<p>投资者从科技股转向其他行业</p><p>塔吉特在重申年度预测后股价下跌</p><p>雅诗兰黛因年度利润预测低于预期而下跌</p><p>（重述交易初步收盘情况）</p><p>作者：Johann M Cherian, Sanchayaita Roy 和 Carolina Mandl</p><p>8 月 20 日（路透社）-</p><p>周三，纳斯达克和标准普尔 500 指数下跌，投资者抛售科技股，转向估值较低的行业，同时也在等待美联储官员在本周杰克逊霍尔研讨会上的讲话。</p><p>科技股在华尔街 4 月的抛售后推动了大部分反弹，但近期有所回落。标准普尔 500 科技指数（.SPLRCT）当天下跌，而能源、医疗保健和消费品等行业则上涨。</p><p>Allspring 的高级投资组合经理 Bryant van Cronkhite 表示：“从更广泛的角度来看，这更像是一种轮换，而不是一次真正的抛售。科技估值在今天膨胀的支出背景下显得过高。其次，我想说市场上有很多估值看起来非常有吸引力的领域，但它们被广泛忽视。”</p><p>根据初步数据，标准普尔 500 指数（.SPX）下跌 16.40 点，或 0.26%，收于 6,394.97 点，而纳斯达克综合指数（.IXIC）下跌 144.76 点，或 0.68%，至 21,170.19 点。道琼斯工业平均指数（.DJI）上涨 1.48 点，或 0.00%，至 44,923.75 点。</p><p>分析师列举了科技股抛售背后的其他因素，包括 OpenAI 首席执行官 Sam Altman 上周关于人工智能股票 “处于泡沫中” 的评论，以及麻省理工学院的一项研究显示许多科技公司在将人工智能转化为实际利润方面面临困难。</p><p>一些投资者还担心政府对私营部门的干预。特朗普总统的政府正在考虑对英特尔（INTC.O）等芯片公司进行股权投资，此前与英伟达和 AMD 达成了前所未有的收益分享协议。</p><p>英伟达（NVDA.O）、超威半导体（AMD.O）、英特尔（INTC.O）和美光（MU.O）股价下跌。市场对英伟达 8 月 27 日的季度业绩充满期待，以寻找人工智能需求的线索。</p><p>其他大型成长股如苹果（AAPL.N）和 Meta（META.O）也受到压力。</p><p>美联储 7 月会议的纪要显示，几乎所有政策制定者都认为维持联邦基金利率目标区间在 4.25% 至 4.50% 是合适的，尽管有两位持不同意见的成员。</p><p>美联储在怀俄明州杰克逊霍尔的年度会议将于周五开始，主席杰罗姆·鲍威尔预计将发表讲话。他的讲话将受到密切关注，以寻找政策信号。根据 LSEG 汇编的数据，投资者已在定价 9 月份 25 个基点的降息。</p><p>与此同时，投资者还关注特朗普要求美联储理事 Lisa Cook 辞职的呼声，特朗普总统引用了她涉嫌抵押贷款欺诈的指控。</p><p>大型零售商的财报被视为美国消费者健康的晴雨表，本周也将公布，因为人们对关税可能推高价格的担忧情绪受到打击。</p><p>塔吉特（TGT.N）在公司任命新首席执行官并保留 5 月份下调的年度预测后股价暴跌。</p><p>化妆品巨头雅诗兰黛（EL.N）因关税相关的逆风影响其年度利润预测而下跌。</p>

<p>纳斯达克和标准普尔 500 指数收盘下跌，投资者从科技股转向价格较低的行业，标准普尔 500 指数下跌 0.26%，纳斯达克下跌 0.68%。对科技股估值的担忧以及 OpenAI 首席执行官关于人工智能股票处于泡沫中的评论加剧了抛售。同时，道琼斯指数保持稳定。投资者还在等待美联储即将举行的杰克逊霍尔研讨会的见解，主席杰罗姆·鲍威尔预计将发表讲话</p>

<p>Investors rotate out of tech and into other sectors</p>
<div class="lb-trans"><p>投资者从科技股转向其他行业</p>
</div><p>Target down after reaffirming annual forecast</p>
<div class="lb-trans"><p>塔吉特在重申年度预测后股价下跌</p>
</div><p>Estee Lauder down as annual profit forecast below estimates</p>
<div class="lb-trans"><p>雅诗兰黛因年度利润预测低于预期而下跌</p>
</div><p>(Recasts with preliminary close of trading)</p>
<div class="lb-trans"><p>（重述交易初步收盘情况）</p>
</div><p>By Johann M Cherian, Sanchayaita Roy and Carolina Mandl</p>
<div class="lb-trans"><p>作者：Johann M Cherian, Sanchayaita Roy 和 Carolina Mandl</p>
</div><p>Aug 20 (Reuters) -</p>
<div class="lb-trans"><p>8 月 20 日（路透社）-</p>
</div><p>The Nasdaq and S&amp;P 500 fell on Wednesday as investors sold tech stocks and moved into less highly valued sectors, as they also awaited remarks from Federal Reserve officials at their Jackson Hole symposium this week.</p>
<div class="lb-trans"><p>周三，纳斯达克和标准普尔 500 指数下跌，投资者抛售科技股，转向估值较低的行业，同时也在等待美联储官员在本周杰克逊霍尔研讨会上的讲话。</p>
</div><p>Tech stocks, which drove much of the recovery from Wall Street’s April selloff, have been pulling back. The S&amp;P 500 technology index (.SPLRCT) was down on the day, while sectors such as energy, healthcare and consumer staples rose.</p>
<div class="lb-trans"><p>科技股在华尔街 4 月的抛售后推动了大部分反弹，但近期有所回落。标准普尔 500 科技指数（.SPLRCT）当天下跌，而能源、医疗保健和消费品等行业则上涨。</p>
</div><p>“A broader lens tells you it’s more of a rotation than a true sell off,” said Allspring’s senior portfolio manager, Bryant van Cronkhite. “Tech valuations look extended in the context of inflated spending today. Number two, I would say that there are a lot of pockets of the market that look very attractive from a valuation standpoint and they’ve been broadly ignored.”</p>
<div class="lb-trans"><p>Allspring 的高级投资组合经理 Bryant van Cronkhite 表示：“从更广泛的角度来看，这更像是一种轮换，而不是一次真正的抛售。科技估值在今天膨胀的支出背景下显得过高。其次，我想说市场上有很多估值看起来非常有吸引力的领域，但它们被广泛忽视。”</p>
</div><p>According to preliminary data, the S&amp;P 500 (.SPX) lost 16.40 points, or 0.26%, to end at 6,394.97 points, while the Nasdaq Composite (.IXIC) lost 144.76 points, or 0.68%, to 21,170.19. The Dow Jones Industrial Average (.DJI) rose 1.48 points, or 0.00%, to 44,923.75.</p>
<div class="lb-trans"><p>根据初步数据，标准普尔 500 指数（.SPX）下跌 16.40 点，或 0.26%，收于 6,394.97 点，而纳斯达克综合指数（.IXIC）下跌 144.76 点，或 0.68%，至 21,170.19 点。道琼斯工业平均指数（.DJI）上涨 1.48 点，或 0.00%，至 44,923.75 点。</p>
</div><p>Analysts listing other factors behind the tech sell-off mentioned OpenAI CEO Sam Altman’s comments last week about artificial intelligence stocks being “in a bubble,” and a Massachusetts Institute of Technology study that showed many tech companies were struggling to translate AI into actual profits.</p>
<div class="lb-trans"><p>分析师列举了科技股抛售背后的其他因素，包括 OpenAI 首席执行官 Sam Altman 上周关于人工智能股票 “处于泡沫中” 的评论，以及麻省理工学院的一项研究显示许多科技公司在将人工智能转化为实际利润方面面临困难。</p>
</div><p>Some investors also worried about government interference in the private sector. President Donald Trump’s administration is looking into taking equity stakes in chip firms such as Intel (INTC.O) , weeks after unprecedented revenue-sharing deals with Nvidia and AMD.</p>
<div class="lb-trans"><p>一些投资者还担心政府对私营部门的干预。特朗普总统的政府正在考虑对英特尔（INTC.O）等芯片公司进行股权投资，此前与英伟达和 AMD 达成了前所未有的收益分享协议。</p>
</div><p>Nvidia (NVDA.O) , Advanced Micro Devices (AMD.O) , Intel (INTC.O) and Micron (MU.O) fell. Nvidia’s quarterly results on August 27 are keenly awaited for clues on demand for artificial intelligence.</p>
<div class="lb-trans"><p>英伟达（NVDA.O）、超威半导体（AMD.O）、英特尔（INTC.O）和美光（MU.O）股价下跌。市场对英伟达 8 月 27 日的季度业绩充满期待，以寻找人工智能需求的线索。</p>
</div><p>Other megacap growth names such as Apple (AAPL.N) and Meta (META.O) also came under pressure.</p>
<div class="lb-trans"><p>其他大型成长股如苹果（AAPL.N）和 Meta（META.O）也受到压力。</p>
</div><p>Minutes from the Fed’s July meeting, where interest rates were left unchanged, showed almost all policymakers viewed it as appropriate to maintain the target range for the federal funds rate at 4.25% to 4.50%, despite two dissenters.</p>
<div class="lb-trans"><p>美联储 7 月会议的纪要显示，几乎所有政策制定者都认为维持联邦基金利率目标区间在 4.25% 至 4.50% 是合适的，尽管有两位持不同意见的成员。</p>
</div><p>The central bank’s annual conference in Jackson Hole, Wyoming, kicks off on Friday, with Chair Jerome Powell expected to speak. His remarks will be closely watched for policy signals. Investors have been pricing in a 25-basis-point rate cut in September, according to data compiled by LSEG.</p>
<div class="lb-trans"><p>美联储在怀俄明州杰克逊霍尔的年度会议将于周五开始，主席杰罗姆·鲍威尔预计将发表讲话。他的讲话将受到密切关注，以寻找政策信号。根据 LSEG 汇编的数据，投资者已在定价 9 月份 25 个基点的降息。</p>
</div><p>Meanwhile, investors also monitored Trump’s call for the resignation of Fed Governor Lisa Cook, with the president citing allegations that she was involved in mortgage fraud.</p>
<div class="lb-trans"><p>与此同时，投资者还关注特朗普要求美联储理事 Lisa Cook 辞职的呼声，特朗普总统引用了她涉嫌抵押贷款欺诈的指控。</p>
</div><p>Earnings from big retailers, seen as a barometer for the health of the American consumer, are also due this week as sentiment has taken a hit from concerns that tariffs could drive prices higher.</p>
<div class="lb-trans"><p>大型零售商的财报被视为美国消费者健康的晴雨表，本周也将公布，因为人们对关税可能推高价格的担忧情绪受到打击。</p>
</div><p>Target (TGT.N) tumbled after the company named a new CEO and retained its annual forecasts that were lowered in May.</p>
<div class="lb-trans"><p>塔吉特（TGT.N）在公司任命新首席执行官并保留 5 月份下调的年度预测后股价暴跌。</p>
</div><p>Cosmetics giant Estee Lauder (EL.N) fell after tariff-related headwinds weighed on its annual profit forecast.</p>
<div class="lb-trans"><p>化妆品巨头雅诗兰黛（EL.N）因关税相关的逆风影响其年度利润预测而下跌。</p>
</div>

US STOCKS-Nasdaq, S&P 500 end lower as investors sell tech, buy less pricey sectors

- 投资者从科技股转向其他行业，纳斯达克和标普 500 指数下跌。  
- Target 和 Estee Lauder 的年利润预测低于预期，导致股价下滑。  
- 市场关注美联储会议及特朗普对美联储官员的评论。  

美国股市——纳斯达克和标准普尔 500 指数收盘走低，投资者抛售科技股，转向购买价格较低的板块