Bank of Jiahuang: There is still room for the stock market "sentiment to fall" to continue.

A strategist from the Royal Bank of Canada stated that the stock market is currently experiencing a "sentiment retreat" due to concerns in the field of artificial intelligence, and this process is likely to continue. The team led by Lori Calvasina pointed out that in the latest sentiment survey by the American Association of Individual Investors, the net bullish sentiment ratio has dropped to 0.4%. The strategist also mentioned that recent data from the National Federation of Independent Businesses shows that capital spending and employment expectations continue to weaken. The team stated that signs of a challenging earnings season are increasing, with most industries lowering their earnings growth expectations for 2026. Earnings conference calls reflect a market that is "cautiously optimistic, with a fragmented consumer base, and non-tech companies engaging in more detailed discussions on the impact of artificial intelligence".