<p>美国股指期货周二交易走低，此前周一收盘表现不一。主要基准指数的期货在盘前交易中大致持平。</p>
<p>美国和中国代表团之间的贸易讨论定于周二在伦敦继续进行。–</p>
<p>在周一的初步谈判后，美国总统 <strong>唐纳德·特朗普</strong> 在白宫对记者表示：“我们与中国的关系很好。中国并不容易。我只收到好的报告。”</p>
<p>与此同时，特朗普政府的官员预计中国将解除对稀土合金、矿物和磁铁出口的限制，因为华盛顿与北京之间的贸易谈判仍在继续。</p>
<p>10 年期国债收益率为 4.45%，而两年期国债收益率为 3.98%。CME 集团的 FedWatch 工具的预测显示，市场预计美联储在 6 月会议上维持当前利率不变的可能性为 99.9%。</p>
<p><strong>SPDR S&amp;P 500 ETF Trust</strong> SPY 和 <strong>Invesco QQQ Trust ETF</strong> QQQ 分别跟踪 S&amp;P 500 指数和纳斯达克 100 指数，周二在盘前交易中表现不一。根据 Benzinga Pro 的数据，SPY 下跌 0.0017%，报 599.67 美元，而 QQQ 上涨 0.026%，报 530.84 美元。</p>
<p><strong>来自上一个交易日的提示：</strong></p>
<p>周一，S&amp;P 500 的多数行业收盘表现不佳，公用事业、金融和消费品类股录得最大损失。</p>
<p>然而，消费品和材料类股逆势上涨，收盘走高。</p>
<p>与此同时，美国股市表现混合，尽管纳斯达克综合指数在交易期间上涨超过 50 点，因为美国和中国官员之间的贸易谈判激发了投资者的乐观情绪。</p>
<p><strong>高通公司</strong> QCOM 的股价在公司宣布以 24 亿美元收购 Alphawave 后上涨超过 4%。</p>
<p><strong>儿童之家公司</strong> PLCE 的股价下跌 32%，因为该公司发布的第一季度业绩低于预期。</p>
<p>在经济数据方面，美国 4 月份批发库存环比上升 0.2%，达到 9087 亿美元。美国消费者对未来一年的通胀预期在 5 月份降至 3.2%，低于上个月的 3.6%。</p>
<p>道琼斯指数收盘下跌 1 点，跌幅为 0.002%，报 42761.76 点，而 S&amp;P 500 指数上涨 0.092%，报 6005.88 点。纳斯达克综合指数上涨 0.31%，报 19591.24 点，小型股指数 Russell 2000 上涨 0.57%，收于 2144.45 点。</p>
<p><strong>分析师见解：</strong></p>
<p><strong>查尔斯·施瓦布公司</strong> 在其年中展望中指出，美国经济和股市在下半年面临 “多重挑战”。</p>
<p>“关税引发的通胀、财政失衡以及劳动力市场降温的迹象，导致不确定性和不稳定性加剧，” 报告中指出。</p>
<p>然而，随着股市接近历史高点，“市场在下半年的门槛相对较高。”</p>
<p>报告还解释说，存在 “可能性” 使情况好转，“关税率逐渐降低，劳动力市场稳定，通胀保持在可控范围内”，然而，该公司对理解和预测日常新闻流向的 “信心较低”。</p>
<p>“目前，投资者情绪和积极的盈利增长是支撑因素，而高估值和负增长的关税政策则是障碍，” 报告补充道。</p>
<p>报告还强调，“投资者应继续在资产类别之间及内部进行多元化投资，特别是在考虑到（今年）美国以外市场的主导地位时。”</p>
<p>与此同时，高级经济学家 <strong>杰里米·西格尔</strong> 在他的 WisdomTree 报告中表示，投资者情绪受益于美国与中国贸易紧张局势 “进展或至少暂停” 的信号。</p>
<p>“我继续相信，市场可以消化 10% 的普遍关税和对中国的 30% 关税，同时对铝等特定行业的增加有限，” 他说。</p>
<p>西格尔补充道：“展望未来，S&amp;P 500 的历史高点在没有重大贸易冲击的情况下是可能的。风险依然存在，但经济继续显示出韧性。”</p>
<p><strong>即将发布的经济数据</strong></p>
<p>以下是投资者周二将关注的内容：</p>
<ul>
<li>5 月份的 NFIB 乐观指数数据将在东部时间上午 6:00 发布。</li>
</ul>
<p><strong>关注股票：</strong></p>
<ul>
<li><strong>Core &amp; Main Inc.</strong> CNM 在周二的盘前交易中下跌了 0.32%，分析师预计其季度每股收益为 53 美分，收入为 18.5 亿美元，开盘前公布。</li>
<li><strong>J M Smucker Co.</strong> SJM 在其财报发布前下跌了 0.14%。分析师预计每股收益为 2.24 美元，收入为 21.8 亿美元。</li>
<li><strong>United Natural Foods Inc.</strong> UNFI 上涨了 2.54%，分析师预计其季度每股收益为 21 美分，收入为 77.8 亿美元，开盘前公布。</li>
<li><strong>Designer Brands Inc.</strong> DBI 在财报发布前上涨了 2.41%。分析师预计季度亏损为每股 6 美分，收入为 7.3282 亿美元。</li>
<li><strong>Calavo Growers Inc.</strong> CVGW 在发布第二季度不佳业绩后暴跌了 13.48%。该公司报告的季度每股收益为 40 美分，低于分析师一致预期的 53 美分。</li>
<li><strong>Casey’s General Stores Inc.</strong> CASY 在周一发布超出预期的第四季度业绩后上涨了 10.41%。该公司报告的季度每股收益为 2.63 美元，超过分析师一致预期的 2.01 美元。</li>
<li><strong>Marin Software Inc.</strong> MRIN 在与一家私募股权公司签署非约束性意向书以探索潜在交易后，股价飙升了 64.71%。</li>
<li><strong>Klotho Neurosciences Inc.</strong> KLTO 在宣布有前景的新研究结果后，股价上涨了 52.20%。其许可的疗法显示出减少与年龄相关的退化并显著增加健康寿命的潜力。</li>
<li><strong>Venus Concept Inc.</strong> VERO 在完成注册直接发行后上涨了 23.92%，通过以每股 2.65 美元出售 434,720 股筹集了 115 万美元。</li>
<li><strong>Baiya International Group Inc.</strong> BIYA 在上周宣布部分解除 IPO 锁定后下跌了 35.77%。该豁免允许出售 2,950,000 股。</li>
</ul>
<p><strong>商品、黄金和全球股市：</strong></p>
<p>原油期货在纽约早盘交易中上涨了 0.21%，徘徊在每桶 65.43 美元左右。</p>
<p>现货黄金以美元计价上涨了 0.09%，徘徊在每盎司 3,328.82 美元。其最后的历史高点为每盎司 3,500.33 美元。美国美元指数现货上涨了 0.24%，达到 99.1790。</p>
<p>周二，亚洲市场涨跌互现，中国的 CSI 300 和香港的恒生指数下跌。澳大利亚的 ASX 200、日本的日经 225、印度的 S&amp;P BSE Sensex 和韩国的 Kospi 指数上涨。欧洲市场在早盘交易中也表现不一。</p>
<ul>
<li><strong>Mohamed El Erian 警告称 ‘令人担忧’ 的中国贸易数据笼罩着美国谈判，但 Bob Elliott 认为中国签署 ‘不利协议’ 的紧迫性不大</strong></li>
</ul>
<p><em>图片来源：Shutterstock</em></p>

联合天然食品

<p>美国股指期货交易下跌，分析师预测由于关税引发的波动，2025 年下半年将面临挑战。美国与中国之间的贸易谈判仍在进行中，市场期待中国解除对稀土出口的限制。美联储可能会维持当前的利率水平。尽管前一交易日表现不一，分析师强调在经济不确定性中需要进行多元化投资。包括 NFIB 乐观指数在内的关键经济数据即将公布。高通和联合天然食品等股票在财报发布前备受关注</p>

<p>U.S. stock futures were trading lower on Tuesday after a mixed close on Monday. Futures of major benchmark indices were largely flat in premarket.</p>
<div class="lb-trans"><p>美国股指期货周二交易走低，此前周一收盘表现不一。主要基准指数的期货在盘前交易中大致持平。</p>
</div><p>Trade discussions between the U.S. and China delegations are set to continue on Tuesday in London. –</p>
<div class="lb-trans"><p>美国和中国代表团之间的贸易讨论定于周二在伦敦继续进行。–</p>
</div><p>Following these initial talks on Monday, U.S. President <strong>Donald Trump</strong> addressed reporters from the White House, stating: “We are doing well with China. China’s not easy. I’m only getting good reports.”</p>
<div class="lb-trans"><p>在周一的初步谈判后，美国总统 <strong>唐纳德·特朗普</strong> 在白宫对记者表示：“我们与中国的关系很好。中国并不容易。我只收到好的报告。”</p>
</div><p>Meanwhile, officials from the Trump administration expect China to lift restrictions on exports of rare earth alloys, minerals, and magnets, as trade negotiations between Washington and Beijing continue</p>
<div class="lb-trans"><p>与此同时，特朗普政府的官员预计中国将解除对稀土合金、矿物和磁铁出口的限制，因为华盛顿与北京之间的贸易谈判仍在继续。</p>
</div><p>The 10-year Treasury bond yielded 4.45% and the two-year bond was at 3.98%. The CME Group's FedWatch tool‘s projections show markets pricing a 99.9% likelihood of the Federal Reserve keeping the current interest rates unchanged in its June meeting.</p>
<div class="lb-trans"><p>10 年期国债收益率为 4.45%，而两年期国债收益率为 3.98%。CME 集团的 FedWatch 工具的预测显示，市场预计美联储在 6 月会议上维持当前利率不变的可能性为 99.9%。</p>
</div><p>The <strong>SPDR S&amp;P 500 ETF Trust</strong> SPY and <strong>Invesco QQQ Trust ETF</strong> QQQ, which track the S&amp;P 500 index and Nasdaq 100 index, respectively, were mixed in premarket on Tuesday. The SPY was down 0.0017% at $599.67, while the QQQ advanced 0.026% to $530.84, according to Benzinga Pro data.</p>
<div class="lb-trans"><p><strong>SPDR S&amp;P 500 ETF Trust</strong> SPY 和 <strong>Invesco QQQ Trust ETF</strong> QQQ 分别跟踪 S&amp;P 500 指数和纳斯达克 100 指数，周二在盘前交易中表现不一。根据 Benzinga Pro 的数据，SPY 下跌 0.0017%，报 599.67 美元，而 QQQ 上涨 0.026%，报 530.84 美元。</p>
</div><p><strong>Cues From Last Session:</strong></p>
<div class="lb-trans"><p><strong>来自上一个交易日的提示：</strong></p>
</div><p>Most sectors on the S&amp;P 500 closed on a negative note Monday, with utilities, financials, and consumer staples stocks recording the biggest losses.</p>
<div class="lb-trans"><p>周一，S&amp;P 500 的多数行业收盘表现不佳，公用事业、金融和消费品类股录得最大损失。</p>
</div><p>However, consumer discretionary and materials stocks bucked the overall market trend, closing the session higher.</p>
<div class="lb-trans"><p>然而，消费品和材料类股逆势上涨，收盘走高。</p>
</div><p>Meanwhile, U.S. stocks settled mixed, though the Nasdaq Composite gained more than 50 points during the session as trade talks between U.S. and Chinese officials stoked investor optimism.</p>
<div class="lb-trans"><p>与此同时，美国股市表现混合，尽管纳斯达克综合指数在交易期间上涨超过 50 点，因为美国和中国官员之间的贸易谈判激发了投资者的乐观情绪。</p>
</div><p>Shares of <strong>Qualcomm Inc.</strong> QCOM gained more than 4% after the company announced its agreement to acquire Alphawave for $2.4 billion.</p>
<div class="lb-trans"><p><strong>高通公司</strong> QCOM 的股价在公司宣布以 24 亿美元收购 Alphawave 后上涨超过 4%。</p>
</div><p><strong>Children’s Place Inc.</strong> PLCE shares dipped 32% as the company posted weaker-than-expected first-quarter results.</p>
<div class="lb-trans"><p><strong>儿童之家公司</strong> PLCE 的股价下跌 32%，因为该公司发布的第一季度业绩低于预期。</p>
</div><p>On the economic data front, U.S. wholesale inventories rose 0.2% month-over-month to $908.7 billion for April. U.S. consumer inflation expectations for the year ahead eased to 3.2% in May compared to 3.6% in the previous month.</p>
<div class="lb-trans"><p>在经济数据方面，美国 4 月份批发库存环比上升 0.2%，达到 9087 亿美元。美国消费者对未来一年的通胀预期在 5 月份降至 3.2%，低于上个月的 3.6%。</p>
</div><p>The Dow Jones index ended 1 point or 0.002% lower at 42,761.76, whereas the S&amp;P 500 index rose 0.092% to 6,005.88. Nasdaq Composite advanced 0.31% to 19,591.24, and the small-cap gauge, Russell 2000, gained 0.57% to end at 2,144.45.</p>
<div class="lb-trans"><p>道琼斯指数收盘下跌 1 点，跌幅为 0.002%，报 42761.76 点，而 S&amp;P 500 指数上涨 0.092%，报 6005.88 点。纳斯达克综合指数上涨 0.31%，报 19591.24 点，小型股指数 Russell 2000 上涨 0.57%，收于 2144.45 点。</p>
</div><p><strong>Insights From Analysts:</strong></p>
<div class="lb-trans"><p><strong>分析师见解：</strong></p>
</div><p>The U.S. economy and stock market face a “confluence of challenges” in the second half of the year, noted <strong>Charles Schwab &amp; Co. Inc.</strong> in its mid-year outlook.</p>
<div class="lb-trans"><p><strong>查尔斯·施瓦布公司</strong> 在其年中展望中指出，美国经济和股市在下半年面临 “多重挑战”。</p>
</div><p>“Tariff-induced inflation, fiscal imbalances, and signs of labor market cooling contribute to an environment of heightened uncertainty and instability,” stated the note.</p>
<div class="lb-trans"><p>“关税引发的通胀、财政失衡以及劳动力市场降温的迹象，导致不确定性和不稳定性加剧，” 报告中指出。</p>
</div><p>However, with stocks nearing all-time highs, “the bar is relatively high for the market in the second half of the year.”</p>
<div class="lb-trans"><p>然而，随着股市接近历史高点，“市场在下半年的门槛相对较高。”</p>
</div><p>The note also explained that there were “possibilities” for things to right with “tariff rates edging lower, the labor market stabilizing, and inflation remaining under control,” however, the firm had “low conviction” in understanding and predicting where the day-to-day news flow could head.</p>
<div class="lb-trans"><p>报告还解释说，存在 “可能性” 使情况好转，“关税率逐渐降低，劳动力市场稳定，通胀保持在可控范围内”，然而，该公司对理解和预测日常新闻流向的 “信心较低”。</p>
</div><p>“For now, investor sentiment and positive earnings growth are supports, whereas stretched valuations and growth-negative tariff policy are hindrances,” it added.</p>
<div class="lb-trans"><p>“目前，投资者情绪和积极的盈利增长是支撑因素，而高估值和负增长的关税政策则是障碍，” 报告补充道。</p>
</div><p>The note also highlighted that “Investors should continue to embrace diversification across and within asset classes, especially given the dominance (this year) of markets outside the United States.”</p>
<div class="lb-trans"><p>报告还强调，“投资者应继续在资产类别之间及内部进行多元化投资，特别是在考虑到（今年）美国以外市场的主导地位时。”</p>
</div><p>Meanwhile, senior economist <strong>Jeremy Siegel</strong> said in his WisdomTree note that the investor sentiment was benefiting from signals of “progress or at least a pause” in U.S.-China trade tensions.</p>
<div class="lb-trans"><p>与此同时，高级经济学家 <strong>杰里米·西格尔</strong> 在他的 WisdomTree 报告中表示，投资者情绪受益于美国与中国贸易紧张局势 “进展或至少暂停” 的信号。</p>
</div><p>“I continue to believe the market can digest tariffs of 10% across the board and 30% for China with limited sector-specific increases like aluminum at 50%,” he stated.</p>
<div class="lb-trans"><p>“我继续相信，市场可以消化 10% 的普遍关税和对中国的 30% 关税，同时对铝等特定行业的增加有限，” 他说。</p>
</div><p>Siegel added that “Looking ahead, the S&amp;P 500 all-time highs are likely in the absence of major trade shocks. Risks remain, but the economy continues to show resilience.”</p>
<div class="lb-trans"><p>西格尔补充道：“展望未来，S&amp;P 500 的历史高点在没有重大贸易冲击的情况下是可能的。风险依然存在，但经济继续显示出韧性。”</p>
</div><p><strong>Upcoming Economic Data</strong></p>
<div class="lb-trans"><p><strong>即将发布的经济数据</strong></p>
</div><p>Here’s what investors will keep an eye on Tuesday:</p>
<div class="lb-trans"><p>以下是投资者周二将关注的内容：</p>
</div><ul>
<li>May’s NFIB optimism index data will be out by 6:00 a.m. ET.</li>
</ul>
<div class="lb-trans"><ul>
<li>5 月份的 NFIB 乐观指数数据将在东部时间上午 6:00 发布。</li>
</ul>
</div><p><strong>Stocks In Focus:</strong></p>
<div class="lb-trans"><p><strong>关注股票：</strong></p>
</div><ul>
<li><strong>Core &amp; Main Inc.</strong> CNM fell 0.32% in premarket on Tuesday as analysts expect it to report quarterly earnings of 53 cents per share on revenue of $1.85 billion, before the opening bell.</li>
<li><strong>J M Smucker Co.</strong> SJM was 0.14% lower ahead of its earnings, which are supposed to be released before the opening bell. Analysts expect earnings of $2.24 per share on revenue of $2.18 billion.</li>
<li><strong>United Natural Foods Inc.</strong> UNFI rose 2.54% as analysts expect it to report quarterly earnings of 21 cents per share on revenue of $7.78 billion, before the opening bell.</li>
<li><strong>Designer Brands Inc.</strong> DBI was up 2.41% ahead of its earnings, which are supposed to be released before the opening bell. Analysts expect a quarterly loss of 6 cents per share on revenue of $732.82 million.</li>
<li><strong>Calavo Growers Inc.</strong> CVGW plunged 13.48% after posting downbeat results for its second quarter. The company reported quarterly earnings of 40 cents per share, which missed the analyst consensus estimate of 53 cents per share.</li>
<li><strong>Casey’s General Stores Inc.</strong> CASY jumped 10.41% after posting better-than-expected earnings for its fourth quarter on Monday. The company reported quarterly earnings of $2.63 per share, which beat the analyst consensus estimate of $2.01 per share.</li>
<li><strong>Marin Software Inc.</strong> MRIN surged 64.71% after it entered into a non-binding letter of intent with a private equity firm to explore a potential transaction.</li>
<li><strong>Klotho Neurosciences Inc.</strong> KLTO zoomed 52.20% after announcing promising new study findings. Its licensed therapy showed potential to reduce age-related degeneration and significantly increase healthy lifespan.</li>
<li><strong>Venus Concept Inc.</strong> VERO advanced 23.92% after closing its registered direct offering, raising $1.15 million through the sale of 434,720 shares at $2.65 per share.</li>
<li><strong>Baiya International Group Inc.</strong> BIYA dropped 35.77% after announcing a partial waiver of IPO lock-up last week. The waiver allows the sale of 2,950,000 shares.</li>
</ul>
<div class="lb-trans"><ul>
<li><strong>Core &amp; Main Inc.</strong> CNM 在周二的盘前交易中下跌了 0.32%，分析师预计其季度每股收益为 53 美分，收入为 18.5 亿美元，开盘前公布。</li>
<li><strong>J M Smucker Co.</strong> SJM 在其财报发布前下跌了 0.14%。分析师预计每股收益为 2.24 美元，收入为 21.8 亿美元。</li>
<li><strong>United Natural Foods Inc.</strong> UNFI 上涨了 2.54%，分析师预计其季度每股收益为 21 美分，收入为 77.8 亿美元，开盘前公布。</li>
<li><strong>Designer Brands Inc.</strong> DBI 在财报发布前上涨了 2.41%。分析师预计季度亏损为每股 6 美分，收入为 7.3282 亿美元。</li>
<li><strong>Calavo Growers Inc.</strong> CVGW 在发布第二季度不佳业绩后暴跌了 13.48%。该公司报告的季度每股收益为 40 美分，低于分析师一致预期的 53 美分。</li>
<li><strong>Casey’s General Stores Inc.</strong> CASY 在周一发布超出预期的第四季度业绩后上涨了 10.41%。该公司报告的季度每股收益为 2.63 美元，超过分析师一致预期的 2.01 美元。</li>
<li><strong>Marin Software Inc.</strong> MRIN 在与一家私募股权公司签署非约束性意向书以探索潜在交易后，股价飙升了 64.71%。</li>
<li><strong>Klotho Neurosciences Inc.</strong> KLTO 在宣布有前景的新研究结果后，股价上涨了 52.20%。其许可的疗法显示出减少与年龄相关的退化并显著增加健康寿命的潜力。</li>
<li><strong>Venus Concept Inc.</strong> VERO 在完成注册直接发行后上涨了 23.92%，通过以每股 2.65 美元出售 434,720 股筹集了 115 万美元。</li>
<li><strong>Baiya International Group Inc.</strong> BIYA 在上周宣布部分解除 IPO 锁定后下跌了 35.77%。该豁免允许出售 2,950,000 股。</li>
</ul>
</div><p><strong>Commodities, Gold, And Global Equity Markets:</strong></p>
<div class="lb-trans"><p><strong>商品、黄金和全球股市：</strong></p>
</div><p>Crude oil futures were trading higher in the early New York session by 0.21% to hover around $65.43 per barrel.</p>
<div class="lb-trans"><p>原油期货在纽约早盘交易中上涨了 0.21%，徘徊在每桶 65.43 美元左右。</p>
</div><p>Gold Spot US Dollar rose 0.09% to hover around $3,328.82 per ounce. Its last record high stood at $3,500.33 per ounce. The U.S. Dollar Index spot was higher by 0.24% at the 99.1790 level.</p>
<div class="lb-trans"><p>现货黄金以美元计价上涨了 0.09%，徘徊在每盎司 3,328.82 美元。其最后的历史高点为每盎司 3,500.33 美元。美国美元指数现货上涨了 0.24%，达到 99.1790。</p>
</div><p>Asian markets were mixed on Tuesday as China’s CSI 300 and Hong Kong's Hang Seng indices fell. Australia's ASX 200, Japan's Nikkei 225, India's S&amp;P BSE Sensex, and South Korea's Kospi indices rose. European markets were also mixed in early trade.</p>
<div class="lb-trans"><p>周二，亚洲市场涨跌互现，中国的 CSI 300 和香港的恒生指数下跌。澳大利亚的 ASX 200、日本的日经 225、印度的 S&amp;P BSE Sensex 和韩国的 Kospi 指数上涨。欧洲市场在早盘交易中也表现不一。</p>
</div><ul>
<li><strong>Mohamed El Erian Warns Of ‘Worrisome’ Chinese Trade Data Looming Over US Negotiations, But Bob Elliott Sees ‘Little Urgency’ For China To Sign A ‘Disadvantageous Deal’</strong></li>
</ul>
<div class="lb-trans"><ul>
<li><strong>Mohamed El Erian 警告称 ‘令人担忧’ 的中国贸易数据笼罩着美国谈判，但 Bob Elliott 认为中国签署 ‘不利协议’ 的紧迫性不大</strong></li>
</ul>
</div><p><em>Photo courtesy: Shutterstock</em></p>
<div class="lb-trans"><p><em>图片来源：Shutterstock</em></p>
</div>

US Stocks Likely To Open Lower: Equities Face 'High Bar' Amid Tariff-Fueled Volatility In The Second Half Of 2025, Says Analyst

- 美国股指期货周二交易走低，主要基准指数期货在盘前基本持平。  
- 美中贸易谈判将于周二在伦敦继续进行，特朗普表示与中国的关系良好。  
- 10 年期国债收益率为 4.45%，市场预计美联储将维持利率不变。

美国股市可能会低开：分析师指出，2025 年下半年，由于关税引发的波动，股票市场面临着 “高门槛”