---
title: "After the \"singing progress\" of the US stock market, the \"brake key\" has been pressed, but investors remain generally optimistic about the future market"
type: "News"
locale: "zh-HK"
url: "https://longbridge.com/zh-HK/news/265074427.md"
description: "The U.S. stock market has recently weakened, causing a temporary halt in the upward trend of stock indices. Although the S&P 500 index has fallen 2.4% over the past eight trading days, most investors believe this pullback is merely a short-term phenomenon rather than a deep-seated risk signal. Experts point out that the market still has solid support, the bull market outlook remains optimistic, and investor sentiment has not shown significant changes. This volatility is seen as a normal occurrence, reflecting concerns about high levels and profit-taking"
datetime: "2025-11-10T05:57:03.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/265074427.md)
  - [en](https://longbridge.com/en/news/265074427.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/265074427.md)
---

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# After the "singing progress" of the US stock market, the "brake key" has been pressed, but investors remain generally optimistic about the future market

According to the Zhitong Finance APP, the recent weakness in the U.S. stock market has put a brake on the rally that previously drove the indices to repeatedly hit historical highs. However, most investors believe that this pullback is merely a temporary pause rather than a signal of deeper risks.

The S&P 500 index has fallen 2.4% over the past eight trading days. Investors are concerned about the state of the U.S. economy and are uneasy about the high valuations of artificial intelligence and technology stocks, which have been the core drivers of the market's rise this year.

Rashil Siddiqui, a senior investment strategist at Neuberger Berman's global equity research department, stated, "This is just a short-term obstacle, not a wall that will cause you to crash into it and incur unexpected losses."

He added, "Does this go beyond a simple pullback and evolve into a recession, bear market, or worse? I don't think the current conditions warrant that."

Investors indicated that despite concerns over market valuations and concentration issues, the bull market still has solid support to encourage risk-taking: the Federal Reserve's accommodative financial environment, an AI-driven capital expenditure boom, and a favorable economic backdrop.

"I haven't seen any significant changes in investor positions, nor have I noticed a clear shift in market sentiment," said Chris Dale, co-head of equity investment at Eaton Vance and global equity portfolio manager in London. "This doesn't mean that changes won't happen in the future; it's just that there are no relevant signs at the moment."

## Return to Normal Volatility

Investors noted that the reason this stock market pullback has drawn attention is that significant declines have been relatively rare since the sell-off triggered by tariffs subsided in April. Since April, the maximum decline of the S&P 500 index from its recent peak has not exceeded 3%.

"This sell-off is just a reminder that volatility exists and is normal," said Mike Reynolds, vice president of investment strategy at Glenmede Wealth Management.

Investors believe that this volatility does not stem from a fundamental shift in the stock market outlook.

"What we are seeing now is more concern about high levels and profit-taking," said Tobias Hekster, co-chief investment officer at True Partner Capital. "I don't think there has been any meaningful liquidation of positions at this point."

David Wagner, head of equity investment and portfolio manager at Aptus Capital Advisors, stated that the greater risk is overreacting to the market's weakness. "I genuinely believe that one of the biggest risks for investors right now is pulling out of the market."

Phil Orlando, chief market strategist at Federated Hermes, noted that while recent concerns may have impacted the stock market, the long-term outlook remains optimistic.

"There may be some volatility in the coming quarters, and volatility could increase? That's entirely possible, but we will view it as a buying opportunity."

Investors assert that the current state of the U.S. economy does not support a market crash. Economic growth in the second quarter exceeded previous expectations, and consumer spending has been strong. A survey by the National Association for Business Economics indicates that a surge in business investment is expected to offset the impact of weak consumer and global trade growth, maintaining the momentum of economic growth "Looking at the global economic fundamentals, both the United States and emerging markets are experiencing strong growth, even though there are some weaknesses, they are at a healthy level," said Victor Zhang, Chief Investment Officer of American Century Investments, which manages approximately $300 billion in assets.

However, given that the S&P 500 index has risen 14% this year and the Nasdaq index has risen 19%, analysts generally believe that the sell-off may intensify, and economic-related news may turn negative.

Due to the U.S. government shutdown causing delays in the release of official economic data, investors have to assess the weight of various unofficial new reports themselves, which also increases the risk of overreacting.

"A bull market does not end because it is 'old,' but rather it dies due to 'panic,'" said Sam Stovall, Chief Investment Strategist at CFRA, who believes the market may weaken further. "Currently, the biggest concern for the market is a recession."

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