Tony Pasquariello, a top trader at Goldman Sachs, points out that in the past four decades, the Fed has cut interest rates five times before a recession ensued, and that, on average, the S & P 500 index has risen 17% in the 12 months following the first rate cut. But in the current rate-cutting cycle, with US GDP growth hovering at 3%, and the Dow and S & P markets regaining all-time highs, the current stock market, especially the tech-heavy Nasdaq 100, is "not terribly attractive in terms of risk/reward," and "has very little fault tolerance." He still believes that the US stock market is in a bull market, "the future trend is still higher", but the risk/reward has been significantly reduced, "the setting is very strict, and the path will be unstable", but the strategy of buying in the future of the market correction in the past two years is still very effective.