As of now, the Nasdaq and S&P 500 have recovered the losses from yesterday. The market is gradually "de-mystifying" Trump. The decline yesterday was due to Trump's hard confrontation with Powell, which caused investor distrust. However, 24 hours later, nothing has occurred that could reverse the market.

The rebound in U.S. stocks is likely because they fell too much; the market's panic has been corrected. However, to say that the market has entered a reversal is still unlikely. It is more probable that we are seeing a rebound. Additionally, this week and next week are both earnings seasons, which may provide temporary breakthroughs in macro sentiment.

However, the GDP data at the end of the month will still be a watershed for the trend in May. If the GDP is positive, it at least proves that the U.S. has not reached a recession, although it won't strengthen rate cut expectations. It would be a relief for the economy. But if the GDP is negative, especially with GDPNow forecasting -2.2%, then the expectations for rate cuts will be more negative than positive.

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