<p>美國股市在週五大幅下跌，因國債收益率上升、持續的通脹擔憂以及能源價格飆升給市場施加壓力，此前主要指數經歷了又一個創紀錄的交易日。</p>
<p>道瓊斯工業平均指數下跌約 402 點，跌幅約為 0.8%，而標準普爾 500 指數下跌 1.13%。</p>
<p>納斯達克綜合指數領跌，下滑約 1.58%，投資者從推動市場近期反彈的高增長科技股中撤回資金。</p>
<p>此次拋售發生在標準普爾 500 指數和納斯達克綜合指數週四創下歷史新高之後，而道瓊斯指數則在數月內首次重返 50000 點水平。</p>
<p>隨着投資者重新評估未來美聯儲政策收緊的可能性，債券收益率飆升，這與持續的中東衝突相關的通脹壓力有關。</p>
<p>基準 10 年期國債收益率攀升至約 4.56%，為 2025 年 5 月以來的最高水平。</p>
<p>30 年期國債收益率也上升至超過 5.1%，接近 2023 年時的水平。</p>
<p>市場越來越預期通脹將比之前預期的更長時間保持在高位，特別是能源價格持續上漲的情況下。</p>
<p><strong>油價和中東緊張局勢加大壓力</strong></p>
<p>能源市場仍然是關注的焦點，因與伊朗衝突相關的持續干擾使原油價格繼續上漲。</p>
<p>布倫特原油價格上漲近 3%，達到約每桶 109 美元，而美國西德克薩斯中質原油價格接近 104 美元。</p>
<p>由於霍爾木茲海峽仍然關閉，全球能源供應的擔憂加劇，這威脅到全球石油流動的關鍵航運路線。</p>
<p>CBOE 波動率指數，通常被稱為華爾街的 “恐懼指標”，因投資者焦慮加劇而攀升至近 19.2 的兩週高點。</p>
<p>本週發佈的經濟報告也加強了對能源成本上升可能蔓延至更廣泛經濟通脹的擔憂。</p>
<p>根據 CME 集團的 FedWatch 工具，12 月加息 25 個基點的概率在過去一週內翻倍，達到約 40%。</p>
<p>與此同時，投資者對特朗普總統與中國國家主席習近平的峯會未能達成重大政策突破感到失望。</p>
<p>討論內容包括貿易、關税、台灣、伊朗和半導體供應鏈。</p>
<p>儘管雙方 reportedly 同意霍爾木茲海峽應保持開放，但市場對整體結果的看法卻顯得乏善可陳。</p>
<p><strong>科技股在 AI 驅動的反彈後回落</strong></p>
<p>科技股在週五領跌，因投資者在強勁的 AI 驅動反彈後獲利了結，該反彈在最近幾個月主導了市場。</p>
<p>英偉達在前一交易日大漲後下跌約 3.6%。</p>
<p>超微半導體、美光科技和英特爾也大幅下跌，其中英特爾下跌約 6.2%。</p>
<p>Cerebras Systems 在週四市場首秀時飆升近 90%，但回落約 2.3%。</p>
<p>應用材料公司儘管預測第三季度收入和調整後利潤超出華爾街預期，但仍然下滑。</p>
<p>微軟是為數不多的幾隻上漲的大型科技股之一，此前億萬富翁投資者比爾·阿克曼披露了 Pershing Square 在該公司建立了新頭寸。</p>
<p>分析師警告稱，整體市場反彈仍然高度集中於與人工智能相關的大型科技公司。</p>
<p>儘管週五出現回調，標準普爾 500 指數和納斯達克仍有望實現連續第七週上漲，而道瓊斯指數則有望在七週內實現第六週上漲。</p>

標普 500 波動率指數

道瓊斯指數

標普 500 指數

<p>美國股市在週五大幅下跌，道瓊斯指數下跌 402 點（0.8%），納斯達克指數下跌 1.58%，受到國債收益率上升、通脹擔憂和油價上漲的壓力。10 年期國債收益率達到 4.56%，為 2025 年 5 月以來的最高水平。在中東緊張局勢的影響下，原油價格上漲近 3%，而 CBOE 波動率指數則創下兩週以來的最高點。儘管出現拋售，標普 500 指數和納斯達克指數仍有望實現連續第七週的上漲</p>

<p>US stocks fell sharply on Friday as rising Treasury yields, persistent inflation concerns, and escalating energy prices pressured markets following another record-setting session for major indexes.</p>
<div class="lb-trans"><p>美國股市在週五大幅下跌，因國債收益率上升、持續的通脹擔憂以及能源價格飆升給市場施加壓力，此前主要指數經歷了又一個創紀錄的交易日。</p>
</div><p>The Dow Jones Industrial Average dropped roughly 402 points, or about 0.8%, while the S&amp;P 500 fell 1.13%.</p>
<div class="lb-trans"><p>道瓊斯工業平均指數下跌約 402 點，跌幅約為 0.8%，而標準普爾 500 指數下跌 1.13%。</p>
</div><p>Nasdaq Composite led declines, sliding about 1.58% as investors pulled back from high-growth technology stocks that had powered much of the market’s recent rally.</p>
<div class="lb-trans"><p>納斯達克綜合指數領跌，下滑約 1.58%，投資者從推動市場近期反彈的高增長科技股中撤回資金。</p>
</div><p>The selloff came after the S&amp;P 500 and Nasdaq Composite closed at record highs Thursday, while the Dow reclaimed the 50,000 level for the first time in months.</p>
<div class="lb-trans"><p>此次拋售發生在標準普爾 500 指數和納斯達克綜合指數週四創下歷史新高之後，而道瓊斯指數則在數月內首次重返 50000 點水平。</p>
</div><p>Bond yields surged as investors reassessed the likelihood of future Federal Reserve policy tightening amid renewed inflation pressures tied to the ongoing Middle East conflict.</p>
<div class="lb-trans"><p>隨着投資者重新評估未來美聯儲政策收緊的可能性，債券收益率飆升，這與持續的中東衝突相關的通脹壓力有關。</p>
</div><p>The yield on the benchmark 10-year Treasury note climbed to roughly 4.56%, its highest level since May 2025.</p>
<div class="lb-trans"><p>基準 10 年期國債收益率攀升至約 4.56%，為 2025 年 5 月以來的最高水平。</p>
</div><p>The 30-year Treasury yield also rose above 5.1%, nearing levels last seen in 2023.</p>
<div class="lb-trans"><p>30 年期國債收益率也上升至超過 5.1%，接近 2023 年時的水平。</p>
</div><p>Markets increasingly expect inflation to remain elevated longer than previously anticipated, particularly as energy prices continue climbing.</p>
<div class="lb-trans"><p>市場越來越預期通脹將比之前預期的更長時間保持在高位，特別是能源價格持續上漲的情況下。</p>
</div><p><strong>Oil prices and Middle East tensions add pressure</strong></p>
<div class="lb-trans"><p><strong>油價和中東緊張局勢加大壓力</strong></p>
</div><p>Energy markets remained a central focus as crude oil prices extended gains amid continued disruptions linked to the conflict involving Iran.</p>
<div class="lb-trans"><p>能源市場仍然是關注的焦點，因與伊朗衝突相關的持續干擾使原油價格繼續上漲。</p>
</div><p>Brent crude rose nearly 3% to around $109 per barrel, while US West Texas Intermediate crude climbed toward $104.</p>
<div class="lb-trans"><p>布倫特原油價格上漲近 3%，達到約每桶 109 美元，而美國西德克薩斯中質原油價格接近 104 美元。</p>
</div><p>Concerns over global energy supplies intensified as the Strait of Hormuz remained closed, threatening a critical shipping route for global oil flows.</p>
<div class="lb-trans"><p>由於霍爾木茲海峽仍然關閉，全球能源供應的擔憂加劇，這威脅到全球石油流動的關鍵航運路線。</p>
</div><p>The CBOE Volatility Index, commonly referred to as Wall Street’s “fear gauge,” climbed to a two-week high near 19.2 as investor anxiety increased.</p>
<div class="lb-trans"><p>CBOE 波動率指數，通常被稱為華爾街的 “恐懼指標”，因投資者焦慮加劇而攀升至近 19.2 的兩週高點。</p>
</div><p>Economic reports released this week also reinforced concerns that rising energy costs could spill over into broader inflation across the economy.</p>
<div class="lb-trans"><p>本週發佈的經濟報告也加強了對能源成本上升可能蔓延至更廣泛經濟通脹的擔憂。</p>
</div><p>According to CME Group’s FedWatch tool, the probability of a 25-basis-point Federal Reserve rate hike in December has more than doubled over the past week to roughly 40%.</p>
<div class="lb-trans"><p>根據 CME 集團的 FedWatch 工具，12 月加息 25 個基點的概率在過去一週內翻倍，達到約 40%。</p>
</div><p>Meanwhile, investors were left disappointed after the summit between President Donald Trump and Chinese President Xi Jinping concluded without major policy breakthroughs.</p>
<div class="lb-trans"><p>與此同時，投資者對特朗普總統與中國國家主席習近平的峯會未能達成重大政策突破感到失望。</p>
</div><p>The discussions covered trade, tariffs, Taiwan, Iran, and semiconductor supply chains.</p>
<div class="lb-trans"><p>討論內容包括貿易、關税、台灣、伊朗和半導體供應鏈。</p>
</div><p>While both countries reportedly agreed that the Strait of Hormuz should remain open, markets viewed the overall outcome as underwhelming.</p>
<div class="lb-trans"><p>儘管雙方 reportedly 同意霍爾木茲海峽應保持開放，但市場對整體結果的看法卻顯得乏善可陳。</p>
</div><p><strong>Technology stocks retreat after AI-driven rally</strong></p>
<div class="lb-trans"><p><strong>科技股在 AI 驅動的反彈後回落</strong></p>
</div><p>Technology shares led Friday’s declines as investors took profits following a powerful AI-fueled rally that has dominated markets in recent months.</p>
<div class="lb-trans"><p>科技股在週五領跌，因投資者在強勁的 AI 驅動反彈後獲利了結，該反彈在最近幾個月主導了市場。</p>
</div><p>Nvidia fell about 3.6% in trading after surging in the previous session.</p>
<div class="lb-trans"><p>英偉達在前一交易日大漲後下跌約 3.6%。</p>
</div><p>Advanced Micro Devices, Micron Technology, and Intel also declined sharply, with Intel dropping roughly 6.2%.</p>
<div class="lb-trans"><p>超微半導體、美光科技和英特爾也大幅下跌，其中英特爾下跌約 6.2%。</p>
</div><p>Cerebras Systems, which surged nearly 90% during its market debut Thursday, pulled back about 2.3%.</p>
<div class="lb-trans"><p>Cerebras Systems 在週四市場首秀時飆升近 90%，但回落約 2.3%。</p>
</div><p>Applied Materials also slipped despite forecasting third-quarter revenue and adjusted profit above Wall Street expectations.</p>
<div class="lb-trans"><p>應用材料公司儘管預測第三季度收入和調整後利潤超出華爾街預期，但仍然下滑。</p>
</div><p>Microsoft was one of the few large technology stocks trading higher after billionaire investor Bill Ackman disclosed that Pershing Square had built a new position in the company.</p>
<div class="lb-trans"><p>微軟是為數不多的幾隻上漲的大型科技股之一，此前億萬富翁投資者比爾·阿克曼披露了 Pershing Square 在該公司建立了新頭寸。</p>
</div><p>Analysts warned that the broader market rally remains heavily concentrated in large-cap technology companies tied to artificial intelligence.</p>
<div class="lb-trans"><p>分析師警告稱，整體市場反彈仍然高度集中於與人工智能相關的大型科技公司。</p>
</div><p>Despite Friday’s pullback, the S&amp;P 500 and Nasdaq remained on track for their seventh consecutive weekly gains, while the Dow was heading for its sixth winning week in seven.</p>
<div class="lb-trans"><p>儘管週五出現回調，標準普爾 500 指數和納斯達克仍有望實現連續第七週上漲，而道瓊斯指數則有望在七週內實現第六週上漲。</p>
</div>

Dow slides 400 points as rising yields and oil prices hit tech stocks

- 美國股市週五大幅下跌，主要受國債收益率上升和通脹憂慮影響。  
- 道瓊斯工業平均指數下跌約 402 點，標普 500 指數下跌 1.13%。  
- 能源價格上漲和地緣政治緊張加劇，進一步增加市場波動。

Invezz

納斯達克綜合指數

標普 500 ETF - Vanguard

2 倍做多納斯達克 100 指數 ETF - ProShares

3 倍做空納指 ETF - ProShares

納指 100 ETF - Invesco

納斯達克綜合指數 ETF - Fidelity

標普 500 指數股票型基金

3 倍做多納指 ETF - ProShares

1.5 倍做多短期期貨恐慌指數 ETF - ProShares

1 倍做空納斯達克 100 指數 ETF - ProShares

標普 500 ETF - iShares

道瓊斯指數 ETF - SPDR

納斯達克 100 指數 ETF - Invesco

納斯達克 100 平均加權指數 ETF - First Trust

英偉達

美光科技

英特爾

應用材料

微軟

NVIDIA Corporation

由於收益率和油價上漲對科技股造成衝擊，道瓊斯指數下跌了 400 點