“4月以来最动荡一周”结束了，美股依旧上涨，但不再平静

Core Insights - The market has experienced its most turbulent week since April, driven by renewed trade conflicts, emerging credit risks in U.S. regional banks, and concerns over inflated valuations of AI stocks [2][4]. Market Performance - The S&P 500 index saw its first intraday gain exceeding 2% since April, despite a volatile week [2][3]. - Major U.S. stock indices opened lower but rebounded, with a weekly increase of at least 1% [4][5]. Investor Behavior - Investors are shifting towards safe-haven assets like government bonds and gold, leading to significant outflows from high-yield bond funds [4][13]. - The VIX index, a measure of market volatility, surged to 28.99, indicating increased market anxiety [10][11]. Credit Risk Concerns - The collapse of companies like First Brands Group and Tricolor Holdings has reignited fears of credit losses, impacting regional bank stocks significantly [7][18]. - Reports of substantial impairment losses related to fraud at Zions Bancorp and Western Alliance erased over $100 billion in market value from U.S. bank stocks [7]. Asset Allocation Trends - As of the end of August, the allocation to risk assets in tracked portfolios reached 67%, nearing peak levels [9]. - There has been a notable outflow of over $3 billion from high-yield bond funds, reflecting a shift in risk appetite [16]. Fund Manager Strategies - Fund managers are adjusting their strategies to reduce risk exposure, with some moving to short stocks due to perceived disconnection between market positions and fundamentals [17]. - Legal & General's multi-asset fund manager has lowered risk exposure and is viewing recent bankruptcies as potential warning signs of broader credit stress [17]. Diverging Opinions - Not all analysts believe the market is at a decisive turning point, with some viewing recent volatility as an overreaction to isolated events rather than systemic issues [18].