On the evening of 18th Beijing time, U.S. stocks fell early on Tuesday, after both the NASDAQ and the S & P 500 reached record intraday highs. The market is weighing corporate earnings against the prospect of the US election. < p > < p > on Monday, the NASDAQ closed at an all-time high and an intraday record, with the S & P 500 approaching record highs and the best 100 day trend in history after investors were optimistic about the economic recovery and fiscal stimulus plan. The S & P 500 has rebounded more than 50% from its bottom in March, thanks to the government’s massive fiscal stimulus measures and better corporate earnings than people have been worried about. The tech heavy Nasdaq composite index set a new closing record and intraday high in Monday’s trading, bringing it up 24% in 2020. < / P > < p > the market has been stuck in a narrow range as Congress is reluctant to break the deadlock and there is little hope of a new coronavirus stimulus package. And Republicans will hold their respective presidential nominations this week and next week. Affected by the coronavirus epidemic, the major meetings of the Republican Party and tens of thousands of people in the past years will be moved to the Internet instead of large-scale offline meetings. “Investors are still waiting for the second round of stimulus in the US,” said Naeem Aslam, chief market analyst at avatrade. A lot of money is waiting outside. Investors believe the stock market rally triggered by this coronavirus will be boosted again the moment we get the next stimulus. Otherwise, it is likely to remain dull. ” Mark Hackett, head of investment research at nationwide, said in a report. “The market lacks catalysts to help overcome technical resistance.” < / P > < p > positive results boosted market sentiment. Wal Mart (WMT) easily exceeded market expectations in terms of sales and profits in the second quarter, with sales at the same store in the US up 9.3%. During the coronavirus outbreak, the company’s e-commerce sales in the United States almost doubled, up 97%, as consumers switched to online shopping. HD’s second quarter results were better than expected, with comparable sales up 23.4%, more than double the expected 11.4%. During the period of home isolation, ordinary consumers and professionals began to do DIY projects themselves at home. With the time entering the end of spring, housing market activities and housing construction activities also rise. < p > < p > Amazon (AMZN) shares rose. The shares closed 1 per cent higher yesterday after analysts at Needham, a brokerage, said in a report that Amazon shares could be worth $5000. On Monday, wedbush analysts raised the price target for Tesla shares by $100 to $1900. Tesla shares rose 11 per cent yesterday to a record close. < / P > < p > over the past week, stock trading has shown a widening market width. Cyclical stocks are vying for market leadership after months of gains in large technology and home concept stocks seen as immune from the epidemic. However, there is no convincing sign of plate rotation. Financial, energy and industrial sectors in the market fell behind again on Monday, while investors weighed in on persistent uncertainties such as the epidemic, fiscal stimulus and the presidential election. Liz Ann Sanders, senior vice president and chief investment strategist at credit card, said: “I think the factors surrounding quality used to be and will still be the most important factors determining the 11 major sectors in the current environment. These factors include quality growth, strong balance sheet, positive cash flow, industry dominance, management team and so on.” “We think there are going to be multiple stages in the stock market, the first stage – the recovery phase from mid May to mid June – has passed, when we thought there was hope for a strong recovery,” she said. We see that the leading sector has shifted from the winner of the epidemic to the traditional cyclical sector, and we seem to have tried this again recently. ” “Profit taking in technology stocks and the transfer of funds to the industrial and financial sectors have created a bit of a twist in the market,” she said. But the twists and turns are fleeting, and I think the market is delivering more ambiguous news about what the next phase of recovery will be. ” April Joyner, a Reuters strategist, pointed out that with the major stock indexes approaching historical highs, the 5-day moving average of the S & P 500 index’s P / C ratio (the ratio of the open positions of put and call options) will form an almost perfect double top or a new high, which seems to mean that the market may face instability soon. “. < p > < p > with the S & P 500 index breaking through February’s record closing high of 3386.15 on Tuesday, it rose to 3387.85, the 5-day moving average of P / C ratio. From the perspective of reverse investment, this implies that the market is too optimistic or complacent, and it is easy to reverse. An important rule to remember: the higher the S & P 500 goes up and the lower the P / C ratio, the greater the risk of a correction. < / P > < p > since the end of 2018, when the S & P 500 index reaches an important level, the reading of the index is often lower than 0.60. In fact, at the beginning of June this year, when the index fell to a 20-year low of 0.402, the S & P 500 index quickly fell more than 8% from its high in just five trading days. < p > < p > Joyner once again stressed: with the S & P 500 index successfully breaking through its February high, whether the index is to form a near perfect double top or a new high, the P / C index seems to mean that the market is likely to have a huge shock soon. Strategists such as Michael Hartnett of Bank of America said that the survey of global fund managers in August showed that the current bullish sentiment of fund managers was the strongest since February 2020, but their positions did not reach the level of “extremely dangerous bullish”. On the whole, fund managers are more optimistic about the stock market and the economy. 46% of investors in the survey said “it’s a bull market,” up from 40% in July. Respondents believe that the long-term bull market is the main reason for the rise in stock prices, and there may be a short-term correction in the future. Global stock markets have rebounded 51% in the past five months, or $24 trillion in valuations, as investors bet that economic activity will rebound quickly after a record slump. < / P > < p > of the 181 respondents surveyed with $50 trillion in assets under management, 79% expected a stronger economy, the highest percentage since December 2009. < / P > < p > not long ago, many people thought that the rise in the stock market was just a “bear market rebound”. Bear market rebound refers to the rebound in the process of decline, which will not really reverse the downward trend of the market. After each rebound, it will continue to create new lows. However, as US stocks approach historical highs, strategists begin to change their views, pointing out that the rapid bull bear switch is not only reasonable, but also that the bull market behind may go further. In terms of popular trading, the survey shows that as the coronavirus epidemic changes the way people work, learn and shop, technology stocks become the ultimate beneficiaries, and long US technology stocks and growth stocks become the “most crowded” trading for the fourth consecutive month. Technology stocks helped the NASDAQ close to a record high on Monday, the fifth time since August that the index closed at a record high. In terms of risk, the survey also shows that the first tail risk is the possibility of the second wave of outbreak, which has been listed as the largest risk by fund managers for five consecutive months. In addition to the epidemic, investors are also worried about the US election and international trade tensions. Bank of America maintained Apple’s “neutral” rating and a target price of $470, saying the slowdown in Apple’s physical store sales growth in China was a worrying sign. < / P > < p > investment bank benchmark raised the target price of JD from $66 to $76. Citigroup raised its target price of JD from $78 to $81. < p > < p > Baidu aiqicha was officially launched. Aiqicha is an enterprise information query tool from Baidu, which aims to provide users with free and fast one-stop enterprise information query service. Germany’s DAX30 index, Britain’s FTSE 100 index, France’s CAC40 index, Italy’s FTSE MIB index and Europe’s Stoxx 600 index rose by 0.7%, 0.4%, 0.5%, 0.8% and 0.4% respectively.