Thanks to OKX for the invitation @Mercy_okx @Pandachen007. Another day of studying US stocks. Personally, I think this week's earnings reports look strong on the surface, but are actually just average. The S&P 500's earnings growth is close to 30%, which looks good, but it's mainly driven by a few companies in the energy and AI semiconductor sectors; other industries aren't strong. Many exceeded expectations, but the magnitude was small, and expectations were already high. The market reacts coldly to "better" results and punishes "worse" ones more severely. This week's flurry of earnings reports from major companies is key. If the results are merely "not bad," it will be difficult for the index to rise significantly further. In short: the fundamentals are still there, but it's no longer a stage where simply exceeding expectations can lead to a rise.