Global stock markets staged a stunning "deep V" rally in April, with the S&P 500 on a nine-day winning streak since the crash in early April, the longest winning streak since November 2004. In this regard, Hartnett, chief investment officer of Bank of America, pointed out in the latest research report that this trend indicates that investors expect Trump to turn to the "three lows" policy in the second 100 days, that is, lower tariffs, lower interest rates and lower taxes. At the same time, fears of a US recession triggered by the "soft" data are easing, with Hartnett noting that the 2-year Treasury yield has fallen by 70 basis points since Trump, oil prices have fallen by 20%, and the dollar has depreciated by 9%, which has contributed to the easing of financial conditions. This, coupled with the fact that tech giants' capital spending in AI remains strong, is expected to reach $320 billion in 2025, alleviating recession fears.