<p>美国股市在周五大幅下跌，因国债收益率上升、持续的通胀担忧以及能源价格飙升给市场施加压力，此前主要指数经历了又一个创纪录的交易日。</p>
<p>道琼斯工业平均指数下跌约 402 点，跌幅约为 0.8%，而标准普尔 500 指数下跌 1.13%。</p>
<p>纳斯达克综合指数领跌，下滑约 1.58%，投资者从推动市场近期反弹的高增长科技股中撤回资金。</p>
<p>此次抛售发生在标准普尔 500 指数和纳斯达克综合指数周四创下历史新高之后，而道琼斯指数则在数月内首次重返 50000 点水平。</p>
<p>随着投资者重新评估未来美联储政策收紧的可能性，债券收益率飙升，这与持续的中东冲突相关的通胀压力有关。</p>
<p>基准 10 年期国债收益率攀升至约 4.56%，为 2025 年 5 月以来的最高水平。</p>
<p>30 年期国债收益率也上升至超过 5.1%，接近 2023 年时的水平。</p>
<p>市场越来越预期通胀将比之前预期的更长时间保持在高位，特别是能源价格持续上涨的情况下。</p>
<p><strong>油价和中东紧张局势加大压力</strong></p>
<p>能源市场仍然是关注的焦点，因与伊朗冲突相关的持续干扰使原油价格继续上涨。</p>
<p>布伦特原油价格上涨近 3%，达到约每桶 109 美元，而美国西德克萨斯中质原油价格接近 104 美元。</p>
<p>由于霍尔木兹海峡仍然关闭，全球能源供应的担忧加剧，这威胁到全球石油流动的关键航运路线。</p>
<p>CBOE 波动率指数，通常被称为华尔街的 “恐惧指标”，因投资者焦虑加剧而攀升至近 19.2 的两周高点。</p>
<p>本周发布的经济报告也加强了对能源成本上升可能蔓延至更广泛经济通胀的担忧。</p>
<p>根据 CME 集团的 FedWatch 工具，12 月加息 25 个基点的概率在过去一周内翻倍，达到约 40%。</p>
<p>与此同时，投资者对特朗普总统与中国国家主席习近平的峰会未能达成重大政策突破感到失望。</p>
<p>讨论内容包括贸易、关税、台湾、伊朗和半导体供应链。</p>
<p>尽管双方 reportedly 同意霍尔木兹海峡应保持开放，但市场对整体结果的看法却显得乏善可陈。</p>
<p><strong>科技股在 AI 驱动的反弹后回落</strong></p>
<p>科技股在周五领跌，因投资者在强劲的 AI 驱动反弹后获利了结，该反弹在最近几个月主导了市场。</p>
<p>英伟达在前一交易日大涨后下跌约 3.6%。</p>
<p>超微半导体、美光科技和英特尔也大幅下跌，其中英特尔下跌约 6.2%。</p>
<p>Cerebras Systems 在周四市场首秀时飙升近 90%，但回落约 2.3%。</p>
<p>应用材料公司尽管预测第三季度收入和调整后利润超出华尔街预期，但仍然下滑。</p>
<p>微软是为数不多的几只上涨的大型科技股之一，此前亿万富翁投资者比尔·阿克曼披露了 Pershing Square 在该公司建立了新头寸。</p>
<p>分析师警告称，整体市场反弹仍然高度集中于与人工智能相关的大型科技公司。</p>
<p>尽管周五出现回调，标准普尔 500 指数和纳斯达克仍有望实现连续第七周上涨，而道琼斯指数则有望在七周内实现第六周上涨。</p>

标普 500 波动率指数

道琼斯指数

标普 500 指数

<p>美国股市在周五大幅下跌，道琼斯指数下跌 402 点（0.8%），纳斯达克指数下跌 1.58%，受到国债收益率上升、通胀担忧和油价上涨的压力。10 年期国债收益率达到 4.56%，为 2025 年 5 月以来的最高水平。在中东紧张局势的影响下，原油价格上涨近 3%，而 CBOE 波动率指数则创下两周以来的最高点。尽管出现抛售，标普 500 指数和纳斯达克指数仍有望实现连续第七周的上涨</p>

<p>US stocks fell sharply on Friday as rising Treasury yields, persistent inflation concerns, and escalating energy prices pressured markets following another record-setting session for major indexes.</p>
<div class="lb-trans"><p>美国股市在周五大幅下跌，因国债收益率上升、持续的通胀担忧以及能源价格飙升给市场施加压力，此前主要指数经历了又一个创纪录的交易日。</p>
</div><p>The Dow Jones Industrial Average dropped roughly 402 points, or about 0.8%, while the S&amp;P 500 fell 1.13%.</p>
<div class="lb-trans"><p>道琼斯工业平均指数下跌约 402 点，跌幅约为 0.8%，而标准普尔 500 指数下跌 1.13%。</p>
</div><p>Nasdaq Composite led declines, sliding about 1.58% as investors pulled back from high-growth technology stocks that had powered much of the market’s recent rally.</p>
<div class="lb-trans"><p>纳斯达克综合指数领跌，下滑约 1.58%，投资者从推动市场近期反弹的高增长科技股中撤回资金。</p>
</div><p>The selloff came after the S&amp;P 500 and Nasdaq Composite closed at record highs Thursday, while the Dow reclaimed the 50,000 level for the first time in months.</p>
<div class="lb-trans"><p>此次抛售发生在标准普尔 500 指数和纳斯达克综合指数周四创下历史新高之后，而道琼斯指数则在数月内首次重返 50000 点水平。</p>
</div><p>Bond yields surged as investors reassessed the likelihood of future Federal Reserve policy tightening amid renewed inflation pressures tied to the ongoing Middle East conflict.</p>
<div class="lb-trans"><p>随着投资者重新评估未来美联储政策收紧的可能性，债券收益率飙升，这与持续的中东冲突相关的通胀压力有关。</p>
</div><p>The yield on the benchmark 10-year Treasury note climbed to roughly 4.56%, its highest level since May 2025.</p>
<div class="lb-trans"><p>基准 10 年期国债收益率攀升至约 4.56%，为 2025 年 5 月以来的最高水平。</p>
</div><p>The 30-year Treasury yield also rose above 5.1%, nearing levels last seen in 2023.</p>
<div class="lb-trans"><p>30 年期国债收益率也上升至超过 5.1%，接近 2023 年时的水平。</p>
</div><p>Markets increasingly expect inflation to remain elevated longer than previously anticipated, particularly as energy prices continue climbing.</p>
<div class="lb-trans"><p>市场越来越预期通胀将比之前预期的更长时间保持在高位，特别是能源价格持续上涨的情况下。</p>
</div><p><strong>Oil prices and Middle East tensions add pressure</strong></p>
<div class="lb-trans"><p><strong>油价和中东紧张局势加大压力</strong></p>
</div><p>Energy markets remained a central focus as crude oil prices extended gains amid continued disruptions linked to the conflict involving Iran.</p>
<div class="lb-trans"><p>能源市场仍然是关注的焦点，因与伊朗冲突相关的持续干扰使原油价格继续上涨。</p>
</div><p>Brent crude rose nearly 3% to around $109 per barrel, while US West Texas Intermediate crude climbed toward $104.</p>
<div class="lb-trans"><p>布伦特原油价格上涨近 3%，达到约每桶 109 美元，而美国西德克萨斯中质原油价格接近 104 美元。</p>
</div><p>Concerns over global energy supplies intensified as the Strait of Hormuz remained closed, threatening a critical shipping route for global oil flows.</p>
<div class="lb-trans"><p>由于霍尔木兹海峡仍然关闭，全球能源供应的担忧加剧，这威胁到全球石油流动的关键航运路线。</p>
</div><p>The CBOE Volatility Index, commonly referred to as Wall Street’s “fear gauge,” climbed to a two-week high near 19.2 as investor anxiety increased.</p>
<div class="lb-trans"><p>CBOE 波动率指数，通常被称为华尔街的 “恐惧指标”，因投资者焦虑加剧而攀升至近 19.2 的两周高点。</p>
</div><p>Economic reports released this week also reinforced concerns that rising energy costs could spill over into broader inflation across the economy.</p>
<div class="lb-trans"><p>本周发布的经济报告也加强了对能源成本上升可能蔓延至更广泛经济通胀的担忧。</p>
</div><p>According to CME Group’s FedWatch tool, the probability of a 25-basis-point Federal Reserve rate hike in December has more than doubled over the past week to roughly 40%.</p>
<div class="lb-trans"><p>根据 CME 集团的 FedWatch 工具，12 月加息 25 个基点的概率在过去一周内翻倍，达到约 40%。</p>
</div><p>Meanwhile, investors were left disappointed after the summit between President Donald Trump and Chinese President Xi Jinping concluded without major policy breakthroughs.</p>
<div class="lb-trans"><p>与此同时，投资者对特朗普总统与中国国家主席习近平的峰会未能达成重大政策突破感到失望。</p>
</div><p>The discussions covered trade, tariffs, Taiwan, Iran, and semiconductor supply chains.</p>
<div class="lb-trans"><p>讨论内容包括贸易、关税、台湾、伊朗和半导体供应链。</p>
</div><p>While both countries reportedly agreed that the Strait of Hormuz should remain open, markets viewed the overall outcome as underwhelming.</p>
<div class="lb-trans"><p>尽管双方 reportedly 同意霍尔木兹海峡应保持开放，但市场对整体结果的看法却显得乏善可陈。</p>
</div><p><strong>Technology stocks retreat after AI-driven rally</strong></p>
<div class="lb-trans"><p><strong>科技股在 AI 驱动的反弹后回落</strong></p>
</div><p>Technology shares led Friday’s declines as investors took profits following a powerful AI-fueled rally that has dominated markets in recent months.</p>
<div class="lb-trans"><p>科技股在周五领跌，因投资者在强劲的 AI 驱动反弹后获利了结，该反弹在最近几个月主导了市场。</p>
</div><p>Nvidia fell about 3.6% in trading after surging in the previous session.</p>
<div class="lb-trans"><p>英伟达在前一交易日大涨后下跌约 3.6%。</p>
</div><p>Advanced Micro Devices, Micron Technology, and Intel also declined sharply, with Intel dropping roughly 6.2%.</p>
<div class="lb-trans"><p>超微半导体、美光科技和英特尔也大幅下跌，其中英特尔下跌约 6.2%。</p>
</div><p>Cerebras Systems, which surged nearly 90% during its market debut Thursday, pulled back about 2.3%.</p>
<div class="lb-trans"><p>Cerebras Systems 在周四市场首秀时飙升近 90%，但回落约 2.3%。</p>
</div><p>Applied Materials also slipped despite forecasting third-quarter revenue and adjusted profit above Wall Street expectations.</p>
<div class="lb-trans"><p>应用材料公司尽管预测第三季度收入和调整后利润超出华尔街预期，但仍然下滑。</p>
</div><p>Microsoft was one of the few large technology stocks trading higher after billionaire investor Bill Ackman disclosed that Pershing Square had built a new position in the company.</p>
<div class="lb-trans"><p>微软是为数不多的几只上涨的大型科技股之一，此前亿万富翁投资者比尔·阿克曼披露了 Pershing Square 在该公司建立了新头寸。</p>
</div><p>Analysts warned that the broader market rally remains heavily concentrated in large-cap technology companies tied to artificial intelligence.</p>
<div class="lb-trans"><p>分析师警告称，整体市场反弹仍然高度集中于与人工智能相关的大型科技公司。</p>
</div><p>Despite Friday’s pullback, the S&amp;P 500 and Nasdaq remained on track for their seventh consecutive weekly gains, while the Dow was heading for its sixth winning week in seven.</p>
<div class="lb-trans"><p>尽管周五出现回调，标准普尔 500 指数和纳斯达克仍有望实现连续第七周上涨，而道琼斯指数则有望在七周内实现第六周上涨。</p>
</div>

Dow slides 400 points as rising yields and oil prices hit tech stocks

- 美国股市周五大幅下跌，主要受国债收益率上升和通胀忧虑影响。  
- 道琼斯工业平均指数下跌约 402 点，标普 500 指数下跌 1.13%。  
- 能源价格上涨和地缘政治紧张加剧，进一步增加市场波动。

Invezz

纳斯达克综合指数

标普 500 ETF - Vanguard

2 倍做多纳斯达克 100 指数 ETF - ProShares

3 倍做空纳指 ETF - ProShares

纳指 100 ETF - Invesco

纳斯达克综合指数 ETF - Fidelity

标普 500 ETF - SPDR

3 倍做多纳指 ETF - ProShares

1.5 倍做多短期期货恐慌指数 ETF - ProShares

1 倍做空纳斯达克 100 指数 ETF - ProShares

标普 500 ETF - iShares

道琼斯指数 ETF - SPDR

纳斯达克 100 指数 ETF - Invesco

纳斯达克 100 平均加权指数 ETF - First Trust

英伟达

美光科技

英特尔

应用材料

微软

NVIDIA Corporation

由于收益率和油价上涨对科技股造成冲击，道琼斯指数下跌了 400 点