First, let's talk about the reason for this sudden surge.

Last night the market surged, primarily due to three "easing" statements from Trump's team that boosted market confidence.

1. Core member of Trump's team, Bessent, stated at a closed-door meeting with JPMorgan investors that the current China-U.S. tensions are unsustainable and will soon "cool down", which alleviated market concerns about the trade war.

2. According to Politico, China-U.S. trade negotiations could last for several months. White House Press Secretary Levitt further stated at a press conference that Trump is paving the way for a China-U.S. trade agreement, and that relations between the two countries are developing in a positive direction.

3. Trump himself spoke out, stating that U.S. tariffs on China will be significantly reduced from the current 145% level; while they will not drop to zero, China will be very satisfied with the final tax rate. He also mentioned that he has no intention of firing Powell but hopes Powell will be more proactive regarding interest rate cuts.

These three statements build upon each other, effectively easing market panic over the trade war and policy uncertainties. Currently, Trump's team is still advancing negotiations, and the market holds expectations for a new trade agreement, with sensitivity to tariff fluctuations decreasing. Short-term sentiment recovery has become the main driving force behind the rise. However, the market trend now almost entirely depends on Trump's whims. It's uncertain whether he will continue to change his stance.