<p>作者：Isabel Wang, Gordon Gottsegen 和 Joseph Adinolfi</p>
<p>策略師表示：‘現在似乎有兩個不同的市場’</p>
<p>市場在零售熱門股和穩定表現之間越來越分化。</p>
<p>華爾街本週經歷了兩個市場的故事。</p>
<p>曾經受歡迎的動量交易在去年給投資者帶來了豐厚回報，但最終遭遇了滑坡。根據高盛的美國高貝塔動量指數，週三是自 2022 年以來熱門動量股票表現最差的一天——儘管該指數在週末回升，最終幾乎持平。</p>
<p>與此同時，乏味但穩定的價值股悄然積累勝利，道瓊斯工業平均指數首次突破 50,000 點。追蹤標準普爾 500 指數等權重版本的基金在本週創下新高，表現超過其市值加權的兄弟基金 SPY，周度差距為 2020 年以來最大，FactSet 數據顯示。</p>
<p>“現在似乎有兩個不同的市場，” Nationwide 的首席市場策略師 Mark Hackett 在接受 MarketWatch 採訪時表示。“有些是槓桿和波動的，有些則是設定後就不再關注的。”</p>
<p>白銀（SI00）和比特幣（BTCUSD）是 Hackett 所指的槓桿、零售驅動市場的兩個例子。他指出，過去幾個月，散户投資者在白銀交易中的參與度大幅提高。</p>
<p>根據最活躍期貨合約的交易情況，白銀價格已從每盎司超過 120 美元的盤中紀錄下跌超過 35%，道瓊斯市場數據指出。比特幣在本週早些時候短暫抹去超過一半的價值，但週五的反彈將其推回到 70,000 美元的門檻——儘管仍遠低於 10 月份超過 126,000 美元的歷史高點。</p>
<p>多年來為投資者帶來收益的軟件股票本週也遭遇重創。iShares 擴展科技 - 軟件行業 ETF IGV 本週下跌 8.7%，是自 4 月 4 日以來的最差表現，FactSet 數據顯示。</p>
<p>“活躍交易者可以在熱門股票和行業之間遷移，當這些行業失寵時，它們就會下跌，” Interactive Brokers 的首席市場策略師 Steve Sosnick 表示。他補充道，在許多情況下，動量交易是由投機而非估值支撐的。</p>
<p>在另一端，之前表現落後的週期性和防禦性股票本週表現優於大盤，幫助主要指數逆轉下行趨勢。標準普爾 500 的消費品板塊 XX:SP500.30 是大型指數 11 個板塊中表現最佳的，本週上漲 6%。工業板塊 XX:SP500.20 和材料板塊 XX:SP500.15 本週分別上漲 4.7% 和 3.5%，根據 FactSet 數據。</p>
<p>廣泛的漲幅導致標準普爾 500 中更多股票上漲，即使該指數的主導科技股表現疲軟，導致其下跌。週三，92 家標準普爾 500 成分股創下 52 周收盤新高，為 2024 年 11 月以來最多，道瓊斯市場數據指出。</p>
<p>這種分化突顯了華爾街的情緒拉鋸戰——冒險者追逐炒作，而穩健的投資者則採取更為謹慎的態度。本週的一個重要啓示可能是，隨着投資者情緒和槓桿押注繼續推動市場大幅波動，更多劇烈的變動可能在所難免。</p>
<p>參見：道瓊斯首次收於 50,000 點，經歷美國股市的艱難一週</p>
<p>個別股票和資產的劇烈波動仍然滲透到主要的美國股指中，三大指數像悠悠球一樣反覆波動。道瓊斯工業平均指數本週上漲 2.5%，因股票在週五強勁反彈。</p>
<p>反彈使標準普爾 500 SPX 和納斯達克綜合指數 COMP 迎來了自至少 11 月 24 日以來的最佳表現，但這兩個以科技為主的指數本週分別下跌 0.1% 和 1.8%，根據 FactSet 數據。</p>
<p>當然，本週並沒有明顯的惡性因素，比如地緣政治衝擊或關税威脅，導致市場陷入下滑。相反，這只是持續不斷的企業和經濟頭條在削弱風險偏好，迫使投機者和價值投資者重新審視他們所認為的所有知識。</p>
<p>這一切始於 Anthropic 推出的新自動化工具，該公司是 Claude 聊天機器人的開發者，週二因擔憂人工智能可能侵蝕其商業模式而引發軟件和金融服務股票的拋售。週四，AMD 發佈低於預期的第一季度指引後，這種焦慮蔓延至更廣泛的市場，而谷歌母公司 Alphabet（GOOGL）（GOOG）則將其 2026 年的人工智能支出計劃翻倍。這些發展重新點燃了人們對人工智能是否真的能兑現炒作的擔憂。</p>
<p>其他宏觀擔憂，如勞動力市場疲軟和即將舉行的美伊核談判，也對市場情緒造成了壓力。</p>
<p>“人們實際上正在迴歸到大家很久以來都忘記的東西——你實際上看到一些價值投資或基本面迴歸，” WEBs Investments 的首席執行官 Ben Fulton 表示。</p>
<p>在 Fulton 看來，動量股票確實 “遠遠超前於基本面良好的公司”，因此投資者需要在市場快速變動時 “重新調整方向”。</p>
<p>-Isabel Wang -Gordon Gottsegen -Joseph Adinolfi</p>
<p>此內容由 MarketWatch 創作，MarketWatch 由道瓊斯公司運營。MarketWatch 與道瓊斯新聞社和《華爾街日報》獨立出版。</p>
<p>（完）道瓊斯新聞社</p>
<p>02-07-26 0900ET</p>

<p>華爾街經歷了動盪的一週，顯示出波動性動量股與穩定價值股之間的分歧。高盛美國高貝塔動量指數遭遇自 2022 年以來最糟糕的一天，而道瓊斯工業平均指數首次突破 50,000 點。以零售為驅動的市場，如白銀和比特幣，經歷了顯著波動，白銀價格較峯值下跌超過 35%。儘管科技股遭受重創，但消費品和工業等行業表現良好。這一週突顯了投資者情緒的變化，投機者追逐趨勢，而價值投資者則保持謹慎</p>

<p>By Isabel Wang, Gordon Gottsegen and Joseph Adinolfi</p>
<div class="lb-trans"><p>作者：Isabel Wang, Gordon Gottsegen 和 Joseph Adinolfi</p>
</div><p>'It seems like there are two different markets right now,' strategist says</p>
<div class="lb-trans"><p>策略師表示：‘現在似乎有兩個不同的市場’</p>
</div><p>Markets are looking increasingly divided between retail favorites and steady performers.</p>
<div class="lb-trans"><p>市場在零售熱門股和穩定表現之間越來越分化。</p>
</div><p>Wall Street lived a tale of two markets this week.</p>
<div class="lb-trans"><p>華爾街本週經歷了兩個市場的故事。</p>
</div><p>Once-popular momentum trades that showered investors with outsize rewards last year finally hit the skids. Wednesday was the worst single-day showing for popular momentum stocks since 2022, based on the performance of Goldman Sachs's U.S. High-Beta Momentum Index - although the index rallied back to finish the week essentially unchanged.</p>
<div class="lb-trans"><p>曾經受歡迎的動量交易在去年給投資者帶來了豐厚回報，但最終遭遇了滑坡。根據高盛的美國高貝塔動量指數，週三是自 2022 年以來熱門動量股票表現最差的一天——儘管該指數在週末回升，最終幾乎持平。</p>
</div><p>Meanwhile, boring yet steady value plays quietly stacked wins, with the value-heavy Dow Jones Industrial Average DJIA topping 50,000 pointsw for the first time ever. A fund that tracks the equal-weighted version of the S&amp;P 500 index RSP finished the week at a fresh record high, outperforming its capitalization-weighted sibling SPY by the widest weekly margin since 2020, FactSet data showed.</p>
<div class="lb-trans"><p>與此同時，乏味但穩定的價值股悄然積累勝利，道瓊斯工業平均指數首次突破 50,000 點。追蹤標準普爾 500 指數等權重版本的基金在本週創下新高，表現超過其市值加權的兄弟基金 SPY，周度差距為 2020 年以來最大，FactSet 數據顯示。</p>
</div><p>&#34;It seems like there are two different markets right now,&#34; said Mark Hackett, chief market strategist at Nationwide, during an interview with MarketWatch. &#34;There are the ones that are levered and volatile, and the ones that are just set-it-and-forget-it.&#34;</p>
<div class="lb-trans"><p>“現在似乎有兩個不同的市場，” Nationwide 的首席市場策略師 Mark Hackett 在接受 MarketWatch 採訪時表示。“有些是槓桿和波動的，有些則是設定後就不再關注的。”</p>
</div><p>Silver (SI00) and bitcoin (BTCUSD) were two examples of the type of levered, retail-driven markets Hackett was referring to. Over the past few months, individual investors have become much more involved in the silver trade, he noted.</p>
<div class="lb-trans"><p>白銀（SI00）和比特幣（BTCUSD）是 Hackett 所指的槓桿、零售驅動市場的兩個例子。他指出，過去幾個月，散户投資者在白銀交易中的參與度大幅提高。</p>
</div><p>Based on trading in the most active futures contract, silver has fallen by more than 35% from its intraday record north of $120 an ounce, Dow Jones Market Data showed. Bitcoin briefly erased more than half of its value earlier this week, before a Friday rebound pushed it back up to the $70,000 threshold - though it's still well below its record high north of $126,000 from October.</p>
<div class="lb-trans"><p>根據最活躍期貨合約的交易情況，白銀價格已從每盎司超過 120 美元的盤中紀錄下跌超過 35%，道瓊斯市場數據指出。比特幣在本週早些時候短暫抹去超過一半的價值，但週五的反彈將其推回到 70,000 美元的門檻——儘管仍遠低於 10 月份超過 126,000 美元的歷史高點。</p>
</div><p>Software stocks, which minted gains for investors for years, also got hammered this week. The iShares Expanded Tech-Software Sector ETF IGV fell 8.7% this week, its worst showing since April 4, FactSet data showed.</p>
<div class="lb-trans"><p>多年來為投資者帶來收益的軟件股票本週也遭遇重創。iShares 擴展科技 - 軟件行業 ETF IGV 本週下跌 8.7%，是自 4 月 4 日以來的最差表現，FactSet 數據顯示。</p>
</div><p>&#34;Active traders can and do migrate between hot stocks and sectors, and when those sectors fall out of favor, they decline,&#34; said Steve Sosnick, chief market strategist at Interactive Brokers. In many cases, momentum trades are being kept afloat by the speculations rather than valuations, he added.</p>
<div class="lb-trans"><p>“活躍交易者可以在熱門股票和行業之間遷移，當這些行業失寵時，它們就會下跌，” Interactive Brokers 的首席市場策略師 Steve Sosnick 表示。他補充道，在許多情況下，動量交易是由投機而非估值支撐的。</p>
</div><p>At the other end of the spectrum, previously lagging cyclical and defensive names outperformed the broader market this week, helping buck the downtrend for the major indexes. The S&amp;P 500's consumer-staples sector XX:SP500.30 was the best performer among the large-cap index's 11 sectors, up 6% for the week. The industrials XX:SP500.20 and materials XX:SP500.15 sectors were also up 4.7% and 3.5% for the week, respectively, according to FactSet data.</p>
<div class="lb-trans"><p>在另一端，之前表現落後的週期性和防禦性股票本週表現優於大盤，幫助主要指數逆轉下行趨勢。標準普爾 500 的消費品板塊 XX:SP500.30 是大型指數 11 個板塊中表現最佳的，本週上漲 6%。工業板塊 XX:SP500.20 和材料板塊 XX:SP500.15 本週分別上漲 4.7% 和 3.5%，根據 FactSet 數據。</p>
</div><p>The broad-based gains resulted in more stocks within the S&amp;P 500 moving higher, even as weak performance by the index's dominant tech names pushed it lower. On Wednesday, 92 S&amp;P 500 members tallied fresh 52-week closing highs, the most since November 2024, Dow Jones Market Data showed.</p>
<div class="lb-trans"><p>廣泛的漲幅導致標準普爾 500 中更多股票上漲，即使該指數的主導科技股表現疲軟，導致其下跌。週三，92 家標準普爾 500 成分股創下 52 周收盤新高，為 2024 年 11 月以來最多，道瓊斯市場數據指出。</p>
</div><p>The split underscores the sentiment tug-of-war on Wall Street - with risk-takers chasing hype, while steady hands take a more measured approach. A crucial takeaway of the week might be that as investor sentiment and leveraged bets continue to drive swings in broad swaths of the market, more wild moves could be in store.</p>
<div class="lb-trans"><p>這種分化突顯了華爾街的情緒拉鋸戰——冒險者追逐炒作，而穩健的投資者則採取更為謹慎的態度。本週的一個重要啓示可能是，隨着投資者情緒和槓桿押注繼續推動市場大幅波動，更多劇烈的變動可能在所難免。</p>
</div><p>See: Dow closes above 50,000 for first time after rough week for U.S. stock market</p>
<div class="lb-trans"><p>參見：道瓊斯首次收於 50,000 點，經歷美國股市的艱難一週</p>
</div><p>Wild swings in individual stocks and assets still managed to bleed into the major U.S. equity indexes, with all three snapping back and forth like a yo-yo. The Dow Jones Industrial Average managed a weekly gain of 2.5% as stocks staged a strong recovery on Friday.</p>
<div class="lb-trans"><p>個別股票和資產的劇烈波動仍然滲透到主要的美國股指中，三大指數像悠悠球一樣反覆波動。道瓊斯工業平均指數本週上漲 2.5%，因股票在週五強勁反彈。</p>
</div><p>The rebound gave the S&amp;P 500 SPX and the Nasdaq Composite COMP their best days since at least Nov. 24, yet both tech-heavy indexes ended the week down 0.1% and 1.8%, respectively, according to FactSet data.</p>
<div class="lb-trans"><p>反彈使標準普爾 500 SPX 和納斯達克綜合指數 COMP 迎來了自至少 11 月 24 日以來的最佳表現，但這兩個以科技為主的指數本週分別下跌 0.1% 和 1.8%，根據 FactSet 數據。</p>
</div><p>To be sure, there was no obvious villain, like a geopolitical shock or tariff threats, sending the market into a tailspin this week. Instead, it was just a steady stream of corporate and economic headlines chipping away at risk appetite, forcing both speculators and value investors to second-guess everything they thought they knew.</p>
<div class="lb-trans"><p>當然，本週並沒有明顯的惡性因素，比如地緣政治衝擊或關税威脅，導致市場陷入下滑。相反，這只是持續不斷的企業和經濟頭條在削弱風險偏好，迫使投機者和價值投資者重新審視他們所認為的所有知識。</p>
</div><p>It started with a new automation tool from Anthropic, the developer behind the Claude chatbot, which on Tuesday sparked a selloff across software and financial-services stocks due to concerns that AI could erode their business models. The anxiety then spilled into the broader market on Thursday after Advanced Micro Devices (AMD) issued weaker-than-expected guidance for the first quarter and Google parent Alphabet (GOOGL) (GOOG) doubled its planned AI spending for 2026. Together, these developments reignited fears over whether AI will truly live up to the hype.</p>
<div class="lb-trans"><p>這一切始於 Anthropic 推出的新自動化工具，該公司是 Claude 聊天機器人的開發者，週二因擔憂人工智能可能侵蝕其商業模式而引發軟件和金融服務股票的拋售。週四，AMD 發佈低於預期的第一季度指引後，這種焦慮蔓延至更廣泛的市場，而谷歌母公司 Alphabet（GOOGL）（GOOG）則將其 2026 年的人工智能支出計劃翻倍。這些發展重新點燃了人們對人工智能是否真的能兑現炒作的擔憂。</p>
</div><p>Other macro concerns, such as a weakening labor market and upcoming nuclear talks between the U.S. and Iran, also weighed on market sentiment.</p>
<div class="lb-trans"><p>其他宏觀擔憂，如勞動力市場疲軟和即將舉行的美伊核談判，也對市場情緒造成了壓力。</p>
</div><p>&#34;People are actually going back to something everyone's forgot about for a long time - you're actually seeing some value [investing] or fundamentals coming back in,&#34; said Ben Fulton, CEO of WEBs Investments.</p>
<div class="lb-trans"><p>“人們實際上正在迴歸到大家很久以來都忘記的東西——你實際上看到一些價值投資或基本面迴歸，” WEBs Investments 的首席執行官 Ben Fulton 表示。</p>
</div><p>In Fulton's views, momentum stocks did &#34;run far ahead of fundamentally sound companies,&#34; so investors need to &#34;realign the car&#34; while markets are moving quickly.</p>
<div class="lb-trans"><p>在 Fulton 看來，動量股票確實 “遠遠超前於基本面良好的公司”，因此投資者需要在市場快速變動時 “重新調整方向”。</p>
</div><p>-Isabel Wang -Gordon Gottsegen -Joseph Adinolfi</p>
<div class="lb-trans"><p>-Isabel Wang -Gordon Gottsegen -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 創作，MarketWatch 由道瓊斯公司運營。MarketWatch 與道瓊斯新聞社和《華爾街日報》獨立出版。</p>
</div><p>(END) Dow Jones Newswires</p>
<div class="lb-trans"><p>（完）道瓊斯新聞社</p>
</div><p>02-07-26 0900ET</p>
<div class="lb-trans"><p>02-07-26 0900ET</p>
</div>

Wall Street's wild week rattles investors' confidence while highlighting a growing divide within markets

Dow Jones

道瓊斯指數

Grayscale Bitcoin Mini Trust ETF

Grayscale Bitcoin Trust BTC - ETF

白銀信託 ETF - iShares

WisdomTree Bitcoin Fund

ARK 21Shares Bitcoin ETF

Valkyrie Bitcoin and Ether Strategy ETF

2 倍做多白銀 ETF - ProShares

CoinShares Bitcoin ETF

實物白銀股票 ETF - ETFS

Invesco Galaxy Bitcoin ETF

Grayscale Bitcoin Adopters ETF

道瓊斯美股 ETF - iShares

道瓊斯指數 ETF - SPDR

2 倍做多道指 ETF - ProShares

Fidelity Wise Origin Bitcoin Fund - ETF

iShares Bitcoin Trust ETF

Bitwise Bitcoin ETF

3 倍做多道指 30 ETF - ProShares

ProShares Bitcoin Strategy ETF

Franklin Bitcoin ETF

環球銀礦 MSCI ETF - iShares

Sprott Silver Mnrs & Physical Silver ETF

塔吉特

開市客

克羅格

華爾街動盪的一週不僅動搖了投資者的信心，還突顯了市場內部日益擴大的分歧