There are two factors to consider for the weak rebound of the US stock market today: 1. The July ISM services PMI data in the United States was weak, with the non manufacturing ISM index (i.e. services PMI) at 50.1, lower than market expectations of 51.5 and lower than June's 50.8. The index barely exceeds the boom bust line of 50, but is approaching May's 49.9 (the first contraction of the year) and hitting a low point since June 2024. This data is indeed lower than the median forecast of all economists, reflecting the weakening of the expansion momentum of the service industry, and the employment sub index has fallen to 46.4, indicating a contraction in employment. This resonates with the recent weak employment data (lower than expected non farm employment), which may prompt the Federal Reserve to accelerate interest rate cuts, but increases uncertainty in the short term, putting pressure on technology and cyclical stocks. 2. This week is the largest round of issuance of US bonds since May. The US Treasury Department plans to auction US $58 billion of three-year treasury bond, US $42 billion of 10-year treasury bond, and US $25 billion of 30-year treasury bond, reaching a total of 100 billion. The market is concerned that supply pressure will lower bond prices. Fortunately, the current US bond yields remain at a relatively low level without rebounding, and the US dollar index is also relatively stable. If subsequent data (such as this week's CPI) continues to be weak, the US stock market may further test support levels. It is suggested to pay attention to Trump's actions and bond market dynamics to judge the rebound potential. Overall, these two factors combined with trade tariff uncertainty and global geopolitical risks (India, Russia, and Ukraine) have driven the market from last week's rebound to caution. Short term: economic data is not awesome → investors lack confidence. Mid term: US Treasury supply pressure → potential interest rate hike risk. The result is that even if there is a demand for technical repair in the market, it is difficult to see a strong trend rebound. The mixed economic signals have greatly increased the difficulty of making orders.