According to CCTV News, Trump will launch "reciprocal tariffs" globally starting April 2. U.S. stocks have become more volatile, but market funds remain active. On Friday, U.S. stock trading volume hit its highest level in 2025, exceeding 21 billion shares traded. Retail investors are still actively bottom-fishing, with Tesla leading the blue-chip stocks. Currently, the market seems to collectively ignore the potential impacts of trade conflicts. Previously, Bank of America's Michael Hartnett stated that investors are overlooking the risks that a full-scale trade war poses to the stock market, as "massive" funds continue to flow into global stock markets. Investors are beginning to question whether U.S. tariff policies will truly trigger an economic recession. This optimism may expose the market to greater risk adjustments in the future. Market Continues to Fluctuate, Morgan Stanley and Bank of America Issue Warnings In the past month, the U.S. stock market has lost trillions in market value, with concerns over economic slowdown, tariff impacts, geopolitical risks, and overvaluation of tech stocks continuing to trouble investors. Morgan Stanley's Michael Wilson also warned that volatility on Wall Street may persist at least until the second half of this year: "This will be a gradual recovery, that's my best guess, and we believe it's nearly impossible to set new highs in the first half of this year." Bank of America's Michael Hartnett stated that investors are ignoring the risks that a full-scale trade war poses to the stock market, as "massive" funds continue to flow into global stock markets. "Global investors are far from prepared to short U.S. or global stocks." Since Trump's election, the S&P 500 index has underperformed compared to European indices, with the German DAX index rising about 14%. As a major export country for the U.S., the German stock market has risen since Trump's election, further illustrating that despite U.S. threats of increased tariffs, investors' concerns about global trade prospects have been significantly marginalized. Systematic Funds Turn Bearish, Retail Investors Remain Eager to Buy Trend-following systematic funds have shorted U.S. stocks for the first time in over a year. According to trading data from Goldman Sachs, these commodity trading advisors have reduced their exposure to the S&P 500 index to its lowest level since 2023. Meanwhile, despite the U.S. stock market being hit by trade turmoil and heightened concerns over economic slowdown, retail investors remain undeterred and continue to increase their investments even as losses continue to expand. ** JP Morgan's retail trading data shows that as of the week ending March 19, individual investors injected over $12 billion into U.S. stocks. According to the bank's global equity derivatives strategist Emma Wu, this buying intensity is far higher than the average level for retail investors over the past 12 months. The situation of retail investors entering the market is particularly evident with Tesla. Previously, Tesla's stock price was in free fall, global sales plummeted, and even the most optimistic analysts on Wall Street began to turn cautious. However, fans of Tesla CEO Elon Musk have recently been buying Tesla stock in a frenzy. According to Emma Wu's data, as of Thursday, retail investors have net bought Tesla stock for 13 consecutive trading days, with a total investment of $8 billion. This is the largest inflow of funds during any buying spree since 2015. Market observers are closely watching retail investor movements, as retail investors are often the last group to reduce their positions. Therefore, this recent wave of aggressive "retail investor" buying may indicate that the stock market has not yet hit bottom.