<h2>美国隔夜市场</h2>
<p>标准普尔 500 指数下跌 0.26%，报 7,386.65 点，纳斯达克下跌 0.97%，报 25,678.82 点——现已低于周五的崩盘收盘价，抹去了周一的全部反弹。道琼斯指数上涨 86.10 点（+0.17%），报 50,872.11 点，科技股向消费和防御性股票的轮动持续进行。费城半导体指数在盘中一度暴跌 8.6%——几乎是恐慌性抛售——随后回升，收盘下跌 2%。这种波动突显了自博通财报失利以来芯片市场情绪的脆弱：每一次盘中反弹都被抛售。特朗普暗示将对伊朗进行新的打击，增加了地缘政治的不确定性。苹果公司下跌 3.6%，延续了在 WWDC 后的卖出趋势，此前首席执行官蒂姆·库克发表了被称为他最后一次全球开发者大会的主题演讲。美国贸易赤字自 “解放日” 关税以来几乎减半，4 月份降至 559 亿美元。</p>
<h3>主要动向</h3>
<p><strong>苹果（AAPL）-4%</strong> — 苹果下跌 3.6%，连续第二个交易日领跌七大科技股。自周一 WWDC 主题演讲以来，股价已下跌约 5.5%，库克在会上推出了重大 Siri AI 改版，但披露了在关键国际市场的推迟推出。分析师对这一 AI 战略仍感到失望，库克在舞台上的情感告别增加了对领导层过渡的不确定性。</p>
<p><strong>Marvell（MRVL）-8%</strong> — Marvell 下跌 7.6%，抹去了上周因黄仁勋在 Computex 上的支持和纳入标准普尔 500 指数而获得的显著涨幅。尽管其 AI 网络基本面依然稳固，但该股仍受到更广泛芯片修正的影响。博通再跌 1.1%。</p>
<p><strong>家得宝（HD）+4% / 耐克（NKE）+3%</strong> — 消费和防御性股票的轮动加速。家得宝上涨 3.73%，耐克上涨 3.25%，投资者寻求那些盈利可见性不依赖于 AI 资本支出周期的股票。SOX 指数（-2%）与消费品（+1%+）之间的分歧成为过去一周的主要交易特征。</p>
<h2>新加坡交易所预览</h2>
<p>本周早些时候，STI 接近 5,070 点。DBS 接近 62.18 新元，UOB 接近 37.91 新元。纳斯达克未能维持周一的反弹，对亚洲科技情绪发出负面信号，但道琼斯的韧性和消费轮动可能支持新加坡的银行和防御性股票。今晚的 CPI 是主要催化剂——如果数据热度超预期，将确认自上周五 172,000 个非农就业人数以来形成的滞胀叙事。</p>
<h2>亚洲盘前市场</h2>
<p>标准普尔 500 期货数据尚不可用。周二的交易以纳斯达克收于低于周五崩盘水平结束，这在技术上具有重要意义——这意味着周五的 4.18% 抛售尚未恢复。芯片行业在盘中一度暴跌 8.6% 后回升至-2%，显示出极端的波动性和机构抛售压力。市场在今晚 CPI 发布前处于观望状态。</p>
<h2>今日美国财报和经济日历</h2>
<table>
<thead>
<tr>
<th>事件</th>
<th>时间（东部时间）</th>
<th>时间（新加坡时间）</th>
<th>共识</th>
</tr>
</thead>
<tbody>
<tr>
<td>5 月 CPI（环比）</td>
<td>上午 8:30</td>
<td>晚上 8:30</td>
<td>待定</td>
</tr>
<tr>
<td>5 月 CPI（同比）</td>
<td>上午 8:30</td>
<td>晚上 8:30</td>
<td>待定</td>
</tr>
<tr>
<td>5 月核心 CPI（环比）</td>
<td>上午 8:30</td>
<td>晚上 8:30</td>
<td>待定</td>
</tr>
</tbody>
</table>
<p>周四：5 月 PPI。周五：<strong>SpaceX IPO</strong>。6 月 17 日：Warsh 的首次 FOMC。</p>
<p><strong>数据聚焦：5 月 CPI</strong> — 这是自 4 月 3.8% 同比惊人数据以来最重要的通胀数据。市场在 CPI 发布前的非农就业人数为 172,000（是共识的两倍），加息概率为 75%，30 年期国债收益率超过 5%，芯片行业处于修正中。低于预期的数据可能会稳定抛售，并为 Warsh 在其首次 FOMC 上保持不变提供掩护。高于预期的数据则巩固加息叙事，并可能加速科技股的轮动。</p>
<h2>还有一件事</h2>
<p>SOX 在周二盘中暴跌 8.6%，没有新的基本面催化剂，这表明这不再是关于博通的收入失利。这是关于市场定位。半导体行业在修正开始前年初至今已上涨 75%。在 AI 狂热期间涌入的对冲基金、动量交易者和散户投资者现在在出现问题的第一迹象下急于撤离。周一的反弹是一次死猫反弹——纳斯达克现在低于周五的崩盘收盘价。这个故事的健康部分是轮动：家得宝、耐克和医疗股正在吸收资金流出，这意味着资本在股票内部流动，而不是流出。这一点很重要。在牛市中的修正是正常的，而转变为广泛撤离的修正则不是。今晚的 CPI 将决定这是否属于后者。</p>
<p><em>本简报仅供信息参考，不构成投资建议。</em></p>

<p>美国隔夜市场标准普尔 500 指数下跌 0.26%，报 7,386.65 点，纳斯达克指数下跌 0.97%，报 25,678.82 点——现在低于周五崩盘时的收盘价，抹去了周一的全部反弹。道琼斯指数上涨 86.10 点（+0.17%），报 50,872.11 点，因为资金从科技股转向消费品和防御性股票的轮动仍在继续。费城半导体指数盘中一度暴跌 8.6%——接近恐慌性抛售——随后回升，最终收跌 2%</p>

<h2>US Overnight</h2>
<div class="lb-trans"><h2>美国隔夜市场</h2>
</div><p>The S&amp;P 500 fell 0.26% to 7,386.65 and the Nasdaq dropped 0.97% to 25,678.82 — now lower than Friday's crash close, erasing Monday's entire rebound. The Dow gained 86.10 points (+0.17%) to 50,872.11 as the rotation out of tech into consumer and defensive stocks continued. The Philadelphia Semiconductor Index plunged as much as 8.6% intraday — a near-panic move — before recovering to close down 2%. The volatility underscored how fragile chip sentiment has become since Broadcom's miss: every intraday rally is being sold. Trump teased new Iran strikes, adding to the geopolitical overhang. Apple fell 3.6%, extending its WWDC sell-the-news decline after CEO Tim Cook delivered what was described as his final Worldwide Developers Conference keynote. The US trade deficit has been cut nearly in half since the &#34;liberation day&#34; tariffs, falling to $55.9 billion in April.</p>
<div class="lb-trans"><p>标准普尔 500 指数下跌 0.26%，报 7,386.65 点，纳斯达克下跌 0.97%，报 25,678.82 点——现已低于周五的崩盘收盘价，抹去了周一的全部反弹。道琼斯指数上涨 86.10 点（+0.17%），报 50,872.11 点，科技股向消费和防御性股票的轮动持续进行。费城半导体指数在盘中一度暴跌 8.6%——几乎是恐慌性抛售——随后回升，收盘下跌 2%。这种波动突显了自博通财报失利以来芯片市场情绪的脆弱：每一次盘中反弹都被抛售。特朗普暗示将对伊朗进行新的打击，增加了地缘政治的不确定性。苹果公司下跌 3.6%，延续了在 WWDC 后的卖出趋势，此前首席执行官蒂姆·库克发表了被称为他最后一次全球开发者大会的主题演讲。美国贸易赤字自 “解放日” 关税以来几乎减半，4 月份降至 559 亿美元。</p>
</div><h3>Key Movers</h3>
<div class="lb-trans"><h3>主要动向</h3>
</div><p><strong>Apple (AAPL) -4%</strong> — Apple fell 3.6%, leading the Magnificent Seven lower for the second straight session. The stock has now dropped roughly 5.5% since Monday's WWDC keynote, where Cook unveiled a major Siri AI overhaul but disclosed delayed rollouts in key international markets. Analysts remain underwhelmed by the AI strategy, and Cook's emotional farewell from the stage added uncertainty about the leadership transition.</p>
<div class="lb-trans"><p><strong>苹果（AAPL）-4%</strong> — 苹果下跌 3.6%，连续第二个交易日领跌七大科技股。自周一 WWDC 主题演讲以来，股价已下跌约 5.5%，库克在会上推出了重大 Siri AI 改版，但披露了在关键国际市场的推迟推出。分析师对这一 AI 战略仍感到失望，库克在舞台上的情感告别增加了对领导层过渡的不确定性。</p>
</div><p><strong>Marvell (MRVL) -8%</strong> — Marvell gave back 7.6%, erasing a significant portion of the prior week's gains that had been fueled by Jensen Huang's Computex endorsement and S&amp;P 500 inclusion news. The stock is caught in the gravitational pull of the broader chip correction, even as its AI networking fundamentals remain intact. Broadcom fell another 1.1%.</p>
<div class="lb-trans"><p><strong>Marvell（MRVL）-8%</strong> — Marvell 下跌 7.6%，抹去了上周因黄仁勋在 Computex 上的支持和纳入标准普尔 500 指数而获得的显著涨幅。尽管其 AI 网络基本面依然稳固，但该股仍受到更广泛芯片修正的影响。博通再跌 1.1%。</p>
</div><p><strong>Home Depot (HD) +4% / Nike (NKE) +3%</strong> — The consumer and defensive rotation accelerated. Home Depot gained 3.73% and Nike rose 3.25% as investors sought safety in stocks with earnings visibility that don't depend on the AI capex cycle. The divergence between SOX (-2%) and consumer staples (+1%+) has been the defining trade of the past week.</p>
<div class="lb-trans"><p><strong>家得宝（HD）+4% / 耐克（NKE）+3%</strong> — 消费和防御性股票的轮动加速。家得宝上涨 3.73%，耐克上涨 3.25%，投资者寻求那些盈利可见性不依赖于 AI 资本支出周期的股票。SOX 指数（-2%）与消费品（+1%+）之间的分歧成为过去一周的主要交易特征。</p>
</div><h2>SGX Preview</h2>
<div class="lb-trans"><h2>新加坡交易所预览</h2>
</div><p>The STI was near 5,070 earlier this week. DBS is near S$62.18 and UOB near S$37.91. The Nasdaq's failure to hold Monday's rebound is a negative signal for Asian tech sentiment, but the Dow's resilience and consumer rotation could support Singapore banks and defensive names. Tonight's CPI is the dominant catalyst — a hot print would confirm the stagflation narrative that has been building since the 172,000 NFP print on Friday.</p>
<div class="lb-trans"><p>本周早些时候，STI 接近 5,070 点。DBS 接近 62.18 新元，UOB 接近 37.91 新元。纳斯达克未能维持周一的反弹，对亚洲科技情绪发出负面信号，但道琼斯的韧性和消费轮动可能支持新加坡的银行和防御性股票。今晚的 CPI 是主要催化剂——如果数据热度超预期，将确认自上周五 172,000 个非农就业人数以来形成的滞胀叙事。</p>
</div><h2>Asia Pre-Market</h2>
<div class="lb-trans"><h2>亚洲盘前市场</h2>
</div><p>S&amp;P 500 futures data was not yet available. Tuesday's session ended with the Nasdaq closing below Friday's crash level, which is technically significant — it means the 4.18% Friday selloff has not been recouped. The chip sector's intraday -8.6% plunge before recovering to -2% suggests extreme volatility and institutional selling pressure. Markets are in a holding pattern ahead of CPI tonight.</p>
<div class="lb-trans"><p>标准普尔 500 期货数据尚不可用。周二的交易以纳斯达克收于低于周五崩盘水平结束，这在技术上具有重要意义——这意味着周五的 4.18% 抛售尚未恢复。芯片行业在盘中一度暴跌 8.6% 后回升至-2%，显示出极端的波动性和机构抛售压力。市场在今晚 CPI 发布前处于观望状态。</p>
</div><h2>Today's US Earnings and Economic Calendar</h2>
<div class="lb-trans"><h2>今日美国财报和经济日历</h2>
</div><table>
<thead>
<tr>
<th>Event</th>
<th>Time (ET)</th>
<th>Time (SGT)</th>
<th>Consensus</th>
</tr>
</thead>
<tbody>
<tr>
<td>May CPI (MoM)</td>
<td>8:30 AM</td>
<td>8:30 PM</td>
<td>TBD</td>
</tr>
<tr>
<td>May CPI (YoY)</td>
<td>8:30 AM</td>
<td>8:30 PM</td>
<td>TBD</td>
</tr>
<tr>
<td>May Core CPI (MoM)</td>
<td>8:30 AM</td>
<td>8:30 PM</td>
<td>TBD</td>
</tr>
</tbody>
</table>
<div class="lb-trans"><table>
<thead>
<tr>
<th>事件</th>
<th>时间（东部时间）</th>
<th>时间（新加坡时间）</th>
<th>共识</th>
</tr>
</thead>
<tbody>
<tr>
<td>5 月 CPI（环比）</td>
<td>上午 8:30</td>
<td>晚上 8:30</td>
<td>待定</td>
</tr>
<tr>
<td>5 月 CPI（同比）</td>
<td>上午 8:30</td>
<td>晚上 8:30</td>
<td>待定</td>
</tr>
<tr>
<td>5 月核心 CPI（环比）</td>
<td>上午 8:30</td>
<td>晚上 8:30</td>
<td>待定</td>
</tr>
</tbody>
</table>
</div><p>Thursday: May PPI. Friday: <strong>SpaceX IPO</strong>. June 17: Warsh's first FOMC.</p>
<div class="lb-trans"><p>周四：5 月 PPI。周五：<strong>SpaceX IPO</strong>。6 月 17 日：Warsh 的首次 FOMC。</p>
</div><p><strong>Data Spotlight: May CPI</strong> — This is the most consequential inflation print since April's 3.8% YoY shocker. The market enters CPI with NFP at 172,000 (doubled consensus), rate hike odds at 75%, the 30-year yield above 5%, and the chip sector in a correction. A cooler-than-expected print could stabilize the selloff and give Warsh cover to hold at his first FOMC. A hot print cements the hike narrative and likely accelerates the tech rotation.</p>
<div class="lb-trans"><p><strong>数据聚焦：5 月 CPI</strong> — 这是自 4 月 3.8% 同比惊人数据以来最重要的通胀数据。市场在 CPI 发布前的非农就业人数为 172,000（是共识的两倍），加息概率为 75%，30 年期国债收益率超过 5%，芯片行业处于修正中。低于预期的数据可能会稳定抛售，并为 Warsh 在其首次 FOMC 上保持不变提供掩护。高于预期的数据则巩固加息叙事，并可能加速科技股的轮动。</p>
</div><h2>One More Thing</h2>
<div class="lb-trans"><h2>还有一件事</h2>
</div><p>The SOX plunging 8.6% intraday on a Tuesday with no new fundamental catalyst tells you this is no longer about Broadcom's revenue miss. It is about positioning. The semiconductor sector had rallied 75% year-to-date before the correction began. Hedge funds, momentum traders, and retail investors who piled in during the AI euphoria are now rushing for the exit at the first sign of trouble. Monday's rebound was a dead cat bounce — the Nasdaq is now below Friday's crash close. The healthy part of this story is the rotation: Home Depot, Nike, and healthcare stocks are absorbing the outflows, which means capital is moving within equities rather than leaving them. That distinction matters. A correction within a bull market is normal. A correction that turns into a broad exodus is not. Tonight's CPI will determine which one this is.</p>
<div class="lb-trans"><p>SOX 在周二盘中暴跌 8.6%，没有新的基本面催化剂，这表明这不再是关于博通的收入失利。这是关于市场定位。半导体行业在修正开始前年初至今已上涨 75%。在 AI 狂热期间涌入的对冲基金、动量交易者和散户投资者现在在出现问题的第一迹象下急于撤离。周一的反弹是一次死猫反弹——纳斯达克现在低于周五的崩盘收盘价。这个故事的健康部分是轮动：家得宝、耐克和医疗股正在吸收资金流出，这意味着资本在股票内部流动，而不是流出。这一点很重要。在牛市中的修正是正常的，而转变为广泛撤离的修正则不是。今晚的 CPI 将决定这是否属于后者。</p>
</div><p><em>This briefing is for informational purposes only and does not constitute investment advice.</em></p>
<div class="lb-trans"><p><em>本简报仅供信息参考，不构成投资建议。</em></p>
</div>

SG Morning Brief | Nasdaq Falls Below Friday's Crash Close as Chip Volatility Intensifies, CPI Tonight

- 标普 500 下跌 0.26%，纳斯达克下跌 0.97%，显示市场脆弱性。
- 半导体行业因高波动性而受到重创，苹果股价亦延续跌势。
- 今晚 CPI 数据将影响市场情绪，可能加剧科技股轮动。

长湾资讯

纳斯达克综合指数

标普 500 指数

道琼斯指数

博通

SG 晨间简报 | 纳斯达克指数跌破周五暴跌后的收盘价，芯片市场波动加剧，今晚将公布消费者价格指数（CPI）