<p>作者：Joseph Adinolfi</p>
<p>週四是過去 20 年中道瓊斯指數在創下歷史新高後下跌 1% 或更多的第 10 次。</p>
<p>週四，股市經歷了一場廣泛的拋售。</p>
<p>華爾街的這一天異常艱難。</p>
<p>包括標準普爾 500 指數、納斯達克綜合指數、道瓊斯工業平均指數和羅素 2000 指數在內的主要美國股指，週四均創下自 10 月 10 日以來的最大百分比跌幅，數據顯示。</p>
<p>道瓊斯指數下跌近 800 點，跌幅為 1.7%，收於 47,457.22 點，而標準普爾 500 指數下跌 113.43 點，跌幅為 1.7%，收於 6,737.49 點。納斯達克綜合指數下跌 536.10 點，跌幅為 2.3%，收於 22,870.36 點。羅素 2000 指數下跌 67.81 點，跌幅為 2.8%，收於 2,382.98 點。</p>
<p>華爾街策略師表示，多個因素促成了拋售，但對美聯儲降息計劃的看法變化似乎是主要原因。</p>
<p>根據 CME 集團的數據，市場對中央銀行在 12 月第三次降息的預期在週四短暫降至 50% 以下，然後恢復到五五開的局面。這一數據較前一天的近 63% 有所下降。</p>
<p>這一下跌是由於美聯儲高級官員的評論，他們強調通脹依然頑固，而整體經濟似乎保持穩定。</p>
<p>這一影響似乎在市場間擴散，導致股票和債券價格下跌。根據截至東部時間下午 3 點的數據顯示，10 年期美國國債收益率上升 3.2 個基點，達到 4.111%。債券收益率與價格呈反向關係，價格下跌時收益率上升。</p>
<p>&#34;我們可能會看到美聯儲在未來幾個月更多地處於觀望狀態，這加劇了今天的拋售，&#34;愛德華·瓊斯的投資策略主管 Mona Mahajan 在接受 MarketWatch 採訪時表示。</p>
<p>本週早些時候，輪換交易似乎正在形成，這幫助道瓊斯指數上漲，儘管納斯達克仍在掙扎。但這種輪換在週四似乎讓位於更廣泛的拋售，甚至影響了價值股，包括標準普爾 500 醫療保健板塊的成員。根據 FactSet 的數據，醫療保健在 11 月仍是該指數表現最好的板塊，漲幅接近 6%。</p>
<p>納斯達克綜合指數持續掙扎，所謂的 “七大奇蹟” 中的一些成員——包括 Meta Platforms Inc. (META) 和 Tesla Inc. (TSLA)——現在已跌入修正區間，定義為從近期高點下跌 10% 或更多。美國市值最高的上市公司 Nvidia Corp. (NVDA) 自 10 月 29 日創下歷史新高以來，已下跌近 10%。</p>
<p>納斯達克在過去兩週下跌了 3.6%，有望創下自 4 月 4 日以來的最大兩週跌幅。</p>
<p>對創紀錄的政府關門結束的熱情並未能提振投資者的情緒，週三道瓊斯指數首次收於 48,000 點的反彈突然中斷。Interactive Brokers 的經濟學家 Jose Torres 將其描述為 “買傳聞，賣新聞” 的反應，這一短語通常用來描述在預期事件或發展發生後出現的下跌。</p>
<p>相關：股市因期待政府關門結束而飆升。為何重啓可能會變得棘手。</p>
<p>道瓊斯指數在創紀錄收盤後大幅下跌的情況相對少見。週四道瓊斯指數下跌 1.7% 是該指數歷史上在創紀錄收盤後第 22 大跌幅，該指數的歷史可以追溯到 19 世紀末。過去 20 年中，該指數在創紀錄收盤後下跌 1% 或更多的情況也僅發生過 10 次。</p>
<p>與此同時，經濟數據的持續延遲使投資者的神經變得緊張。隨着歷史上最長的關門現已結束，關於經濟影響的擔憂再次浮出水面。</p>
<p>&#34;我們需要數據，&#34;斯巴達資本證券的首席市場經濟學家 Peter Cardillo 表示。&#34;我懷疑大多數宏觀數據不會太強勁，表明經濟實際上在減弱。&#34;</p>
<p>儘管大型公司的股票最近表現不佳，但對更多高風險投機股票的壓力持續加大。這些熱門的動量交易在週四再次受到壓力，導致羅素 2000 指數的下跌，這是主要指數中跌幅最大的。</p>
<p>熱門量子計算股票 Rigetti Computing Inc. (RGTI) 週四下跌 11%，自 11 月初以來累計下跌 43%。週四羅素 2000 指數中至少有一隻最大的虧損股是生物科技股 Korro Bio Inc. (KRRO)。生物科技股最近的趨勢是上漲。</p>
<p>根據野村證券的 Charlie McElligott 的説法，許多這些較小的、更具投機性的股票今年受到個人投資者的青睞，這提高了可能產生負財富效應的前景，可能會對更廣泛的經濟造成傷害。</p>
<p>動量的回落並不僅限於股票；比特幣（BTCUSD）也跌破了 100,000 美元，創下自 5 月以來的最低價格。</p>
<p>-Joy Wiltermuth、Abhirami Shrinivas 和 Mike DeStefano 貢獻</p>
<p>-Joseph Adinolfi</p>
<p>此內容由 MarketWatch 創建，MarketWatch 由道瓊斯公司運營。MarketWatch 與道瓊斯新聞通訊和《華爾街日報》獨立出版。</p>
<p>（完）道瓊斯新聞通訊</p>
<p>11-13-25 1751ET</p>

<p>道瓊斯指數及其他主要美國股票指數出現顯著下跌，道瓊斯指數在創下歷史新高後下跌了 1.7%。這一罕見的下跌受到對美聯儲在 12 月降息的懷疑影響，因為市場對降息的預期降至 50% 以下。美聯儲官員關於持續通脹和穩定經濟的評論加劇了拋售，影響了股票和債券價格</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>週四是過去 20 年中道瓊斯指數在創下歷史新高後下跌 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>週四，股市經歷了一場廣泛的拋售。</p>
</div><p>It was an unusually rough day on Wall Street.</p>
<div class="lb-trans"><p>華爾街的這一天異常艱難。</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>包括標準普爾 500 指數、納斯達克綜合指數、道瓊斯工業平均指數和羅素 2000 指數在內的主要美國股指，週四均創下自 10 月 10 日以來的最大百分比跌幅，數據顯示。</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>道瓊斯指數下跌近 800 點，跌幅為 1.7%，收於 47,457.22 點，而標準普爾 500 指數下跌 113.43 點，跌幅為 1.7%，收於 6,737.49 點。納斯達克綜合指數下跌 536.10 點，跌幅為 2.3%，收於 22,870.36 點。羅素 2000 指數下跌 67.81 點，跌幅為 2.8%，收於 2,382.98 點。</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>華爾街策略師表示，多個因素促成了拋售，但對美聯儲降息計劃的看法變化似乎是主要原因。</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>根據 CME 集團的數據，市場對中央銀行在 12 月第三次降息的預期在週四短暫降至 50% 以下，然後恢復到五五開的局面。這一數據較前一天的近 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>這一下跌是由於美聯儲高級官員的評論，他們強調通脹依然頑固，而整體經濟似乎保持穩定。</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>這一影響似乎在市場間擴散，導致股票和債券價格下跌。根據截至東部時間下午 3 點的數據顯示，10 年期美國國債收益率上升 3.2 個基點，達到 4.111%。債券收益率與價格呈反向關係，價格下跌時收益率上升。</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;我們可能會看到美聯儲在未來幾個月更多地處於觀望狀態，這加劇了今天的拋售，&#34;愛德華·瓊斯的投資策略主管 Mona Mahajan 在接受 MarketWatch 採訪時表示。</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>本週早些時候，輪換交易似乎正在形成，這幫助道瓊斯指數上漲，儘管納斯達克仍在掙扎。但這種輪換在週四似乎讓位於更廣泛的拋售，甚至影響了價值股，包括標準普爾 500 醫療保健板塊的成員。根據 FactSet 的數據，醫療保健在 11 月仍是該指數表現最好的板塊，漲幅接近 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>納斯達克綜合指數持續掙扎，所謂的 “七大奇蹟” 中的一些成員——包括 Meta Platforms Inc. (META) 和 Tesla Inc. (TSLA)——現在已跌入修正區間，定義為從近期高點下跌 10% 或更多。美國市值最高的上市公司 Nvidia Corp. (NVDA) 自 10 月 29 日創下歷史新高以來，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>納斯達克在過去兩週下跌了 3.6%，有望創下自 4 月 4 日以來的最大兩週跌幅。</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>對創紀錄的政府關門結束的熱情並未能提振投資者的情緒，週三道瓊斯指數首次收於 48,000 點的反彈突然中斷。Interactive Brokers 的經濟學家 Jose Torres 將其描述為 “買傳聞，賣新聞” 的反應，這一短語通常用來描述在預期事件或發展發生後出現的下跌。</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>相關：股市因期待政府關門結束而飆升。為何重啓可能會變得棘手。</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>道瓊斯指數在創紀錄收盤後大幅下跌的情況相對少見。週四道瓊斯指數下跌 1.7% 是該指數歷史上在創紀錄收盤後第 22 大跌幅，該指數的歷史可以追溯到 19 世紀末。過去 20 年中，該指數在創紀錄收盤後下跌 1% 或更多的情況也僅發生過 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>與此同時，經濟數據的持續延遲使投資者的神經變得緊張。隨着歷史上最長的關門現已結束，關於經濟影響的擔憂再次浮出水面。</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;我們需要數據，&#34;斯巴達資本證券的首席市場經濟學家 Peter Cardillo 表示。&#34;我懷疑大多數宏觀數據不會太強勁，表明經濟實際上在減弱。&#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>儘管大型公司的股票最近表現不佳，但對更多高風險投機股票的壓力持續加大。這些熱門的動量交易在週四再次受到壓力，導致羅素 2000 指數的下跌，這是主要指數中跌幅最大的。</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>熱門量子計算股票 Rigetti Computing Inc. (RGTI) 週四下跌 11%，自 11 月初以來累計下跌 43%。週四羅素 2000 指數中至少有一隻最大的虧損股是生物科技股 Korro Bio Inc. (KRRO)。生物科技股最近的趨勢是上漲。</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>根據野村證券的 Charlie McElligott 的説法，許多這些較小的、更具投機性的股票今年受到個人投資者的青睞，這提高了可能產生負財富效應的前景，可能會對更廣泛的經濟造成傷害。</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>動量的回落並不僅限於股票；比特幣（BTCUSD）也跌破了 100,000 美元，創下自 5 月以來的最低價格。</p>
</div><p>-Joy Wiltermuth, Abhirami Shrinivas and Mike DeStefano contributed</p>
<div class="lb-trans"><p>-Joy Wiltermuth、Abhirami Shrinivas 和 Mike DeStefano 貢獻</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>此內容由 MarketWatch 創建，MarketWatch 由道瓊斯公司運營。MarketWatch 與道瓊斯新聞通訊和《華爾街日報》獨立出版。</p>
</div><p>(END) Dow Jones Newswires</p>
<div class="lb-trans"><p>（完）道瓊斯新聞通訊</p>
</div><p>11-13-25 1751ET</p>
<div class="lb-trans"><p>11-13-25 1751ET</p>
</div>

道瓊斯指數在創下歷史新高後大幅下跌是相當罕見的。關於 12 月降息的疑慮正在對華爾街施加壓力