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2021-05-20

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‘Tapering’ Is Supposed to Be Bad for Tech. Why Did the Nasdaq Outperform the Dow?<blockquote>“缩减规模”应该对科技不利。为什么纳斯达克的表现优于道琼斯指数？</blockquote>

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Why Did the Nasdaq Outperform the Dow?<blockquote>“缩减规模”应该对科技不利。为什么纳斯达克的表现优于道琼斯指数？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1112258601","media":"barrons","summary":"Stocks dropped Wednesday as the Federal Reserve hinted at possible “tapering” in the minutes from it","content":"Stocks dropped Wednesday as the Federal Reserve hinted at possible “tapering” in the minutes from its April meeting. That should have put an outsize dent into tech stocks, but that wasn’t the case.<blockquote>由于美联储在四月份会议纪要中暗示可能“缩减规模”，周三股市下跌。这本应对科技股造成巨大打击，但事实并非如此。</blockquote>The Dow Jones Industrial Average fell 164 points, or 0.5%, while the S&amp;P 500 declined 0.3%. The tech-heavy Nasdaq Composite dipped just 3.9 points, or 0.03%.<blockquote>道琼斯工业平均指数下跌164点，跌幅0.5%，标普500下跌0.3%。以科技股为主的纳斯达克综合指数仅下跌3.9点，即0.03%。</blockquote>The Nasdaq’s outperformance was strange. The Federal Reserve released the minutes from its latest meeting at 2 p.m. Wednesday, and they contained a shocker—hints of ‘tapering,’ or reducing the size of, its asset purchases. The language wasn’t specific, simply saying “at some point in upcoming meetings,” and it was highly contingent on the U.S. economy continuing to strengthen. Still, less money going into the bond market would reduce bond prices and lift their yields, and that should put an outsize dent into the valuations of growth and technology companies, and boost the cyclical companies in the Dow.<blockquote>纳斯达克的优异表现很奇怪。美联储于下午2点公布了最近一次会议的纪要。周三，它们包含了令人震惊的暗示，暗示将“缩减”或减少资产购买规模。措辞并不具体，只是说“在即将举行的会议上的某个时候”，这在很大程度上取决于美国经济的持续走强。尽管如此，进入债券市场的资金减少将降低债券价格并提高其收益率，这将极大地削弱成长型和科技公司的估值，并提振道琼斯指数中的周期性公司。</blockquote>But that’s not what happened. Just five Dow stocks finished higher Thursday— Salesforce.com (CRM), Intel (INTC), Microsoft (MSFT), Procter &amp; Gamble (PG), and Walmart (WMT)—while the Nasdaq’s bounce was led by Analog Devices (ADI) and Maxim Integrated Products (MXIM), which gained more than 4%.<blockquote>但事实并非如此。周四，道琼斯指数中只有五只股票收高——Salesforce.com(CRM)、英特尔(INTC)、微软(MSFT)、宝洁(PG)和沃尔玛(WMT)——而纳斯达克的反弹则由Analog Devices领涨(ADI)和Maxim Integrated Products(MXIM)涨幅超过4%。</blockquote>For tech stocks, it might simply have been a case of “sell the rumor, buy the news.” Fears of inflation—and the tapering that would follow—have caused the Nasdaq to drop nearly 6% from its April all-time high, while the Dow had fallen just 2% from its own record.<blockquote>对于科技股来说，这可能只是“卖出谣言，买入新闻”的情况。对通胀以及随之而来的缩减购债规模的担忧导致纳斯达克从4月份的历史高点下跌了近6%，而道琼斯指数仅从历史高点下跌了2%。</blockquote>Now that the minutes appear to have confirmed the possibility that the Fed might consider tapering—despite its protestations—investors might have moved on to other things, at least for one day. “It has been talked about, for a while, that once [the] taper announcement hits, the interest rate cloud over Tech would start to clear,” writes Dennis DeBusschere, head of portfolio strategy research at Evercore. “That could help explain the shot higher in Tech or Growth following the taper hint in the Fed minutes.”<blockquote>既然会议纪要似乎证实了美联储可能考虑缩减规模的可能性——尽管美联储提出了抗议——投资者可能已经转向其他事情，至少有一天。Evercore投资组合策略研究主管丹尼斯·德布斯切尔(Dennis DeBusschere)写道：“一段时间以来，人们一直在谈论，一旦宣布缩减购债规模，科技股的利率阴云将开始消散。”“这可能有助于解释美联储会议纪要中暗示缩减规模后科技股或增长股的走高。”</blockquote>It will take more than just a hint of tapering to keep tech moving higher, however. For that to happen, the 10-year Treasury yield, which jumped as high as 1.68% on Wednesday, can’t go much higher. If the yield were to move towards 2%, which wouldn’t be a shocker with the market pricing in 2%-plus inflation over the next five years, tech stocks would likely fall again.<blockquote>然而，要让科技股继续走高，需要的不仅仅是一丝缩减的迹象。要实现这一目标，周三跃升至1.68%的10年期国债收益率不可能再高了。如果收益率走向2%（考虑到市场定价未来五年通胀率超过2%，这并不令人震惊），科技股可能会再次下跌。</blockquote>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>‘Tapering’ Is Supposed to Be Bad for Tech. Why Did the Nasdaq Outperform the Dow?<blockquote>“缩减规模”应该对科技不利。为什么纳斯达克的表现优于道琼斯指数？</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n‘Tapering’ Is Supposed to Be Bad for Tech. Why Did the Nasdaq Outperform the Dow?<blockquote>“缩减规模”应该对科技不利。为什么纳斯达克的表现优于道琼斯指数？</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nbarrons2021-05-20 11:29\n\n</h4>\n</header>\n<article>\nStocks dropped Wednesday as the Federal Reserve hinted at possible “tapering” in the minutes from its April meeting. That should have put an outsize dent into tech stocks, but that wasn’t the case.<blockquote>由于美联储在四月份会议纪要中暗示可能“缩减规模”，周三股市下跌。这本应对科技股造成巨大打击，但事实并非如此。</blockquote>The Dow Jones Industrial Average fell 164 points, or 0.5%, while the S&amp;P 500 declined 0.3%. The tech-heavy Nasdaq Composite dipped just 3.9 points, or 0.03%.<blockquote>道琼斯工业平均指数下跌164点，跌幅0.5%，标普500下跌0.3%。以科技股为主的纳斯达克综合指数仅下跌3.9点，即0.03%。</blockquote>The Nasdaq’s outperformance was strange. The Federal Reserve released the minutes from its latest meeting at 2 p.m. Wednesday, and they contained a shocker—hints of ‘tapering,’ or reducing the size of, its asset purchases. The language wasn’t specific, simply saying “at some point in upcoming meetings,” and it was highly contingent on the U.S. economy continuing to strengthen. Still, less money going into the bond market would reduce bond prices and lift their yields, and that should put an outsize dent into the valuations of growth and technology companies, and boost the cyclical companies in the Dow.<blockquote>纳斯达克的优异表现很奇怪。美联储于下午2点公布了最近一次会议的纪要。周三，它们包含了令人震惊的暗示，暗示将“缩减”或减少资产购买规模。措辞并不具体，只是说“在即将举行的会议上的某个时候”，这在很大程度上取决于美国经济的持续走强。尽管如此，进入债券市场的资金减少将降低债券价格并提高其收益率，这将极大地削弱成长型和科技公司的估值，并提振道琼斯指数中的周期性公司。</blockquote>But that’s not what happened. Just five Dow stocks finished higher Thursday— Salesforce.com (CRM), Intel (INTC), Microsoft (MSFT), Procter &amp; Gamble (PG), and Walmart (WMT)—while the Nasdaq’s bounce was led by Analog Devices (ADI) and Maxim Integrated Products (MXIM), which gained more than 4%.<blockquote>但事实并非如此。周四，道琼斯指数中只有五只股票收高——Salesforce.com(CRM)、英特尔(INTC)、微软(MSFT)、宝洁(PG)和沃尔玛(WMT)——而纳斯达克的反弹则由Analog Devices领涨(ADI)和Maxim Integrated Products(MXIM)涨幅超过4%。</blockquote>For tech stocks, it might simply have been a case of “sell the rumor, buy the news.” Fears of inflation—and the tapering that would follow—have caused the Nasdaq to drop nearly 6% from its April all-time high, while the Dow had fallen just 2% from its own record.<blockquote>对于科技股来说，这可能只是“卖出谣言，买入新闻”的情况。对通胀以及随之而来的缩减购债规模的担忧导致纳斯达克从4月份的历史高点下跌了近6%，而道琼斯指数仅从历史高点下跌了2%。</blockquote>Now that the minutes appear to have confirmed the possibility that the Fed might consider tapering—despite its protestations—investors might have moved on to other things, at least for one day. “It has been talked about, for a while, that once [the] taper announcement hits, the interest rate cloud over Tech would start to clear,” writes Dennis DeBusschere, head of portfolio strategy research at Evercore. “That could help explain the shot higher in Tech or Growth following the taper hint in the Fed minutes.”<blockquote>既然会议纪要似乎证实了美联储可能考虑缩减规模的可能性——尽管美联储提出了抗议——投资者可能已经转向其他事情，至少有一天。Evercore投资组合策略研究主管丹尼斯·德布斯切尔(Dennis DeBusschere)写道：“一段时间以来，人们一直在谈论，一旦宣布缩减购债规模，科技股的利率阴云将开始消散。”“这可能有助于解释美联储会议纪要中暗示缩减规模后科技股或增长股的走高。”</blockquote>It will take more than just a hint of tapering to keep tech moving higher, however. For that to happen, the 10-year Treasury yield, which jumped as high as 1.68% on Wednesday, can’t go much higher. If the yield were to move towards 2%, which wouldn’t be a shocker with the market pricing in 2%-plus inflation over the next five years, tech stocks would likely fall again.<blockquote>然而，要让科技股继续走高，需要的不仅仅是一丝缩减的迹象。要实现这一目标，周三跃升至1.68%的10年期国债收益率不可能再高了。如果收益率走向2%（考虑到市场定价未来五年通胀率超过2%，这并不令人震惊），科技股可能会再次下跌。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.barrons.com/articles/the-nasdaq-beat-the-dow-despite-tapering-talk-heres-why-51621455819?mod=hp_LEAD_1\">barrons</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite"},"source_url":"https://www.barrons.com/articles/the-nasdaq-beat-the-dow-despite-tapering-talk-heres-why-51621455819?mod=hp_LEAD_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1112258601","content_text":"Stocks dropped Wednesday as the Federal Reserve hinted at possible “tapering” in the minutes from its April meeting. That should have put an outsize dent into tech stocks, but that wasn’t the case.The Dow Jones Industrial Average fell 164 points, or 0.5%, while the S&P 500 declined 0.3%. The tech-heavy Nasdaq Composite dipped just 3.9 points, or 0.03%.The Nasdaq’s outperformance was strange. The Federal Reserve released the minutes from its latest meeting at 2 p.m. Wednesday, and they contained a shocker—hints of ‘tapering,’ or reducing the size of, its asset purchases. The language wasn’t specific, simply saying “at some point in upcoming meetings,” and it was highly contingent on the U.S. economy continuing to strengthen. Still, less money going into the bond market would reduce bond prices and lift their yields, and that should put an outsize dent into the valuations of growth and technology companies, and boost the cyclical companies in the Dow.But that’s not what happened. Just five Dow stocks finished higher Thursday— Salesforce.com (CRM), Intel (INTC), Microsoft (MSFT), Procter & Gamble (PG), and Walmart (WMT)—while the Nasdaq’s bounce was led by Analog Devices (ADI) and Maxim Integrated Products (MXIM), which gained more than 4%.For tech stocks, it might simply have been a case of “sell the rumor, buy the news.” Fears of inflation—and the tapering that would follow—have caused the Nasdaq to drop nearly 6% from its April all-time high, while the Dow had fallen just 2% from its own record.Now that the minutes appear to have confirmed the possibility that the Fed might consider tapering—despite its protestations—investors might have moved on to other things, at least for one day. “It has been talked about, for a while, that once [the] taper announcement hits, the interest rate cloud over Tech would start to clear,” writes Dennis DeBusschere, head of portfolio strategy research at Evercore. “That could help explain the shot higher in Tech or Growth following the taper hint in the Fed minutes.”It will take more than just a hint of tapering to keep tech moving higher, however. For that to happen, the 10-year Treasury yield, which jumped as high as 1.68% on Wednesday, can’t go much higher. If the yield were to move towards 2%, which wouldn’t be a shocker with the market pricing in 2%-plus inflation over the next five years, tech stocks would likely fall again.","news_type":1,"symbols_score_info":{".IXIC":0.9,".DJI":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":264,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":8,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/197736857"}