Core Points - The Dow Jones Industrial Average closed down by 142.30 points, a decrease of 0.32%, ending at 44,342.19 points [1] - The S&P 500 index closed down by 0.57 points, a slight decrease of 0.01%, finishing at 6,296.79 points [1] - The Nasdaq Composite index closed up by 10.01 points, an increase of 0.05%, ending at 20,895.66 points [1]

Group 1 - The three major U.S. stock indices closed mixed, with the Nasdaq rising by 0.05%, the S&P 500 declining by 0.01%, and the Dow Jones falling by 0.32% [1]

Group 1 - The S&P 500 index decreased by 0.09%, the Dow Jones Industrial Average fell by 209 points or 0.47%, and the Nasdaq dropped by 0.04% [1] - The Pakistani Ministry of Finance expressed optimism regarding the potential outcomes of trade negotiations with the United States [1]

Group 1 - U.S. stock market experienced a slight decline with the Dow Jones falling by 0.55% [1] - The Nasdaq index decreased by 0.08% [1] - S&P 500 index saw a drop of 0.12% [1]

道琼斯指数7月18日（周五）开盘上涨54.46点，涨幅0.12%，报44538.95点； 标普500指数7月18日（周五）开盘上涨9.90点，涨幅0.16%，报6307.38点； 纳斯达克综合指数7月18日（周五）开盘上涨84.12点，涨幅0.40%，报20969.77点。 ...

道琼斯工业平均指数高开87.19点，涨幅0.20%，报44571.68点； 纳斯达克综合指数高开73.92点，涨幅0.35%，报20959.57点。 标普500指数高开15.59点，涨幅0.25%，报6312.95点； ...

Core Insights - The market's reaction to Trump's tariff policies has been muted, with the UBS Tariff Panic Index currently at zero [1] - Deutsche Bank warns that this optimism may be overly naive, as Trump has historically supported tariff policies and recent inflation data may provide the government with justification for implementing large-scale tariffs [3][10] - If tariffs are implemented as outlined in recent communications, the average tariff rate in the U.S. could rise from the current 10% to a median level of 20% [3] Group 1: Market Conditions - The S&P 500 index is at a historical high, with a forward P/E ratio close to 24, significantly above its long-term average, contrasting sharply with potential tariff risks [4] - The market seems to believe that the tariff policies planned for August 1 may be weakened or delayed [6] - The correlation between the dollar and trade uncertainty has shifted, indicating a potential misjudgment of risk, as the dollar has recently shown a positive correlation with trade uncertainty [6] Group 2: Inflation and Tariff Implications - Recent U.S. inflation data has consistently fallen short of expectations for five months, marking the longest streak in two decades, which may bolster government confidence in imposing tariffs [10] - The report raises concerns about whether the government might view the current stable market environment as a backdrop for imposing unexpected large-scale tariffs [13] - If large-scale tariffs are enacted, the dollar may weaken, and foreign exchange market volatility is expected to rise significantly [14]

Core Viewpoint - The U.S. stock market is poised for a new bull market, but short-term risks should be monitored [1][3] Group 1: Market Outlook - The S&P 500 index may decline by 5% to 10% within the current quarter due to pressure on corporate earnings from President Trump's trade policies, but this pullback is expected to be "temporary and mild," providing a buying opportunity for investors [1][3] - The S&P 500 index has risen over 20% since its low in April, with a market capitalization increase of approximately $11.5 trillion [3] Group 2: Impact of Trade Policies - Recent broad tariff measures implemented by the Trump administration are beginning to impact corporate balance sheets, with the third-quarter earnings season expected to reflect these effects for the first time [3] - The number of industries with upward earnings revisions has significantly increased, indicating that companies are gradually absorbing the impact of tariffs [3] Group 3: Market Dynamics - The recent market rally has been primarily driven by a few technology giants, while cyclical sectors such as financials and industrials have not fully participated [3] - If trade risks lead to a broader earnings revision, funds may shift from growth stocks to value stocks, resulting in a more balanced rise in the index components [3] Group 4: Investor Sentiment - The market oscillates between fear and greed, and the key is to distinguish between temporary pullbacks and structural bear markets, with corporate earnings trajectories serving as the ultimate judge [3]

Market Performance - The Dow Jones Industrial Average closed on July 17 with an increase of 230.32 points, representing a rise of 0.52%, ending at 44,485.10 points [1] - The S&P 500 index also saw gains, closing up 33.76 points, which is a 0.54% increase, finishing at 6,297.46 points [1] - The Nasdaq Composite index rose by 153.78 points, marking a 0.74% increase, closing at 20,884.27 points [1]

Group 1 - The S&P 500 index increased by 0.4%, the Dow Jones rose by 0.3%, and the Nasdaq gained 0.78% [1] Group 2 - Peru and the United States are negotiating new terms for a free trade agreement [1]