Recently, US equities have rebounded to new highs, prompting diverging market views on their future trajectory. Macroeconomic data indicates that while the US economy remained relatively resilient in July, the underlying trend of deceleration persists, with projections suggesting a modest decline in corporate earnings. Notably, sectors such as information technology and telecommunications services continue to exhibit robust earnings performance. On a fundamental level, US stock valuations are elevated, yet the magnitude of any corrections anticipated in the second half of the year is deemed manageable. Leading technology stocks, in particular, have seen their valuations recede, presenting attractive profitability and allocation potential. Following the turbulence caused by tariff retaliation in July, and particularly as we approach the fourth quarter, there is a likelihood of capital reflowing into US equities, making their allocation opportunities worth close attention.