<p>美国市场在经历了一周的波动后以谨慎的态度收尾，周四的温和上涨在周五因以色列与伊朗之间紧张局势升级而急剧逆转，投资者情绪受到影响。</p>
<p>主要股指在接近历史高点时回落，地缘政治风险重新回到焦点。</p>
<p>标准普尔 500 指数——由 <strong>先锋标准普尔 500 ETF</strong> VOO 跟踪——本周下跌 1.1%，跌破 6000 点大关。</p>
<h3>油价再次成为焦点——黄金瞄准新高</h3>
<p>周四晚些时候，以色列发起了 “崛起之狮行动”，对约 100 个伊朗核设施和军事设施展开大规模空袭， reportedly 杀死了几名高级官员。伊朗则回应称向以色列领土发射了超过 100 架无人机，并誓言进行严厉报复，令地区局势升级的担忧加剧。</p>
<p>油市迅速反应：西德克萨斯中质油价格突破每桶 70 美元，本周涨幅达到两位数——这是多年来的最佳表现。</p>
<p>在经济方面，备受担忧的关税驱动通胀在 5 月未能显现，消费者和生产者价格报告普遍低于预期。</p>
<p>在正常情况下，这样的数据本应增强对美联储降息的希望，并可能引发华尔街的反弹。但由于能源价格飙升，反通胀的叙事受到影响，反弹未能实现。</p>
<p>从行业来看，能源股在油价上涨的推动下领涨，而金融股表现不佳。<strong>甲骨文公司</strong> ORCL 表现突出——在其自 2001 年以来最佳的周回报中上涨超过 20%，得益于强于预期的季度收益和乐观的指引。</p>
<p>货币市场也在波动。美元再次承压，追踪美元的关键指数跌至三年多以来的最低水平。</p>
<p>投资者对美国财政政策的长期走向感到越来越不安，尤其是在 <strong>唐纳德·特朗普</strong> 总统的 “一个伟大、美丽的法案” 即将提交参议院之际。</p>
<p>对贵金属的避险需求依然强劲。黄金在 2025 年的强劲反弹中继续上涨，受到地缘政治不稳定和对美国债务负担的持续担忧的支持。这种贵金属有望实现自 1982 年以来最强劲的上半年表现。</p>
<p>白银也小幅上涨，达到自 2012 年以来的最高水平。</p>
<p>现在所有目光都转向下周的美联储政策会议。虽然预计不会改变利率，但市场将密切关注美联储经济预测的任何变化。在 3 月，政策制定者预测 2025 年 GDP 增长为 1.7%——低于 12 月的 2.1%——以及 2.7% 的平均通胀率，较 2.5% 上调。</p>
<ul>
<li><strong>美元正在崩溃，对冲基金分析师称新的全球贸易正在酝酿</strong></li>
</ul>
<p><em>图像由人工智能通过 Midjourney 生成。</em></p>

甲骨文

<p>美国市场在经历了一周的波动后收盘，标准普尔 500 指数下跌 1.1%，原因是以色列和伊朗之间的紧张局势加剧，影响了投资者情绪。由于地缘政治不稳定，油价突破每桶 70 美元，而通胀数据低于预期，未能提振市场乐观情绪。能源股上涨，甲骨文公司表现强劲，股价上涨超过 20%。美元走弱，黄金价格持续上涨，反映出避险需求。现在的关注点转向即将召开的美联储政策会议</p>

<p>U.S. markets ended a choppy week on a cautious note, as modest gains through Thursday reversed sharply on Friday after escalating tensions between Israel and Iran rattled investor sentiment.</p>
<div class="lb-trans"><p>美国市场在经历了一周的波动后以谨慎的态度收尾，周四的温和上涨在周五因以色列与伊朗之间紧张局势升级而急剧逆转，投资者情绪受到影响。</p>
</div><p>Major equity indices, which had been hovering near all-time highs, pulled back as geopolitical risks surged back to the forefront.</p>
<div class="lb-trans"><p>主要股指在接近历史高点时回落，地缘政治风险重新回到焦点。</p>
</div><p>The S&amp;P 500 – as tracked by the <strong>Vanguard S&amp;P 500 ETF</strong> VOO – ended 1.1% lower for the week, falling below the 6,000-point threshold.</p>
<div class="lb-trans"><p>标准普尔 500 指数——由 <strong>先锋标准普尔 500 ETF</strong> VOO 跟踪——本周下跌 1.1%，跌破 6000 点大关。</p>
</div><h3>Oil's Back In Focus—And Gold Is Eyeing New Highs</h3>
<div class="lb-trans"><h3>油价再次成为焦点——黄金瞄准新高</h3>
</div><p>Late Thursday, Israel launched “Operation Rising Lion,” a sweeping aerial campaign targeting approximately 100 Iranian nuclear and military installations, reportedly killing several high-ranking officials. Iran responded by launching over 100 drones toward Israeli territory and vowed severe retaliation, raising fears of a broader regional escalation.</p>
<div class="lb-trans"><p>周四晚些时候，以色列发起了 “崛起之狮行动”，对约 100 个伊朗核设施和军事设施展开大规模空袭， reportedly 杀死了几名高级官员。伊朗则回应称向以色列领土发射了超过 100 架无人机，并誓言进行严厉报复，令地区局势升级的担忧加剧。</p>
</div><p>Oil markets reacted swiftly: West Texas Intermediate crude surged past $70 a barrel, capping a double-digit percentage gain for the week — its strongest in years.</p>
<div class="lb-trans"><p>油市迅速反应：西德克萨斯中质油价格突破每桶 70 美元，本周涨幅达到两位数——这是多年来的最佳表现。</p>
</div><p>On the economic front, the much-feared tariff-driven inflation failed to materialize in May, with consumer and producer price reports generally coming in broadly below expectations.</p>
<div class="lb-trans"><p>在经济方面，备受担忧的关税驱动通胀在 5 月未能显现，消费者和生产者价格报告普遍低于预期。</p>
</div><p>Under normal circumstances, such data would have bolstered hopes for Federal Reserve rate cuts and likely sparked a rally on Wall Street. But the rally failed to materialize as soaring energy prices clouded the disinflation narrative.</p>
<div class="lb-trans"><p>在正常情况下，这样的数据本应增强对美联储降息的希望，并可能引发华尔街的反弹。但由于能源价格飙升，反通胀的叙事受到影响，反弹未能实现。</p>
</div><p>Sector-wise, energy stocks led the weekly gains, buoyed by the oil rally, while financials underperformed. <strong>Oracle Corp.</strong> ORCL delivered a standout performance – climbing by over 20% on its best weekly return since 2001 – following stronger-than-expected quarterly earnings and upbeat guidance.</p>
<div class="lb-trans"><p>从行业来看，能源股在油价上涨的推动下领涨，而金融股表现不佳。<strong>甲骨文公司</strong> ORCL 表现突出——在其自 2001 年以来最佳的周回报中上涨超过 20%，得益于强于预期的季度收益和乐观的指引。</p>
</div><p>Currency markets were also in motion. The U.S. dollar came under renewed pressure, with a key index tracking the greenback falling to its lowest level in over three years.</p>
<div class="lb-trans"><p>货币市场也在波动。美元再次承压，追踪美元的关键指数跌至三年多以来的最低水平。</p>
</div><p>Investors appeared increasingly uneasy about the long-term trajectory of U.S. fiscal policy, particularly as President <strong>Donald Trump</strong>'s sweeping &#34;One Big, Beautiful Bill&#34; heads to the Senate.</p>
<div class="lb-trans"><p>投资者对美国财政政策的长期走向感到越来越不安，尤其是在 <strong>唐纳德·特朗普</strong> 总统的 “一个伟大、美丽的法案” 即将提交参议院之际。</p>
</div><p>Safe-haven demand for precious metals remained robust. Gold extended its powerful 2025 rally, supported by both geopolitical instability and persistent worries over the U.S. debt burden. The precious metal is on track to deliver its strongest first-half performance since 1982.</p>
<div class="lb-trans"><p>对贵金属的避险需求依然强劲。黄金在 2025 年的强劲反弹中继续上涨，受到地缘政治不稳定和对美国债务负担的持续担忧的支持。这种贵金属有望实现自 1982 年以来最强劲的上半年表现。</p>
</div><p>Silver also inched higher, hitting the highest levels since 2012.</p>
<div class="lb-trans"><p>白银也小幅上涨，达到自 2012 年以来的最高水平。</p>
</div><p>All eyes now turn to the Federal Reserve's policy meeting next week. While no change to interest rates is expected, markets will scrutinize any shifts in the Fed's economic projections. In March, policymakers forecast 2025 GDP growth at 1.7% — down from 2.1% in December — and a 2.7% average inflation rate, revised upward from 2.5%.</p>
<div class="lb-trans"><p>现在所有目光都转向下周的美联储政策会议。虽然预计不会改变利率，但市场将密切关注美联储经济预测的任何变化。在 3 月，政策制定者预测 2025 年 GDP 增长为 1.7%——低于 12 月的 2.1%——以及 2.7% 的平均通胀率，较 2.5% 上调。</p>
</div><ul>
<li><strong>The Dollar Is Crumbling, And Hedge Fund Analyst Says A New Global Trade Is Brewing</strong></li>
</ul>
<div class="lb-trans"><ul>
<li><strong>美元正在崩溃，对冲基金分析师称新的全球贸易正在酝酿</strong></li>
</ul>
</div><p><em>Image created using artificial intelligence via Midjourney.</em></p>
<div class="lb-trans"><p><em>图像由人工智能通过 Midjourney 生成。</em></p>
</div>

Soft Inflation Data Meets Middle East Turmoil: This Week In Markets

- 美国市场在一周波动后谨慎收盘，因以色列与伊朗紧张局势加剧。  
- 标普 500 指数本周下跌 1.1%，油价上涨至每桶 70 美元以上。  
- 黄金价格持续上涨，预计将创下自 1982 年以来的最佳上半年表现。  

温和的通胀数据与中东动荡相遇：本周市场概况