In terms of fundamentals, the core logic that currently affects market trends is that for eagle sauce, inflation must be able to see a downward trend, thus ending the tide cycle of a strong dollar. At home, not to mention a rebound in real estate, at least, it must have bottomed out.
The reason is that a bunch of technology growth stocks in US stocks need a low interest rate environment that can burn money to the fullest. At the same time, it also provides room for high valuation, which is beneficial to growth stocks, so the overall market trend of US stocks is extremely sensitive to interest rates. However, if you look at the current trend of the big split between the Dow and NASDAQ, the last time it appeared was around 2000. This is actually an effect of interest rate hikes.
However, the interest rate hike process actually had little impact; it only suppressed liquidity valuations, and continued high yields after the interest rate hike was only uncomfortable for listed US stock companies; it was a substantial effect of lag. Therefore, the sharp decline in the NASDAQ this year is only killing valuations; it is estimated that the first half of next year will kill fundamentals due to declining performance.
Therefore, I personally feel that US stocks have finally caught up and plummeted once. Currently, the Dow is actually a dead end in the market when it comes to the Fed's shift to expectations. However, the market did not clearly understand that once the Fed changed, it meant that the decline in substantive fundamentals had been hammered. It is likely that interest rates will be cut while at the same time the market will continue to decline under pessimistic expectations.
As for A-shares, they are too dependent on the real estate chain due to market industry distribution issues. However, if real estate doesn't work, the real estate sector itself is a weighted stock, and it will perform very poorly with all the fundamentals from upstream finance to downstream building materials, household appliances, home improvement, etc., and many of these are weighted stocks.
And the market wants...