I. Macroeconomics and Traditional Financial Markets

1. U.S. stocks show strong divergence: signs of slowing growth intertwined with Middle East uncertainty

Last week, U.S. stock markets showed significant divergence: the S&P 500 dipped slightly by 0.22%, while the Nasdaq rose 0.27% and the Dow Jones increased 0.39%. Macroeconomic data continued to weaken: the New York Empire State Manufacturing Index plunged from 19.6 to 5.7, housing starts dropped sharply to 1.177 million units, and May retail sales rose 0.4% month-over-month, collectively indicating that the high-interest-rate environment is gradually dampening overall demand.

The labor market remains resilient, with initial jobless claims at 226,000 and the four-week moving average…