - The market sentiment has shifted positively towards the Federal Reserve's interest rate cuts, leading to a decrease in anxiety over the global trade war, with the S&P 500 index rising by 32% since April [1] Group 1: Market Performance - The S&P 500 index's earnings expectations for 2026 have been on the rise for nine consecutive weeks, currently at $295 per share, aligning with levels from late April [2] - The second quarter saw an 11% year-over-year increase in corporate earnings, significantly exceeding prior expectations, driven by resilient consumer demand and ongoing investments in artificial intelligence [2] Group 2: Economic Indicators - Recent inflation data from August met market expectations, indicating that the Federal Reserve's rate-cutting process will proceed as planned, with the core Consumer Price Index (CPI) rising by 0.3% from July and a year-over-year increase of 3.1% [2] - The actual tariff rate in the U.S. is approximately 9%, significantly lower than the theoretical rate of around 18%, attributed to "transshipment trade" and exemptions from new or existing tariff policies [3] Group 3: Investor Sentiment - Concerns over tariffs have diminished as the S&P 500 index rises, with the Bloomberg index tracking global trade uncertainty dropping to its lowest level of the year [3] - The focus on tariffs may resurface during the next earnings season, as the impact of tariffs is expected to become more apparent in the second half of the year [4]