tracethemaze
2021-03-24
Oh my!
Is This Little-Watched Stock Market Niche Signaling a Crash Ahead?<blockquote>这个鲜为人知的股市利基市场是否预示着未来的崩盘?</blockquote>
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Many large-cap stocks have global scope, and their share prices therefore more often represent the health of the global economy. By contrast, smaller companies are more likely to focus on their home markets. That means U.S. small-cap stocks often have exposure only to the U.S. economy.</p><p><blockquote>许多投资者不太关注小盘股,但它们在衡量经济健康状况方面发挥着至关重要的作用。许多大盘股具有全球范围,因此它们的股价更常代表全球经济的健康状况。相比之下,规模较小的公司更有可能专注于国内市场。这意味着美国小盘股通常只接触美国经济。</blockquote></p><p> It's therefore troubling to see the<b>Russell 2000 Index</b>fall sharply over the past week. Looking back over the past week, even as the major large-cap indexes have stayed in a tight range, varying from being up slightly to down around 1%, the Russell has seen a big drop of nearly 6%. That's already a minor correction in many investors' eyes.</p><p><blockquote>因此,看到<b>罗素2000指数</b>过去一周大幅下跌。回顾过去一周,尽管主要大盘指数一直处于窄幅区间,从小幅上涨到下跌1%左右,但罗素指数却出现了近6%的大幅下跌。在许多投资者看来,这已经是一个小小的修正。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/be1477ac9c10cb42de9401ae785e7cf2\" tg-width=\"720\" tg-height=\"410\" referrerpolicy=\"no-referrer\">Small-cap companies face an uncertain environment that could go in either direction. On one hand, there's a huge amount of pent-up demand for companies in certain industries, and once the pandemic is under control, those businesses stand to see substantial rises in revenue and profits. However, small-cap stocks are also more sensitive to macroeconomic factors like interest rates. The rise in longer-term rates has been troubling for small companies, especially those that took on additional leverage during the pandemic in order to keep their operations afloat. Higher borrowing costs could divert capital away from growth efforts at exactly the worst possible time.</p><p><blockquote>小型公司面临着一个不确定的环境,可能会朝任何一个方向发展。一方面,某些行业的公司有大量被压抑的需求,一旦疫情得到控制,这些企业的收入和利润将大幅增长。然而,小盘股对利率等宏观经济因素也更加敏感。长期利率的上升一直困扰着小公司,尤其是那些在疫情期间采取额外杠杆以维持运营的公司。较高的借贷成本可能会在最糟糕的时候将资本从增长努力中转移开来。</blockquote></p><p> Some of the downward move also relates to the heavier concentration of energy stocks among small-caps. Large-cap indexes have very little energy exposure, but sizable drops in companies like<b>Laredo Petroleum</b>(NYSE:LPI)and<b>Nabors Industries</b>(NYSE:NBR)over the past week have had an impact on the Russell.</p><p><blockquote>部分下跌还与能源股在小盘股中更加集中有关。大盘股指数的能源敞口很小,但公司的能源敞口却大幅下降,例如<b>拉雷多石油公司</b>(纽约证券交易所代码:LPI)和<b>纳博斯工业公司</b>(纽约证券交易所代码:NBR)过去一周对罗素指数产生了影响。</blockquote></p><p> Reverting to the mean</p><p><blockquote>回归平均值</blockquote></p><p> The counterargument to worries about small-cap stocks is that when you look over even slightly longer time frames, they're still doing relatively well. So far in 2021, the Russell has gained almost 13%, which is more than double what investors in the Dow and S&P have seen. A slight pullback for the small-cap benchmark from its peak outperformance earlier this month certainly doesn't mean that a stock market crash is imminent. Short-term swings happen all the time.</p><p><blockquote>对小盘股的担忧的反驳是,当你看看稍长的时间范围时,它们仍然表现相对较好。2021 年迄今为止,罗素指数已上涨近 13%,是道琼斯指数和标准普尔指数投资者所见涨幅的两倍多。小盘股基准从本月早些时候的峰值表现略有回落,当然并不意味着股市即将崩盘。短期波动时有发生。</blockquote></p><p> Nevertheless, with comments from Treasury Secretary Janet Yellen and Fed chair Jerome Powell expected later Tuesday, Wall Street will still be watching the overall market and small-cap stocks in particular. If this disparity continues, it won't be a good signal for those hoping for a strong recovery in Main Street U.S. businesses in 2021.</p><p><blockquote>尽管如此,随着财政部长珍妮特·耶伦和美联储主席杰罗姆·鲍威尔预计将于周二晚些时候发表评论,华尔街仍将关注整体市场,尤其是小盘股。如果这种差距持续下去,对于那些希望 2021 年美国大街企业强劲复苏的人来说,这将不是一个好兆头。</blockquote></p><p></p>","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>Is This Little-Watched Stock Market Niche Signaling a Crash Ahead?<blockquote>这个鲜为人知的股市利基市场是否预示着未来的崩盘?</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\">\nIs This Little-Watched Stock Market Niche Signaling a Crash Ahead?<blockquote>这个鲜为人知的股市利基市场是否预示着未来的崩盘?</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">fool</strong><span class=\"h-time small\">2021-03-24 09:24</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Small-caps are feeling the pain</p><p><blockquote>小盘股正在感受到痛苦</blockquote></p><p> Many investors don't pay much attention tosmall-cap stocks, but they play a vital role in gauging the health of the economy. Many large-cap stocks have global scope, and their share prices therefore more often represent the health of the global economy. By contrast, smaller companies are more likely to focus on their home markets. That means U.S. small-cap stocks often have exposure only to the U.S. economy.</p><p><blockquote>许多投资者不太关注小盘股,但它们在衡量经济健康状况方面发挥着至关重要的作用。许多大盘股具有全球范围,因此它们的股价更常代表全球经济的健康状况。相比之下,规模较小的公司更有可能专注于国内市场。这意味着美国小盘股通常只接触美国经济。</blockquote></p><p> It's therefore troubling to see the<b>Russell 2000 Index</b>fall sharply over the past week. Looking back over the past week, even as the major large-cap indexes have stayed in a tight range, varying from being up slightly to down around 1%, the Russell has seen a big drop of nearly 6%. That's already a minor correction in many investors' eyes.</p><p><blockquote>因此,看到<b>罗素2000指数</b>过去一周大幅下跌。回顾过去一周,尽管主要大盘指数一直处于窄幅区间,从小幅上涨到下跌1%左右,但罗素指数却出现了近6%的大幅下跌。在许多投资者看来,这已经是一个小小的修正。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/be1477ac9c10cb42de9401ae785e7cf2\" tg-width=\"720\" tg-height=\"410\" referrerpolicy=\"no-referrer\">Small-cap companies face an uncertain environment that could go in either direction. On one hand, there's a huge amount of pent-up demand for companies in certain industries, and once the pandemic is under control, those businesses stand to see substantial rises in revenue and profits. However, small-cap stocks are also more sensitive to macroeconomic factors like interest rates. The rise in longer-term rates has been troubling for small companies, especially those that took on additional leverage during the pandemic in order to keep their operations afloat. Higher borrowing costs could divert capital away from growth efforts at exactly the worst possible time.</p><p><blockquote>小型公司面临着一个不确定的环境,可能会朝任何一个方向发展。一方面,某些行业的公司有大量被压抑的需求,一旦疫情得到控制,这些企业的收入和利润将大幅增长。然而,小盘股对利率等宏观经济因素也更加敏感。长期利率的上升一直困扰着小公司,尤其是那些在疫情期间采取额外杠杆以维持运营的公司。较高的借贷成本可能会在最糟糕的时候将资本从增长努力中转移开来。</blockquote></p><p> Some of the downward move also relates to the heavier concentration of energy stocks among small-caps. Large-cap indexes have very little energy exposure, but sizable drops in companies like<b>Laredo Petroleum</b>(NYSE:LPI)and<b>Nabors Industries</b>(NYSE:NBR)over the past week have had an impact on the Russell.</p><p><blockquote>部分下跌还与能源股在小盘股中更加集中有关。大盘股指数的能源敞口很小,但公司的能源敞口却大幅下降,例如<b>拉雷多石油公司</b>(纽约证券交易所代码:LPI)和<b>纳博斯工业公司</b>(纽约证券交易所代码:NBR)过去一周对罗素指数产生了影响。</blockquote></p><p> Reverting to the mean</p><p><blockquote>回归平均值</blockquote></p><p> The counterargument to worries about small-cap stocks is that when you look over even slightly longer time frames, they're still doing relatively well. So far in 2021, the Russell has gained almost 13%, which is more than double what investors in the Dow and S&P have seen. A slight pullback for the small-cap benchmark from its peak outperformance earlier this month certainly doesn't mean that a stock market crash is imminent. Short-term swings happen all the time.</p><p><blockquote>对小盘股的担忧的反驳是,当你看看稍长的时间范围时,它们仍然表现相对较好。2021 年迄今为止,罗素指数已上涨近 13%,是道琼斯指数和标准普尔指数投资者所见涨幅的两倍多。小盘股基准从本月早些时候的峰值表现略有回落,当然并不意味着股市即将崩盘。短期波动时有发生。</blockquote></p><p> Nevertheless, with comments from Treasury Secretary Janet Yellen and Fed chair Jerome Powell expected later Tuesday, Wall Street will still be watching the overall market and small-cap stocks in particular. If this disparity continues, it won't be a good signal for those hoping for a strong recovery in Main Street U.S. businesses in 2021.</p><p><blockquote>尽管如此,随着财政部长珍妮特·耶伦和美联储主席杰罗姆·鲍威尔预计将于周二晚些时候发表评论,华尔街仍将关注整体市场,尤其是小盘股。如果这种差距持续下去,对于那些希望 2021 年美国大街企业强劲复苏的人来说,这将不是一个好兆头。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源:<a href=\"https://www.fool.com/investing/2021/03/23/is-this-little-watched-stock-market-niche-signalin/\">fool</a></p>\n<p>为提升您的阅读体验,我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.fool.com/investing/2021/03/23/is-this-little-watched-stock-market-niche-signalin/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1170900340","content_text":"Small-caps are feeling the pain\nMany investors don't pay much attention tosmall-cap stocks, but they play a vital role in gauging the health of the economy. Many large-cap stocks have global scope, and their share prices therefore more often represent the health of the global economy. By contrast, smaller companies are more likely to focus on their home markets. That means U.S. small-cap stocks often have exposure only to the U.S. economy.\nIt's therefore troubling to see theRussell 2000 Indexfall sharply over the past week. Looking back over the past week, even as the major large-cap indexes have stayed in a tight range, varying from being up slightly to down around 1%, the Russell has seen a big drop of nearly 6%. That's already a minor correction in many investors' eyes.\nSmall-cap companies face an uncertain environment that could go in either direction. On one hand, there's a huge amount of pent-up demand for companies in certain industries, and once the pandemic is under control, those businesses stand to see substantial rises in revenue and profits. However, small-cap stocks are also more sensitive to macroeconomic factors like interest rates. The rise in longer-term rates has been troubling for small companies, especially those that took on additional leverage during the pandemic in order to keep their operations afloat. Higher borrowing costs could divert capital away from growth efforts at exactly the worst possible time.\nSome of the downward move also relates to the heavier concentration of energy stocks among small-caps. Large-cap indexes have very little energy exposure, but sizable drops in companies likeLaredo Petroleum(NYSE:LPI)andNabors Industries(NYSE:NBR)over the past week have had an impact on the Russell.\nReverting to the mean\nThe counterargument to worries about small-cap stocks is that when you look over even slightly longer time frames, they're still doing relatively well. So far in 2021, the Russell has gained almost 13%, which is more than double what investors in the Dow and S&P have seen. A slight pullback for the small-cap benchmark from its peak outperformance earlier this month certainly doesn't mean that a stock market crash is imminent. Short-term swings happen all the time.\nNevertheless, with comments from Treasury Secretary Janet Yellen and Fed chair Jerome Powell expected later Tuesday, Wall Street will still be watching the overall market and small-cap stocks in particular. 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