<p><img src="https://imageproxy.pbkrs.com/https://m.foolcdn.com/media/dubs/images/email-header-breakfast-news.max-800x600.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://m.foolcdn.com/media/dubs/images/email-header-breakfast-news.max-800x600.png"/></p>
<h2>早餐新闻：银行顺利通过压力测试</h2>
<p>###2025 年 7 月 2 日</p>
<table>
<thead>
<tr>
<th>周二市场</th>
</tr>
</thead>
<tbody>
<tr>
<td><strong>标准普尔 500 指数</strong><br/>6,198 (-0.11%)</td>
</tr>
<tr>
<td><strong>纳斯达克</strong><br/>20,203 (-0.82%)</td>
</tr>
<tr>
<td><strong>道琼斯</strong><br/>44,495 (+0.91%)</td>
</tr>
<tr>
<td><strong>比特币</strong><br/>$105,590 (-1.89%)</td>
</tr>
</tbody>
</table>
<p><img src="https://imageproxy.pbkrs.com/https://braze-images.com/appboy/communication/assets/image_assets/images/68650bf817779b0064fbda70/original.png/query-MTc1MTQ1MjY2Mw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://braze-images.com/appboy/communication/assets/image_assets/images/68650bf817779b0064fbda70/original.png/query-MTc1MTQ1MjY2Mw"/></p>
<p>来源：Jester AI 创建的图像。</p>
<h2>1. 美联储健康检查为银行提供绿灯</h2>
<p>主要美国银行在通过美联储的压力测试后宣布了新的股息和回购计划。今年的测试模拟了全球经济衰退、10% 的失业率和房价下跌。虽然这些情景比 2024 年轻，但所有 22 家测试银行的资本充足性均超过了要求。</p>
<ul>
<li><strong>“对股东可持续的资本分配水平”：</strong> <strong>摩根大通</strong>(JPM 0.15%) 将股息从 1.40 美元提高到 1.50 美元，并宣布了 500 亿美元的股票回购，首席执行官杰米·戴蒙表示这 “得益于我们强劲的财务表现”。</li>
<li><strong>平均 11.6% 的普通股一级资本充足率：</strong> <strong>美国银行</strong>(BAC 1.70%)、<strong>富国银行</strong>(WFC 1.64%) 和 <strong>花旗集团</strong>(C 1.33%) 等公司都推出了新的股东回报计划，平均流动性指标远高于最低要求的 4.5%。</li>
</ul>
<h2>2. 汽车市场的 “特朗普效应” 减弱</h2>
<p><strong>特斯拉</strong>(TSLA -5.03%) 的股票昨日下跌 5.3%，在公司第二季度交付数据即将公布之际。分析师预计交付量将从去年同期的近 444,000 辆下降 13%，降至 385,000 辆。早期迹象表明，直到 5 月的五个月欧洲销量下降可能会持续到 6 月。</p>
<ul>
<li><strong>价格比去年上涨 1,400 美元：</strong> 随着消费者急于在关税上涨前购车，汽车销售在 6 月似乎放缓。市场研究公司 J.D. Power 报告称，3 月和 4 月的额外销售达 173,000 辆，买家急于在关税前购车，平均价格有所上涨。</li>
<li><strong>“销售速度回归我所称的更正常水平”：</strong> <strong>丰田</strong>(TM -0.55%) 在 4 月至 6 月的三个月内销量增长 7.2%，该公司美国销售负责人大卫·克里斯特表示，6 月销量持平。</li>
</ul>
<h2>3. Corona 的拥有者面临啤酒恐慌</h2>
<p><strong>星座品牌</strong>(STZ 2.28%) 昨日公布了 2026 财年第一季度的收入和盈利预期均未达标。调整后的每股收益为 3.22 美元，低于预期的 3.31 美元，而 25.2 亿美元的收入仅略低于华尔街预测的 25.5 亿美元。这家啤酒制造商严重依赖进口啤酒和铝材，表示进口关税影响了其盈利能力。</p>
<ul>
<li><strong>“年度运营现金流和自由现金流预期保持不变”：</strong> 首席财务官加思·汉金森确认了约 30% 的股息支付比率，同时公司重申了 2026 财年的指导方针。</li>
<li><strong>股票年初至今下跌 25%：</strong> 在盘前交易中，股票小幅下跌，首席执行官比尔·纽兰德将销售疲软归因于 “非结构性社会经济因素”。</li>
</ul>
<h2>4. 就业激增，PMI 势头增强</h2>
<p>昨日的职位空缺和劳动力流动调查（JOLTS）显示，职位空缺意外地达到 2024 年 11 月以来的最高水平。美国劳工统计局的最新数据显示，截至 5 月底，职位空缺数量为 776 万，较上月的 739 万有所上升，超出预测的 730 万。</p>
<ul>
<li><strong>50 以上通常表明扩张：</strong> 标准普尔全球美国制造业 PMI 在 6 月上升至 52.9，较 5 月的 52 有所上升。供应管理协会的制造业指数为 49.0，优于预期，尽管关税仍然影响制造业前景。</li>
<li><strong>“我不考虑暂停”：</strong> 特朗普总统表示，他不打算延长 7 月 9 日的截止日期，因为美联储主席杰罗姆·鲍威尔表示，如果不是因为关税，利率现在就会被降低。</li>
</ul>
<h2>5. 你的看法</h2>
<p>你在投资组合中持有哪些金融公司（如果有的话）？是什么促使你选择投资这些公司而不是其他公司？与朋友和家人讨论，或成为会员，听听其他投资者的看法。</p>

星座品牌-A

摩根大通

<p>主要的美国银行通过了美联储的压力测试，导致新的股息和回购计划。摩根大通提高了股息并宣布了 500 亿美元的回购计划。特斯拉的股票在预计交付下降前下跌，而星座品牌因进口关税未能达到收入和盈利预期。职位空缺意外上升，制造业指数显示出扩张迹象。特朗普总统表示没有计划延长关于关税的 7 月 9 日截止日期。投资者被鼓励讨论他们的金融投资组合</p>

<p><img src="https://imageproxy.pbkrs.com/https://m.foolcdn.com/media/dubs/images/email-header-breakfast-news.max-800x600.png" alt="" original-src="https://m.foolcdn.com/media/dubs/images/email-header-breakfast-news.max-800x600.png"/></p>
<h2>Breakfast News: Banks Ace Stress Tests</h2>
<div class="lb-trans"><h2>早餐新闻：银行顺利通过压力测试</h2>
</div><h3>July 2, 2025</h3>
<div class="lb-trans"><p>###2025 年 7 月 2 日</p>
</div><table>
<thead>
<tr>
<th>Tuesday's Markets</th>
</tr>
</thead>
<tbody>
<tr>
<td><strong>S&amp;P 500</strong><br/>6,198 (-0.11%)</td>
</tr>
<tr>
<td><strong>Nasdaq</strong><br/>20,203 (-0.82%)</td>
</tr>
<tr>
<td><strong>Dow</strong><br/>44,495 (+0.91%)</td>
</tr>
<tr>
<td><strong>Bitcoin</strong><br/>$105,590 (-1.89%)</td>
</tr>
</tbody>
</table>
<div class="lb-trans"><table>
<thead>
<tr>
<th>周二市场</th>
</tr>
</thead>
<tbody>
<tr>
<td><strong>标准普尔 500 指数</strong><br/>6,198 (-0.11%)</td>
</tr>
<tr>
<td><strong>纳斯达克</strong><br/>20,203 (-0.82%)</td>
</tr>
<tr>
<td><strong>道琼斯</strong><br/>44,495 (+0.91%)</td>
</tr>
<tr>
<td><strong>比特币</strong><br/>$105,590 (-1.89%)</td>
</tr>
</tbody>
</table>
</div><p><img src="https://imageproxy.pbkrs.com/https://braze-images.com/appboy/communication/assets/image_assets/images/68650bf817779b0064fbda70/original.png/query-MTc1MTQ1MjY2Mw" alt="" original-src="https://braze-images.com/appboy/communication/assets/image_assets/images/68650bf817779b0064fbda70/original.png?1751452663"/></p>
<p>Source: Image Created by Jester AI.</p>
<div class="lb-trans"><p>来源：Jester AI 创建的图像。</p>
</div><h2>1. Fed Health Check Gives Banks Green Light</h2>
<div class="lb-trans"><h2>1. 美联储健康检查为银行提供绿灯</h2>
</div><p>Major U.S. banks announced new dividend and buyback plans after passing the Federal Reserve's stress tests. This year they simulated a global recession, 10% unemployment, and falling house prices. The scenarios were less severe than in 2024, but each of the tested 22 banks came through with more than enough capital.</p>
<div class="lb-trans"><p>主要美国银行在通过美联储的压力测试后宣布了新的股息和回购计划。今年的测试模拟了全球经济衰退、10% 的失业率和房价下跌。虽然这些情景比 2024 年轻，但所有 22 家测试银行的资本充足性均超过了要求。</p>
</div><ul>
<li><strong>&#34;A sustainable level of capital distribution to our shareholders&#34;:</strong> <strong>JPMorgan</strong>(JPM 0.15%) raised its dividend from $1.40 to $1.50 and announced a $50 billion share buyback, which CEO Jamie Dimon said is &#34;supported by our strong financial performance.&#34;</li>
<li><strong>Average 11.6% common equity tier 1 capital ratio:</strong> <strong>Bank of America</strong>(BAC 1.70%), <strong>Wells Fargo</strong>(WFC 1.64%), and <strong>Citigroup</strong>(C 1.33%) are among those with new shareholder return plans, as the average liquidity measure came in well above the required minimum 4.5%.</li>
</ul>
<div class="lb-trans"><ul>
<li><strong>“对股东可持续的资本分配水平”：</strong> <strong>摩根大通</strong>(JPM 0.15%) 将股息从 1.40 美元提高到 1.50 美元，并宣布了 500 亿美元的股票回购，首席执行官杰米·戴蒙表示这 “得益于我们强劲的财务表现”。</li>
<li><strong>平均 11.6% 的普通股一级资本充足率：</strong> <strong>美国银行</strong>(BAC 1.70%)、<strong>富国银行</strong>(WFC 1.64%) 和 <strong>花旗集团</strong>(C 1.33%) 等公司都推出了新的股东回报计划，平均流动性指标远高于最低要求的 4.5%。</li>
</ul>
</div><h2>2. Auto Market's 'Trump Bump' Fades</h2>
<div class="lb-trans"><h2>2. 汽车市场的 “特朗普效应” 减弱</h2>
</div><p><strong>Tesla</strong>(TSLA -5.03%) stock fell 5.3% yesterday, ahead of the company's second-quarter deliveries figures due today. Analysts expect a 13% decline to 385,000 deliveries from almost 444,000 in the same period a year ago. Early signs suggest five months of European sales declines up to May are likely to have continued into June.</p>
<div class="lb-trans"><p><strong>特斯拉</strong>(TSLA -5.03%) 的股票昨日下跌 5.3%，在公司第二季度交付数据即将公布之际。分析师预计交付量将从去年同期的近 444,000 辆下降 13%，降至 385,000 辆。早期迹象表明，直到 5 月的五个月欧洲销量下降可能会持续到 6 月。</p>
</div><ul>
<li><strong>Prices up $1,400 from a year ago:</strong> Auto sales look set to have slowed in June as the rush to get ahead of tariff price rises cools. Market research firm J.D. Power reports an extra 173,000 sales in March and April as buyers rushed to get ahead of tariffs, saying average prices have risen.</li>
<li><strong>&#34;Sales pace returned to what I call more normal&#34;:</strong> <strong>Toyota</strong>(TM -0.55%) sales in the three months from April to June rose 7.2%, as the company's U.S. sales head David Christ said June was flat.</li>
</ul>
<div class="lb-trans"><ul>
<li><strong>价格比去年上涨 1,400 美元：</strong> 随着消费者急于在关税上涨前购车，汽车销售在 6 月似乎放缓。市场研究公司 J.D. Power 报告称，3 月和 4 月的额外销售达 173,000 辆，买家急于在关税前购车，平均价格有所上涨。</li>
<li><strong>“销售速度回归我所称的更正常水平”：</strong> <strong>丰田</strong>(TM -0.55%) 在 4 月至 6 月的三个月内销量增长 7.2%，该公司美国销售负责人大卫·克里斯特表示，6 月销量持平。</li>
</ul>
</div><h2>3. Corona Owner Beer Fear</h2>
<div class="lb-trans"><h2>3. Corona 的拥有者面临啤酒恐慌</h2>
</div><p><strong>Constellation Brands</strong>(STZ 2.28%) posted misses on revenue and earnings estimates for the first quarter of fiscal 2026 yesterday. Adjusted earnings per share of $3.22 fell short of the expected $3.31, while $2.52 billion revenue only just missed Wall Street's $2.55 billion prediction. The brewer, which relies heavily on imported beer and aluminum, said import tariffs impacted its profitability.</p>
<div class="lb-trans"><p><strong>星座品牌</strong>(STZ 2.28%) 昨日公布了 2026 财年第一季度的收入和盈利预期均未达标。调整后的每股收益为 3.22 美元，低于预期的 3.31 美元，而 25.2 亿美元的收入仅略低于华尔街预测的 25.5 亿美元。这家啤酒制造商严重依赖进口啤酒和铝材，表示进口关税影响了其盈利能力。</p>
</div><ul>
<li><strong>&#34;Annual operating cash flow and free cash flow expectations are unchanged&#34;:</strong> CFO Garth Hankinson confirmed a dividend payout ratio of approximately 30%, while the company reiterated its fiscal 2026 guidance.</li>
<li><strong>Stock down 25% year to date:</strong> The stock was down marginally in pre-market trading as CEO Bill Newlands put weaker sales down to &#34;non-structural socioeconomic factors.&#34;</li>
</ul>
<div class="lb-trans"><ul>
<li><strong>“年度运营现金流和自由现金流预期保持不变”：</strong> 首席财务官加思·汉金森确认了约 30% 的股息支付比率，同时公司重申了 2026 财年的指导方针。</li>
<li><strong>股票年初至今下跌 25%：</strong> 在盘前交易中，股票小幅下跌，首席执行官比尔·纽兰德将销售疲软归因于 “非结构性社会经济因素”。</li>
</ul>
</div><h2>4. Jobs Jump, PMI Momentum Builds</h2>
<div class="lb-trans"><h2>4. 就业激增，PMI 势头增强</h2>
</div><p>Yesterday's Job Openings and Labor Turnover Survey (JOLTS) showed openings unexpectedly at their highest since November 2024. The latest from the Bureau of Labor Statistics showed a count of 7.76 million at the end of May, up from 7.39 million a month previously and ahead of the forecast 7.3 million.</p>
<div class="lb-trans"><p>昨日的职位空缺和劳动力流动调查（JOLTS）显示，职位空缺意外地达到 2024 年 11 月以来的最高水平。美国劳工统计局的最新数据显示，截至 5 月底，职位空缺数量为 776 万，较上月的 739 万有所上升，超出预测的 730 万。</p>
</div><ul>
<li><strong>Above 50 generally suggests expansion:</strong> The S&amp;P Global US Manufacturing PMI rose to 52.9 in June, up from 52. The Institute for Supply Management's manufacturing index came in at 49.0, better than expected, as tariffs continue to cloud the manufacturing outlook.</li>
<li><strong>&#34;I'm not thinking about the pause&#34;:</strong> President Trump indicated he's not planning to extend the July 9 deadline, as Fed chair Jerome Powell said rates would have been cut by now if not for tariffs.</li>
</ul>
<div class="lb-trans"><ul>
<li><strong>50 以上通常表明扩张：</strong> 标准普尔全球美国制造业 PMI 在 6 月上升至 52.9，较 5 月的 52 有所上升。供应管理协会的制造业指数为 49.0，优于预期，尽管关税仍然影响制造业前景。</li>
<li><strong>“我不考虑暂停”：</strong> 特朗普总统表示，他不打算延长 7 月 9 日的截止日期，因为美联储主席杰罗姆·鲍威尔表示，如果不是因为关税，利率现在就会被降低。</li>
</ul>
</div><h2>5. Your Take</h2>
<div class="lb-trans"><h2>5. 你的看法</h2>
</div><p>Which, if any, financial companies do you have in your portfolio? What led you toward investing in those rather than any others? Discuss with friends and family, or become a member to hear what your fellow Fools are saying.</p>
<div class="lb-trans"><p>你在投资组合中持有哪些金融公司（如果有的话）？是什么促使你选择投资这些公司而不是其他公司？与朋友和家人讨论，或成为会员，听听其他投资者的看法。</p>
</div>

Breakfast News: Banks Ace Stress Tests

- 美国主要银行通过美联储压力测试，宣布新的股息和回购计划。  
- 特斯拉股价下跌，预计第二季度交付量将下降 13%。  
- Constellation Brands 第一季度营收和盈利未达预期，受进口关税影响。  

早餐新闻：银行在压力测试中表现优异