On August 5, 2026, the US July ISM non-manufacturing PMI unexpectedly rebounded to 52.3, far exceeding market expectations, significantly alleviating recession concerns. US three major indices all rose, with tech and new energy sectors leading, Chinese concept stocks performed impressively, and market risk appetite significantly improved. This article deeply analyzes the driving factors of the market trend and looks ahead to subsequent non-farm data and Fed policy paths, providing timely referen