Over the past 20 days, the S&P index has consistently underperformed against signals from global assets correlated to risk sentiment, with a cumulative underperformance of -4.34%. The index has seen a decline of nearly 5% since February 18, 2025. In the bond market, the yield on the two-year Treasury note fell to 3.89%, its lowest level since October 4, 2024. Additionally, traders are increasingly betting on Federal Reserve easing, fully pricing in three 25 basis point rate cuts in 2025. The likelihood of a 25 basis point cut in March has risen from 7% to 11%. Ahead of the New York market opening, the S&P is projected to experience a loss of -0.29%, while futures are down -0.64%. The cross-asset model indicates that signals from commodities are the most bullish, while those from global equities remain the least bullish.