UBS's "Turbu-lens" index, used to measure the fragility of the US stock market, recently rose to 1, reaching its highest reading for the first time since late 2024. UBS strategists stated directly that the market has clearly become more fragile. It is worth noting that the last time the index rose to 1 coincided with the period after the 2024 US presidential election and before the Federal Reserve's interest rate meeting, after which market volatility significantly increased. Currently, with the Federal Reserve's September interest rate meeting and the US midterm elections in November approaching, the options market's pricing for future S&P 500 index volatility has also heated up.