Today, the US stock market rebounded across the board, and market risk appetite clearly improved.

The most eye-catching development was the collective strength of technology and small-cap stocks. Google's market capitalization officially surpassed the $4 trillion mark, driven by news that Apple Siri will integrate with the Gemini AI model, leading to a revaluation of AI ecosystem synergies. Meanwhile, Walmart announced its inclusion in the Nasdaq 100, completing a "tech-driven valuation reshaping" for this traditional retail giant, with passive funds beginning to flow in.

However, not all sectors are rising. The financial services sector came under pressure, with stocks of credit card and consumer finance platforms falling sharply. A key trigger behind this is the policy proposal to cap credit card interest rates at 10%. Once this policy is implemented, the interest margin between banks and lending platforms will be compressed, and profit expectations for high-risk lending models will be downgraded accordingly.

The market is undergoing a structural reallocation of funds—technology sectors are benefiting from "certainty," while financial sectors are facing the "policy sword." This is not just simple risk withdrawal but a flow of capital toward areas with higher growth potential.

From a crypto perspective, this structural revaluation in TradFi often foreshadows volatility in the crypto market. When the rules of traditional finance are reshaped, on-chain assets and the Web3 ecosystem typically present new pricing opportunities. The upcoming US inflation data and non-farm employment figures in the next few weeks will further shape market expectations, with significant implications for Bitcoin and Ethereum's price movements.