On Monday, after experiencing a suffocating round of selling, the situation improved in the evening.

First, let’s look at the US stock market close: the Dow Jones Industrial Average rose by 0.08%, the S&P 500 index rose by 0.41%, and the Nasdaq index rose by 0.67%—such a close helps stabilize market sentiment.

Behind the market trend is the joint market rescue by the White House and the Federal Reserve.

1. Data released at 22:00 Beijing time showed that the US manufacturing PMI has contracted for the third consecutive month, and the import index has fallen to a 16-year low—when the data deteriorates to a certain extent, bad news is interpreted as good news, and the market begins to harbor fantasies about interest rate cuts—the market starts to rebound.

2. Around 01:00, White House Press Secretary Levitt stated that the US and China 'may' talk this week. Following this statement, the market rose further, although she did not disclose the specific date of this 'potential' call and did not guarantee it would take place. The news of a 'possible call' can only be regarded as a 'temporary emotional support'.

3. Last night, two Federal Reserve officials also spoke—showing a shift in tone, discussing interest rate cuts more firmly than before.

Federal Reserve Governor Waller stated in Seoul, South Korea on Monday that even if the tariffs from the Trump administration may temporarily raise price pressures, there is still a possibility of interest rate cuts later this year.

On the same day, Chicago Fed President Evans stated that after the uncertainty of tariff policy is eliminated, the Fed may cut interest rates.

It is not common for the White House and the Federal Reserve to jointly rescue the market, and it seems that last week's meeting between Trump and Fed Chairman Powell played a certain role.

Last night was a combination of favorable timing, location, and people, preventing a major crash. However, the current situation is still in a crisis mode:

First, the recent rebounds in the US stock market occurred after a wave of selling at the opening—meaning the market first panicked and then gradually made up for losses. This 'sell first and buy later' structure often indicates that investor confidence is not stable.

Secondly, the US dollar index is about to break below the low set on April 21, while the yield on the 10-year US Treasury bond is rising again. Whenever we see tariff concerns resurfacing, everyone starts to pour into the 'sell America' trades again.#中心化与去中心化交易所 $BTC