美股1~3月跌5%，市场在为经济恶化做准备

Core Viewpoint - The article discusses the declining performance of the US stock market, highlighting a potential further drop of 10% and the reasons behind the shift in investor sentiment away from US equities [1][6]. Group 1: US Stock Market Performance - The US stock market has shown a decline of 5% in the first quarter of 2024, marking the first quarterly drop in 18 months [1]. - The S&P 500 index, which had previously increased by over 50% in the two years leading up to the end of 2024, is now underperforming compared to European and Hong Kong markets, which have seen double-digit gains [3]. - The market's downturn is attributed to concerns over President Trump's trade policies and their impact on the economy, leading to a loss of investor confidence [3][4]. Group 2: Tesla's Stock and Brand Image - The Danish fund "AkademikerPension" announced it would divest from Tesla due to CEO Elon Musk's political involvement and controversial statements, indicating a broader movement to boycott Tesla vehicles [2]. - Tesla's stock price experienced volatility, doubling after the 2024 US presidential election but falling back to pre-election levels by March 2024, reflecting investor disappointment [2]. - The fund criticized Musk for damaging Tesla's brand and value, linking the stock's performance to the broader sentiment surrounding Trump's presidency [2]. Group 3: Economic Implications of Trade Policies - Trump's proposed tariffs are seen as an attempt to restructure the global economic order and stimulate US manufacturing, with the expectation that this will lead to a stronger economy and rising stock prices in the future [4][5]. - Economic experts express skepticism about the effectiveness of these policies, suggesting that the imposition of tariffs could lead to decreased productivity and a loss of trust in the US from global partners [6]. - The article highlights the potential for a 10% further decline in the US stock market as a result of these trade policies and the overall economic climate [6].