US stocks hold steady in early trading, strong week may end in calm.

A strong week on Wall Street is expected to end calmly, with U.S. stocks hovering near historic highs. At 9:30 New York time, the S&P 500 index was flat, the Nasdaq 100 index rose 0.2%, and the Dow fell 0.2%. A sense of caution temporarily envelops the market. Earlier, all major benchmark indices hit new historic highs. Investors currently lean towards expecting the Federal Reserve to cut interest rates three times this year, and federal funds rate futures have largely priced in this scenario. According to Bank of America strategist Michael Hartnett, the financial markets are betting that the Fed will still be "ahead of the curve" when it starts cutting rates. He pointed out that the rise in banking stocks, rate-sensitive stocks, and the decrease in investment-grade credit spreads suggest that investors believe "the Fed's rate cut is credible, and it is happening against the backdrop of an accelerating U.S. economic growth rate." Bank of America cited EPFR Global data showing that funds mainly flowed into cash markets last week, with a cumulative inflow of $266 billion over four weeks, while $19 billion flowed out of the U.S. stock market. Mark Haefele, Chief Investment Officer at UBS Global Wealth Management, stated: "As the Fed resumes rate cuts, cash returns will further decline, and we believe the need to allocate excess cash to higher-yielding assets is increasingly urgent. By gradually building a diversified investment portfolio, we can avoid the risk of mistiming, reduce the impact of emotional decision-making, and seize the dual opportunities of market corrections and rebounds."