U.S. stocks rebound


1. Earnings season kicks off with a strong start: S&P 500 component companies' first-quarter earnings expectations increased by 13.2% year-over-year; major banks (JPMorgan Chase, Goldman Sachs) beat expectations, with 81% of large-cap stocks exceeding EPS forecasts
2. Geopolitical de-escalation: Expectations of a ceasefire between the U.S. and Iran rise, oil prices retreat, risk appetite recovers, and implied volatility drops to pre-conflict levels
3. Capital replenishment: Institutions shift from hedging to bullish positioning, cash reserves are ample, and the options market favors long positions. #Anthropic与OpenAI竞争升级
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