美国也有社保季末调仓啊？

JPMorgan's recent note estimates up to $165B global equity selling before June 30 from quarter-end rebalancing:

US pensions ~$55B, Japan GPIF ~$60B, Norway ~$40B, SNB ~$25B (with some offsets from mutual funds). It's standard portfolio rebalancing after strong equity gains.

SPX impact: Modest. At ~7,500 (~$60T+ mkt cap), even heavy US allocation is tiny (~0.2%). Could add short-term pressure/volatility near month-end (1-3% possible digestion), but flows are anticipated and usually absorbed. JPM stays constructive on equities for 2026.