According to Odaily Planet Daily, the Federal Reserve released the minutes of its July meeting, which noted that recent stock price increases and narrowing credit spreads indicate that the market believes the overall US economy remains resilient; however, financial markets appear to have begun to differentiate between companies based on the size and quality of their earnings. The S&P 500 index's valuation continues to be above its long-term average, primarily driven by optimistic expectations about the potential for large technology companies to benefit from the further application of artificial intelligence (AI). However, despite some increases between meetings, the valuation of the small-cap index remains below its historical average. (Jinshi)