<p>作者：Joseph Adinolfi 和 Gordon Gottsegen</p>
<p>高飞的半导体交易终于在本周晚些时候遇到了麻烦</p>
<p>股票市场经历了糟糕的一天，也经历了糟糕的一周。</p>
<p>主要股市指数在经历了两个月的快速上涨后，于周五遭遇了首次重大波动，纳斯达克综合指数暴跌超过 1,121 点——这是有记录以来最大的一日点数跌幅，数据来自道琼斯市场数据。</p>
<p>这导致该指数下跌了 4.2%，这是自 2025 年 4 月 10 日以来的最大百分比跌幅。标准普尔 500 指数周五下跌 2.6%，是自 10 月 10 日以来的最糟表现。</p>
<p>综合来看，周五的抛售使标准普尔 500 成分股的市场价值蒸发了 1.8 万亿美元，数据来自道琼斯市场数据。</p>
<p>动荡不仅限于股票；债券和原油价格也下跌。10 年期美国国债收益率 BX:TMUBMUSD10Y 上升了 4 个基点——0.04 个百分点——至 4.518%，FactSet 数据显示。债券收益率与债券价格呈反向移动。</p>
<p>许多投资者将周五强劲的 5 月就业数据归咎于市场的惨烈表现。特朗普在 Truth Social 上评论说，关于美国经济的好消息为何会被市场参与者如此糟糕地接受，实在令人费解。</p>
<p>“有了如此出色的就业报告，股票应该上涨，而不是下跌。这是过去 200 年的规律。增长并不意味着通货膨胀！” 特朗普在 Truth Social 上发文说道。</p>
<p>尽管如此，投资者担心，劳动力市场的复苏将使美联储更难以证明维持利率不变的合理性。</p>
<p>对今年更多降息的预期几个月前就已经消失。根据 CME 集团的数据，自伊朗冲突开始以来，市场一直在稳步定价 2026 年加息的可能性。</p>
<p>另请阅读：美联储可能在加息方面已经太晚了——这对这些借款人来说是坏消息。</p>
<p>在一系列令人鼓舞的经济报告之后，5 月的就业数据似乎证实了劳动力市场并没有减弱，而是在增强。</p>
<p>“收益率上升，油价下跌，这意味着投资者担心美联储将加息，” 互动经纪公司的经济学家 Jose Torres 说道。</p>
<p>抛物线式的反弹</p>
<p>自第二季度开始以来，热门的内存和光学股票引领了一场强劲但狭窄的反弹。模型能力的进步帮助恢复了投资者对人工智能技术潜力的信心，而超大规模公司的持续承诺推动数据中心建设，导致高带宽内存芯片和其他关键组件出现了巨大的供应瓶颈。</p>
<p>鉴于此，华尔街分析师上调了他们的盈利预期，为反弹提供了一些基本的理由。</p>
<p>美光科技（MU）在 3 月底到周四收盘之间上涨了 170%。它成为第 12 家市值超过 1 万亿美元的公司。</p>
<p>但半导体的抛物线式反弹在本周早些时候开始失去动力，此前博通（AVGO）的最新财报让投资者感到失望。</p>
<p>“催化剂并不总是显而易见，但我认为我们可以将博通视为心态的转变，” 互动经纪公司的首席市场策略师 Steve Sosnick 在接受 MarketWatch 采访时表示。</p>
<p>“指引未能达到预期……我认为这打击了许多人对任何可能受益于人工智能支出的公司的信心，” 他补充道。</p>
<p>当《金融时报》报道 Meta Platforms（META）正在考虑进行一项大型股权融资时，股票在周五下午已经开始下滑，这与谷歌（Alphabet）最近宣布的一项重大交易类似。</p>
<p>不要错过：先是谷歌，现在是 Meta？大型科技公司可能越来越多地出售股票以资助 8200 亿美元的人工智能热潮。</p>
<p>“谷歌最近的股权发行，加上 Meta 可能跟进的潜力，如果这些公司开始发行大量股票以满足其资本支出需求，可能会实质性改变对这些公司的投资叙事，” Mott Capital Management 的创始人 Michael Kramer 表示。</p>
<p>“在接下来的几个季度，这些公司可能面临一个艰难的选择：通过增加债务和发行额外股权来融资，或者减少资本支出。无论哪种结果都不太可能对股价产生特别有利的影响，” Kramer 说道。</p>
<p>道琼斯工业平均指数（DJIA）本周下跌 165.68 点，或 0.3%，至 50,866.78 点，为自 4 月以来的最大周跌幅，FactSet 数据显示。纳斯达克综合指数（COMP）本周下跌 1,263.19 点，或 4.7%，至 25,709.43 点，为自 2025 年 4 月 4 日以来的最糟一周。</p>
<p>PHLX 半导体指数（SOX）下跌 10.3%，为 2020 年 3 月 16 日以来的最大单日跌幅，数据来自道琼斯市场数据。这导致半导体公司损失了 1.2 万亿美元，成为标准普尔 500 中最大的行业组。</p>
<p>当然，也有一些孤立的强劲表现。消费品板块上涨 1.6%，可口可乐（KO）的股价上涨 3.5%，根据 FactSet 的数据。</p>
<p>-Joseph Adinolfi -Gordon Gottsegen</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>06-05-26 1827ET</p>

谷歌-C

谷歌-A

标普 500 指数

<p>美国股市在周五经历了历史性的抛售，纳斯达克综合指数下跌超过 1,121 点，标准普尔 500 指数蒸发了 1.8 万亿美元的市值。此次下跌的原因包括强劲的 5 月份就业数据引发了对美联储加息的担忧，博通发布的令人失望的业绩指引冷却了市场对半导体的热情，以及有关 Meta 和 Alphabet 可能进行股权融资以支持人工智能支出的报道</p>

<p>By Joseph Adinolfi and Gordon Gottsegen</p>
<div class="lb-trans"><p>作者：Joseph Adinolfi 和 Gordon Gottsegen</p>
</div><p>The highflying semiconductor trade finally ran into trouble late this week</p>
<div class="lb-trans"><p>高飞的半导体交易终于在本周晚些时候遇到了麻烦</p>
</div><p>Stocks had a rough day, and a rough week.</p>
<div class="lb-trans"><p>股票市场经历了糟糕的一天，也经历了糟糕的一周。</p>
</div><p>A remarkable two-month sprint higher for major stock-market indexes encountered its first major hiccup on Friday as the Nasdaq Composite plummeted more than 1,121 points - the biggest one day point drop on record, according to Dow Jones Market Data.</p>
<div class="lb-trans"><p>主要股市指数在经历了两个月的快速上涨后，于周五遭遇了首次重大波动，纳斯达克综合指数暴跌超过 1,121 点——这是有记录以来最大的一日点数跌幅，数据来自道琼斯市场数据。</p>
</div><p>That translated to a 4.2% decline for the index, the biggest in percentage-point terms since April 10, 2025, data showed. A 2.6% drop for the S&amp;P 500 SPX on Friday was its worst since Oct. 10.</p>
<div class="lb-trans"><p>这导致该指数下跌了 4.2%，这是自 2025 年 4 月 10 日以来的最大百分比跌幅。标准普尔 500 指数周五下跌 2.6%，是自 10 月 10 日以来的最糟表现。</p>
</div><p>Taken together, Friday's selloff wiped $1.8 trillion of market value from members of the S&amp;P 500, according to Dow Jones Market Data.</p>
<div class="lb-trans"><p>综合来看，周五的抛售使标准普尔 500 成分股的市场价值蒸发了 1.8 万亿美元，数据来自道琼斯市场数据。</p>
</div><p>The tumult wasn't confined to stocks; prices of bonds and crude oil also fell. The 10-year Treasury note yield BX:TMUBMUSD10Y rose 4 basis points - 0.04 percentage points - to 4.518%, FactSet data showed. Bond yields and bond prices move inversely to one another.</p>
<div class="lb-trans"><p>动荡不仅限于股票；债券和原油价格也下跌。10 年期美国国债收益率 BX:TMUBMUSD10Y 上升了 4 个基点——0.04 个百分点——至 4.518%，FactSet 数据显示。债券收益率与债券价格呈反向移动。</p>
</div><p>Many investors blamed Friday's strong May jobs data for inspiring the carnage in markets. President Trump took to Truth Social to remark on how strange it seemed that good news about the U.S. economy would be received so poorly by market participants.</p>
<div class="lb-trans"><p>许多投资者将周五强劲的 5 月就业数据归咎于市场的惨烈表现。特朗普在 Truth Social 上评论说，关于美国经济的好消息为何会被市场参与者如此糟糕地接受，实在令人费解。</p>
</div><p>&#34;With a great Jobs Report, like just announced, stocks should go up, not down. That's the way it was for 200 years. Growth does not mean inflation!&#34; Trump said in a post on Truth Social.</p>
<div class="lb-trans"><p>“有了如此出色的就业报告，股票应该上涨，而不是下跌。这是过去 200 年的规律。增长并不意味着通货膨胀！” 特朗普在 Truth Social 上发文说道。</p>
</div><p>Nevertheless, investors were worried that a labor market on the mend would make it more difficult for the Federal Reserve to justify leaving interest rates on hold.</p>
<div class="lb-trans"><p>尽管如此，投资者担心，劳动力市场的复苏将使美联储更难以证明维持利率不变的合理性。</p>
</div><p>Expectations for more rate cuts this year evaporated months ago. Since the start of the Iran conflict, markets have been steadily pricing in a higher likelihood of rate hikes in 2026, according to CME Group data.</p>
<div class="lb-trans"><p>对今年更多降息的预期几个月前就已经消失。根据 CME 集团的数据，自伊朗冲突开始以来，市场一直在稳步定价 2026 年加息的可能性。</p>
</div><p>Also read: The Fed may already be too late in hiking rates - which is bad news for these borrowers.</p>
<div class="lb-trans"><p>另请阅读：美联储可能在加息方面已经太晚了——这对这些借款人来说是坏消息。</p>
</div><p>Coming on the heels of a handful of promising economic reports, the May jobs data appeared to confirm that, rather than weakening, the labor market was picking up strength.</p>
<div class="lb-trans"><p>在一系列令人鼓舞的经济报告之后，5 月的就业数据似乎证实了劳动力市场并没有减弱，而是在增强。</p>
</div><p>&#34;Yields up, oil down, that means investors are scared that the Fed is going to hike,&#34; said Jose Torres, an economist at Interactive Brokers.</p>
<div class="lb-trans"><p>“收益率上升，油价下跌，这意味着投资者担心美联储将加息，” 互动经纪公司的经济学家 Jose Torres 说道。</p>
</div><p>A parabolic rally</p>
<div class="lb-trans"><p>抛物线式的反弹</p>
</div><p>Since the start of the second quarter, hot memory and optical stocks have led a powerful, but narrow, rally. Advances in model capabilities helped revive investors' flagging faith in the potential of AI technology, while hyperscalers' ongoing commitment to the data-center buildout helped to inspire a massive supply bottleneck in high-bandwidth memory chips and other key components.</p>
<div class="lb-trans"><p>自第二季度开始以来，热门的内存和光学股票引领了一场强劲但狭窄的反弹。模型能力的进步帮助恢复了投资者对人工智能技术潜力的信心，而超大规模公司的持续承诺推动数据中心建设，导致高带宽内存芯片和其他关键组件出现了巨大的供应瓶颈。</p>
</div><p>In light of this, Wall Street analysts have revised their earnings expectations higher, providing some fundamental justification for the rally.</p>
<div class="lb-trans"><p>鉴于此，华尔街分析师上调了他们的盈利预期，为反弹提供了一些基本的理由。</p>
</div><p>Micron Technology (MU) had risen 170% between the end of March and Thursday's close. It had become the 12th company to achieve a market capitalization of more than $1 trillion.</p>
<div class="lb-trans"><p>美光科技（MU）在 3 月底到周四收盘之间上涨了 170%。它成为第 12 家市值超过 1 万亿美元的公司。</p>
</div><p>But the parabolic rally in semiconductors started to run out of steam earlier this week after the latest earnings from Broadcom (AVGO) left a bad taste in investors' mouths.</p>
<div class="lb-trans"><p>但半导体的抛物线式反弹在本周早些时候开始失去动力，此前博通（AVGO）的最新财报让投资者感到失望。</p>
</div><p>&#34;It's never quite obvious what the catalyst is but I think we can point to Broadcom as being a change in mindset,&#34; said Steve Sosnick, chief market strategist at Interactive Brokers, in an interview with MarketWatch.</p>
<div class="lb-trans"><p>“催化剂并不总是显而易见，但我认为我们可以将博通视为心态的转变，” 互动经纪公司的首席市场策略师 Steve Sosnick 在接受 MarketWatch 采访时表示。</p>
</div><p>&#34;Guidance came up short...I think it punctured a lot of people's belief that any company that might benefit from AI spending was effectively bulletproof,&#34; he added.</p>
<div class="lb-trans"><p>“指引未能达到预期……我认为这打击了许多人对任何可能受益于人工智能支出的公司的信心，” 他补充道。</p>
</div><p>Stocks were already sliding on Friday afternoon when The Financial Times reported that Meta Platforms (META) was contemplating a big equity capital raise, similar to a major deal recently announced by Alphabet (GOOGL).</p>
<div class="lb-trans"><p>当《金融时报》报道 Meta Platforms（META）正在考虑进行一项大型股权融资时，股票在周五下午已经开始下滑，这与谷歌（Alphabet）最近宣布的一项重大交易类似。</p>
</div><p>Don't miss: First Google, now Meta? Big Tech may increasingly sell stock to bankroll $820 billion AI boom.</p>
<div class="lb-trans"><p>不要错过：先是谷歌，现在是 Meta？大型科技公司可能越来越多地出售股票以资助 8200 亿美元的人工智能热潮。</p>
</div><p>&#34;The recent equity offering by Alphabet, along with the potential for Meta to follow suit, could materially change the investment narrative around these companies if they begin issuing significant amounts of stock to fund their capital expenditure needs,&#34; said Michael Kramer, founder at Mott Capital Management.</p>
<div class="lb-trans"><p>“谷歌最近的股权发行，加上 Meta 可能跟进的潜力，如果这些公司开始发行大量股票以满足其资本支出需求，可能会实质性改变对这些公司的投资叙事，” Mott Capital Management 的创始人 Michael Kramer 表示。</p>
</div><p>&#34;Over the next several quarters, these companies are likely to face a difficult choice: finance their spending needs by taking on more debt and issuing additional equity, or reduce capital expenditures. Neither outcome is likely to be particularly favorable for stock prices,&#34; Kramer said.</p>
<div class="lb-trans"><p>“在接下来的几个季度，这些公司可能面临一个艰难的选择：通过增加债务和发行额外股权来融资，或者减少资本支出。无论哪种结果都不太可能对股价产生特别有利的影响，” Kramer 说道。</p>
</div><p>The Dow Jones Industrial Average DJIA was down 165.68 points, or 0.3%, this week to 50,866.78, its biggest weekly drop since April, FactSet data showed. The Nasdaq Composite COMP fell 1,263.19 points, or 4.7% this week to 25709.43, its worst week since April 4, 2025.</p>
<div class="lb-trans"><p>道琼斯工业平均指数（DJIA）本周下跌 165.68 点，或 0.3%，至 50,866.78 点，为自 4 月以来的最大周跌幅，FactSet 数据显示。纳斯达克综合指数（COMP）本周下跌 1,263.19 点，或 4.7%，至 25,709.43 点，为自 2025 年 4 月 4 日以来的最糟一周。</p>
</div><p>The PHLX Semiconductor Index SOX fell 10.3%, its worst one-day decline since March 16, 2020, Dow Jones Market Data showed. That translated to a $1.2 trillion wipeout for semiconductor names, the largest industry group in the S&amp;P 500.</p>
<div class="lb-trans"><p>PHLX 半导体指数（SOX）下跌 10.3%，为 2020 年 3 月 16 日以来的最大单日跌幅，数据来自道琼斯市场数据。这导致半导体公司损失了 1.2 万亿美元，成为标准普尔 500 中最大的行业组。</p>
</div><p>To be sure, there were isolated pockets of strength. The consumer staples sector rose 1.6%, and shares of Coca-Cola (KO) gained 3.5%, according to FactSet.</p>
<div class="lb-trans"><p>当然，也有一些孤立的强劲表现。消费品板块上涨 1.6%，可口可乐（KO）的股价上涨 3.5%，根据 FactSet 的数据。</p>
</div><p>-Joseph Adinolfi -Gordon Gottsegen</p>
<div class="lb-trans"><p>-Joseph Adinolfi -Gordon Gottsegen</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>06-05-26 1827ET</p>
<div class="lb-trans"><p>06-05-26 1827ET</p>
</div>

S&P 500 sees $1.8 trillion wipeout, Nasdaq tallies biggest point drop on record. Here's what investors need to know about Friday's selloff.

- 纳斯达克综合指数下跌超过 1,121 点，创历史最大单日跌幅。  
- 周五市场价值蒸发 1.8 万亿美元，投资者对利率上升忧虑加剧。  
- 半导体行业遭重创，指数下跌 10.3%，损失 1.2 万亿美元市值。

Dow Jones

纳斯达克综合指数

2 倍做多 Meta ETF - Direxion

Roundhill GOOGL WeeklyPay ETF

2 倍做多谷歌 ETF - Direxion

1 倍做空谷歌 ETF - Direxion

Direxion Daily META Bear 1X Shares

Roundhill META WeeklyPay ETF

2 倍做多 META ETF - GraniteShares

辉盛研究系统

芝加哥商品交易所

盈透证券

美光科技

博通

道琼斯指数

标普 500 指数损失了 1.8 万亿美元，纳斯达克创下了有史以来最大的点数跌幅。以下是投资者需要了解的关于周五市场抛售的情况