Investment Rating - The report maintains a "Weaker than Market" investment rating for the U.S. stock market [4] Core Views - The report indicates that most industries are under pressure, but earnings forecasts are improving [4] - The S&P 500 index experienced a decline of 1.9%, while the Nasdaq fell by 2.7% [1] - There is a notable divergence in performance among sectors, with media and entertainment, pharmaceuticals, and consumer goods showing positive trends, while software and services, semiconductors, and retail sectors faced significant declines [1][2] Summary by Sections 2.1 Investment Returns - The energy sector saw a decline of 3.1% this week, while the healthcare sector increased by 1.9% [14] - The media and entertainment sector outperformed with a return of 3.7% [14] - The overall performance of the S&P 500 components was down by 1.7% [14] 2.2 Fund Flows - The estimated net fund flow for the S&P 500 was -15.403 billion USD this week, indicating significant outflows [16] - The media and entertainment sector had a net inflow of 0.896 billion USD, while the semiconductor sector faced a substantial outflow of -7.798 billion USD [16][2] 2.3 Earnings Forecasts - The earnings per share (EPS) forecast for the S&P 500 components was adjusted upward by 0.9% this week, following a 0.3% increase the previous week [3] - The semiconductor sector saw a notable EPS increase of 6.2%, while the retail sector's forecast was downgraded by 0.4% [3][17] 2.4 Valuation Levels - The report does not provide specific valuation levels but indicates a general trend of improving earnings forecasts across various sectors [19]