The opening of the US stock market was basically flat, and European political turmoil and public finance-related concerns curbed market risk sentiment. Investors face rising bond markets and political risks on the one hand, and resilient corporate profit expectations on the other. At 9:30 New York time, the S&P 500 index and the Nasdaq 100 index were basically the same, and the Dow fell slightly by 0.1%. The breadth of the market remains one of investors' biggest concerns. The share of stocks currently above the 10th, 50th, and 200-day moving averages has fallen to the lowest level since March. Of the 416 industry groups tracked by Piper Sandler analysts, only 9 hit a 26-week high last week, the lowest since March; at the same time, 72 industry groups hit new lows. Craig Johnson, chief market technical analyst at Piper Sandler, said, “We need to see interest rates and oil prices fall, but this has not happened yet, and the internal structure of the market is deteriorating. This will be a challenge for the market.” He added that as market participation declines, investors are turning to large-scale, highly liquid stocks to seek safe haven.

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