[UBS Securities Says U.S. Stock Market Rotation May Have Ended] UBS Securities trading division stated that the recent decline in the U.S. stock market may have ended, creating conditions for a year-end rebound. Last week, the stock market experienced a sharp drop as investors' expectations for further easing by the Federal Reserve wavered, alongside capital outflows from AI-related trades. The S&P 500 Index and Nasdaq 100 Index fell approximately 4% and 7%, respectively, from their record highs in late October, dropping to their 100-day moving averages. However, after the benchmark indices found support at this technical level, systematic fund selling has subsided, and market expectations for a December rate cut by the Federal Reserve have also recovered. Michael Romano, UBS Securities' Head of Equity Derivatives Hedge Fund Sales, noted in a Sunday report, 'The current phase of risk aversion may have ended.'