<p>由于通胀数据持续高企，国债收益率继续飙升，今天市场受到拖累。科技和人工智能（AI）股票遭遇重创，<strong>纳斯达克综合指数</strong> 下跌近 2%，跌幅超过其他主要市场指数。</p>
<p>电动车制造商 <strong>特斯拉</strong>（TSLA -4.06%）和 <strong>Rivian Automotive</strong>（RIVN -4.87%）的股价分别下跌约 4% 和 5%。与此同时，人工智能半导体公司 <strong>博通</strong>（AVGO -3.29%）的股价下跌 3.3%。</p>
<h2>高收益率不会消失</h2>
<p>随着新年的第一周全面展开，经济数据重新回到日程上。今天的新数据支持了通胀将比预期更顽固甚至可能持续的观点，这使得美联储继续降低利率变得困难。</p>
<p>美国服务业采购经理人指数（PMI）在 12 月份为 64.4，比上个月上升超过 4 点，创下自 1 月份以来的最高水平。同时，职位空缺和劳动力流动调查（JOLTS）的数据也高于预期。</p>
<p>押注于降息的交易员现在认为 1 月份降息的可能性非常小，而 60% 的交易员认为美联储将在 3 月份的会议上维持利率不变。这个数字在昨天不到 57%，一周前仅为 47%。10 年期美国国债收益率接近 4.69%。</p>
<p>在更多公司特定的新闻中，<strong>美国银行</strong> 的分析师将特斯拉的评级从买入下调至持有，尽管将其目标价从 400 美元上调至 490 美元。分析师约翰·墨菲认为，投资者现在已经将自主驾驶等积极催化因素纳入考虑。股价充分反映了这一业务，但特斯拉仍需努力将其变为现实，墨菲写道。</p>
<p>然而，其他分析师对特斯拉持更乐观的态度。新街研究的分析师皮埃尔·费拉古将该公司的评级上调至买入，<strong>斯蒂费尔</strong> 的分析师斯蒂芬·根加罗重申了他的买入评级，并将特斯拉列为他 2025 年最喜欢的股票之一。这两位分析师认为，特斯拉可以降低成本，生产更实惠的车辆，稳定其毛利率，并在自主驾驶业务中获得更多机会。</p>
<h2>展望周五</h2>
<p>今天科技股的大部分抛售似乎与宏观环境有关，新数据支持了顽固的通胀和可能保持高收益率的强劲经济。随着市场和大多数科技股的估值高企，投资者选择抛售并不令人意外。值得注意的是，经济数据继续支持稳健的经济基础。高收益率在扩张的经济支持下并不一定是坏事，可能会导致更强的盈利，从而继续支持市场。</p>
<p>然而，许多投资者也预计今年会降息，因此如果降息未能实现，股票可能会受到压力。请记住，投资者情绪可能迅速变化，本周还有更多经济数据即将公布。<strong>ADP</strong> 的私营部门就业数据将在明天发布，但真正的焦点将在周五，当时将发布 12 月份的非农就业数据。就业报告的疲软读数可能会导致收益率下降，尽管如果投资者对衰退感到担忧，反应可能不会太积极。</p>
<p>目前我对特斯拉、博通和 Rivian 等高估值的科技和 AI 股票持观望态度。AI 市场的巨大潜力可能会引导投资者朝不同方向发展，但高估值的股票在坏消息面前更容易遭遇抛售。</p>

RIVN

博通

<p>由于持续的通胀数据，国债收益率飙升，导致市场下跌，尤其是科技股。特斯拉的股价下跌了 4.06%，Rivian 下跌了 4.87%，博通下跌了 3.29%。分析师对特斯拉的前景意见不一，有些人下调评级，而另一些人则保持乐观。经济指标表明通胀可能会持续，这使得美联储潜在的降息变得复杂。即将发布的就业数据可能会影响市场情绪，而科技股的高估值使其在经济不确定性中容易遭遇抛售</p>

<p>Treasury yields continued to surge on sticky inflation data, dragging the market down today. Tech and artificial intelligence (AI) stocks bore the brunt of the sell-off, as the <strong>Nasdaq Composite</strong> fell nearly 2%, more than the other major market indexes.</p>
<div class="lb-trans"><p>由于通胀数据持续高企，国债收益率继续飙升，今天市场受到拖累。科技和人工智能（AI）股票遭遇重创，<strong>纳斯达克综合指数</strong> 下跌近 2%，跌幅超过其他主要市场指数。</p>
</div><p>Shares of electric vehicle makers <strong>Tesla</strong>(TSLA -4.06%) and <strong>Rivian Automotive</strong>(RIVN -4.87%) fell roughly 4% and 5%, respectively. Meanwhile, shares of artificial intelligence semiconductor company <strong>Broadcom</strong>(AVGO -3.29%) fell 3.3%.</p>
<div class="lb-trans"><p>电动车制造商 <strong>特斯拉</strong>（TSLA -4.06%）和 <strong>Rivian Automotive</strong>（RIVN -4.87%）的股价分别下跌约 4% 和 5%。与此同时，人工智能半导体公司 <strong>博通</strong>（AVGO -3.29%）的股价下跌 3.3%。</p>
</div><h2>High yields not going away</h2>
<div class="lb-trans"><h2>高收益率不会消失</h2>
</div><p>With the first full week of the year underway, economic data is back on the calendar. New data today supports the belief that inflation will remain stickier than expected and perhaps even persistent, making it difficult for the Federal Reserve to continue to lower interest rates.</p>
<div class="lb-trans"><p>随着新年的第一周全面展开，经济数据重新回到日程上。今天的新数据支持了通胀将比预期更顽固甚至可能持续的观点，这使得美联储继续降低利率变得困难。</p>
</div><p>The services Purchasing Managers' Index, which shows the health of the services sector in the U.S., came in at 64.4 in December, up over 4 points from the prior month and the highest level seen since January. Meanwhile, the Job Openings and Labor Turnover Survey (JOLTS) also came in higher than expected.</p>
<div class="lb-trans"><p>美国服务业采购经理人指数（PMI）在 12 月份为 64.4，比上个月上升超过 4 点，创下自 1 月份以来的最高水平。同时，职位空缺和劳动力流动调查（JOLTS）的数据也高于预期。</p>
</div><p>Traders betting on rate cuts now view a rate cut in January as very unlikely while 60% of traders think the Fed will hold interest rates where they are at the agency's March meeting as well. That number came in at less than 57% just yesterday and only 47% a week ago. The yield on the 10-year U.S. Treasury moved to nearly 4.69%.</p>
<div class="lb-trans"><p>押注于降息的交易员现在认为 1 月份降息的可能性非常小，而 60% 的交易员认为美联储将在 3 月份的会议上维持利率不变。这个数字在昨天不到 57%，一周前仅为 47%。10 年期美国国债收益率接近 4.69%。</p>
</div><p>In more company-specific news, analysts at <strong>Bank of America</strong> downgraded Tesla from a buy rating to hold, despite lifting their price target from $400 to $490. Analyst John Murphy believes that investors have now priced in positive catalysts such as the possibility of autonomous vehicles. The share price more than adequately reflects this business but Tesla still has work to do to make it a reality, Murphy wrote.</p>
<div class="lb-trans"><p>在更多公司特定的新闻中，<strong>美国银行</strong> 的分析师将特斯拉的评级从买入下调至持有，尽管将其目标价从 400 美元上调至 490 美元。分析师约翰·墨菲认为，投资者现在已经将自主驾驶等积极催化因素纳入考虑。股价充分反映了这一业务，但特斯拉仍需努力将其变为现实，墨菲写道。</p>
</div><p>Other analysts, however, are more bullish on Tesla. New Street Research analyst Pierre Ferragu upgraded the company to a buy rating and <strong>Stifel</strong> analyst Stephen Gengaro reiterated his buy rating, naming Tesla one of his favorite stocks in 2025. Both analysts think Tesla can lower costs, produce more affordable vehicles, stabilize its gross margin, and have further opportunities in the autonomous business.</p>
<div class="lb-trans"><p>然而，其他分析师对特斯拉持更乐观的态度。新街研究的分析师皮埃尔·费拉古将该公司的评级上调至买入，<strong>斯蒂费尔</strong> 的分析师斯蒂芬·根加罗重申了他的买入评级，并将特斯拉列为他 2025 年最喜欢的股票之一。这两位分析师认为，特斯拉可以降低成本，生产更实惠的车辆，稳定其毛利率，并在自主驾驶业务中获得更多机会。</p>
</div><h2>Look ahead to Friday</h2>
<div class="lb-trans"><h2>展望周五</h2>
</div><p>Most of the sell-off in tech today appears related to the macro environment, and new data supporting sticky inflation and a strong economy that could keep yields elevated. With the market and most tech stocks trading at sky-high valuations, it's no surprise to see investors pushing the sell button. The silver lining is that the economic data continues to support an economy on sound footing. High yields supported by an expanding economy are not necessarily bad and could lead to stronger earnings, which could continue to support the market.</p>
<div class="lb-trans"><p>今天科技股的大部分抛售似乎与宏观环境有关，新数据支持了顽固的通胀和可能保持高收益率的强劲经济。随着市场和大多数科技股的估值高企，投资者选择抛售并不令人意外。值得注意的是，经济数据继续支持稳健的经济基础。高收益率在扩张的经济支持下并不一定是坏事，可能会导致更强的盈利，从而继续支持市场。</p>
</div><p>However, many investors also expected rate cuts this year, so stocks may be pressured if those don't materialize. Remember, investor sentiment can change quickly and more economic data is on tap this week. <strong>ADP</strong>'s private sector jobs data comes out tomorrow, but the real show will be on Friday when December's nonfarm payroll jobs data is released. A weak reading of the jobs report could send yields lower, although investors may not react favorably if they grow concerned about a recession.</p>
<div class="lb-trans"><p>然而，许多投资者也预计今年会降息，因此如果降息未能实现，股票可能会受到压力。请记住，投资者情绪可能迅速变化，本周还有更多经济数据即将公布。<strong>ADP</strong> 的私营部门就业数据将在明天发布，但真正的焦点将在周五，当时将发布 12 月份的非农就业数据。就业报告的疲软读数可能会导致收益率下降，尽管如果投资者对衰退感到担忧，反应可能不会太积极。</p>
</div><p>I'm currently on the sidelines when it comes to highly valued tech and AI stocks like Tesla, Broadcom, and Rivian. The enormous potential of the AI market may lead investors in a different direction, but stocks with higher valuations are more susceptible to sell off on bad news.</p>
<div class="lb-trans"><p>目前我对特斯拉、博通和 Rivian 等高估值的科技和 AI 股票持观望态度。AI 市场的巨大潜力可能会引导投资者朝不同方向发展，但高估值的股票在坏消息面前更容易遭遇抛售。</p>
</div>

Why Tesla, Broadcom, and Rivian Fell Today as Treasury Yields Shot Higher

- 美国国债收益率因通胀数据上升而持续上涨，导致市场下跌。  
- 纳斯达克综合指数下跌近 2%，特斯拉和 Rivian 股价分别下跌约 4% 和 5%。  
- 经济数据表明通胀可能持续，投资者对美联储降息的预期减弱。  

为什么特斯拉、博通和 Rivian 今天下跌，因为国债收益率飙升