<p>道瓊斯指數（DJIA）在週二交易中下跌，因為債券市場的崩潰對科技股造成壓力。</p>
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<p>30 年期國債收益率上升 3.6 個基點，達到 5.18%，為 2007 年 4 月以來的最高水平。這對股票造成壓力，因為更高的收益率可能會鼓勵投資者將資金從股票轉向固定收益資產。此外，更高的收益率降低了未來收益的現值，從而降低了估值。成長型股票對利率尤其敏感，因為它們的價值很大程度上與未來預期的現金流相關。</p>
<p>花旗集團和巴克萊銀行均認為 5.5% 是 30 年期收益率的新測試點，高於 5%。花旗集團宏觀利率策略師吉姆·麥克科米克表示：“投資者在購買國債時的計算方式發生了變化。” 此外，美國銀行的一項調查顯示，66% 的基金經理預計收益率將在明年超過 6%，這是自 2020 年 6 月以來未見的水平。</p>
<p>自 2 月 28 日美國與伊朗戰爭開始以來，長期收益率飆升，油氣價格的上漲更是火上澆油。強勁的經濟也在推動這一反彈，推遲了降息的時間表。根據 CME FedWatch 工具，到年底，最可能的結果是美聯儲加息 25 個基點，概率為 41.5%。第二個最可能的結果是美聯儲維持利率不變，概率為 41.1%。</p>
<p>在美國與伊朗戰爭方面，特朗普總統在週一晚上取消了對伊朗的計劃攻擊。襲擊原定於週二進行，特朗普補充説，他將給伊朗 “可能再兩三天” 或直到 “下週初” 達成協議。</p>
<p>在撰寫本文時，道瓊斯指數下跌 0.44%。</p>

道瓊斯指數

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<p>道瓊斯工業平均指數（DJIA）下跌了 0.44%，由於債券拋售對科技股施加壓力，30 年期國債收益率上升至 5.18%，為 2007 年 4 月以來的最高水平。更高的收益率可能促使投資者從股票轉向固定收益資產，從而影響成長型股票。花旗集團和巴克萊銀行建議 5.5% 是新的收益率基準，而美國銀行的一項調查顯示，66% 的基金經理預計收益率將在一年內超過 6%。在持續的地緣政治緊張局勢下，美聯儲可能在年底前加息 25 個基點</p>

<p>The Dow Jones (DJIA) is trading lower on Tuesday as a rout in bonds weighs on tech stocks.</p>
<div class="lb-trans"><p>道瓊斯指數（DJIA）在週二交易中下跌，因為債券市場的崩潰對科技股造成壓力。</p>
</div><h3>Claim 55% Off TipRanks</h3>
<div class="lb-trans"><h3>在 TipRanks 上享受 55% 的折扣</h3>
</div><p>Trade QQQ with leverage</p>
<div class="lb-trans"><p>以槓桿交易 QQQ</p>
</div><p>The 30-year Treasury yield is up by 3.6 bps to 5.18% and is at its highest level since April 2007. That places pressure on stocks, as higher yields may encourage investors to rotate capital out of equities and into fixed-income assets. Furthermore, higher yields reduce the present value of future earnings, which in turn lowers valuations. Growth stocks are especially rate-sensitive, since much of their value is tied to cash flows expected in the future.</p>
<div class="lb-trans"><p>30 年期國債收益率上升 3.6 個基點，達到 5.18%，為 2007 年 4 月以來的最高水平。這對股票造成壓力，因為更高的收益率可能會鼓勵投資者將資金從股票轉向固定收益資產。此外，更高的收益率降低了未來收益的現值，從而降低了估值。成長型股票對利率尤其敏感，因為它們的價值很大程度上與未來預期的現金流相關。</p>
</div><p>Both Citigroup and Barclays believe that 5.5% is the new test for the 30-year yield, up from 5%. &#34;Investors' calculus in terms of buying the dip on Treasuries has changed,&#34; said Citigroup macro rates strategist Jim McCormick. Furthermore, a survey from Bank of America showed that 66% of fund managers expect the yield to top 6% over the next year, a level not seen since June 2020.</p>
<div class="lb-trans"><p>花旗集團和巴克萊銀行均認為 5.5% 是 30 年期收益率的新測試點，高於 5%。花旗集團宏觀利率策略師吉姆·麥克科米克表示：“投資者在購買國債時的計算方式發生了變化。” 此外，美國銀行的一項調查顯示，66% 的基金經理預計收益率將在明年超過 6%，這是自 2020 年 6 月以來未見的水平。</p>
</div><p>Long-term yields have surged since the start of the U.S.-Iran war on February 28, with rising oil and gas prices adding fuel to the flame. A resilient economy is also contributing to the rally, delaying the timeline for rate cuts. By year-end, the most likely outcome with 41.5% odds is for the Fed to raise rates by 25 bps, according to the CME FedWatch tool. The second most likely outcome at 41.1% is for the Fed to hold rates steady.</p>
<div class="lb-trans"><p>自 2 月 28 日美國與伊朗戰爭開始以來，長期收益率飆升，油氣價格的上漲更是火上澆油。強勁的經濟也在推動這一反彈，推遲了降息的時間表。根據 CME FedWatch 工具，到年底，最可能的結果是美聯儲加息 25 個基點，概率為 41.5%。第二個最可能的結果是美聯儲維持利率不變，概率為 41.1%。</p>
</div><p>On the U.S.-Iran war front, President Trump called off a planned attack against Iran on Monday evening. The strikes were scheduled for Tuesday, with Trump adding that he would provide Iran with &#34;maybe another two-three days&#34; or until &#34;the beginning of next week&#34; to agree to a deal.</p>
<div class="lb-trans"><p>在美國與伊朗戰爭方面，特朗普總統在週一晚上取消了對伊朗的計劃攻擊。襲擊原定於週二進行，特朗普補充説，他將給伊朗 “可能再兩三天” 或直到 “下週初” 達成協議。</p>
</div><p>The Dow Jones is down by 0.44% at the time of writing.</p>
<div class="lb-trans"><p>在撰寫本文時，道瓊斯指數下跌 0.44%。</p>
</div>

Dow Jones Today: DJIA Stumbles as Bond Selloff Pressures Tech Stocks

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道瓊斯今日：由於債券拋售對科技股施加壓力，道瓊斯工業平均指數下跌