Group 1 - The current market is in a contradictory state with negative factors such as expectations of a U.S. economic recession and skepticism towards the status of risk-free assets, while positive aspects include a stable job market and strong performance from U.S. tech companies [1] - The S&P 500 index has achieved a nine-day consecutive rise, down only 3% year-to-date, with a price-to-earnings ratio at the 85th percentile of the past 25 years, indicating resilience in the market [1] - There is a notable shift in investor behavior, with leveraged investors starting to buy again, while large banks and tech giants are entering a peak period for stock buybacks, expected to exceed $1 trillion this year [3] Group 2 - The U.S. economy is experiencing a 7% year-on-year increase in fiscal deficit, suggesting continued government spending which supports employment and consumption data [4] - The uncertainty surrounding tariffs remains, with expectations of trade framework agreements being announced while economic momentum gradually weakens [4] - The upcoming FOMC meeting is anticipated to have minimal impact, with expectations that the Federal Reserve will maintain a passive stance [4] Group 3 - The market is characterized by macroeconomic uncertainty but strong technical indicators and corporate earnings, with a prevailing pessimism among investors, particularly non-U.S. investors [5] - The current market behavior resembles patterns seen in 1998 and late 2007, where increased fear among investors correlates with market resilience [5] - The long-term upward trend of the S&P 500 post-pandemic remains intact despite recent challenges [5]