Original title: Wall Street Review of US Stocks: Market sentiment has actually turned bearish. Could another round of sell-off be here soon? Source: Tencent Securities

Securities, May 1. US stocks closed down across the board on Thursday, as the number of jobless claims in the US reached 3.84 million at the beginning of last week. More than 30 million people applied for unemployment benefits in the past 6 weeks, and the NASDAQ had previously turned higher during the intraday period, as large technology stocks such as Facebook surged. The VIX Panic Index rose 9.35% to 34.15.

At the close, the Dow fell 288.14 points to 24345.72 points, or 1.17%; the NASDAQ fell 25.16 points to 8889.55 points, or 0.28%; and the S&P 500 fell 27.08 points to 2912.43 points, or 0.92%.

Here's a roundup of Wall Street economists' and analysts' reviews:

The global economic data performance is poor; is it likely that there will be a “V-shaped” recovery?

Economists at High Frequency Economics (High Frequency Economics) wrote in a report that in their 50 years of tracking economic data, “This is the saddest day for the global economy we have ever seen. The statistics offices of the major economies we are watching released 19 economic reports overnight. These reports reveal historic declines in economic activity and soaring unemployment rates on a scale we have never seen before. We are very sad about that. ”

David Lyon (David Lyon), a global investment expert at J.P. Morgan Private Bank (J.P. Morgan Private Bank), said, “The April rebound was due to market assumptions that there would be a 'V-shaped' recovery, both at the economic level and at the corporate and commercial levels. In our opinion, this is probably a bit ahead of schedule. We believe the recovery process will be longer and slower.” He believes it may take years for the economy and people's behavior to return to pre-pandemic levels.

Ryan Detrick (Ryan Detrick), a senior market strategist at financial services company LPL Financial, said, “The extent of the disconnect between the market and the economy in April was something none of us saw.”

The economy is close to restarting, but could the hopes be offset by reality?

Tony Dwyer (Tony Dwyer), chief market strategist at investment firm Canaccord Genuity (Canaccord Genuity), said in a report: “We do believe that as the economy gets closer to restarting, various credit areas — such as the US Treasury yield curve and bank loans — indicate that the market may be ahead of schedule, because hopes may be offset by reality.” As the market faces unprecedented volatility, Dwyer has temporarily rescinded the year-end target previously set for the S&P 500 index.

Robert Haworth (Robert Haworth), a senior investment strategist at U.S. Bank Wealth Management (U.S. Bank Wealth Management), said, “Some people in the market are worried that the rebound will not be strong enough, so it won't be enough to restart economic sectors unrelated to working from home. As far as the issue of restarting the US economy is concerned, we want economic activity to rebound.”

The number of people newly infected with the coronavirus worldwide has declined in recent weeks, prompting some countries and US states to gradually restart their economies, but MRB Partners strategists Phillip Colmar (Phillip Colmar) and Santiago Epinosa (Santiago Epinosa) urged investors to be cautious. In a report to clients, they said, “The stock market's rebound after significant suppression is now ahead of fundamentals, leaving room for a recent pullback. Many authorities are seeking to reopen the economy, but to do so safely and close to previous output levels will require a series of medical breakthroughs and widespread distribution of treatments.”

Market sentiment has actually turned bearish. Could another round of sell-off be here soon?

Maneesh Deshpande (Maneesh Deshpande), head of stock derivatives strategy at Barclays Bank, pointed out that under the surface of the recent rise in the stock market, investor sentiment has actually turned bearish in many ways. He said that judging from the net outstanding positions in S&P 500 futures, the institutional position represents the most pessimistic view in almost four years, adding that this is mainly due to asset management companies reducing their exposure to the stock market. He also pointed out that the AAII bullbear index, which reflects the sentiment of retail investors, is at its lowest level since the coronavirus crisis began. Deshpande also mentioned that the recent rise in short interest in exchange-traded funds (ETFs) and positions in the options market have become more bearish, which indicates increased demand for hedging.

Lori Calvasina, head of US stock strategy at RBC Capital Markets (RBC Capital Markets), said in a report on Thursday: “The recent rebound in the stock market is reasonable, but it is also fragile. We expect the US stock market to remain volatile in the next few months.”

FranceIndustrial BankAndrew Lapthorne (Andrew Lapthorne), head of global quantitative research, said in a report on Thursday: “Watch out for the weirdness of this bear market rebound. Given the overall negative nature of future economic challenges, the dramatic reversal in global markets after hitting a low point due to the pandemic is even more puzzling.”

Matthew Maley (Matthew Maley), chief market strategist at Miller Tabak, said in a report on Thursday: “As we all know, no market trend will be a straight line. The damage suffered by the market during the first wave of decline (up to 37%), combined with the impending recession, could trigger another round of sell-off in the near future.”

Big tech stocks support the stock market, but can this situation continue?

Willie Delwiche (Willie Delwiche), an investment strategist at Wall Street investment bank Baird, said in a report: “The strong performance of a few stocks in the past has overshadowed the weakness of the overall market, and if these stocks are in trouble, it may overshadow the overall market improvement in the future.”

T.Rowe Price's capital market investment expert Chris Dillon (Chris Dillon) said that Facebook,