BlackRock stated in a post that the tension surrounding the 2024 US presidential election is escalating, indicating not only a reconstruction of the political landscape in the US, but also a profound impact on the global political and economic landscape, which could bring more uncertainty to the stock market. The US election cycle has its own unique internal logic, and the summer slump in the US stock market often improves in the fall. BlackRock believes that this may be related to investors' wait-and-see attitude before the election, with the market being more influenced by the election once the party conventions and fall campaigns commence. BlackRock pointed out that historical data shows that May to September is typically a "soft period" for US stocks, with the average monthly return during this period (about 0.1%) much lower than the returns in other months (about 1%). However, in a "election year" context, this seasonal pattern often shifts from summer to fall. Despite benefiting from the strong momentum of US corporate profit growth this year, US stocks have shown impressive performance under the support of economic resilience. However, in this period of variables this year, investors need to be more cautious of seasonal factors and upcoming major events. Furthermore, BlackRock stated that market sentiment also has a significant impact on short-term investment volatility. Faced with high inflation, Fed policy adjustments, and increasing geopolitical risks, investor sentiment is gradually becoming more cautious.