The recent reaction of the financial markets to the EU-US trade protocol has been rather unremarkable. Although the S&P 500 index saw a slight rise, the extent was negligible, while the European Stoxx 600 index displayed a falling trend. Although both indices experienced a pump during trading, they were unable to maintain their rise by the close.

In Europe, German Chancellor Merz and French Minister for European Affairs Adade expressed hopes for more open trade, which may reflect doubts on the effectiveness of the current protocol in the continent. At the same time, Trump announced the possibility of imposing a uniform tariff of 15% to 20% on countries that have not signed trade agreements with the United States. This move could stabilize most tariff levels and help alleviate market uncertainty.

Economists have also begun to lower their expectations for the impact of tariffs on the U.S. economy, which means that even if new trade agreements are introduced in the future, it may be difficult to provoke a strong reaction on Wall Street.

In this context, investors' attention has shifted from trade issues to the upcoming earnings reports of tech giants. Among them, Meta and Microsoft will release their performance reports this Wednesday. If these tech giants perform well, it is likely to inject new vitality into the market, compensating for the current lack of optimism.

As the enthusiasm for trade protocols fades, the market seems to be looking for new driving forces. The performance of tech giants' earnings reports could become a key factor influencing the short-term direction of the market, and investors are closely watching the market reactions that these earnings reports may bring.