美股不怕“4月2日”？上周五成交量创今年最高

Core Viewpoint - The article discusses the volatility in the U.S. stock market due to Trump's announcement of "reciprocal tariffs" and highlights the active participation of retail investors despite market uncertainties [1][2]. Group 1: Market Dynamics - The U.S. stock market experienced significant trading activity, with over 21 billion shares exchanged, marking the highest volume since 2025 [1]. - Retail investors are actively buying into the market, particularly in stocks like Tesla, which has seen a net inflow of $8 billion over 13 consecutive trading days [4]. - Despite concerns over trade conflicts and economic slowdown, there is a prevailing optimism among investors, leading to substantial capital inflows into global equity markets [1][2]. Group 2: Investor Sentiment - Investors appear to be ignoring the potential risks posed by a full-scale trade war, as indicated by the influx of "huge" funds into the stock market [2][3]. - The contrasting performance of the S&P 500 compared to European indices, such as Germany's DAX, suggests a divergence in investor sentiment regarding global trade prospects [3]. - The recent surge in retail investor activity may indicate that the market has not yet reached its bottom, as these investors are typically the last to exit [5]. Group 3: Institutional Behavior - Systematic funds have begun shorting U.S. stocks for the first time in over a year, reducing their exposure to the S&P 500 to its lowest level in 2023 [4]. - Despite the challenges faced by the stock market, retail investors continue to increase their investments, demonstrating a strong commitment to the market [4].