U.S. stocks hover at high levels, and the optimistic sentiment regarding corporate earnings expectations cools down.

According to Mars Finance, as reported by Jin10, while US stocks hover at record highs, analysts' optimism regarding corporate earnings is waning, indicating that this round of market activity may encounter resistance during earnings season. The corporate earnings expectation adjustment index tracked by Citigroup recently turned flat for the first time since August, and the forward P/E ratio of the S&P 500 index reached 22 times, nearly 19 times higher than the average level over the past decade. Evercore ISI strategist Julian Emanuel pointed out that the stock price reactions during earnings season are expected to be 'severely divergent' and unlikely to serve as a catalyst for pushing the index higher. RBC Capital Market strategist Lori Calvasina stated that the proportion of companies exceeding earnings expectations this season is expected to slow down, and earnings sentiment is at a critical turning point.