Fed official Hammack said firms have adapted to tariff and oil shocks, showing resilience and investment potential.

股期權市場的風險偏好正在發生變化：投資者不再只是爲下跌購買保護，越來越多資金開始爲「繼續上漲、自己卻踏空」買保險 。8月4日SPX看漲期權成交量創歷史新高，接近過去一年日均水平的2倍；7月30日至8月5日也成爲歷史上SPX Call成交最活躍的連續5個交易日。 更明顯的是，約 34%的標普500成分股出現3個月Call Skew倒掛，創歷史紀錄。這意味着在部分股票上，上漲方向的期權需求已經強到足以推高Call相對定價。可以解讀爲市場情緒正在從擔心下跌，部分轉向擔心錯過上漲。 如果行情延續，追漲資金、期權對衝和趨勢交易可能形成正反饋，從而進一步放大短期價格波動。

On the 13th Putin, aboard missile cruiser Varyag, met senior Pacific Fleet officers and said Russia must secure all borders and territory, adding that national security tasks are being carried out primarily via the special military operation in Ukraine. He observed Pacific Fleet exercises on the 12th. Russia’s defence ministry said the Pacific Fleet has held large-scale drills since the 4th in the Sea of Japan, the Sea of Okhotsk and the northwest Pacific.