<h2>美国隔夜市场</h2>
<p>道琼斯指数下跌 576.76 点（-1.09%），收于 52,348.39 点，此前特朗普在土耳其的北约峰会上表示伊朗停火已 “结束”，称伊朗为 “渣滓”，并威胁今晚将 “重击” 他们。标准普尔 500 指数下跌 0.28%，收于 7,482.71 点。然而，在一个显著的分歧中，纳斯达克综合指数上涨 0.20%，收于 25,870.65 点，因为芯片和中国互联网股票在整体抛售中大幅反弹。特朗普随后收回言论，表示升级将 “迅速解决”，下午的抄底买入显著减轻了损失。布伦特原油上涨 5.43%，至 78.19 美元，WTI 上涨 4.37%，至 73.52 美元，因霍尔木兹海的威胁。能源股随油价上涨而反弹。6 月 17 日的 FOMC 会议纪要显示，一些政策制定者主张立即加息，强化了点阵图的鹰派倾向。受信贷影响最大的行业受到重创：美国运通下跌 3.8%，家得宝和 GE Vernova 各下跌 3%，航空公司下跌 2-4%。</p>
<h3>主要动向</h3>
<p><strong>阿里巴巴 (BABA) +11%</strong> — 阿里巴巴上涨超过 11%，引领了一波广泛的中国 ADR 反弹，纳斯达克金龙中国指数上涨 2.05%。金山云上涨 11.7%，百度上涨 5%。尽管美国与伊朗关系恶化，反而可能间接减轻美国与中国贸易的压力，因为华盛顿将注意力集中在中东。</p>
<p><strong>博通 (AVGO) +5% / 英伟达 (NVDA) +4%</strong> — 尽管地缘政治混乱，芯片股大幅反弹。博通在与苹果扩大美国制造组件的合作后上涨 4.8%。英伟达因有报道称中国公司计划增加 H200 芯片采购而上涨 3.6%。纳斯达克 100 指数上涨 0.3%，尽管道琼斯指数下跌超过 1%——这是几周以来道琼斯与纳斯达克之间最大的分歧。</p>
<p><strong>内存反弹：闪迪 +7% / 希捷 +4% / 西部数据 +3%</strong> — 内存股在前一周的惨烈抛售后反弹。闪迪上涨 6.7%，希捷接近 4%，西部数据上涨 3.4%，美光上涨 1%。尽管油价高企和霍尔木兹紧张局势，反弹表明内存修正可能已达到短期底部。</p>
<h2>新加坡交易所预览</h2>
<p>STI 接近 5,070 点，DBS 接近 62.18 新元，UOB 接近 37.91 新元。阿里巴巴的 11% 反弹与有中国投资的新加坡投资者直接相关。道琼斯因特朗普的伊朗言论下跌 577 点是一个阻力，但纳斯达克的韧性和芯片的复苏提供了部分抵消。油价回到 78 美元对新加坡的进口成本是负面因素。FOMC 会议纪要确认加息鹰派增加了对利率敏感股票的压力。</p>
<h2>亚洲盘前市场</h2>
<p>布伦特油价为 78.19 美元，回到 7 月初水平，抹去大部分 MOU 和平协议后的折扣。特朗普的 “停火已结束” 声明是自战争于 2 月开始以来最激进的升级。市场面临二元风险：如果特朗普今晚真的进行打击，油价可能会飙升至 80 美元以上，避险资产上涨。如果这又是一次虚张声势和谈判的循环，下午的反弹模式将重演。SpaceX 连续第二个交易日收于 135 美元的 IPO 价格以下。</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（UTC+8）</th>
</tr>
</thead>
<tbody>
<tr>
<td>现有住宅销售（6 月）</td>
<td>上午 10:00</td>
<td>晚上 10:00</td>
</tr>
</tbody>
</table>
<table>
<thead>
<tr>
<th>公司</th>
<th>时间</th>
</tr>
</thead>
<tbody>
<tr>
<td>百事可乐 (PEP)</td>
<td>市场前</td>
</tr>
</tbody>
</table>
<p><strong>6 月 CPI 将于 7 月 14 日星期二发布</strong>，同时发布摩根大通、美国银行、高盛、富国银行和花旗的财报——这是第三季度最重要的一天。</p>
<p><strong>数据聚焦：FOMC 会议纪要要点</strong> — Warsh 第一次会议的纪要确认了点阵图所暗示的：多位成员主张在 6 月立即加息，认为伊朗冲突驱动的通胀正在变得根深蒂固，而非暂时性。委员会最终维持利率不变，但辩论比声明所暗示的更为分歧。随着油价因霍尔木兹袭击回到 78 美元，鹰派的论点在 7 月 29-30 日的 FOMC 会议前得到了加强。</p>
<h2>还有一件事</h2>
<p>道琼斯指数下跌 577 点，纳斯达克上涨。这种分歧说明了一切。道琼斯指数充满了银行、工业和消费品公司——当油价飙升和利率上升时，这些公司都会受到重创。纳斯达克则充满了芯片和软件公司——这些公司依赖于人工智能需求，而不是油价。伊朗的升级伤害了实体经济（航空公司、零售商、房屋建筑商），而保持了人工智能基础设施的交易。英伟达和博通的上涨并不是因为战争无关紧要，而是因为他们的客户——构建人工智能数据中心的超大规模公司——不会因霍尔木兹的头条新闻而取消订单。大轮换有了新篇章：当地缘政治冲击时，旧经济抛售，而新经济则保持稳定。这个模式在 78 美元油价导致美联储真正加息之前有效。然后一切都会抛售。</p>
<p><em>本简报仅供信息参考，不构成投资建议。</em></p>

<p>美国隔夜市场道琼斯指数下跌 576.76 点（-1.09%），报 52,348.39 点，此前特朗普在土耳其的北约峰会上表示伊朗停火 “结束了”，并称伊朗为 “渣滓”，威胁要 “今晚狠狠打击他们”。标准普尔 500 指数下跌 0.28%，报 7,482.71 点。然而，在一个显著的分化中，纳斯达克综合指数上涨 0.20%，报 25,870.65 点，因为芯片和中国互联网股票在大盘抛售中强劲反弹</p>

<h2>US Overnight</h2>
<div class="lb-trans"><h2>美国隔夜市场</h2>
</div><p>The Dow plunged 576.76 points (-1.09%) to 52,348.39 after Trump told the NATO summit in Turkey that the Iran ceasefire is &#34;over,&#34; calling Iran &#34;scum&#34; and threatening to &#34;hit them hard tonight.&#34; The S&amp;P 500 fell 0.28% to 7,482.71. But in a remarkable split, the Nasdaq Composite rose 0.20% to 25,870.65 as chip and Chinese internet stocks rallied sharply against the broader selloff. Trump later dialed back, saying the escalation would be &#34;quickly resolved,&#34; and afternoon dip-buying pared the losses significantly. Brent crude surged 5.43% to $78.19 and WTI jumped 4.37% to $73.52 on the Hormuz threats. Energy stocks rallied alongside oil. FOMC minutes from the June 17 meeting revealed that some policymakers argued for an immediate rate hike, reinforcing the hawkish tilt from the dot plot. Credit-sensitive sectors were hit hardest: American Express fell 3.8%, Home Depot and GE Vernova each dropped 3%, and airlines slid 2-4%.</p>
<div class="lb-trans"><p>道琼斯指数下跌 576.76 点（-1.09%），收于 52,348.39 点，此前特朗普在土耳其的北约峰会上表示伊朗停火已 “结束”，称伊朗为 “渣滓”，并威胁今晚将 “重击” 他们。标准普尔 500 指数下跌 0.28%，收于 7,482.71 点。然而，在一个显著的分歧中，纳斯达克综合指数上涨 0.20%，收于 25,870.65 点，因为芯片和中国互联网股票在整体抛售中大幅反弹。特朗普随后收回言论，表示升级将 “迅速解决”，下午的抄底买入显著减轻了损失。布伦特原油上涨 5.43%，至 78.19 美元，WTI 上涨 4.37%，至 73.52 美元，因霍尔木兹海的威胁。能源股随油价上涨而反弹。6 月 17 日的 FOMC 会议纪要显示，一些政策制定者主张立即加息，强化了点阵图的鹰派倾向。受信贷影响最大的行业受到重创：美国运通下跌 3.8%，家得宝和 GE Vernova 各下跌 3%，航空公司下跌 2-4%。</p>
</div><h3>Key Movers</h3>
<div class="lb-trans"><h3>主要动向</h3>
</div><p><strong>Alibaba (BABA) +11%</strong> — Alibaba surged over 11%, leading a broad Chinese ADR rally that saw the Nasdaq Golden Dragon China Index gain 2.05%. Kingsoft Cloud jumped 11.7% and Baidu rose 5%. The rally came despite — or perhaps because of — the US-Iran breakdown: a deteriorating US-Iran relationship may indirectly ease pressure on the US-China trade front as Washington focuses its attention on the Middle East.</p>
<div class="lb-trans"><p><strong>阿里巴巴 (BABA) +11%</strong> — 阿里巴巴上涨超过 11%，引领了一波广泛的中国 ADR 反弹，纳斯达克金龙中国指数上涨 2.05%。金山云上涨 11.7%，百度上涨 5%。尽管美国与伊朗关系恶化，反而可能间接减轻美国与中国贸易的压力，因为华盛顿将注意力集中在中东。</p>
</div><p><strong>Broadcom (AVGO) +5% / Nvidia (NVDA) +4%</strong> — Chips rebounded sharply despite the geopolitical chaos. Broadcom gained 4.8% after expanding its partnership with Apple on US-made components. Nvidia rose 3.6% on reports that Chinese firms plan to increase H200 chip purchases. The Nasdaq 100 gained 0.3% even as the Dow lost over 1% — the widest Dow-Nasdaq divergence in weeks.</p>
<div class="lb-trans"><p><strong>博通 (AVGO) +5% / 英伟达 (NVDA) +4%</strong> — 尽管地缘政治混乱，芯片股大幅反弹。博通在与苹果扩大美国制造组件的合作后上涨 4.8%。英伟达因有报道称中国公司计划增加 H200 芯片采购而上涨 3.6%。纳斯达克 100 指数上涨 0.3%，尽管道琼斯指数下跌超过 1%——这是几周以来道琼斯与纳斯达克之间最大的分歧。</p>
</div><p><strong>Memory rebound: SanDisk +7% / Seagate +4% / WDC +3%</strong> — Memory names bounced after the prior week's brutal selloff. SanDisk gained 6.7%, Seagate nearly 4%, Western Digital 3.4%, and Micron added 1%. The bounce came despite elevated oil and Hormuz tensions, suggesting the memory correction may have reached a short-term floor.</p>
<div class="lb-trans"><p><strong>内存反弹：闪迪 +7% / 希捷 +4% / 西部数据 +3%</strong> — 内存股在前一周的惨烈抛售后反弹。闪迪上涨 6.7%，希捷接近 4%，西部数据上涨 3.4%，美光上涨 1%。尽管油价高企和霍尔木兹紧张局势，反弹表明内存修正可能已达到短期底部。</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. DBS near S$62.18, UOB near S$37.91. The Alibaba +11% rally is directly relevant for Singapore investors with China exposure. The Dow's 577-point drop on Trump's Iran rhetoric is a headwind, but the Nasdaq's resilience and chip recovery offer partial offset. Oil back at $78 is negative for Singapore's import costs. FOMC minutes confirming rate hike hawks add pressure on rate-sensitive equities.</p>
<div class="lb-trans"><p>STI 接近 5,070 点，DBS 接近 62.18 新元，UOB 接近 37.91 新元。阿里巴巴的 11% 反弹与有中国投资的新加坡投资者直接相关。道琼斯因特朗普的伊朗言论下跌 577 点是一个阻力，但纳斯达克的韧性和芯片的复苏提供了部分抵消。油价回到 78 美元对新加坡的进口成本是负面因素。FOMC 会议纪要确认加息鹰派增加了对利率敏感股票的压力。</p>
</div><h2>Asia Pre-Market</h2>
<div class="lb-trans"><h2>亚洲盘前市场</h2>
</div><p>Brent at $78.19 is back to early-July levels, erasing most of the post-MOU peace discount. The Trump &#34;ceasefire is over&#34; statement is the most aggressive escalation since the war began in February. Markets face a binary risk: if Trump follows through with strikes tonight, oil could spike above $80 and safe havens rally. If this is another bluff-and-negotiate cycle, the afternoon recovery pattern repeats. SpaceX closed below its $135 IPO price for a second consecutive session.</p>
<div class="lb-trans"><p>布伦特油价为 78.19 美元，回到 7 月初水平，抹去大部分 MOU 和平协议后的折扣。特朗普的 “停火已结束” 声明是自战争于 2 月开始以来最激进的升级。市场面临二元风险：如果特朗普今晚真的进行打击，油价可能会飙升至 80 美元以上，避险资产上涨。如果这又是一次虚张声势和谈判的循环，下午的反弹模式将重演。SpaceX 连续第二个交易日收于 135 美元的 IPO 价格以下。</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 (UTC+8)</th>
</tr>
</thead>
<tbody>
<tr>
<td>Existing Home Sales (June)</td>
<td>10:00 AM</td>
<td>10:00 PM</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（UTC+8）</th>
</tr>
</thead>
<tbody>
<tr>
<td>现有住宅销售（6 月）</td>
<td>上午 10:00</td>
<td>晚上 10:00</td>
</tr>
</tbody>
</table>
</div><table>
<thead>
<tr>
<th>Company</th>
<th>Timing</th>
</tr>
</thead>
<tbody>
<tr>
<td>PepsiCo (PEP)</td>
<td>Pre-mkt</td>
</tr>
</tbody>
</table>
<div class="lb-trans"><table>
<thead>
<tr>
<th>公司</th>
<th>时间</th>
</tr>
</thead>
<tbody>
<tr>
<td>百事可乐 (PEP)</td>
<td>市场前</td>
</tr>
</tbody>
</table>
</div><p><strong>June CPI releases Tuesday July 14</strong>, alongside JPMorgan, BofA, Goldman Sachs, Wells Fargo, and Citigroup earnings — the most consequential single day of Q3.</p>
<div class="lb-trans"><p><strong>6 月 CPI 将于 7 月 14 日星期二发布</strong>，同时发布摩根大通、美国银行、高盛、富国银行和花旗的财报——这是第三季度最重要的一天。</p>
</div><p><strong>Data Spotlight: FOMC Minutes Takeaways</strong> — The minutes from Warsh's first meeting confirmed what the dot plot hinted: multiple members pushed for an immediate hike in June, arguing that inflation driven by the Iran conflict is becoming embedded rather than transitory. The committee ultimately held, but the debate was more divided than the statement suggested. With oil now back at $78 on renewed Hormuz attacks, the hawks' argument has strengthened heading into the July 29-30 FOMC.</p>
<div class="lb-trans"><p><strong>数据聚焦：FOMC 会议纪要要点</strong> — Warsh 第一次会议的纪要确认了点阵图所暗示的：多位成员主张在 6 月立即加息，认为伊朗冲突驱动的通胀正在变得根深蒂固，而非暂时性。委员会最终维持利率不变，但辩论比声明所暗示的更为分歧。随着油价因霍尔木兹袭击回到 78 美元，鹰派的论点在 7 月 29-30 日的 FOMC 会议前得到了加强。</p>
</div><h2>One More Thing</h2>
<div class="lb-trans"><h2>还有一件事</h2>
</div><p>The Dow fell 577 points and the Nasdaq rose. That divergence tells you everything. The Dow is full of banks, industrials, and consumer names — all of which get crushed when oil spikes and rates rise. The Nasdaq is full of chip and software names — which trade on AI demand, not oil. The Iran escalation hurts the real economy (airlines, retailers, homebuilders) while leaving the AI infrastructure trade intact. Nvidia and Broadcom rallied not because the war doesn't matter, but because their customers — hyperscalers building AI data centers — don't cancel orders over Hormuz headlines. The Great Rotation has a new chapter: when geopolitics strikes, the old economy sells and the new economy holds. That pattern works until inflation from $78 oil forces the Fed to actually hike. Then everything sells.</p>
<div class="lb-trans"><p>道琼斯指数下跌 577 点，纳斯达克上涨。这种分歧说明了一切。道琼斯指数充满了银行、工业和消费品公司——当油价飙升和利率上升时，这些公司都会受到重创。纳斯达克则充满了芯片和软件公司——这些公司依赖于人工智能需求，而不是油价。伊朗的升级伤害了实体经济（航空公司、零售商、房屋建筑商），而保持了人工智能基础设施的交易。英伟达和博通的上涨并不是因为战争无关紧要，而是因为他们的客户——构建人工智能数据中心的超大规模公司——不会因霍尔木兹的头条新闻而取消订单。大轮换有了新篇章：当地缘政治冲击时，旧经济抛售，而新经济则保持稳定。这个模式在 78 美元油价导致美联储真正加息之前有效。然后一切都会抛售。</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 | Trump Declares Iran Ceasefire "Over" then Walks It Back; Nasdaq Bucks Selloff

- 道琼斯指数下跌 576.76 点至 52,348.39，因特朗普在北约峰会上指责伊朗。  
- 纳斯达克指数上涨 0.20%，受芯片和中国互联网股的推动。  
- 油价回升至 $78，对新加坡进口成本构成压力，FOMC 会议纪要显示鹰派偏向。

长湾资讯

道琼斯指数

标普 500 指数

纳斯达克综合指数

美国运通

家得宝

GE Vernova

阿里巴巴

阿里巴巴-W

纳斯达克中国金龙指数

金山云

百度

百度-SW

博通

苹果

英伟达

纳斯达克 100 指数

闪迪

希捷科技

西部数据

美光科技

富时新加坡海峡时报指数

星展集团控股

大华银行

百事

摩根大通

美国银行

高盛

富国银行

花旗

阿里巴巴-WR

Alibaba HK SDR 5to1

百度集团-SWR

NVIDIA Corporation

Western Digital - WI

大华银行(ADR)

JPMORGAN CHASE & CO. 4.20% DEP SHS REPSTG 1/400TH PFD SER MM

JPMORGAN CHASE & CO. 6%NON CUM DEP SHS REP 1/400TH PFD SER EE

JPMORGAN CHASE & CO. DEP REP 1/400TH (5.75% NON CUM PFD DD)

JPMORGAN CHASE & CO. 4.625% DEP SH RE 1/400TH INT NO CU PF LL

JPMorgan Chase & Co.

JPMORGAN CHASE & CO. 4.55% DEP SHS REPSTG 1/400TH PFD SER JJ

JPMORGAN CHASE & CO. 4.75 DEP SHS REP 1/400 NCUM PFD SR GG

BANK OF AMERICA CORPORATION DEP SHS REP 1/1000TH INT NON CUM PFD QQ

BANK OF AMERICA CORPORATION DEP SHS REP 1/1200TH PRF SERIES '5'

BANK OF AMERICA CORPORATION 7.25% NON-CUM PERP CONV PFD SER L

BANK OF AMERICA CORPORATION 5.875%NON CUM DEP SHS REP1/1000TH SER HH

BANK OF AMERICA CORPORATION DEP SHS REP 1/1200TH PRF SERIES '2'

BANK OF AMERICA CORPORATION 5% DEP SHS REPR 1/1000TH NON CUM PFD LL

BANK OF AMERICA CORPORATION DEP SHARES REP 1/1000TH PERP PFD SER 'E'

BANK OF AMERICA CORPORATION INCOME CAPITAL OBLIG NTS DUE 15/12/2066

BANK OF AMERICA CORPORATION 4.375% DP SH RP 1/1000TH IN NON CU PF NN

BANK OF AMERICA CORPORATION DEP SH REP 1/1200TH PRF SER 1 USD25

BANK OF AMERICA CORPORATION 5.375%DEP SHS REP 1/1000TH NON CUM SR KK

BANK OF AMERICA CORPORATION 6%NON CUM DEP SHS EACH REP 1/1000 SER GG

BANK OF AMERICA CORPORATION DEP SHS REP 1/1200 PFD SER 4 USD25

BANK OF AMERICA CORPORATION DEP SHS REP 1/1000TH NON CUM PFD SER SS

BANK OF AMERICA CORPORATION 4.125%DEP SH REP 1/1000 PFD SER PP USD25

Bank of America Corp

GS Hldg R

WELLS FARGO & COMPANY DP SHS REP 1/1000TH INT NCUM PFD CL A DD

WELLS FARGO & COMPANY 7.5% PERP CONV PRF CLS 'A' SERIES 'L'

WELLS FARGO & COMPANY DEP SHS REP 1/1000 INT PER PFD SER Y A

WELLS FARGO & COMPANY DP SHS REP 1/1000TH INT NCUM PFD CL A CC

WELLS FARGO & COMPANY 4.75% DEP SHS 1/1000 NCUM PFD CL A SR Z

WELLS FARGO & COMPANY DEP SHS REP 1/1000TH INT PFD SR AA (CLA)

CITIGROUP INC 6.250 NON CUM SER II PFD WI

SG 晨报 | 特朗普宣布伊朗停火 “结束” 后又收回；纳斯达克逆势上涨