Wall Street Giants: The Most Intense Sell-off in U.S. Stocks May Have Passed, But "Bottom Fishing" Still Carries Risks

According to Zhitong Finance APP, after experiencing a month of intense fluctuations, the US stock market is at a critical crossroads. On one hand, data from institutions like JPMorgan indicates that the technology sector's process of deleveraging, which has lasted for months, is nearing its end, with leveraged ETFs, net hedge fund exposure, and CTA positions having significantly retreated from extreme levels. On the other hand, concerns about inflation are resurfacing, the path of interest rates is filled with uncertainty, and doubts regarding the return on AI capital expenditures have yet to dissipate.