#美联储回购协议计划 The S&P 500 has shown some weakness after a rally at the end of the year. Let's take a look at what’s been happening recently.

The stock market has been quite interesting these days. The S&P 500 hit a record high before Christmas, stopping at 6932 points, marking the first time since 2013 that it broke a new record during the Christmas season. The large-cap stocks’ momentum at year-end is indeed strong, but trading volume has noticeably shrunk after the holiday, and the Dow and Nasdaq have also pulled back, with the S&P 500 slightly declining — this is a typical year-end consolidation pattern. Investors tend to become more cautious at the end of the year, starting to lock in gains.

Looking at the whole year, the S&P 500 has risen nearly 18%. The technology, financial, and industrial sectors have taken turns performing well, showing good resilience of the index. The Federal Reserve’s policy direction is becoming clearer, and corporate earnings are improving, so most people remain relatively optimistic about growth prospects into 2026. However, it’s worth noting that current valuation levels are historically high, and macroeconomic data and interest rate changes could pose risks.

On the individual stock level, stocks like Paramount contributed quite a bit to the gains. AI and industrial stocks are also quite active, with structural opportunities still present. But some analysts have pointed out that certain stocks might face seasonal overbought pressures.

Overall, the S&P 500 is currently oscillating at high levels, with a clear pattern of year-end consolidation. Moving forward, attention should be paid to valuation, post-holiday capital flows, and policy developments to better grasp the upcoming trading directions.