美股低开，美债收益率逼近5%！散户爆买美股，华尔街急发警告

Core Viewpoint - The article discusses the recent performance of major US tech stocks, the implications of credit rating downgrades, and the contrasting behaviors of retail and institutional investors in the current market environment [2][5][12]. Group 1: Stock Performance - All major US tech stocks, except Tesla, experienced declines, with Tesla showing a slight increase of 1.09% to $345.815, while Google, Facebook, Amazon, Apple, Microsoft, and Nvidia saw decreases ranging from -0.05% to -1.89% [3][4]. - The S&P 500 index has been on a six-day winning streak, approaching historical highs, with only a 3% increase needed to reach bull market territory [6][8]. Group 2: Credit Rating Downgrades - Moody's downgraded the credit ratings of major US banks, including JPMorgan Chase and Wells Fargo, following a previous downgrade of the US sovereign credit rating, indicating a rare blow to the US financial system that may increase borrowing costs [4][8]. - Analysts suggest that the recent downgrade is less shocking compared to past downgrades, as the market had already anticipated such actions, leading to limited immediate impact on stock prices [8][9]. Group 3: Investor Behavior - Retail investors have shown significant enthusiasm, with net purchases of US stocks reaching a record $4.1 billion on May 19, marking a historical high for that time period [12][14]. - The proportion of retail investors holding US stocks has increased to 30%-40%, contrasting with institutional investors who are becoming more cautious and reallocating funds to other assets [14][18]. Group 4: Market Risks and Outlook - Despite the recent stock market rally, there are warnings about underestimating risks, including high US deficits and potential inflationary pressures from tariffs [17][18]. - Analysts predict that if the Federal Reserve maintains a tight monetary policy, US stocks may face pressure, and the expected annualized return for the next five years could decline from 15%-20% to 5%-10% [10][18][19].