Market Overview - Investors are shedding concerns over tariffs, leading to a slight fluctuation in the New York stock market indices, which eventually rose, with all three major indices closing higher [1] - The Dow Jones Industrial Average increased by 192.34 points to close at 44,650.64, a rise of 0.43% [1] - The S&P 500 index rose by 17.20 points to close at 6,280.46, an increase of 0.27% [1] - The Nasdaq Composite Index gained 19.33 points, closing at 20,630.67, a rise of 0.09% [1] - Among the S&P 500's eleven sectors, nine rose while two fell, with consumer discretionary and energy sectors leading gains at 0.98% and 0.79%, respectively [1] Federal Reserve Insights - Federal Reserve Governor Christopher Waller indicated that the Fed's balance sheet, currently at approximately $6.662 trillion, is still above pre-pandemic levels and is expected to shrink further, potentially down to around $5.8 trillion [2] - Waller noted that the reduction process will not be as drastic as some expect, with the Fed planning to decrease reserves gradually through maturing and early repayment of securities [2] Labor Market Data - The U.S. Department of Labor reported that initial jobless claims for the week ending July 5 were 227,000, a decrease of about 5,000 from the previous week and below market expectations of 235,000, indicating a resilient labor market [2] - However, the number of continuing claims was 1.965 million, the highest level since late 2021, highlighting ongoing long-term unemployment issues [2] Energy Sector Update - The U.S. Energy Information Administration reported a 5.3 billion cubic feet increase in natural gas inventories for the week ending July 4, although this was lower than the previous week's increase of 5.5 billion cubic feet, suggesting a slowdown in growth due to seasonal demand changes and market supply factors [2] Company-Specific Developments - Tesla's stock rose by 2.5% following CEO Elon Musk's announcement of expanding the robotaxi service to Austin and plans for further expansion to the Bay Area within one to two months [3] - Musk also revealed that Tesla will integrate the updated Grok chatbot from xAI into vehicles by next week, further boosting market sentiment [3] - Bitcoin reached a new all-time high of $113,863.31, driven by increased investor interest in risk assets and the liquidation of short positions, with significant inflows into exchange-traded funds (ETFs) related to Bitcoin [3]

Group 1 - The external environment is a significant variable affecting China's macroeconomic trends, with uncertainties stemming from U.S. policies and their global implications [1] - Domestic new growth drivers are accumulating, becoming the core strength for China's economy to navigate through cycles, while the real estate market has emerged from its low point, though uncertainties remain regarding its recovery timing [1] - A combination of proactive fiscal policies and moderately loose monetary policies has quickly boosted domestic demand, but the effectiveness of extraordinary measures in countering debt-deflation and balance sheet contraction effects is still under observation [1] Group 2 - The direct impact of external environmental changes has not been as severe as anticipated, with actual market performance differing from many market participants' predictions [2] - China's export resilience to the U.S. has exceeded expectations, with limited decline in export growth despite high tariffs and a high base from the previous year [2] - The intensity of re-export trade has also surpassed expectations, with significant growth in exports to ASEAN and Latin America, effectively offsetting declines in exports to the U.S. [2] - Exports to countries and regions outside the U.S. and major re-export markets have shown unexpected growth, indicating that domestic exporters are actively seeking new markets [2] - The outcomes of tariff negotiations have also exceeded expectations, contributing positively to the overall trade environment [2]