Morgan Stanley released a report on Monday predicting that the Federal Reserve will cut interest rates by 25 basis points next month, followed by another 25 basis point cut in December, and then quarterly cuts of 25 basis points each starting from 2026 until the final interest rate range reaches 2.75%-3.0%. Some analysts pointed out that after Powell's speech, many institutions adjusted their expectations, but since the market has already partially priced in the rate cut expectations, the stimulus effect of this change on the market may be limited. However, rate cuts remain the most important short-term market influence, and it is expected that the market will continue to trade around this moderate rate cut expectation.

On the other hand, the market is closely watching Nvidia's earnings report, which is set to be released on Wednesday. Its influence is even comparable to the non-farm payroll report, and the results may determine whether the AI boom in U.S. stocks can continue. Some commentators believe that Nvidia's earnings report now holds a market status similar to major U.S. macroeconomic data, such as the non-farm payroll and inflation reports that influence the Fed's rate cut probability expectations. Arun Sai, a multi-asset portfolio manager at Pictet Asset Management, said that Nvidia is no longer just a single stock; unusually, the market is viewing it as one of the indicators reflecting the overall U.S. economic situation.

The market won't see much volatility in the next two days, so you can relax in the evening.

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