CITIC Securities: Short-term US stocks face pressure, while the long-term AI narrative is expected to continue

According to Jinshi reports, CITIC Securities stated that after missing this round of interest rate hikes, regardless of whether the Federal Reserve raises rates in September, U.S. stock valuations are under pressure in the short term. However, in the medium to long term, the implementation of interest rate hikes is expected to relieve valuation pressure, combined with the positive orientation of the "Productivity and Employment Working Group" towards AI, the narrative of AI in U.S. stocks is expected to continue in the long term.

Interest rate-sensitive sectors, high valuation low growth segments, and small-cap stocks are under pressure, and the market is focused on the Jackson Hole conference at the end of August or the September interest rate meeting.