As technology stocks drove the S&P 500 index up 15% in the first half of the year, the U.S. stock market has remained resilient. However, with signs of further slowdown of the U.S. economy and high interest rates, people's concerns about the U.S. economy are intensifying, which will eventually catch up with the stock market. According to data from Goldman Sachs' bulk brokerage business, in June of this year, hedge funds had the largest decline in net leverage in the U.S. stock market, as they all exited from technology stocks. Globally, hedge funds have sold stocks for three consecutive months, at the fastest rate in two years, with net sales in North America being the largest since September last year. Among the 11 industries in the United States, 8 industries have shown net sales, especially in technology, consumer goods, real estate, and finance, while the industrial, material, and energy sectors have seen net purchases. Despite the risks, Royal Bank of Canada capital markets analyst Kalvasina expects the S&P 500 index to rebound to 5,700 points by the end of the year. She acknowledges valuation concerns and sentiment indicators, but sees the potential for growth, emphasizing pre-election volatility and potential post-election recovery.