<p>人工智能（AI）和科技股拖累 <strong>纳斯达克综合指数</strong>（^IXIC -1.53%）今天一度下跌了 2.4%。<strong>道琼斯工业平均指数</strong>（^DJI -0.66%）在这个通常由圣诞老人行情推动的假期缩短周内，最多下跌了 500 点，而这一行情迄今未能实现。</p>
<p>截至今天东部时间下午 2:26，人工智能芯片制造商 <strong>博通</strong>（AVGO -1.63%）和电子商务巨头 <strong>亚马逊</strong>（AMZN -1.57%）的股价接近下跌 2%。电动车制造商 <strong>Rivian</strong>（RIVN -2.88%）的股价下跌接近 3%。</p>
<h2>感受到收益率上升的压力</h2>
<p>通常，年末的最后一周是一个平静的时期，伴随着圣诞老人行情，这包括了年末最后五个交易日和一月的前两个交易日。在这一年最后的几天，股票往往会上涨，因为大多数投资者在度假，交易量较轻。自 1950 年以来，这七天的平均涨幅为 1.3%。</p>
<p>尽管还有时间，但市场迄今表现不佳。截至撰写本文时，广泛的基准 <strong>标准普尔 500 指数</strong>（^GSPC -1.06%）自 12 月 23 日收盘以来下跌了约 0.4%。</p>
<p>亚马逊、博通以及其他在 “七大巨头” 中的科技公司，由于其巨大的市值占据了广泛市场的一大部分，今天领跌，尽管它们在这一年仍表现出色。10 年期国债收益率今天突破 4.60%，为自 5 月以来的最高水平。</p>
<p>自美联储年内最后一次会议以来，收益率迅速上升，会议上美联储主席杰罗姆·鲍威尔及其他货币政策制定者表示，考虑到经济的强劲，他们将对未来的降息更加谨慎。大多数押注联邦基金利率期货的交易者认为，美联储明年只会降息一次。然而，并非所有人都对今天的抛售感到沮丧。</p>
<p>“在经历了一场争议不断的选举周期和不寻常的市场动态后，国家正经历一阵集体的松口气，2024 年年初至今的强劲收益令人欣慰，” Parnassus Investments 的首席投资官 Todd Ahlsten 今天对 CNBC 表示。“展望 2025 年，市场预计将会扩大和改善。”</p>
<h2>抛售并不令人惊讶</h2>
<p>考虑到市场今年的良好表现、高科技和 AI 的估值，以及收益率的急剧上升，今天的抛售对投资者来说并不太令人惊讶。较高的收益率对风险较大的股票不太有利，因为投资于更安全的国债变得更具吸引力。许多分析师和投资者还使用 10 年期国债收益率作为折现现金流的折现率，而较高的折现率会导致现金流的现值降低。</p>
<p>这是一个假期缩短的周，所以我不会对今天的走势过于解读，但亚马逊和博通的估值非常高，而 Rivian 尚未盈利。如果收益率保持在高位，我预计这些股票在某个时刻会回调。</p>

RIVN

博通

亚马逊

<p>人工智能和科技股，包括博通、亚马逊和 Rivian，今天导致纳斯达克综合指数和道琼斯工业平均指数下跌，分别损失高达 2.4% 和 500 点。这一下跌发生在通常强劲的假期交易期间，通常被称为 “圣诞老人反弹”。国债收益率上升，目前已超过 4.60%，给这些股票施加了压力，使得更安全的投资变得更具吸引力。尽管出现抛售，一些分析师对 2025 年市场改善仍持乐观态度，指出年初至今的强劲涨幅以及选举后的集体松口气</p>

<p>Artificial intelligence (AI) and tech stocks dragged the <strong>Nasdaq Composite</strong>(^IXIC -1.53%) down as much as 2.4% at one point today. The <strong>Dow Jones Industrial Average</strong>(^DJI -0.66%) lost as much as 500 points in a holiday-shortened week usually powered by a Santa Claus rally that has failed to materialize thus far.</p>
<div class="lb-trans"><p>人工智能（AI）和科技股拖累 <strong>纳斯达克综合指数</strong>（^IXIC -1.53%）今天一度下跌了 2.4%。<strong>道琼斯工业平均指数</strong>（^DJI -0.66%）在这个通常由圣诞老人行情推动的假期缩短周内，最多下跌了 500 点，而这一行情迄今未能实现。</p>
</div><p>Shares of artificial intelligence chipmaker <strong>Broadcom</strong>(AVGO -1.63%) and e-commerce giant <strong>Amazon</strong>(AMZN -1.57%) traded close to 2% lower as of 2:26 p.m. ET today. Shares of electric carmaker <strong>Rivian</strong>(RIVN -2.88%) were down close to 3%.</p>
<div class="lb-trans"><p>截至今天东部时间下午 2:26，人工智能芯片制造商 <strong>博通</strong>（AVGO -1.63%）和电子商务巨头 <strong>亚马逊</strong>（AMZN -1.57%）的股价接近下跌 2%。电动车制造商 <strong>Rivian</strong>（RIVN -2.88%）的股价下跌接近 3%。</p>
</div><h2>Feeling the pressure from rising yields</h2>
<div class="lb-trans"><h2>感受到收益率上升的压力</h2>
</div><p>Usually, the subdued final week of the year is met with a Santa Claus rally, which includes the last five trading days of the year and the first two in January. Stocks tend to move higher in the year's final days, with most investors on vacation and trading volume light. These seven days of the year have averaged gains of 1.3% since 1950.</p>
<div class="lb-trans"><p>通常，年末的最后一周是一个平静的时期，伴随着圣诞老人行情，这包括了年末最后五个交易日和一月的前两个交易日。在这一年最后的几天，股票往往会上涨，因为大多数投资者在度假，交易量较轻。自 1950 年以来，这七天的平均涨幅为 1.3%。</p>
</div><p>While there is still time left, the market has underperformed so far. As of this writing, the broader benchmark <strong>S&amp;P 500</strong>(^GSPC -1.06%) was down about 0.4% since the close of trading on Dec. 23.</p>
<div class="lb-trans"><p>尽管还有时间，但市场迄今表现不佳。截至撰写本文时，广泛的基准 <strong>标准普尔 500 指数</strong>（^GSPC -1.06%）自 12 月 23 日收盘以来下跌了约 0.4%。</p>
</div><p>Amazon, Broadcom, and other tech names in the &#34;Magnificent Seven,&#34; which consume a large portion of the broader market due to their gigantic market caps, led the declines today as big tech and artificial intelligence names finally showed some weakness, although they've still had a fantastic year. The 10-year Treasury yield advanced past 4.60% today, the highest level seen since May.</p>
<div class="lb-trans"><p>亚马逊、博通以及其他在 “七大巨头” 中的科技公司，由于其巨大的市值占据了广泛市场的一大部分，今天领跌，尽管它们在这一年仍表现出色。10 年期国债收益率今天突破 4.60%，为自 5 月以来的最高水平。</p>
</div><p>Yields have zoomed higher ever since the Federal Reserve's final meeting of the year, in which Fed chair Jerome Powell and the rest of the Fed's rate-setting policy indicated they would be more cautious on future interest rate cuts, given the strength of the economy. Most traders betting on federal funds rate futures only think the Fed will cut rates once next year. However, not all are discouraged by the sell-off today.</p>
<div class="lb-trans"><p>自美联储年内最后一次会议以来，收益率迅速上升，会议上美联储主席杰罗姆·鲍威尔及其他货币政策制定者表示，考虑到经济的强劲，他们将对未来的降息更加谨慎。大多数押注联邦基金利率期货的交易者认为，美联储明年只会降息一次。然而，并非所有人都对今天的抛售感到沮丧。</p>
</div><p>&#34;The nation is experiencing a collective sigh of relief after navigating through a contentious election cycle and unusual market dynamics to end 2024 with strong year-to-date gains,&#34; Todd Ahlsten, chief investment officer at Parnassus Investments, told CNBC today. &#34;Looking ahead to 2025, the markets are expected to broaden and improve.&#34;</p>
<div class="lb-trans"><p>“在经历了一场争议不断的选举周期和不寻常的市场动态后，国家正经历一阵集体的松口气，2024 年年初至今的强劲收益令人欣慰，” Parnassus Investments 的首席投资官 Todd Ahlsten 今天对 CNBC 表示。“展望 2025 年，市场预计将会扩大和改善。”</p>
</div><h2>The sell-off isn't surprising</h2>
<div class="lb-trans"><h2>抛售并不令人惊讶</h2>
</div><p>Today's sell-off can't be too surprising for investors, given the market's great year, high tech and AI valuations, and yields moving sharply higher. Higher yields are less favorable for riskier stocks because investing in safer Treasury bonds becomes more appealing. Many analysts and investors also use the 10-year Treasury yield as the discount rate when discounting cash flows in their financial models, and a higher discount rate leads to a lower present value of cash flows.</p>
<div class="lb-trans"><p>考虑到市场今年的良好表现、高科技和 AI 的估值，以及收益率的急剧上升，今天的抛售对投资者来说并不太令人惊讶。较高的收益率对风险较大的股票不太有利，因为投资于更安全的国债变得更具吸引力。许多分析师和投资者还使用 10 年期国债收益率作为折现现金流的折现率，而较高的折现率会导致现金流的现值降低。</p>
</div><p>It's a holiday-shortened week, so I wouldn't read too much into today's move, but Amazon and Broadcom trade at huge valuations, while Rivian isn't profitable yet. If yields remain elevated, I expect these stocks to pull back at some point.</p>
<div class="lb-trans"><p>这是一个假期缩短的周，所以我不会对今天的走势过于解读，但亚马逊和博通的估值非常高，而 Rivian 尚未盈利。如果收益率保持在高位，我预计这些股票在某个时刻会回调。</p>
</div>

Forget the Santa Claus Rally -- Artificial Intelligence Stocks Like Broadcom, Amazon, and Rivian Dragged the Stock Market Down Today

- 纳斯达克综合指数因人工智能和科技股下跌，最多跌 2.4%。  
- 道琼斯工业平均指数在假期缩短的一周内最多下跌 500 点。  
- 10 年期国债收益率突破 4.60%，对高风险股票形成压力。  

忘记圣诞老人行情——博通、亚马逊和 Rivian 等人工智能股票今天拖累了股市