<p>作者：Joseph Adinolfi</p>
<p>周四是过去 20 年中道琼斯指数在创下历史新高后下跌 1% 或更多的第 10 次。</p>
<p>周四，股市经历了一场广泛的抛售。</p>
<p>华尔街的这一天异常艰难。</p>
<p>包括标准普尔 500 指数、纳斯达克综合指数、道琼斯工业平均指数和罗素 2000 指数在内的主要美国股指，周四均创下自 10 月 10 日以来的最大百分比跌幅，数据显示。</p>
<p>道琼斯指数下跌近 800 点，跌幅为 1.7%，收于 47,457.22 点，而标准普尔 500 指数下跌 113.43 点，跌幅为 1.7%，收于 6,737.49 点。纳斯达克综合指数下跌 536.10 点，跌幅为 2.3%，收于 22,870.36 点。罗素 2000 指数下跌 67.81 点，跌幅为 2.8%，收于 2,382.98 点。</p>
<p>华尔街策略师表示，多个因素促成了抛售，但对美联储降息计划的看法变化似乎是主要原因。</p>
<p>根据 CME 集团的数据，市场对中央银行在 12 月第三次降息的预期在周四短暂降至 50% 以下，然后恢复到五五开的局面。这一数据较前一天的近 63% 有所下降。</p>
<p>这一下跌是由于美联储高级官员的评论，他们强调通胀依然顽固，而整体经济似乎保持稳定。</p>
<p>这一影响似乎在市场间扩散，导致股票和债券价格下跌。根据截至东部时间下午 3 点的数据显示，10 年期美国国债收益率上升 3.2 个基点，达到 4.111%。债券收益率与价格呈反向关系，价格下跌时收益率上升。</p>
<p>&#34;我们可能会看到美联储在未来几个月更多地处于观望状态，这加剧了今天的抛售，&#34;爱德华·琼斯的投资策略主管 Mona Mahajan 在接受 MarketWatch 采访时表示。</p>
<p>本周早些时候，轮换交易似乎正在形成，这帮助道琼斯指数上涨，尽管纳斯达克仍在挣扎。但这种轮换在周四似乎让位于更广泛的抛售，甚至影响了价值股，包括标准普尔 500 医疗保健板块的成员。根据 FactSet 的数据，医疗保健在 11 月仍是该指数表现最好的板块，涨幅接近 6%。</p>
<p>纳斯达克综合指数持续挣扎，所谓的 “七大奇迹” 中的一些成员——包括 Meta Platforms Inc. (META) 和 Tesla Inc. (TSLA)——现在已跌入修正区间，定义为从近期高点下跌 10% 或更多。美国市值最高的上市公司 Nvidia Corp. (NVDA) 自 10 月 29 日创下历史新高以来，已下跌近 10%。</p>
<p>纳斯达克在过去两周下跌了 3.6%，有望创下自 4 月 4 日以来的最大两周跌幅。</p>
<p>对创纪录的政府关门结束的热情并未能提振投资者的情绪，周三道琼斯指数首次收于 48,000 点的反弹突然中断。Interactive Brokers 的经济学家 Jose Torres 将其描述为 “买传闻，卖新闻” 的反应，这一短语通常用来描述在预期事件或发展发生后出现的下跌。</p>
<p>相关：股市因期待政府关门结束而飙升。为何重启可能会变得棘手。</p>
<p>道琼斯指数在创纪录收盘后大幅下跌的情况相对少见。周四道琼斯指数下跌 1.7% 是该指数历史上在创纪录收盘后第 22 大跌幅，该指数的历史可以追溯到 19 世纪末。过去 20 年中，该指数在创纪录收盘后下跌 1% 或更多的情况也仅发生过 10 次。</p>
<p>与此同时，经济数据的持续延迟使投资者的神经变得紧张。随着历史上最长的关门现已结束，关于经济影响的担忧再次浮出水面。</p>
<p>&#34;我们需要数据，&#34;斯巴达资本证券的首席市场经济学家 Peter Cardillo 表示。&#34;我怀疑大多数宏观数据不会太强劲，表明经济实际上在减弱。&#34;</p>
<p>尽管大型公司的股票最近表现不佳，但对更多高风险投机股票的压力持续加大。这些热门的动量交易在周四再次受到压力，导致罗素 2000 指数的下跌，这是主要指数中跌幅最大的。</p>
<p>热门量子计算股票 Rigetti Computing Inc. (RGTI) 周四下跌 11%，自 11 月初以来累计下跌 43%。周四罗素 2000 指数中至少有一只最大的亏损股是生物科技股 Korro Bio Inc. (KRRO)。生物科技股最近的趋势是上涨。</p>
<p>根据野村证券的 Charlie McElligott 的说法，许多这些较小的、更具投机性的股票今年受到个人投资者的青睐，这提高了可能产生负财富效应的前景，可能会对更广泛的经济造成伤害。</p>
<p>动量的回落并不仅限于股票；比特币（BTCUSD）也跌破了 100,000 美元，创下自 5 月以来的最低价格。</p>
<p>-Joy Wiltermuth、Abhirami Shrinivas 和 Mike DeStefano 贡献</p>
<p>-Joseph Adinolfi</p>
<p>此内容由 MarketWatch 创建，MarketWatch 由道琼斯公司运营。MarketWatch 与道琼斯新闻通讯和《华尔街日报》独立出版。</p>
<p>（完）道琼斯新闻通讯</p>
<p>11-13-25 1751ET</p>

<p>道琼斯指数及其他主要美国股票指数出现显著下跌，道琼斯指数在创下历史新高后下跌了 1.7%。这一罕见的下跌受到对美联储在 12 月降息的怀疑影响，因为市场对降息的预期降至 50% 以下。美联储官员关于持续通胀和稳定经济的评论加剧了抛售，影响了股票和债券价格</p>

<p>By Joseph Adinolfi</p>
<div class="lb-trans"><p>作者：Joseph Adinolfi</p>
</div><p>Thursday marked only the 10th time in the past 20 years that the Dow dropped 1% or more following a record finish</p>
<div class="lb-trans"><p>周四是过去 20 年中道琼斯指数在创下历史新高后下跌 1% 或更多的第 10 次。</p>
</div><p>Stocks were swept up in a broad-based selloff on Thursday.</p>
<div class="lb-trans"><p>周四，股市经历了一场广泛的抛售。</p>
</div><p>It was an unusually rough day on Wall Street.</p>
<div class="lb-trans"><p>华尔街的这一天异常艰难。</p>
</div><p>Major U.S. equity indexes, including the S&amp;P 500 index, Nasdaq Composite Index, Dow Jones Industrial Average and Russell 2000 index, all tallied their worst percentage-point declines since Oct. 10 on Thursday, Dow Jones Market Data showed.</p>
<div class="lb-trans"><p>包括标准普尔 500 指数、纳斯达克综合指数、道琼斯工业平均指数和罗素 2000 指数在内的主要美国股指，周四均创下自 10 月 10 日以来的最大百分比跌幅，数据显示。</p>
</div><p>The Dow DJIA dropped nearly 800 points, or 1.7%, to close at 47,457.22, while the S&amp;P 500 SPX fell 113.43 points, or 1.7%, to end at 6,737.49. The Nasdaq Composite COMP declined 536.10 points, or 2.3%, to finish at 22,870.36. The Russell 2000 RUT fell 67.81 points, or 2.8%, to end at 2,382.98.</p>
<div class="lb-trans"><p>道琼斯指数下跌近 800 点，跌幅为 1.7%，收于 47,457.22 点，而标准普尔 500 指数下跌 113.43 点，跌幅为 1.7%，收于 6,737.49 点。纳斯达克综合指数下跌 536.10 点，跌幅为 2.3%，收于 22,870.36 点。罗素 2000 指数下跌 67.81 点，跌幅为 2.8%，收于 2,382.98 点。</p>
</div><p>A confluence of factors contributed to the selling, Wall Street strategists said, but shifting views about the Federal Reserve's plans for interest-rate cuts appeared to be chief among them.</p>
<div class="lb-trans"><p>华尔街策略师表示，多个因素促成了抛售，但对美联储降息计划的看法变化似乎是主要原因。</p>
</div><p>Market-based expectations that the central bank would lower interest rates in December for the third time this year briefly fell below 50% on Thursday, before recovering to a coin toss, according to CME Group data. That was down from almost 63% a day before.</p>
<div class="lb-trans"><p>根据 CME 集团的数据，市场对中央银行在 12 月第三次降息的预期在周四短暂降至 50% 以下，然后恢复到五五开的局面。这一数据较前一天的近 63% 有所下降。</p>
</div><p>The decline was triggered by commentary from senior Fed officials, who stressed that inflation remained sticky, while the broader economy appeared to be holding up.</p>
<div class="lb-trans"><p>这一下跌是由于美联储高级官员的评论，他们强调通胀依然顽固，而整体经济似乎保持稳定。</p>
</div><p>The impact appeared to ripple out across markets, provoking a decline in prices of stocks and bonds. The yield on the 10-year Treasury note BX:TMUBMUSD10Y rose 3.2 basis points to 4.111%, based on levels as of 3 p.m. Eastern, Dow Jones Market Data showed. Bond yields move inversely with prices, rising as prices fall.</p>
<div class="lb-trans"><p>这一影响似乎在市场间扩散，导致股票和债券价格下跌。根据截至东部时间下午 3 点的数据显示，10 年期美国国债收益率上升 3.2 个基点，达到 4.111%。债券收益率与价格呈反向关系，价格下跌时收益率上升。</p>
</div><p>&#34;We may see a Fed that is more on the sidelines in the months ahead and that is exacerbating the selloff today,&#34; said Mona Mahajan, head of investment strategy at Edward Jones, during an interview with MarketWatch.</p>
<div class="lb-trans"><p>&#34;我们可能会看到美联储在未来几个月更多地处于观望状态，这加剧了今天的抛售，&#34;爱德华·琼斯的投资策略主管 Mona Mahajan 在接受 MarketWatch 采访时表示。</p>
</div><p>Earlier in the week, a rotation trade appeared to be taking shape, which helped lift the Dow, even as the Nasdaq continued to struggle. But that rotation appeared to give way to a broader selloff on Thursday, one that even impacted value stocks, including members of the S&amp;P 500 healthcare sector. Healthcare remains the index's top-performing sector in November, with a gain of nearly 6%, FactSet data showed.</p>
<div class="lb-trans"><p>本周早些时候，轮换交易似乎正在形成，这帮助道琼斯指数上涨，尽管纳斯达克仍在挣扎。但这种轮换在周四似乎让位于更广泛的抛售，甚至影响了价值股，包括标准普尔 500 医疗保健板块的成员。根据 FactSet 的数据，医疗保健在 11 月仍是该指数表现最好的板块，涨幅接近 6%。</p>
</div><p>The Nasdaq Composite has continued to struggle, as some members of the so-called Magnificent Seven - including Meta Platforms Inc. (META) and Tesla Inc .(TSLA) - have now slumped into correction territory, defined as a drop of 10% or more from a recent high. Nvidia Corp. (NVDA), the most valuable publicly traded U.S. company, was down nearly 10% from its Oct. 29 record finish.</p>
<div class="lb-trans"><p>纳斯达克综合指数持续挣扎，所谓的 “七大奇迹” 中的一些成员——包括 Meta Platforms Inc. (META) 和 Tesla Inc. (TSLA)——现在已跌入修正区间，定义为从近期高点下跌 10% 或更多。美国市值最高的上市公司 Nvidia Corp. (NVDA) 自 10 月 29 日创下历史新高以来，已下跌近 10%。</p>
</div><p>The Nasdaq has fallen by 3.6% over the past two weeks, leaving it on track for its biggest two-week drop since April 4, Dow Jones Market Data showed.</p>
<div class="lb-trans"><p>纳斯达克在过去两周下跌了 3.6%，有望创下自 4 月 4 日以来的最大两周跌幅。</p>
</div><p>Enthusiasm about the end of the longest government shutdown on record did little to lift investors' spirits, as a rally that had boosted the Dow to its first finish above 48,000 on Wednesday suddenly broke. Jose Torres, an economist at Interactive Brokers, described it as a &#34;buy the rumors, sell the news&#34; reaction, a phrase often used to describe a decline that occurs after an expected event or development has passed.</p>
<div class="lb-trans"><p>对创纪录的政府关门结束的热情并未能提振投资者的情绪，周三道琼斯指数首次收于 48,000 点的反弹突然中断。Interactive Brokers 的经济学家 Jose Torres 将其描述为 “买传闻，卖新闻” 的反应，这一短语通常用来描述在预期事件或发展发生后出现的下跌。</p>
</div><p>Related: Stocks surge on hopes for an end to the government shutdown. Why the reopening could get tricky.</p>
<div class="lb-trans"><p>相关：股市因期待政府关门结束而飙升。为何重启可能会变得棘手。</p>
</div><p>Large declines for the Dow one day after a record close are relatively rare. The Dow's 1.7% drop on Thursday was the 22nd-largest following a record finish in the history of the index, which stretches back to the late 19th century, according to Dow Jones Market Data. It was also only the 10th time in the past 20 years that the index has fallen by 1% or more the day after a record close.</p>
<div class="lb-trans"><p>道琼斯指数在创纪录收盘后大幅下跌的情况相对少见。周四道琼斯指数下跌 1.7% 是该指数历史上在创纪录收盘后第 22 大跌幅，该指数的历史可以追溯到 19 世纪末。过去 20 年中，该指数在创纪录收盘后下跌 1% 或更多的情况也仅发生过 10 次。</p>
</div><p>Meanwhile, ongoing delays of economic data has helped to fray investors' nerves. With the longest shutdown in history now over, concerns about the economic fallout have returned to the fore.</p>
<div class="lb-trans"><p>与此同时，经济数据的持续延迟使投资者的神经变得紧张。随着历史上最长的关门现已结束，关于经济影响的担忧再次浮出水面。</p>
</div><p>&#34;We need the numbers,&#34; said Peter Cardillo, chief markets economist at Spartan Capital Securities. &#34;I suspect most of the macro news is not going to be that strong and indicate the economy actually weakened.&#34;</p>
<div class="lb-trans"><p>&#34;我们需要数据，&#34;斯巴达资本证券的首席市场经济学家 Peter Cardillo 表示。&#34;我怀疑大多数宏观数据不会太强劲，表明经济实际上在减弱。&#34;</p>
</div><p>While shares of the biggest companies have struggled recently, pressure on more high-flying speculative stocks has continued to intensify. Many of these popular momentum trades came under pressure again on Thursday, contributing to the Russell 2000's decline, which was the largest among major indexes.</p>
<div class="lb-trans"><p>尽管大型公司的股票最近表现不佳，但对更多高风险投机股票的压力持续加大。这些热门的动量交易在周四再次受到压力，导致罗素 2000 指数的下跌，这是主要指数中跌幅最大的。</p>
</div><p>Shares of hot quantum-computing stock Rigetti Computing Inc. (RGTI) were off by 11% on Thursday, bring its decline since the start of November to 43%. At least one of the biggest losers on the Russell 2000 on Thursday was a biotech stock, Korro Bio Inc. (KRRO). Biotech names had recently trended higher.</p>
<div class="lb-trans"><p>热门量子计算股票 Rigetti Computing Inc. (RGTI) 周四下跌 11%，自 11 月初以来累计下跌 43%。周四罗素 2000 指数中至少有一只最大的亏损股是生物科技股 Korro Bio Inc. (KRRO)。生物科技股最近的趋势是上涨。</p>
</div><p>Many of these smaller, more speculative names have been popular with individual investors this year, according to Nomura's Charlie McElligott, raising the prospect of a negative wealth effect that could hurt the broader economy.</p>
<div class="lb-trans"><p>根据野村证券的 Charlie McElligott 的说法，许多这些较小的、更具投机性的股票今年受到个人投资者的青睐，这提高了可能产生负财富效应的前景，可能会对更广泛的经济造成伤害。</p>
</div><p>The momentum unwind wasn't confined to stocks; bitcoin (BTCUSD) also fell below $100,000 to its lowest price since May.</p>
<div class="lb-trans"><p>动量的回落并不仅限于股票；比特币（BTCUSD）也跌破了 100,000 美元，创下自 5 月以来的最低价格。</p>
</div><p>-Joy Wiltermuth, Abhirami Shrinivas and Mike DeStefano contributed</p>
<div class="lb-trans"><p>-Joy Wiltermuth、Abhirami Shrinivas 和 Mike DeStefano 贡献</p>
</div><p>-Joseph Adinolfi</p>
<div class="lb-trans"><p>-Joseph Adinolfi</p>
</div><p>This content was created by MarketWatch, which is operated by Dow Jones &amp; Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.</p>
<div class="lb-trans"><p>此内容由 MarketWatch 创建，MarketWatch 由道琼斯公司运营。MarketWatch 与道琼斯新闻通讯和《华尔街日报》独立出版。</p>
</div><p>(END) Dow Jones Newswires</p>
<div class="lb-trans"><p>（完）道琼斯新闻通讯</p>
</div><p>11-13-25 1751ET</p>
<div class="lb-trans"><p>11-13-25 1751ET</p>
</div>

道琼斯指数在创下历史新高后大幅下跌是相当罕见的。关于 12 月降息的疑虑正在对华尔街施加压力