美股再现抛售：美国经济韧性仍在，调整更像是修正而非逆转

Group 1: Market Overview - Recent sell-off in the US stock market is attributed to overbought conditions rather than new macroeconomic shocks, with major indices like S&P 500, Nasdaq, and Dow Jones experiencing high valuations leading to profit-taking [1] - The cryptocurrency market saw significant adjustments, with over 400,000 investors facing forced liquidations amounting to over $1.6 billion, reflecting high leverage and investor optimism prior to macro data releases [1] Group 2: Economic Indicators - The latest S&P Global US PMI for September, while slightly below expectations, remains above the 50 mark, indicating economic expansion, with the output index showing the best performance since the beginning of the year [2] - New home sales in August surged by 20.5% month-over-month, significantly exceeding the expected 0.2% increase, driven by falling mortgage rates and builders offering discounts [3] Group 3: Federal Reserve Policy - Internal divisions within the Federal Reserve are evident, with some officials advocating for aggressive easing while others caution against premature loosening due to persistent inflation pressures [4][11] - The uncertainty surrounding the Fed's interest rate path is likely to contribute to market volatility, as investors await upcoming employment data to gauge the labor market's strength [11][12] Group 4: Investment Opportunities - Given the potential for a renewed easing cycle, investors are encouraged to focus on gold ETFs like GLD.US, as well as real estate and small-cap sectors that may benefit from current economic resilience [12] - The report maintains a positive long-term outlook on leading cryptocurrencies, suggesting continued interest in related ETFs such as IBIT.US and ETHA.US despite short-term volatility [12]