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0勋章

2021-06-18

Great

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2021-03-12

Good time to have it

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2021-03-07

Thanks

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2021-03-04

It time to make money

Wall Street drops as high-flying tech stocks retreat<blockquote>随着高歌猛进的科技股回落，华尔街下跌</blockquote>

2021-02-26

Great information

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2021-02-25

Xiao mi already in India long time

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2021-02-25

QS look stable up

2021-02-25

Good news

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2021-02-19

$Palantir Technologies Inc.(PLTR)$Buy in today?

2021-02-18

Not really understand, so Thier stock in market?

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2021-02-17

Dangerous now?

Why the stock market’s ‘worst-case’ scenario depends on these 3 ingredients<blockquote>为什么股市的“最坏情况”取决于这三个因素</blockquote>

2021-02-17

Is time to buy the stock?

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2021-02-17

Nice

Is This Oil Rally The Start Of Something Much Bigger?<blockquote>这次油价反弹是更大事件的开始吗？</blockquote>

去老虎APP查看更多动态

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time to make money","listText":"It time to make money","text":"It time to make money","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":10,"commentSize":9,"repostSize":0,"link":"https://laohu8.com/post/364328908","repostId":"1107788140","repostType":4,"repost":{"id":"1107788140","kind":"news","pubTimestamp":1614816795,"share":"https://www.laohunote.com/m/news/1107788140?lang=zh_CN&edition=full","pubTime":"2021-03-04 08:13","market":"us","language":"en","title":"Wall Street drops as high-flying tech stocks retreat<blockquote>随着高歌猛进的科技股回落，华尔街下跌</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1107788140","media":"Reuters","summary":"(Reuters) - The Nasdaq ended sharply lower on Wednesday after investors sold high-flying technology ","content":"<p>(Reuters) - The Nasdaq ended sharply lower on Wednesday after investors sold high-flying technology shares and pivoted to sectors viewed as more likely to benefit from an economic recovery on the back of fiscal stimulus and vaccination programs.</p><p><blockquote>（路透社） - 纳斯达克周三大幅收低，此前投资者抛售高价科技股，转向被认为更有可能受益于财政刺激和疫苗接种计划推动的经济复苏的行业。</blockquote></p><p>Microsoft Corp, Apple Inc and Amazon.com Inc dropped more than 2%, weighing more than any other stocks on the S&amp;P 500.</p><p><blockquote>微软公司、苹果公司和亚马逊公司下跌超过 2%，比标普500上任何其他股票都重。</blockquote></p><p>The S&amp;P 500 financial and industrial sector indexes reached intra-day record highs. Most other S&amp;P 500 sectors declined.</p><p><blockquote>标普500金融和工业板块指数盘中创下历史新高。大多数其他标普500板块下跌。</blockquote></p><p>“Today is the perfect encapsulation of the big theme we’ve been seeing in the past couple of months: The vaccine rollout is going well and the economy improving, and that is sending yields and rate expectations higher, which is hurting growth stocks,” said Baird investment strategist Ross Mayfield, in Louisville, Kentucky.</p><p><blockquote>“肯塔基州路易斯维尔的贝尔德投资策略师罗斯-梅菲尔德（Ross Mayfield）说：”今天是我们在过去几个月中看到的大主题的完美概括： 疫苗推广进展顺利，经济正在改善，这导致收益率和利率预期走高，从而损害了成长型股票。</blockquote></p><p>The Dow Jones Industrial Average fell 0.39% to end at 31,270.09 points, while the S&amp;P 500 lost 1.31% to 3,819.72.</p><p><blockquote>道琼斯工业平均指数下跌0.39%，收于31,270.09点，标普500指数下跌1.31%，至3,819.72点。</blockquote></p><p>The Nasdaq Composite dropped 2.7% to 12,997.75. That left it at its lowest since early January and reduced its gain in 2021 to less than 1%.</p><p><blockquote>纳斯达克综合指数下跌 2.7%，至 12,997.75 点。这使其处于 1 月初以来的最低水平，并将 2021 年的涨幅降至 1% 以下。</blockquote></p><p>The U.S. economic recovery continued at a modest pace over the first weeks of this year, with businesses optimistic about the months to come and demand for housing “robust,” but only slow improvement in the job market, the Federal Reserve reported.</p><p><blockquote>美联储报告称，今年前几周，美国经济复苏步伐继续温和，企业对未来几个月持乐观态度，住房需求 “强劲”，但就业市场改善缓慢。</blockquote></p><p>While the vaccine distribution is expected to help the economy, data showed U.S. private employers hired fewer workers than expected in February, suggesting the labor market was struggling to regain speed.</p><p><blockquote>虽然疫苗分发预计将有助于经济，但数据显示，美国私营雇主2月份雇用的工人少于预期，这表明劳动力市场正在努力恢复速度。</blockquote></p><p>Another report showed U.S. services industry activity unexpectedly slowed in February amid winter storms, while a measure of prices paid by companies for inputs surged to the highest level in nearly 12-1/2 years.</p><p><blockquote>另一份报告显示，由于冬季风暴，美国服务业活动在2月份意外放缓，而衡量企业投入价格的指标飙升至近12年半以来的最高水平。</blockquote></p><p>The U.S. 10-year Treasury yield ticked up to 1.47%, pressuring areas of the market with high valuations. It was still off last week’s peak of above 1.61% that roiled stock markets as investors bet on rising inflation.</p><p><blockquote>美国10年期国债收益率升至1.47%，给高估值市场领域带来压力。由于投资者押注通胀上升，股市仍处于上周超过 1.61% 的峰值。</blockquote></p><p>Rising interest rates disproportionately hurt high-growth tech companies because investors value them based on earnings expected years into the future, and high interest rates hurt the value of future earnings more than the value of earnings made in the short term.</p><p><blockquote>利率上升对高增长科技公司造成了不成比例的损害，因为投资者根据未来几年的预期盈利来评估它们，而高利率对未来盈利价值的损害大于对短期盈利价值的损害。</blockquote></p><p>“There is a definite headwind for equity markets if yields go above the 1.5% level with most investors keeping an eye on the pace of yield growth,” said Michael Stritch, chief investment officer at BMO Wealth Management.</p><p><blockquote>“蒙特利尔银行财富管理公司（BMO Wealth Management）首席投资官迈克尔-斯特里奇（Michael Stritch）说：”如果收益率超过 1.5% 的水平，股市肯定会面临阻力，因为大多数投资者都在关注收益率增长速度。</blockquote></p><p>President Joe Biden’s proposed $1.9 trillion coronavirus relief bill would phase out $1,400 payments to high-income Americans in a compromise with moderate Democratic senators, according to lawmakers and media reports.</p><p><blockquote>据立法者和媒体报道，乔-拜登总统提出的 1.9 万亿美元冠状病毒救济法案将与温和派民主党参议员达成妥协，逐步取消向高收入美国人支付 1400 美元的款项。</blockquote></p><p>Exxon Mobil Corp rose 0.8% after the oil major unveiled plans to grow dividends and curb spending with projections that were less bold than previous years.</p><p><blockquote>埃克森美孚公司股价上涨 0.8%，此前这家石油巨头公布了增加股息和抑制支出的计划，其预测不如往年大胆。</blockquote></p><p>Declining issues outnumbered advancing ones on the NYSE by a 1.31-to-1 ratio; on Nasdaq, a 1.95-to-1 ratio favored decliners.</p><p><blockquote>纽约证券交易所下跌发行量与上涨发行量的比例为 1.31 比 1；在纳斯达克，1.95比1的比率有利于下跌者。</blockquote></p><p>The S&amp;P 500 posted 62 new 52-week highs and no new lows; the Nasdaq Composite recorded 284 new highs and 68 new lows.</p><p><blockquote>标普500创下62个52周新高，没有新低；纳斯达克综合指数创下284个新高和68个新低。</blockquote></p><p>Volume on U.S. exchanges was 14 billion shares, compared with the 14.9 billion average for the full session over the last 20 trading days.</p><p><blockquote>美国交易所的成交量为 140 亿股，而过去 20 个交易日整个交易日的平均成交量为 149 亿股。</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>Wall Street drops as high-flying tech stocks retreat<blockquote>随着高歌猛进的科技股回落，华尔街下跌</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; 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}\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\">\nWall Street drops as high-flying tech stocks retreat<blockquote>随着高歌猛进的科技股回落，华尔街下跌</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Reuters</strong><span class=\"h-time small\">2021-03-04 08:13</span>\n</p>\n</h4>\n</header>\n<article>\n<p>(Reuters) - The Nasdaq ended sharply lower on Wednesday after investors sold high-flying technology shares and pivoted to sectors viewed as more likely to benefit from an economic recovery on the back of fiscal stimulus and vaccination programs.</p><p><blockquote>（路透社） - 纳斯达克周三大幅收低，此前投资者抛售高价科技股，转向被认为更有可能受益于财政刺激和疫苗接种计划推动的经济复苏的行业。</blockquote></p><p>Microsoft Corp, Apple Inc and Amazon.com Inc dropped more than 2%, weighing more than any other stocks on the S&amp;P 500.</p><p><blockquote>微软公司、苹果公司和亚马逊公司下跌超过 2%，比标普500上任何其他股票都重。</blockquote></p><p>The S&amp;P 500 financial and industrial sector indexes reached intra-day record highs. Most other S&amp;P 500 sectors declined.</p><p><blockquote>标普500金融和工业板块指数盘中创下历史新高。大多数其他标普500板块下跌。</blockquote></p><p>“Today is the perfect encapsulation of the big theme we’ve been seeing in the past couple of months: The vaccine rollout is going well and the economy improving, and that is sending yields and rate expectations higher, which is hurting growth stocks,” said Baird investment strategist Ross Mayfield, in Louisville, Kentucky.</p><p><blockquote>“肯塔基州路易斯维尔的贝尔德投资策略师罗斯-梅菲尔德（Ross Mayfield）说：”今天是我们在过去几个月中看到的大主题的完美概括： 疫苗推广进展顺利，经济正在改善，这导致收益率和利率预期走高，从而损害了成长型股票。</blockquote></p><p>The Dow Jones Industrial Average fell 0.39% to end at 31,270.09 points, while the S&amp;P 500 lost 1.31% to 3,819.72.</p><p><blockquote>道琼斯工业平均指数下跌0.39%，收于31,270.09点，标普500指数下跌1.31%，至3,819.72点。</blockquote></p><p>The Nasdaq Composite dropped 2.7% to 12,997.75. That left it at its lowest since early January and reduced its gain in 2021 to less than 1%.</p><p><blockquote>纳斯达克综合指数下跌 2.7%，至 12,997.75 点。这使其处于 1 月初以来的最低水平，并将 2021 年的涨幅降至 1% 以下。</blockquote></p><p>The U.S. economic recovery continued at a modest pace over the first weeks of this year, with businesses optimistic about the months to come and demand for housing “robust,” but only slow improvement in the job market, the Federal Reserve reported.</p><p><blockquote>美联储报告称，今年前几周，美国经济复苏步伐继续温和，企业对未来几个月持乐观态度，住房需求 “强劲”，但就业市场改善缓慢。</blockquote></p><p>While the vaccine distribution is expected to help the economy, data showed U.S. private employers hired fewer workers than expected in February, suggesting the labor market was struggling to regain speed.</p><p><blockquote>虽然疫苗分发预计将有助于经济，但数据显示，美国私营雇主2月份雇用的工人少于预期，这表明劳动力市场正在努力恢复速度。</blockquote></p><p>Another report showed U.S. services industry activity unexpectedly slowed in February amid winter storms, while a measure of prices paid by companies for inputs surged to the highest level in nearly 12-1/2 years.</p><p><blockquote>另一份报告显示，由于冬季风暴，美国服务业活动在2月份意外放缓，而衡量企业投入价格的指标飙升至近12年半以来的最高水平。</blockquote></p><p>The U.S. 10-year Treasury yield ticked up to 1.47%, pressuring areas of the market with high valuations. It was still off last week’s peak of above 1.61% that roiled stock markets as investors bet on rising inflation.</p><p><blockquote>美国10年期国债收益率升至1.47%，给高估值市场领域带来压力。由于投资者押注通胀上升，股市仍处于上周超过 1.61% 的峰值。</blockquote></p><p>Rising interest rates disproportionately hurt high-growth tech companies because investors value them based on earnings expected years into the future, and high interest rates hurt the value of future earnings more than the value of earnings made in the short term.</p><p><blockquote>利率上升对高增长科技公司造成了不成比例的损害，因为投资者根据未来几年的预期盈利来评估它们，而高利率对未来盈利价值的损害大于对短期盈利价值的损害。</blockquote></p><p>“There is a definite headwind for equity markets if yields go above the 1.5% level with most investors keeping an eye on the pace of yield growth,” said Michael Stritch, chief investment officer at BMO Wealth Management.</p><p><blockquote>“蒙特利尔银行财富管理公司（BMO Wealth Management）首席投资官迈克尔-斯特里奇（Michael Stritch）说：”如果收益率超过 1.5% 的水平，股市肯定会面临阻力，因为大多数投资者都在关注收益率增长速度。</blockquote></p><p>President Joe Biden’s proposed $1.9 trillion coronavirus relief bill would phase out $1,400 payments to high-income Americans in a compromise with moderate Democratic senators, according to lawmakers and media reports.</p><p><blockquote>据立法者和媒体报道，乔-拜登总统提出的 1.9 万亿美元冠状病毒救济法案将与温和派民主党参议员达成妥协，逐步取消向高收入美国人支付 1400 美元的款项。</blockquote></p><p>Exxon Mobil Corp rose 0.8% after the oil major unveiled plans to grow dividends and curb spending with projections that were less bold than previous years.</p><p><blockquote>埃克森美孚公司股价上涨 0.8%，此前这家石油巨头公布了增加股息和抑制支出的计划，其预测不如往年大胆。</blockquote></p><p>Declining issues outnumbered advancing ones on the NYSE by a 1.31-to-1 ratio; on Nasdaq, a 1.95-to-1 ratio favored decliners.</p><p><blockquote>纽约证券交易所下跌发行量与上涨发行量的比例为 1.31 比 1；在纳斯达克，1.95比1的比率有利于下跌者。</blockquote></p><p>The S&amp;P 500 posted 62 new 52-week highs and no new lows; the Nasdaq Composite recorded 284 new highs and 68 new lows.</p><p><blockquote>标普500创下62个52周新高，没有新低；纳斯达克综合指数创下284个新高和68个新低。</blockquote></p><p>Volume on U.S. exchanges was 14 billion shares, compared with the 14.9 billion average for the full session over the last 20 trading days.</p><p><blockquote>美国交易所的成交量为 140 亿股，而过去 20 个交易日整个交易日的平均成交量为 149 亿股。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.reuters.com/article/us-usa-stocks/wall-street-drops-as-high-flying-tech-stocks-retreat-idUSKBN2AV1EG\">Reuters</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":{"AAPL":"苹果","AMZN":"亚马逊"},"source_url":"https://www.reuters.com/article/us-usa-stocks/wall-street-drops-as-high-flying-tech-stocks-retreat-idUSKBN2AV1EG","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1107788140","content_text":"(Reuters) - The Nasdaq ended sharply lower on Wednesday after investors sold high-flying technology shares and pivoted to sectors viewed as more likely to benefit from an economic recovery on the back of fiscal stimulus and vaccination programs.Microsoft Corp, Apple Inc and Amazon.com Inc dropped more than 2%, weighing more than any other stocks on the S&P 500.The S&P 500 financial and industrial sector indexes reached intra-day record highs. Most other S&P 500 sectors declined.“Today is the perfect encapsulation of the big theme we’ve been seeing in the past couple of months: The vaccine rollout is going well and the economy improving, and that is sending yields and rate expectations higher, which is hurting growth stocks,” said Baird investment strategist Ross Mayfield, in Louisville, Kentucky.The Dow Jones Industrial Average fell 0.39% to end at 31,270.09 points, while the S&P 500 lost 1.31% to 3,819.72.The Nasdaq Composite dropped 2.7% to 12,997.75. That left it at its lowest since early January and reduced its gain in 2021 to less than 1%.The U.S. economic recovery continued at a modest pace over the first weeks of this year, with businesses optimistic about the months to come and demand for housing “robust,” but only slow improvement in the job market, the Federal Reserve reported.While the vaccine distribution is expected to help the economy, data showed U.S. private employers hired fewer workers than expected in February, suggesting the labor market was struggling to regain speed.Another report showed U.S. services industry activity unexpectedly slowed in February amid winter storms, while a measure of prices paid by companies for inputs surged to the highest level in nearly 12-1/2 years.The U.S. 10-year Treasury yield ticked up to 1.47%, pressuring areas of the market with high valuations. It was still off last week’s peak of above 1.61% that roiled stock markets as investors bet on rising inflation.Rising interest rates disproportionately hurt high-growth tech companies because investors value them based on earnings expected years into the future, and high interest rates hurt the value of future earnings more than the value of earnings made in the short term.“There is a definite headwind for equity markets if yields go above the 1.5% level with most investors keeping an eye on the pace of yield growth,” said Michael Stritch, chief investment officer at BMO Wealth Management.President Joe Biden’s proposed $1.9 trillion coronavirus relief bill would phase out $1,400 payments to high-income Americans in a compromise with moderate Democratic senators, according to lawmakers and media reports.Exxon Mobil Corp rose 0.8% after the oil major unveiled plans to grow dividends and curb spending with projections that were less bold than previous years.Declining issues outnumbered advancing ones on the NYSE by a 1.31-to-1 ratio; on Nasdaq, a 1.95-to-1 ratio favored decliners.The S&P 500 posted 62 new 52-week highs and no new lows; the Nasdaq Composite recorded 284 new highs and 68 new lows.Volume on U.S. exchanges was 14 billion shares, compared with the 14.9 billion average for the full session over the last 20 trading days.","news_type":1,"symbols_score_info":{"AMZN":0.9,"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":2072,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":368419470,"gmtCreate":1614346824490,"gmtModify":1703476690385,"author":{"id":"3576634944099341","authorId":"3576634944099341","name":"GeeChun","avatar":"https://static.tigerbbs.com/2d0ca68ff291093e9ac8533ce11b83b4","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576634944099341","idStr":"3576634944099341"},"themes":[],"title":"","htmlText":"Great information","listText":"Great information","text":"Great information","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/368419470","repostId":"2114326591","repostType":2,"isVote":1,"tweetType":1,"viewCount":1532,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":361790769,"gmtCreate":1614260174051,"gmtModify":1631890071962,"author":{"id":"3576634944099341","authorId":"3576634944099341","name":"GeeChun","avatar":"https://static.tigerbbs.com/2d0ca68ff291093e9ac8533ce11b83b4","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576634944099341","idStr":"3576634944099341"},"themes":[],"title":"","htmlText":"Xiao mi already in India long time","listText":"Xiao mi already in India long time","text":"Xiao mi already in India long time","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/361790769","repostId":"2114317810","repostType":4,"isVote":1,"tweetType":1,"viewCount":1785,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":361411897,"gmtCreate":1614253866319,"gmtModify":1631890071967,"author":{"id":"3576634944099341","authorId":"3576634944099341","name":"GeeChun","avatar":"https://static.tigerbbs.com/2d0ca68ff291093e9ac8533ce11b83b4","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576634944099341","idStr":"3576634944099341"},"themes":[],"title":"","htmlText":"QS look stable up","listText":"QS look stable up","text":"QS look stable up","images":[{"img":"https://static.tigerbbs.com/828a5f7cb280bc06bba164145f07acae","width":"1080","height":"2071"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/361411897","isVote":1,"tweetType":1,"viewCount":2253,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":361419030,"gmtCreate":1614253693020,"gmtModify":1631890071968,"author":{"id":"3576634944099341","authorId":"3576634944099341","name":"GeeChun","avatar":"https://static.tigerbbs.com/2d0ca68ff291093e9ac8533ce11b83b4","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576634944099341","idStr":"3576634944099341"},"themes":[],"title":"","htmlText":"Good news","listText":"Good news","text":"Good news","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/361419030","repostId":"2114131201","repostType":4,"isVote":1,"tweetType":1,"viewCount":1990,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":387953581,"gmtCreate":1613712818443,"gmtModify":1631890071973,"author":{"id":"3576634944099341","authorId":"3576634944099341","name":"GeeChun","avatar":"https://static.tigerbbs.com/2d0ca68ff291093e9ac8533ce11b83b4","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576634944099341","idStr":"3576634944099341"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/PLTR\">$Palantir Technologies Inc.(PLTR)$</a>Buy in today?","listText":"<a href=\"https://laohu8.com/S/PLTR\">$Palantir Technologies Inc.(PLTR)$</a>Buy in today?","text":"$Palantir Technologies Inc.(PLTR)$Buy in today?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/387953581","isVote":1,"tweetType":1,"viewCount":3419,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":384917846,"gmtCreate":1613606297185,"gmtModify":1631890071976,"author":{"id":"3576634944099341","authorId":"3576634944099341","name":"GeeChun","avatar":"https://static.tigerbbs.com/2d0ca68ff291093e9ac8533ce11b83b4","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576634944099341","idStr":"3576634944099341"},"themes":[],"title":"","htmlText":"Not really understand, so Thier stock in market?","listText":"Not really understand, so Thier stock in market?","text":"Not really understand, so Thier stock in market?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/384917846","repostId":"1160744674","repostType":4,"isVote":1,"tweetType":1,"viewCount":1779,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":385622718,"gmtCreate":1613546259634,"gmtModify":1631893615350,"author":{"id":"3576634944099341","authorId":"3576634944099341","name":"GeeChun","avatar":"https://static.tigerbbs.com/2d0ca68ff291093e9ac8533ce11b83b4","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576634944099341","idStr":"3576634944099341"},"themes":[],"title":"","htmlText":"Dangerous now?","listText":"Dangerous now?","text":"Dangerous now?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/385622718","repostId":"1137917622","repostType":4,"repost":{"id":"1137917622","kind":"news","pubTimestamp":1613545971,"share":"https://www.laohunote.com/m/news/1137917622?lang=zh_CN&edition=full","pubTime":"2021-02-17 15:12","market":"us","language":"en","title":"Why the stock market’s ‘worst-case’ scenario depends on these 3 ingredients<blockquote>为什么股市的“最坏情况”取决于这三个因素</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1137917622","media":"MarketWatch","summary":"Rising yields, widening credit spreads and rising dollar would spell trouble: Jefferies\nInvestors ar","content":"<p>Rising yields, widening credit spreads and rising dollar would spell trouble: Jefferies</p><p><blockquote>杰富瑞：收益率上升、信贷利差扩大和美元升值将带来麻烦</blockquote></p><p> Investors are fretting over Treasury yields and wondering when a rate rise could start to crimp a stock-market rally, though they weren’t yet worried enough Tuesday to prevent major benchmarks from notching another round of all-time peaks.</p><p><blockquote>投资者对国债收益率感到担忧，并想知道加息何时会开始抑制股市的涨势，尽管他们在周二还没有担心到足以阻止主要基准再次创下历史新高。</blockquote></p><p> So when does the pain of rising yields, which makes it harder to justify stretched equity valuations, start to make a difference? With the yield on the 10-year Treasury note&nbsp;moving back above 1.2%, a challenge of the 1.5% area, which is the equivalent of the dividend yield on the S&amp;P 500,could soon be in store, wrote Sean Darby, global head of strategy at Jefferies, in a Tuesday note.</p><p><blockquote>那么，收益率上升的痛苦（这使得更难证明过高的股票估值是合理的）何时开始产生影响呢？全球战略主管肖恩·达比 (Sean Darby) 写道，随着 10 年期国债收益率回升至 1.2% 以上，1.5% 区域（相当于标准普尔 500 指数的股息收益率）可能很快就会面临挑战杰富瑞 (Jefferies) 在周二的一份报告中。</blockquote></p><p> That event “will probably coincide with the first test for the valuations of the higher PE stocks and the relative performance of the S&amp;P 500 versus more loftier valued indices such as the Nasdaq-100,” he wrote, referring to the P/E, or price-to-earnings ratio, a common measure of stock market valuations.</p><p><blockquote>他写道，这一事件 “可能会与市盈率较高的股票的估值以及标普500相对于纳斯达克 100 指数等估值较高的指数的相对表现的首次考验同时发生”，他指的是市盈率（P/E），这是衡量股市估值的常见指标。</blockquote></p><p> Historically, low Treasury rates have been seen justifying lofty valuations for equities, as investors have little choice but to look to stocks for returns. While Treasury yields remain low, the move higher could threaten equities with the most stretched valuations, strategists have warned. Yields and bond prices move in opposite directions.</p><p><blockquote>从历史上看，低国债利率被视为股票高估值的理由，因为投资者别无选择，只能寻求股票回报。策略师警告称，虽然美国国债收益率仍然很低，但走高可能会威胁到估值最紧张的股票。收益率和债券价格走势相反。</blockquote></p><p> But Darby delves deeper, arguing that financial markets have likely undergone a “regime change” as investors adapt to the Federal Reserve’s average-inflation targeting setup, which would see the central bank allow inflation to overshoot its target and the economy to run hot before moving to tighten policy.</p><p><blockquote>但达比进行了更深入的探讨，他认为，随着投资者适应美联储的平均通胀目标设置，金融市场很可能已经经历了 “政权更迭”，即央行允许通胀超过其目标，让经济过热，然后再采取行动收紧政策。</blockquote></p><p> That regime change amid expectations for abundant liquidity may be illustrated by the continued rally in junk, or high-yield, corporate bonds. Those yields have fallen sharply, even trading below Treasurys on an inflation-adjusted basis for the first time in history, he noted.</p><p><blockquote>在流动性充裕的预期下，这种政权更迭可以从垃圾债券或高收益公司债券的持续上涨中得到说明。他指出，这些收益率大幅下降，甚至历史上首次在通胀调整后低于美国国债收益率。</blockquote></p><p> Meanwhile, the U.S. dollar, while seeing a modest bounce to begin 2021, hasn’t yet staged a convincing turnaround after its steep 2020 slide, analysts said. A weaker dollar is generally seen as favorable for stocks by helping to keep global financial conditions loose.</p><p><blockquote>与此同时，分析师表示，美元虽然在 2021 年初出现了小幅反弹，但在经历了 2020 年的大幅下滑后，尚未出现令人信服的好转。美元走软通常被视为有利于股市，有助于保持全球金融状况宽松。</blockquote></p><p> “In reality the worst case scenario for equity investors would be a selloff in [Treasurys] accompanied by widening credit spreads and a strong dollar,” Darby said. “To date, higher U’S’ bond yields have not been able to arrest the decline in the greenback — real interest rates are still negative.”</p><p><blockquote>“达比说：”实际上，对股票投资者来说，最糟糕的情况是（美国国债）抛售，同时信用利差扩大和美元走强。“迄今为止，美国国债收益率的上升未能阻止美元的下跌--实际利率仍然为负”。</blockquote></p><p> So what should stock-market investors expect?</p><p><blockquote>那么股市投资者应该期待什么呢？</blockquote></p><p> First off, “much higher yields,” he said, noting that all three of Jefferies’ indicators on the direction of the 10-year yield — the 10-year vs. 2-year U.S. yield curve vs. inflation expectations; the yield curve vs. U.S. M1 money supply; and the yield curve vs. the copper/gold ratio — are all pointed vertical, particularly the relationship between money supply and the yield curve (see chart below).</p><p><blockquote>他说，首先是 “收益率要高得多”，并指出杰富瑞的所有三个指标都指向了 10 年期国债收益率的方向--10 年期与 2 年期美国国债收益率曲线与通胀预期；收益率曲线与美国M1货币供应量；以及收益率曲线与铜/金比率——都是垂直的，尤其是货币供应量和收益率曲线之间的关系（见下图）。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/bbd2d670eb3878e88a74b7cef6e07a1a\" tg-width=\"1259\" tg-height=\"1010\"></p><p><blockquote></blockquote></p><p> Jefferies expects the 10-year yield to hit 2% by year-end, Darby noted.</p><p><blockquote>达比指出，杰富瑞预计 10 年期国债收益率到年底将达到 2%。</blockquote></p><p> Secondly, high price-to-earnings ratio stocks in the S&amp;P 500 saw a sharp absolute return as the 30-year Treasury yield&nbsp;plunged, Darby said (see chart below), noting the same was true for the tech-concentrated Nasdaq-100.</p><p><blockquote>其次，达比表示，随着 30 年期国债收益率暴跌，标普500高市盈率股票出现了大幅绝对回报（见下图），并指出科技股集中的纳斯达克 100 指数也是如此。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/eaa66391315c6c3febff9d67944902f7\" tg-width=\"1260\" tg-height=\"1012\"></p><p><blockquote></blockquote></p><p> “These are the most sensitive to higher U.S. long-term rates,” he said, noting that equities are long duration assets.</p><p><blockquote>“他说：”这些资产对美国长期利率上升最为敏感，并指出股票是长期资产。</blockquote></p><p> The 30-year yield&nbsp;jumped 8.6 basis points to a more-than-one-year high 2.089% Tuesday, while the 10-year yield rose 9.8 basis points to 1.298%. The Dow Jones Industrial Average&nbsp;eked out a gain of 64.35 points, or 0.2%, in choppy trade,building on last Friday’s record close&nbsp;as investors returned from a three-day holiday weekend. The S&amp;P 500 ended 0.1% lower, while the Nasdaq Composite&nbsp;shed 0.3%.</p><p><blockquote>周二，30年期国债收益率上涨8.6个基点，至一年多高点2.089%，而10年期国债收益率上涨9.8个基点，至1.298%。道琼斯工业平均指数在上周五创纪录的收盘价基础上，在波动的交易中勉强上涨了 64.35 点，涨幅为 0.2%，因为投资者结束了为期三天的周末假期。标普500收盘下跌 0.1%，纳斯达克综合指数下跌 0.3%。</blockquote></p><p></p>","source":"market_watch","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>Why the stock market’s ‘worst-case’ scenario depends on these 3 ingredients<blockquote>为什么股市的“最坏情况”取决于这三个因素</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\">\nWhy the stock market’s ‘worst-case’ scenario depends on these 3 ingredients<blockquote>为什么股市的“最坏情况”取决于这三个因素</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-02-17 15:12</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Rising yields, widening credit spreads and rising dollar would spell trouble: Jefferies</p><p><blockquote>杰富瑞：收益率上升、信贷利差扩大和美元升值将带来麻烦</blockquote></p><p> Investors are fretting over Treasury yields and wondering when a rate rise could start to crimp a stock-market rally, though they weren’t yet worried enough Tuesday to prevent major benchmarks from notching another round of all-time peaks.</p><p><blockquote>投资者对国债收益率感到担忧，并想知道加息何时会开始抑制股市的涨势，尽管他们在周二还没有担心到足以阻止主要基准再次创下历史新高。</blockquote></p><p> So when does the pain of rising yields, which makes it harder to justify stretched equity valuations, start to make a difference? With the yield on the 10-year Treasury note&nbsp;moving back above 1.2%, a challenge of the 1.5% area, which is the equivalent of the dividend yield on the S&amp;P 500,could soon be in store, wrote Sean Darby, global head of strategy at Jefferies, in a Tuesday note.</p><p><blockquote>那么，收益率上升的痛苦（这使得更难证明过高的股票估值是合理的）何时开始产生影响呢？全球战略主管肖恩·达比 (Sean Darby) 写道，随着 10 年期国债收益率回升至 1.2% 以上，1.5% 区域（相当于标准普尔 500 指数的股息收益率）可能很快就会面临挑战杰富瑞 (Jefferies) 在周二的一份报告中。</blockquote></p><p> That event “will probably coincide with the first test for the valuations of the higher PE stocks and the relative performance of the S&amp;P 500 versus more loftier valued indices such as the Nasdaq-100,” he wrote, referring to the P/E, or price-to-earnings ratio, a common measure of stock market valuations.</p><p><blockquote>他写道，这一事件 “可能会与市盈率较高的股票的估值以及标普500相对于纳斯达克 100 指数等估值较高的指数的相对表现的首次考验同时发生”，他指的是市盈率（P/E），这是衡量股市估值的常见指标。</blockquote></p><p> Historically, low Treasury rates have been seen justifying lofty valuations for equities, as investors have little choice but to look to stocks for returns. While Treasury yields remain low, the move higher could threaten equities with the most stretched valuations, strategists have warned. Yields and bond prices move in opposite directions.</p><p><blockquote>从历史上看，低国债利率被视为股票高估值的理由，因为投资者别无选择，只能寻求股票回报。策略师警告称，虽然美国国债收益率仍然很低，但走高可能会威胁到估值最紧张的股票。收益率和债券价格走势相反。</blockquote></p><p> But Darby delves deeper, arguing that financial markets have likely undergone a “regime change” as investors adapt to the Federal Reserve’s average-inflation targeting setup, which would see the central bank allow inflation to overshoot its target and the economy to run hot before moving to tighten policy.</p><p><blockquote>但达比进行了更深入的探讨，他认为，随着投资者适应美联储的平均通胀目标设置，金融市场很可能已经经历了 “政权更迭”，即央行允许通胀超过其目标，让经济过热，然后再采取行动收紧政策。</blockquote></p><p> That regime change amid expectations for abundant liquidity may be illustrated by the continued rally in junk, or high-yield, corporate bonds. Those yields have fallen sharply, even trading below Treasurys on an inflation-adjusted basis for the first time in history, he noted.</p><p><blockquote>在流动性充裕的预期下，这种政权更迭可以从垃圾债券或高收益公司债券的持续上涨中得到说明。他指出，这些收益率大幅下降，甚至历史上首次在通胀调整后低于美国国债收益率。</blockquote></p><p> Meanwhile, the U.S. dollar, while seeing a modest bounce to begin 2021, hasn’t yet staged a convincing turnaround after its steep 2020 slide, analysts said. A weaker dollar is generally seen as favorable for stocks by helping to keep global financial conditions loose.</p><p><blockquote>与此同时，分析师表示，美元虽然在 2021 年初出现了小幅反弹，但在经历了 2020 年的大幅下滑后，尚未出现令人信服的好转。美元走软通常被视为有利于股市，有助于保持全球金融状况宽松。</blockquote></p><p> “In reality the worst case scenario for equity investors would be a selloff in [Treasurys] accompanied by widening credit spreads and a strong dollar,” Darby said. “To date, higher U’S’ bond yields have not been able to arrest the decline in the greenback — real interest rates are still negative.”</p><p><blockquote>“达比说：”实际上，对股票投资者来说，最糟糕的情况是（美国国债）抛售，同时信用利差扩大和美元走强。“迄今为止，美国国债收益率的上升未能阻止美元的下跌--实际利率仍然为负”。</blockquote></p><p> So what should stock-market investors expect?</p><p><blockquote>那么股市投资者应该期待什么呢？</blockquote></p><p> First off, “much higher yields,” he said, noting that all three of Jefferies’ indicators on the direction of the 10-year yield — the 10-year vs. 2-year U.S. yield curve vs. inflation expectations; the yield curve vs. U.S. M1 money supply; and the yield curve vs. the copper/gold ratio — are all pointed vertical, particularly the relationship between money supply and the yield curve (see chart below).</p><p><blockquote>他说，首先是 “收益率要高得多”，并指出杰富瑞的所有三个指标都指向了 10 年期国债收益率的方向--10 年期与 2 年期美国国债收益率曲线与通胀预期；收益率曲线与美国M1货币供应量；以及收益率曲线与铜/金比率——都是垂直的，尤其是货币供应量和收益率曲线之间的关系（见下图）。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/bbd2d670eb3878e88a74b7cef6e07a1a\" tg-width=\"1259\" tg-height=\"1010\"></p><p><blockquote></blockquote></p><p> Jefferies expects the 10-year yield to hit 2% by year-end, Darby noted.</p><p><blockquote>达比指出，杰富瑞预计 10 年期国债收益率到年底将达到 2%。</blockquote></p><p> Secondly, high price-to-earnings ratio stocks in the S&amp;P 500 saw a sharp absolute return as the 30-year Treasury yield&nbsp;plunged, Darby said (see chart below), noting the same was true for the tech-concentrated Nasdaq-100.</p><p><blockquote>其次，达比表示，随着 30 年期国债收益率暴跌，标普500高市盈率股票出现了大幅绝对回报（见下图），并指出科技股集中的纳斯达克 100 指数也是如此。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/eaa66391315c6c3febff9d67944902f7\" tg-width=\"1260\" tg-height=\"1012\"></p><p><blockquote></blockquote></p><p> “These are the most sensitive to higher U.S. long-term rates,” he said, noting that equities are long duration assets.</p><p><blockquote>“他说：”这些资产对美国长期利率上升最为敏感，并指出股票是长期资产。</blockquote></p><p> The 30-year yield&nbsp;jumped 8.6 basis points to a more-than-one-year high 2.089% Tuesday, while the 10-year yield rose 9.8 basis points to 1.298%. The Dow Jones Industrial Average&nbsp;eked out a gain of 64.35 points, or 0.2%, in choppy trade,building on last Friday’s record close&nbsp;as investors returned from a three-day holiday weekend. The S&amp;P 500 ended 0.1% lower, while the Nasdaq Composite&nbsp;shed 0.3%.</p><p><blockquote>周二，30年期国债收益率上涨8.6个基点，至一年多高点2.089%，而10年期国债收益率上涨9.8个基点，至1.298%。道琼斯工业平均指数在上周五创纪录的收盘价基础上，在波动的交易中勉强上涨了 64.35 点，涨幅为 0.2%，因为投资者结束了为期三天的周末假期。标普500收盘下跌 0.1%，纳斯达克综合指数下跌 0.3%。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/this-combo-would-be-worst-case-scenario-for-stock-market-investors-11613505230?mod=home-page\">MarketWatch</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":{".SPX":"S&P 500 Index",".DJI":"道琼斯",".IXIC":"NASDAQ Composite"},"source_url":"https://www.marketwatch.com/story/this-combo-would-be-worst-case-scenario-for-stock-market-investors-11613505230?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/599a65733b8245fcf7868668ef9ad712","article_id":"1137917622","content_text":"Rising yields, widening credit spreads and rising dollar would spell trouble: Jefferies\nInvestors are fretting over Treasury yields and wondering when a rate rise could start to crimp a stock-market rally, though they weren’t yet worried enough Tuesday to prevent major benchmarks from notching another round of all-time peaks.\nSo when does the pain of rising yields, which makes it harder to justify stretched equity valuations, start to make a difference? With the yield on the 10-year Treasury note moving back above 1.2%, a challenge of the 1.5% area, which is the equivalent of the dividend yield on the S&P 500,could soon be in store, wrote Sean Darby, global head of strategy at Jefferies, in a Tuesday note.\nThat event “will probably coincide with the first test for the valuations of the higher PE stocks and the relative performance of the S&P 500 versus more loftier valued indices such as the Nasdaq-100,” he wrote, referring to the P/E, or price-to-earnings ratio, a common measure of stock market valuations.\nHistorically, low Treasury rates have been seen justifying lofty valuations for equities, as investors have little choice but to look to stocks for returns. While Treasury yields remain low, the move higher could threaten equities with the most stretched valuations, strategists have warned. Yields and bond prices move in opposite directions.\nBut Darby delves deeper, arguing that financial markets have likely undergone a “regime change” as investors adapt to the Federal Reserve’s average-inflation targeting setup, which would see the central bank allow inflation to overshoot its target and the economy to run hot before moving to tighten policy.\nThat regime change amid expectations for abundant liquidity may be illustrated by the continued rally in junk, or high-yield, corporate bonds. Those yields have fallen sharply, even trading below Treasurys on an inflation-adjusted basis for the first time in history, he noted.\nMeanwhile, the U.S. dollar, while seeing a modest bounce to begin 2021, hasn’t yet staged a convincing turnaround after its steep 2020 slide, analysts said. A weaker dollar is generally seen as favorable for stocks by helping to keep global financial conditions loose.\n“In reality the worst case scenario for equity investors would be a selloff in [Treasurys] accompanied by widening credit spreads and a strong dollar,” Darby said. “To date, higher U’S’ bond yields have not been able to arrest the decline in the greenback — real interest rates are still negative.”\nSo what should stock-market investors expect?\nFirst off, “much higher yields,” he said, noting that all three of Jefferies’ indicators on the direction of the 10-year yield — the 10-year vs. 2-year U.S. yield curve vs. inflation expectations; the yield curve vs. U.S. M1 money supply; and the yield curve vs. the copper/gold ratio — are all pointed vertical, particularly the relationship between money supply and the yield curve (see chart below).\n\nJefferies expects the 10-year yield to hit 2% by year-end, Darby noted.\nSecondly, high price-to-earnings ratio stocks in the S&P 500 saw a sharp absolute return as the 30-year Treasury yield plunged, Darby said (see chart below), noting the same was true for the tech-concentrated Nasdaq-100.\n\n“These are the most sensitive to higher U.S. long-term rates,” he said, noting that equities are long duration assets.\nThe 30-year yield jumped 8.6 basis points to a more-than-one-year high 2.089% Tuesday, while the 10-year yield rose 9.8 basis points to 1.298%. The Dow Jones Industrial Average eked out a gain of 64.35 points, or 0.2%, in choppy trade,building on last Friday’s record close as investors returned from a three-day holiday weekend. The S&P 500 ended 0.1% lower, while the Nasdaq Composite shed 0.3%.","news_type":1,"symbols_score_info":{".SPX":0.9,".DJI":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":540,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":385621278,"gmtCreate":1613545864294,"gmtModify":1631893615364,"author":{"id":"3576634944099341","authorId":"3576634944099341","name":"GeeChun","avatar":"https://static.tigerbbs.com/2d0ca68ff291093e9ac8533ce11b83b4","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576634944099341","idStr":"3576634944099341"},"themes":[],"title":"","htmlText":"Is time to buy the stock?","listText":"Is time to buy the stock?","text":"Is time to buy the stock?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/385621278","repostId":"1117820148","repostType":4,"isVote":1,"tweetType":1,"viewCount":470,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":385686264,"gmtCreate":1613542910558,"gmtModify":1631893615376,"author":{"id":"3576634944099341","authorId":"3576634944099341","name":"GeeChun","avatar":"https://static.tigerbbs.com/2d0ca68ff291093e9ac8533ce11b83b4","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576634944099341","idStr":"3576634944099341"},"themes":[],"title":"","htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/385686264","repostId":"1146053060","repostType":4,"repost":{"id":"1146053060","kind":"news","pubTimestamp":1613540252,"share":"https://www.laohunote.com/m/news/1146053060?lang=zh_CN&edition=full","pubTime":"2021-02-17 13:37","market":"fut","language":"en","title":"Is This Oil Rally The Start Of Something Much Bigger?<blockquote>这次油价反弹是更大事件的开始吗？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1146053060","media":"Oilprice","summary":"Commodities have rallied in recent months, outperforming equity indexes amid expectations of an econ","content":"<p><div> Commodities have rallied in recent months, outperforming equity indexes amid expectations of an economic recovery, easy monetary policy, and rising inflation. The commodity bull run across the board—...</p><p><blockquote><div>近几个月来，由于经济复苏、宽松货币政策和通胀上升的预期，大宗商品价格上涨，表现优于股票指数。大宗商品牛市全面运行——...</div></blockquote></p><p>  <a href=\"https://oilprice.com/Energy/Oil-Prices/Is-This-Oil-Rally-The-Start-Of-Something-Much-Bigger.html\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://oilprice.com/Energy/Oil-Prices/Is-This-Oil-Rally-The-Start-Of-Something-Much-Bigger.html\">网页连接</a></blockquote></p><p></p>","source":"lsy1606109400967","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 Oil Rally The Start Of Something Much Bigger?<blockquote>这次油价反弹是更大事件的开始吗？</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 Oil Rally The Start Of Something Much Bigger?<blockquote>这次油价反弹是更大事件的开始吗？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Oilprice</strong><span class=\"h-time small\">2021-02-17 13:37</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div> Commodities have rallied in recent months, outperforming equity indexes amid expectations of an economic recovery, easy monetary policy, and rising inflation. The commodity bull run across the board—...</p><p><blockquote><div>近几个月来，由于经济复苏、宽松货币政策和通胀上升的预期，大宗商品价格上涨，表现优于股票指数。大宗商品牛市全面运行——...</div></blockquote></p><p>  <a href=\"https://oilprice.com/Energy/Oil-Prices/Is-This-Oil-Rally-The-Start-Of-Something-Much-Bigger.html\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://oilprice.com/Energy/Oil-Prices/Is-This-Oil-Rally-The-Start-Of-Something-Much-Bigger.html\">网页连接</a></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://oilprice.com/Energy/Oil-Prices/Is-This-Oil-Rally-The-Start-Of-Something-Much-Bigger.html\">Oilprice</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://oilprice.com/Energy/Oil-Prices/Is-This-Oil-Rally-The-Start-Of-Something-Much-Bigger.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1146053060","content_text":"Commodities have rallied in recent months, outperforming equity indexes amid expectations of an economic recovery, easy monetary policy, and rising inflation.\nThe commodity bull run across the board—spearheaded by a 50-percent jump in oil prices over the past three months—isn’t finished running, analysts and investment banks say. Some of the biggest investment banks have even started to call the start of a new commodities supercycle, which by definition, lasts years—typically about a decade.\nYet, not all investment banks and analysts are as convinced that we are in for a commodities supercycle across the board, warning that the termsupercycleis too optimistic for a bull run that could fizzle out within a year or two and could still fall victim to negative COVID-related impacts.\nCommodity Rally\nAs early as in October 2020, a few weeks before the first announcement of an effective vaccine candidate, Goldman Sachs said that commodities were headed toward a bull run in 2021. Hedges against expectations of rising inflation, a weakening U.S. dollar in which most commodities are traded, and signals of “very easy” monetary policy from central banks would be the key drivers of rallying commodities, Goldman Sachs said back then.\nGoldman expected the S&P Goldman Sachs Commodity Index (GSCI) to return 42.6 percent for energy over a 12-month period, and 17.9 percent for precious metals.\nOver the past three months, the S&P GSCI has outperformed the S&P 500 index, with the commodity index rising by 25 percent, compared to (just) a 9-percent increase in the S&P 500.\nOver the same period, oil prices have rallied from the low $40s to above $60 a barrel, driven by vaccine rollouts, OPEC+ production cuts, and expectations of a tight market and rising oil demand later this year when economies return to growth, helped by large stimulus packages.\nSome Drivers Of A New Supercycle Are Here…\nAccording to JPMorgan, there are reasons to believe that a new commodity supercycle may have just started.\n“We believe that the new commodity upswing, and in particular oil up cycle, has started,” JPMorgan analysts led by Marko Kolanovic said in a note last week, as carried by Bloomberg.\nThe latest commodity supercycle ended in 2008 after a 12-year run, boosted by the super-spending and economic surge in China.\nJPMorgan now sees several potential factors underpinning a new supercycle: post-pandemic global economic growth, “ultra loose” monetary policies, increased and tolerated inflation, weakening U.S. dollar, financial inflows to hedge inflation, metals for energy transition markets such as batteries and electric vehicles (EVs), and underinvestment in new oil supply.\nThe International Energy Agency (IEA) warned last year that if investment in oil were to stay at the 2020 levels over the next five years, it would reduce the previously expected level of oil supply in 2025 by nearly 9 million barrels per day (bpd).\nThis year, global upstream investments will stay low, just like they were in 2020, Wood Mackenzie said in December, expecting upstream oil and gas investment at a 15-year low of just US$300 billion, down by 30 percent from the pre-crisis level of investment in 2019.\n“The world may be sleepwalking into a supply crunch, albeit beyond 2021. A recovery in oil demand back to over 100 million b/d by late 2022 increases risk of a material supply gap later this decade, triggering an upward spike in price,” said Simon Flowers, Chairman and Chief Analyst at WoodMac.\nThen, “very easy monetary policy” and reflation trade could push oil pricesas high as $100 a barrel next year, Amrita Sen, chief oil analyst at Energy Aspects, told Bloomberg earlier this month.\nIn the week to February 9, hedge funds increased bullish bets on 24 major commodity futures by 5 percent to a fresh high of 2.7 million lots, representing a nominal value of $143.7 billion, Ole Hansen, Head of Commodity Strategy at Saxo Bank,said, commenting on the latest Commitments of Traders report.\nThe combined net long position—the difference between bullish and bearish bets—in Brent and WTI has now increased to the highest in 28 months, while the net long in the grain sector in agriculture is not far from the record set in August 2012, Hansen noted.\nPost-pandemic growth, tightening supply, and continued demand for reflation hedges pushed the Bloomberg Commodity index to a 27-month high, Hansen said.\nBut Is This The Start Of The Next Commodities Supercycle?\nAlthough crude oil and other commodities have rallied and signals have emerged to support the call for a new supercycle, some analysts are cautious and say it is a little early to proclaim the beginning of the next commodity supercycle.\nWhat we see in oil and commodities right now is a cyclical recovery, but a supercycle could be “two to three years away,” George Cheveley, portfolio manager at asset management company Ninety One, told Financial Times’ Natural Resources Editor Neil Hume.\nThis bull run is unlikely to turn into a supercycle for commodities, because while investment may be depressed, “the material is abundant” for many commodities, including crude oil, Ed Morse, managing director and global head of commodities research at Citigroup, told the Financial Post in an interview last week.\nCommodities have certainly benefited from the optimism that post-COVID growth and stimulus packages will boost demand and prices, but it may be a little premature to trumpet the next decade-long across-the-board commodities supercycle.","news_type":1,"symbols_score_info":{"CLmain":0.9,"BZmain":0.9}},"isVote":1,"tweetType":1,"viewCount":755,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":364328908,"gmtCreate":1614817258704,"gmtModify":1703481470658,"author":{"id":"3576634944099341","authorId":"3576634944099341","name":"GeeChun","avatar":"https://static.tigerbbs.com/2d0ca68ff291093e9ac8533ce11b83b4","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576634944099341","authorIdStr":"3576634944099341"},"themes":[],"title":"","htmlText":"It time to make money","listText":"It time to make money","text":"It time to make money","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":10,"commentSize":9,"repostSize":0,"link":"https://laohu8.com/post/364328908","repostId":"1107788140","repostType":4,"repost":{"id":"1107788140","kind":"news","pubTimestamp":1614816795,"share":"https://www.laohunote.com/m/news/1107788140?lang=zh_CN&edition=full","pubTime":"2021-03-04 08:13","market":"us","language":"en","title":"Wall Street drops as high-flying tech stocks retreat<blockquote>随着高歌猛进的科技股回落，华尔街下跌</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1107788140","media":"Reuters","summary":"(Reuters) - The Nasdaq ended sharply lower on Wednesday after investors sold high-flying technology ","content":"<p>(Reuters) - The Nasdaq ended sharply lower on Wednesday after investors sold high-flying technology shares and pivoted to sectors viewed as more likely to benefit from an economic recovery on the back of fiscal stimulus and vaccination programs.</p><p><blockquote>（路透社） - 纳斯达克周三大幅收低，此前投资者抛售高价科技股，转向被认为更有可能受益于财政刺激和疫苗接种计划推动的经济复苏的行业。</blockquote></p><p>Microsoft Corp, Apple Inc and Amazon.com Inc dropped more than 2%, weighing more than any other stocks on the S&amp;P 500.</p><p><blockquote>微软公司、苹果公司和亚马逊公司下跌超过 2%，比标普500上任何其他股票都重。</blockquote></p><p>The S&amp;P 500 financial and industrial sector indexes reached intra-day record highs. Most other S&amp;P 500 sectors declined.</p><p><blockquote>标普500金融和工业板块指数盘中创下历史新高。大多数其他标普500板块下跌。</blockquote></p><p>“Today is the perfect encapsulation of the big theme we’ve been seeing in the past couple of months: The vaccine rollout is going well and the economy improving, and that is sending yields and rate expectations higher, which is hurting growth stocks,” said Baird investment strategist Ross Mayfield, in Louisville, Kentucky.</p><p><blockquote>“肯塔基州路易斯维尔的贝尔德投资策略师罗斯-梅菲尔德（Ross Mayfield）说：”今天是我们在过去几个月中看到的大主题的完美概括： 疫苗推广进展顺利，经济正在改善，这导致收益率和利率预期走高，从而损害了成长型股票。</blockquote></p><p>The Dow Jones Industrial Average fell 0.39% to end at 31,270.09 points, while the S&amp;P 500 lost 1.31% to 3,819.72.</p><p><blockquote>道琼斯工业平均指数下跌0.39%，收于31,270.09点，标普500指数下跌1.31%，至3,819.72点。</blockquote></p><p>The Nasdaq Composite dropped 2.7% to 12,997.75. That left it at its lowest since early January and reduced its gain in 2021 to less than 1%.</p><p><blockquote>纳斯达克综合指数下跌 2.7%，至 12,997.75 点。这使其处于 1 月初以来的最低水平，并将 2021 年的涨幅降至 1% 以下。</blockquote></p><p>The U.S. economic recovery continued at a modest pace over the first weeks of this year, with businesses optimistic about the months to come and demand for housing “robust,” but only slow improvement in the job market, the Federal Reserve reported.</p><p><blockquote>美联储报告称，今年前几周，美国经济复苏步伐继续温和，企业对未来几个月持乐观态度，住房需求 “强劲”，但就业市场改善缓慢。</blockquote></p><p>While the vaccine distribution is expected to help the economy, data showed U.S. private employers hired fewer workers than expected in February, suggesting the labor market was struggling to regain speed.</p><p><blockquote>虽然疫苗分发预计将有助于经济，但数据显示，美国私营雇主2月份雇用的工人少于预期，这表明劳动力市场正在努力恢复速度。</blockquote></p><p>Another report showed U.S. services industry activity unexpectedly slowed in February amid winter storms, while a measure of prices paid by companies for inputs surged to the highest level in nearly 12-1/2 years.</p><p><blockquote>另一份报告显示，由于冬季风暴，美国服务业活动在2月份意外放缓，而衡量企业投入价格的指标飙升至近12年半以来的最高水平。</blockquote></p><p>The U.S. 10-year Treasury yield ticked up to 1.47%, pressuring areas of the market with high valuations. It was still off last week’s peak of above 1.61% that roiled stock markets as investors bet on rising inflation.</p><p><blockquote>美国10年期国债收益率升至1.47%，给高估值市场领域带来压力。由于投资者押注通胀上升，股市仍处于上周超过 1.61% 的峰值。</blockquote></p><p>Rising interest rates disproportionately hurt high-growth tech companies because investors value them based on earnings expected years into the future, and high interest rates hurt the value of future earnings more than the value of earnings made in the short term.</p><p><blockquote>利率上升对高增长科技公司造成了不成比例的损害，因为投资者根据未来几年的预期盈利来评估它们，而高利率对未来盈利价值的损害大于对短期盈利价值的损害。</blockquote></p><p>“There is a definite headwind for equity markets if yields go above the 1.5% level with most investors keeping an eye on the pace of yield growth,” said Michael Stritch, chief investment officer at BMO Wealth Management.</p><p><blockquote>“蒙特利尔银行财富管理公司（BMO Wealth Management）首席投资官迈克尔-斯特里奇（Michael Stritch）说：”如果收益率超过 1.5% 的水平，股市肯定会面临阻力，因为大多数投资者都在关注收益率增长速度。</blockquote></p><p>President Joe Biden’s proposed $1.9 trillion coronavirus relief bill would phase out $1,400 payments to high-income Americans in a compromise with moderate Democratic senators, according to lawmakers and media reports.</p><p><blockquote>据立法者和媒体报道，乔-拜登总统提出的 1.9 万亿美元冠状病毒救济法案将与温和派民主党参议员达成妥协，逐步取消向高收入美国人支付 1400 美元的款项。</blockquote></p><p>Exxon Mobil Corp rose 0.8% after the oil major unveiled plans to grow dividends and curb spending with projections that were less bold than previous years.</p><p><blockquote>埃克森美孚公司股价上涨 0.8%，此前这家石油巨头公布了增加股息和抑制支出的计划，其预测不如往年大胆。</blockquote></p><p>Declining issues outnumbered advancing ones on the NYSE by a 1.31-to-1 ratio; on Nasdaq, a 1.95-to-1 ratio favored decliners.</p><p><blockquote>纽约证券交易所下跌发行量与上涨发行量的比例为 1.31 比 1；在纳斯达克，1.95比1的比率有利于下跌者。</blockquote></p><p>The S&amp;P 500 posted 62 new 52-week highs and no new lows; the Nasdaq Composite recorded 284 new highs and 68 new lows.</p><p><blockquote>标普500创下62个52周新高，没有新低；纳斯达克综合指数创下284个新高和68个新低。</blockquote></p><p>Volume on U.S. exchanges was 14 billion shares, compared with the 14.9 billion average for the full session over the last 20 trading days.</p><p><blockquote>美国交易所的成交量为 140 亿股，而过去 20 个交易日整个交易日的平均成交量为 149 亿股。</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>Wall Street drops as high-flying tech stocks retreat<blockquote>随着高歌猛进的科技股回落，华尔街下跌</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\">\nWall Street drops as high-flying tech stocks retreat<blockquote>随着高歌猛进的科技股回落，华尔街下跌</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Reuters</strong><span class=\"h-time small\">2021-03-04 08:13</span>\n</p>\n</h4>\n</header>\n<article>\n<p>(Reuters) - The Nasdaq ended sharply lower on Wednesday after investors sold high-flying technology shares and pivoted to sectors viewed as more likely to benefit from an economic recovery on the back of fiscal stimulus and vaccination programs.</p><p><blockquote>（路透社） - 纳斯达克周三大幅收低，此前投资者抛售高价科技股，转向被认为更有可能受益于财政刺激和疫苗接种计划推动的经济复苏的行业。</blockquote></p><p>Microsoft Corp, Apple Inc and Amazon.com Inc dropped more than 2%, weighing more than any other stocks on the S&amp;P 500.</p><p><blockquote>微软公司、苹果公司和亚马逊公司下跌超过 2%，比标普500上任何其他股票都重。</blockquote></p><p>The S&amp;P 500 financial and industrial sector indexes reached intra-day record highs. Most other S&amp;P 500 sectors declined.</p><p><blockquote>标普500金融和工业板块指数盘中创下历史新高。大多数其他标普500板块下跌。</blockquote></p><p>“Today is the perfect encapsulation of the big theme we’ve been seeing in the past couple of months: The vaccine rollout is going well and the economy improving, and that is sending yields and rate expectations higher, which is hurting growth stocks,” said Baird investment strategist Ross Mayfield, in Louisville, Kentucky.</p><p><blockquote>“肯塔基州路易斯维尔的贝尔德投资策略师罗斯-梅菲尔德（Ross Mayfield）说：”今天是我们在过去几个月中看到的大主题的完美概括： 疫苗推广进展顺利，经济正在改善，这导致收益率和利率预期走高，从而损害了成长型股票。</blockquote></p><p>The Dow Jones Industrial Average fell 0.39% to end at 31,270.09 points, while the S&amp;P 500 lost 1.31% to 3,819.72.</p><p><blockquote>道琼斯工业平均指数下跌0.39%，收于31,270.09点，标普500指数下跌1.31%，至3,819.72点。</blockquote></p><p>The Nasdaq Composite dropped 2.7% to 12,997.75. That left it at its lowest since early January and reduced its gain in 2021 to less than 1%.</p><p><blockquote>纳斯达克综合指数下跌 2.7%，至 12,997.75 点。这使其处于 1 月初以来的最低水平，并将 2021 年的涨幅降至 1% 以下。</blockquote></p><p>The U.S. economic recovery continued at a modest pace over the first weeks of this year, with businesses optimistic about the months to come and demand for housing “robust,” but only slow improvement in the job market, the Federal Reserve reported.</p><p><blockquote>美联储报告称，今年前几周，美国经济复苏步伐继续温和，企业对未来几个月持乐观态度，住房需求 “强劲”，但就业市场改善缓慢。</blockquote></p><p>While the vaccine distribution is expected to help the economy, data showed U.S. private employers hired fewer workers than expected in February, suggesting the labor market was struggling to regain speed.</p><p><blockquote>虽然疫苗分发预计将有助于经济，但数据显示，美国私营雇主2月份雇用的工人少于预期，这表明劳动力市场正在努力恢复速度。</blockquote></p><p>Another report showed U.S. services industry activity unexpectedly slowed in February amid winter storms, while a measure of prices paid by companies for inputs surged to the highest level in nearly 12-1/2 years.</p><p><blockquote>另一份报告显示，由于冬季风暴，美国服务业活动在2月份意外放缓，而衡量企业投入价格的指标飙升至近12年半以来的最高水平。</blockquote></p><p>The U.S. 10-year Treasury yield ticked up to 1.47%, pressuring areas of the market with high valuations. It was still off last week’s peak of above 1.61% that roiled stock markets as investors bet on rising inflation.</p><p><blockquote>美国10年期国债收益率升至1.47%，给高估值市场领域带来压力。由于投资者押注通胀上升，股市仍处于上周超过 1.61% 的峰值。</blockquote></p><p>Rising interest rates disproportionately hurt high-growth tech companies because investors value them based on earnings expected years into the future, and high interest rates hurt the value of future earnings more than the value of earnings made in the short term.</p><p><blockquote>利率上升对高增长科技公司造成了不成比例的损害，因为投资者根据未来几年的预期盈利来评估它们，而高利率对未来盈利价值的损害大于对短期盈利价值的损害。</blockquote></p><p>“There is a definite headwind for equity markets if yields go above the 1.5% level with most investors keeping an eye on the pace of yield growth,” said Michael Stritch, chief investment officer at BMO Wealth Management.</p><p><blockquote>“蒙特利尔银行财富管理公司（BMO Wealth Management）首席投资官迈克尔-斯特里奇（Michael Stritch）说：”如果收益率超过 1.5% 的水平，股市肯定会面临阻力，因为大多数投资者都在关注收益率增长速度。</blockquote></p><p>President Joe Biden’s proposed $1.9 trillion coronavirus relief bill would phase out $1,400 payments to high-income Americans in a compromise with moderate Democratic senators, according to lawmakers and media reports.</p><p><blockquote>据立法者和媒体报道，乔-拜登总统提出的 1.9 万亿美元冠状病毒救济法案将与温和派民主党参议员达成妥协，逐步取消向高收入美国人支付 1400 美元的款项。</blockquote></p><p>Exxon Mobil Corp rose 0.8% after the oil major unveiled plans to grow dividends and curb spending with projections that were less bold than previous years.</p><p><blockquote>埃克森美孚公司股价上涨 0.8%，此前这家石油巨头公布了增加股息和抑制支出的计划，其预测不如往年大胆。</blockquote></p><p>Declining issues outnumbered advancing ones on the NYSE by a 1.31-to-1 ratio; on Nasdaq, a 1.95-to-1 ratio favored decliners.</p><p><blockquote>纽约证券交易所下跌发行量与上涨发行量的比例为 1.31 比 1；在纳斯达克，1.95比1的比率有利于下跌者。</blockquote></p><p>The S&amp;P 500 posted 62 new 52-week highs and no new lows; the Nasdaq Composite recorded 284 new highs and 68 new lows.</p><p><blockquote>标普500创下62个52周新高，没有新低；纳斯达克综合指数创下284个新高和68个新低。</blockquote></p><p>Volume on U.S. exchanges was 14 billion shares, compared with the 14.9 billion average for the full session over the last 20 trading days.</p><p><blockquote>美国交易所的成交量为 140 亿股，而过去 20 个交易日整个交易日的平均成交量为 149 亿股。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.reuters.com/article/us-usa-stocks/wall-street-drops-as-high-flying-tech-stocks-retreat-idUSKBN2AV1EG\">Reuters</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":{"AAPL":"苹果","AMZN":"亚马逊"},"source_url":"https://www.reuters.com/article/us-usa-stocks/wall-street-drops-as-high-flying-tech-stocks-retreat-idUSKBN2AV1EG","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1107788140","content_text":"(Reuters) - The Nasdaq ended sharply lower on Wednesday after investors sold high-flying technology shares and pivoted to sectors viewed as more likely to benefit from an economic recovery on the back of fiscal stimulus and vaccination programs.Microsoft Corp, Apple Inc and Amazon.com Inc dropped more than 2%, weighing more than any other stocks on the S&P 500.The S&P 500 financial and industrial sector indexes reached intra-day record highs. Most other S&P 500 sectors declined.“Today is the perfect encapsulation of the big theme we’ve been seeing in the past couple of months: The vaccine rollout is going well and the economy improving, and that is sending yields and rate expectations higher, which is hurting growth stocks,” said Baird investment strategist Ross Mayfield, in Louisville, Kentucky.The Dow Jones Industrial Average fell 0.39% to end at 31,270.09 points, while the S&P 500 lost 1.31% to 3,819.72.The Nasdaq Composite dropped 2.7% to 12,997.75. That left it at its lowest since early January and reduced its gain in 2021 to less than 1%.The U.S. economic recovery continued at a modest pace over the first weeks of this year, with businesses optimistic about the months to come and demand for housing “robust,” but only slow improvement in the job market, the Federal Reserve reported.While the vaccine distribution is expected to help the economy, data showed U.S. private employers hired fewer workers than expected in February, suggesting the labor market was struggling to regain speed.Another report showed U.S. services industry activity unexpectedly slowed in February amid winter storms, while a measure of prices paid by companies for inputs surged to the highest level in nearly 12-1/2 years.The U.S. 10-year Treasury yield ticked up to 1.47%, pressuring areas of the market with high valuations. It was still off last week’s peak of above 1.61% that roiled stock markets as investors bet on rising inflation.Rising interest rates disproportionately hurt high-growth tech companies because investors value them based on earnings expected years into the future, and high interest rates hurt the value of future earnings more than the value of earnings made in the short term.“There is a definite headwind for equity markets if yields go above the 1.5% level with most investors keeping an eye on the pace of yield growth,” said Michael Stritch, chief investment officer at BMO Wealth Management.President Joe Biden’s proposed $1.9 trillion coronavirus relief bill would phase out $1,400 payments to high-income Americans in a compromise with moderate Democratic senators, according to lawmakers and media reports.Exxon Mobil Corp rose 0.8% after the oil major unveiled plans to grow dividends and curb spending with projections that were less bold than previous years.Declining issues outnumbered advancing ones on the NYSE by a 1.31-to-1 ratio; on Nasdaq, a 1.95-to-1 ratio favored decliners.The S&P 500 posted 62 new 52-week highs and no new lows; the Nasdaq Composite recorded 284 new highs and 68 new lows.Volume on U.S. exchanges was 14 billion shares, compared with the 14.9 billion average for the full session over the last 20 trading days.","news_type":1,"symbols_score_info":{"AMZN":0.9,"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":2072,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":328151820,"gmtCreate":1615508352960,"gmtModify":1703490112731,"author":{"id":"3576634944099341","authorId":"3576634944099341","name":"GeeChun","avatar":"https://static.tigerbbs.com/2d0ca68ff291093e9ac8533ce11b83b4","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576634944099341","authorIdStr":"3576634944099341"},"themes":[],"title":"","htmlText":"Good time to have it","listText":"Good time to have it","text":"Good time to have it","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":11,"commentSize":7,"repostSize":0,"link":"https://laohu8.com/post/328151820","repostId":"1134483939","repostType":4,"isVote":1,"tweetType":1,"viewCount":3426,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":320831480,"gmtCreate":1615076641040,"gmtModify":1703484511478,"author":{"id":"3576634944099341","authorId":"3576634944099341","name":"GeeChun","avatar":"https://static.tigerbbs.com/2d0ca68ff291093e9ac8533ce11b83b4","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576634944099341","authorIdStr":"3576634944099341"},"themes":[],"title":"","htmlText":"Thanks","listText":"Thanks","text":"Thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/320831480","repostId":"1100698985","repostType":4,"isVote":1,"tweetType":1,"viewCount":2818,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":368419470,"gmtCreate":1614346824490,"gmtModify":1703476690385,"author":{"id":"3576634944099341","authorId":"3576634944099341","name":"GeeChun","avatar":"https://static.tigerbbs.com/2d0ca68ff291093e9ac8533ce11b83b4","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576634944099341","authorIdStr":"3576634944099341"},"themes":[],"title":"","htmlText":"Great information","listText":"Great information","text":"Great information","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/368419470","repostId":"2114326591","repostType":2,"isVote":1,"tweetType":1,"viewCount":1532,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":361790769,"gmtCreate":1614260174051,"gmtModify":1631890071962,"author":{"id":"3576634944099341","authorId":"3576634944099341","name":"GeeChun","avatar":"https://static.tigerbbs.com/2d0ca68ff291093e9ac8533ce11b83b4","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576634944099341","authorIdStr":"3576634944099341"},"themes":[],"title":"","htmlText":"Xiao mi already in India long time","listText":"Xiao mi already in India long time","text":"Xiao mi already in India long time","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/361790769","repostId":"2114317810","repostType":4,"isVote":1,"tweetType":1,"viewCount":1785,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":385686264,"gmtCreate":1613542910558,"gmtModify":1631893615376,"author":{"id":"3576634944099341","authorId":"3576634944099341","name":"GeeChun","avatar":"https://static.tigerbbs.com/2d0ca68ff291093e9ac8533ce11b83b4","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576634944099341","authorIdStr":"3576634944099341"},"themes":[],"title":"","htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/385686264","repostId":"1146053060","repostType":4,"repost":{"id":"1146053060","kind":"news","pubTimestamp":1613540252,"share":"https://www.laohunote.com/m/news/1146053060?lang=zh_CN&edition=full","pubTime":"2021-02-17 13:37","market":"fut","language":"en","title":"Is This Oil Rally The Start Of Something Much Bigger?<blockquote>这次油价反弹是更大事件的开始吗？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1146053060","media":"Oilprice","summary":"Commodities have rallied in recent months, outperforming equity indexes amid expectations of an econ","content":"<p><div> Commodities have rallied in recent months, outperforming equity indexes amid expectations of an economic recovery, easy monetary policy, and rising inflation. The commodity bull run across the board—...</p><p><blockquote><div>近几个月来，由于经济复苏、宽松货币政策和通胀上升的预期，大宗商品价格上涨，表现优于股票指数。大宗商品牛市全面运行——...</div></blockquote></p><p>  <a href=\"https://oilprice.com/Energy/Oil-Prices/Is-This-Oil-Rally-The-Start-Of-Something-Much-Bigger.html\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://oilprice.com/Energy/Oil-Prices/Is-This-Oil-Rally-The-Start-Of-Something-Much-Bigger.html\">网页连接</a></blockquote></p><p></p>","source":"lsy1606109400967","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 Oil Rally The Start Of Something Much Bigger?<blockquote>这次油价反弹是更大事件的开始吗？</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 Oil Rally The Start Of Something Much Bigger?<blockquote>这次油价反弹是更大事件的开始吗？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Oilprice</strong><span class=\"h-time small\">2021-02-17 13:37</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div> Commodities have rallied in recent months, outperforming equity indexes amid expectations of an economic recovery, easy monetary policy, and rising inflation. The commodity bull run across the board—...</p><p><blockquote><div>近几个月来，由于经济复苏、宽松货币政策和通胀上升的预期，大宗商品价格上涨，表现优于股票指数。大宗商品牛市全面运行——...</div></blockquote></p><p>  <a href=\"https://oilprice.com/Energy/Oil-Prices/Is-This-Oil-Rally-The-Start-Of-Something-Much-Bigger.html\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://oilprice.com/Energy/Oil-Prices/Is-This-Oil-Rally-The-Start-Of-Something-Much-Bigger.html\">网页连接</a></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://oilprice.com/Energy/Oil-Prices/Is-This-Oil-Rally-The-Start-Of-Something-Much-Bigger.html\">Oilprice</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://oilprice.com/Energy/Oil-Prices/Is-This-Oil-Rally-The-Start-Of-Something-Much-Bigger.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1146053060","content_text":"Commodities have rallied in recent months, outperforming equity indexes amid expectations of an economic recovery, easy monetary policy, and rising inflation.\nThe commodity bull run across the board—spearheaded by a 50-percent jump in oil prices over the past three months—isn’t finished running, analysts and investment banks say. Some of the biggest investment banks have even started to call the start of a new commodities supercycle, which by definition, lasts years—typically about a decade.\nYet, not all investment banks and analysts are as convinced that we are in for a commodities supercycle across the board, warning that the termsupercycleis too optimistic for a bull run that could fizzle out within a year or two and could still fall victim to negative COVID-related impacts.\nCommodity Rally\nAs early as in October 2020, a few weeks before the first announcement of an effective vaccine candidate, Goldman Sachs said that commodities were headed toward a bull run in 2021. Hedges against expectations of rising inflation, a weakening U.S. dollar in which most commodities are traded, and signals of “very easy” monetary policy from central banks would be the key drivers of rallying commodities, Goldman Sachs said back then.\nGoldman expected the S&P Goldman Sachs Commodity Index (GSCI) to return 42.6 percent for energy over a 12-month period, and 17.9 percent for precious metals.\nOver the past three months, the S&P GSCI has outperformed the S&P 500 index, with the commodity index rising by 25 percent, compared to (just) a 9-percent increase in the S&P 500.\nOver the same period, oil prices have rallied from the low $40s to above $60 a barrel, driven by vaccine rollouts, OPEC+ production cuts, and expectations of a tight market and rising oil demand later this year when economies return to growth, helped by large stimulus packages.\nSome Drivers Of A New Supercycle Are Here…\nAccording to JPMorgan, there are reasons to believe that a new commodity supercycle may have just started.\n“We believe that the new commodity upswing, and in particular oil up cycle, has started,” JPMorgan analysts led by Marko Kolanovic said in a note last week, as carried by Bloomberg.\nThe latest commodity supercycle ended in 2008 after a 12-year run, boosted by the super-spending and economic surge in China.\nJPMorgan now sees several potential factors underpinning a new supercycle: post-pandemic global economic growth, “ultra loose” monetary policies, increased and tolerated inflation, weakening U.S. dollar, financial inflows to hedge inflation, metals for energy transition markets such as batteries and electric vehicles (EVs), and underinvestment in new oil supply.\nThe International Energy Agency (IEA) warned last year that if investment in oil were to stay at the 2020 levels over the next five years, it would reduce the previously expected level of oil supply in 2025 by nearly 9 million barrels per day (bpd).\nThis year, global upstream investments will stay low, just like they were in 2020, Wood Mackenzie said in December, expecting upstream oil and gas investment at a 15-year low of just US$300 billion, down by 30 percent from the pre-crisis level of investment in 2019.\n“The world may be sleepwalking into a supply crunch, albeit beyond 2021. A recovery in oil demand back to over 100 million b/d by late 2022 increases risk of a material supply gap later this decade, triggering an upward spike in price,” said Simon Flowers, Chairman and Chief Analyst at WoodMac.\nThen, “very easy monetary policy” and reflation trade could push oil pricesas high as $100 a barrel next year, Amrita Sen, chief oil analyst at Energy Aspects, told Bloomberg earlier this month.\nIn the week to February 9, hedge funds increased bullish bets on 24 major commodity futures by 5 percent to a fresh high of 2.7 million lots, representing a nominal value of $143.7 billion, Ole Hansen, Head of Commodity Strategy at Saxo Bank,said, commenting on the latest Commitments of Traders report.\nThe combined net long position—the difference between bullish and bearish bets—in Brent and WTI has now increased to the highest in 28 months, while the net long in the grain sector in agriculture is not far from the record set in August 2012, Hansen noted.\nPost-pandemic growth, tightening supply, and continued demand for reflation hedges pushed the Bloomberg Commodity index to a 27-month high, Hansen said.\nBut Is This The Start Of The Next Commodities Supercycle?\nAlthough crude oil and other commodities have rallied and signals have emerged to support the call for a new supercycle, some analysts are cautious and say it is a little early to proclaim the beginning of the next commodity supercycle.\nWhat we see in oil and commodities right now is a cyclical recovery, but a supercycle could be “two to three years away,” George Cheveley, portfolio manager at asset management company Ninety One, told Financial Times’ Natural Resources Editor Neil Hume.\nThis bull run is unlikely to turn into a supercycle for commodities, because while investment may be depressed, “the material is abundant” for many commodities, including crude oil, Ed Morse, managing director and global head of commodities research at Citigroup, told the Financial Post in an interview last week.\nCommodities have certainly benefited from the optimism that post-COVID growth and stimulus packages will boost demand and prices, but it may be a little premature to trumpet the next decade-long across-the-board commodities supercycle.","news_type":1,"symbols_score_info":{"CLmain":0.9,"BZmain":0.9}},"isVote":1,"tweetType":1,"viewCount":755,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":361411897,"gmtCreate":1614253866319,"gmtModify":1631890071967,"author":{"id":"3576634944099341","authorId":"3576634944099341","name":"GeeChun","avatar":"https://static.tigerbbs.com/2d0ca68ff291093e9ac8533ce11b83b4","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576634944099341","authorIdStr":"3576634944099341"},"themes":[],"title":"","htmlText":"QS look stable up","listText":"QS look stable up","text":"QS look stable up","images":[{"img":"https://static.tigerbbs.com/828a5f7cb280bc06bba164145f07acae","width":"1080","height":"2071"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/361411897","isVote":1,"tweetType":1,"viewCount":2253,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":385622718,"gmtCreate":1613546259634,"gmtModify":1631893615350,"author":{"id":"3576634944099341","authorId":"3576634944099341","name":"GeeChun","avatar":"https://static.tigerbbs.com/2d0ca68ff291093e9ac8533ce11b83b4","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576634944099341","authorIdStr":"3576634944099341"},"themes":[],"title":"","htmlText":"Dangerous now?","listText":"Dangerous now?","text":"Dangerous now?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/385622718","repostId":"1137917622","repostType":4,"repost":{"id":"1137917622","kind":"news","pubTimestamp":1613545971,"share":"https://www.laohunote.com/m/news/1137917622?lang=zh_CN&edition=full","pubTime":"2021-02-17 15:12","market":"us","language":"en","title":"Why the stock market’s ‘worst-case’ scenario depends on these 3 ingredients<blockquote>为什么股市的“最坏情况”取决于这三个因素</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1137917622","media":"MarketWatch","summary":"Rising yields, widening credit spreads and rising dollar would spell trouble: Jefferies\nInvestors ar","content":"<p>Rising yields, widening credit spreads and rising dollar would spell trouble: Jefferies</p><p><blockquote>杰富瑞：收益率上升、信贷利差扩大和美元升值将带来麻烦</blockquote></p><p> Investors are fretting over Treasury yields and wondering when a rate rise could start to crimp a stock-market rally, though they weren’t yet worried enough Tuesday to prevent major benchmarks from notching another round of all-time peaks.</p><p><blockquote>投资者对国债收益率感到担忧，并想知道加息何时会开始抑制股市的涨势，尽管他们在周二还没有担心到足以阻止主要基准再次创下历史新高。</blockquote></p><p> So when does the pain of rising yields, which makes it harder to justify stretched equity valuations, start to make a difference? With the yield on the 10-year Treasury note&nbsp;moving back above 1.2%, a challenge of the 1.5% area, which is the equivalent of the dividend yield on the S&amp;P 500,could soon be in store, wrote Sean Darby, global head of strategy at Jefferies, in a Tuesday note.</p><p><blockquote>那么，收益率上升的痛苦（这使得更难证明过高的股票估值是合理的）何时开始产生影响呢？全球战略主管肖恩·达比 (Sean Darby) 写道，随着 10 年期国债收益率回升至 1.2% 以上，1.5% 区域（相当于标准普尔 500 指数的股息收益率）可能很快就会面临挑战杰富瑞 (Jefferies) 在周二的一份报告中。</blockquote></p><p> That event “will probably coincide with the first test for the valuations of the higher PE stocks and the relative performance of the S&amp;P 500 versus more loftier valued indices such as the Nasdaq-100,” he wrote, referring to the P/E, or price-to-earnings ratio, a common measure of stock market valuations.</p><p><blockquote>他写道，这一事件 “可能会与市盈率较高的股票的估值以及标普500相对于纳斯达克 100 指数等估值较高的指数的相对表现的首次考验同时发生”，他指的是市盈率（P/E），这是衡量股市估值的常见指标。</blockquote></p><p> Historically, low Treasury rates have been seen justifying lofty valuations for equities, as investors have little choice but to look to stocks for returns. While Treasury yields remain low, the move higher could threaten equities with the most stretched valuations, strategists have warned. Yields and bond prices move in opposite directions.</p><p><blockquote>从历史上看，低国债利率被视为股票高估值的理由，因为投资者别无选择，只能寻求股票回报。策略师警告称，虽然美国国债收益率仍然很低，但走高可能会威胁到估值最紧张的股票。收益率和债券价格走势相反。</blockquote></p><p> But Darby delves deeper, arguing that financial markets have likely undergone a “regime change” as investors adapt to the Federal Reserve’s average-inflation targeting setup, which would see the central bank allow inflation to overshoot its target and the economy to run hot before moving to tighten policy.</p><p><blockquote>但达比进行了更深入的探讨，他认为，随着投资者适应美联储的平均通胀目标设置，金融市场很可能已经经历了 “政权更迭”，即央行允许通胀超过其目标，让经济过热，然后再采取行动收紧政策。</blockquote></p><p> That regime change amid expectations for abundant liquidity may be illustrated by the continued rally in junk, or high-yield, corporate bonds. Those yields have fallen sharply, even trading below Treasurys on an inflation-adjusted basis for the first time in history, he noted.</p><p><blockquote>在流动性充裕的预期下，这种政权更迭可以从垃圾债券或高收益公司债券的持续上涨中得到说明。他指出，这些收益率大幅下降，甚至历史上首次在通胀调整后低于美国国债收益率。</blockquote></p><p> Meanwhile, the U.S. dollar, while seeing a modest bounce to begin 2021, hasn’t yet staged a convincing turnaround after its steep 2020 slide, analysts said. A weaker dollar is generally seen as favorable for stocks by helping to keep global financial conditions loose.</p><p><blockquote>与此同时，分析师表示，美元虽然在 2021 年初出现了小幅反弹，但在经历了 2020 年的大幅下滑后，尚未出现令人信服的好转。美元走软通常被视为有利于股市，有助于保持全球金融状况宽松。</blockquote></p><p> “In reality the worst case scenario for equity investors would be a selloff in [Treasurys] accompanied by widening credit spreads and a strong dollar,” Darby said. “To date, higher U’S’ bond yields have not been able to arrest the decline in the greenback — real interest rates are still negative.”</p><p><blockquote>“达比说：”实际上，对股票投资者来说，最糟糕的情况是（美国国债）抛售，同时信用利差扩大和美元走强。“迄今为止，美国国债收益率的上升未能阻止美元的下跌--实际利率仍然为负”。</blockquote></p><p> So what should stock-market investors expect?</p><p><blockquote>那么股市投资者应该期待什么呢？</blockquote></p><p> First off, “much higher yields,” he said, noting that all three of Jefferies’ indicators on the direction of the 10-year yield — the 10-year vs. 2-year U.S. yield curve vs. inflation expectations; the yield curve vs. U.S. M1 money supply; and the yield curve vs. the copper/gold ratio — are all pointed vertical, particularly the relationship between money supply and the yield curve (see chart below).</p><p><blockquote>他说，首先是 “收益率要高得多”，并指出杰富瑞的所有三个指标都指向了 10 年期国债收益率的方向--10 年期与 2 年期美国国债收益率曲线与通胀预期；收益率曲线与美国M1货币供应量；以及收益率曲线与铜/金比率——都是垂直的，尤其是货币供应量和收益率曲线之间的关系（见下图）。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/bbd2d670eb3878e88a74b7cef6e07a1a\" tg-width=\"1259\" tg-height=\"1010\"></p><p><blockquote></blockquote></p><p> Jefferies expects the 10-year yield to hit 2% by year-end, Darby noted.</p><p><blockquote>达比指出，杰富瑞预计 10 年期国债收益率到年底将达到 2%。</blockquote></p><p> Secondly, high price-to-earnings ratio stocks in the S&amp;P 500 saw a sharp absolute return as the 30-year Treasury yield&nbsp;plunged, Darby said (see chart below), noting the same was true for the tech-concentrated Nasdaq-100.</p><p><blockquote>其次，达比表示，随着 30 年期国债收益率暴跌，标普500高市盈率股票出现了大幅绝对回报（见下图），并指出科技股集中的纳斯达克 100 指数也是如此。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/eaa66391315c6c3febff9d67944902f7\" tg-width=\"1260\" tg-height=\"1012\"></p><p><blockquote></blockquote></p><p> “These are the most sensitive to higher U.S. long-term rates,” he said, noting that equities are long duration assets.</p><p><blockquote>“他说：”这些资产对美国长期利率上升最为敏感，并指出股票是长期资产。</blockquote></p><p> The 30-year yield&nbsp;jumped 8.6 basis points to a more-than-one-year high 2.089% Tuesday, while the 10-year yield rose 9.8 basis points to 1.298%. The Dow Jones Industrial Average&nbsp;eked out a gain of 64.35 points, or 0.2%, in choppy trade,building on last Friday’s record close&nbsp;as investors returned from a three-day holiday weekend. The S&amp;P 500 ended 0.1% lower, while the Nasdaq Composite&nbsp;shed 0.3%.</p><p><blockquote>周二，30年期国债收益率上涨8.6个基点，至一年多高点2.089%，而10年期国债收益率上涨9.8个基点，至1.298%。道琼斯工业平均指数在上周五创纪录的收盘价基础上，在波动的交易中勉强上涨了 64.35 点，涨幅为 0.2%，因为投资者结束了为期三天的周末假期。标普500收盘下跌 0.1%，纳斯达克综合指数下跌 0.3%。</blockquote></p><p></p>","source":"market_watch","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>Why the stock market’s ‘worst-case’ scenario depends on these 3 ingredients<blockquote>为什么股市的“最坏情况”取决于这三个因素</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\">\nWhy the stock market’s ‘worst-case’ scenario depends on these 3 ingredients<blockquote>为什么股市的“最坏情况”取决于这三个因素</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-02-17 15:12</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Rising yields, widening credit spreads and rising dollar would spell trouble: Jefferies</p><p><blockquote>杰富瑞：收益率上升、信贷利差扩大和美元升值将带来麻烦</blockquote></p><p> Investors are fretting over Treasury yields and wondering when a rate rise could start to crimp a stock-market rally, though they weren’t yet worried enough Tuesday to prevent major benchmarks from notching another round of all-time peaks.</p><p><blockquote>投资者对国债收益率感到担忧，并想知道加息何时会开始抑制股市的涨势，尽管他们在周二还没有担心到足以阻止主要基准再次创下历史新高。</blockquote></p><p> So when does the pain of rising yields, which makes it harder to justify stretched equity valuations, start to make a difference? With the yield on the 10-year Treasury note&nbsp;moving back above 1.2%, a challenge of the 1.5% area, which is the equivalent of the dividend yield on the S&amp;P 500,could soon be in store, wrote Sean Darby, global head of strategy at Jefferies, in a Tuesday note.</p><p><blockquote>那么，收益率上升的痛苦（这使得更难证明过高的股票估值是合理的）何时开始产生影响呢？全球战略主管肖恩·达比 (Sean Darby) 写道，随着 10 年期国债收益率回升至 1.2% 以上，1.5% 区域（相当于标准普尔 500 指数的股息收益率）可能很快就会面临挑战杰富瑞 (Jefferies) 在周二的一份报告中。</blockquote></p><p> That event “will probably coincide with the first test for the valuations of the higher PE stocks and the relative performance of the S&amp;P 500 versus more loftier valued indices such as the Nasdaq-100,” he wrote, referring to the P/E, or price-to-earnings ratio, a common measure of stock market valuations.</p><p><blockquote>他写道，这一事件 “可能会与市盈率较高的股票的估值以及标普500相对于纳斯达克 100 指数等估值较高的指数的相对表现的首次考验同时发生”，他指的是市盈率（P/E），这是衡量股市估值的常见指标。</blockquote></p><p> Historically, low Treasury rates have been seen justifying lofty valuations for equities, as investors have little choice but to look to stocks for returns. While Treasury yields remain low, the move higher could threaten equities with the most stretched valuations, strategists have warned. Yields and bond prices move in opposite directions.</p><p><blockquote>从历史上看，低国债利率被视为股票高估值的理由，因为投资者别无选择，只能寻求股票回报。策略师警告称，虽然美国国债收益率仍然很低，但走高可能会威胁到估值最紧张的股票。收益率和债券价格走势相反。</blockquote></p><p> But Darby delves deeper, arguing that financial markets have likely undergone a “regime change” as investors adapt to the Federal Reserve’s average-inflation targeting setup, which would see the central bank allow inflation to overshoot its target and the economy to run hot before moving to tighten policy.</p><p><blockquote>但达比进行了更深入的探讨，他认为，随着投资者适应美联储的平均通胀目标设置，金融市场很可能已经经历了 “政权更迭”，即央行允许通胀超过其目标，让经济过热，然后再采取行动收紧政策。</blockquote></p><p> That regime change amid expectations for abundant liquidity may be illustrated by the continued rally in junk, or high-yield, corporate bonds. Those yields have fallen sharply, even trading below Treasurys on an inflation-adjusted basis for the first time in history, he noted.</p><p><blockquote>在流动性充裕的预期下，这种政权更迭可以从垃圾债券或高收益公司债券的持续上涨中得到说明。他指出，这些收益率大幅下降，甚至历史上首次在通胀调整后低于美国国债收益率。</blockquote></p><p> Meanwhile, the U.S. dollar, while seeing a modest bounce to begin 2021, hasn’t yet staged a convincing turnaround after its steep 2020 slide, analysts said. A weaker dollar is generally seen as favorable for stocks by helping to keep global financial conditions loose.</p><p><blockquote>与此同时，分析师表示，美元虽然在 2021 年初出现了小幅反弹，但在经历了 2020 年的大幅下滑后，尚未出现令人信服的好转。美元走软通常被视为有利于股市，有助于保持全球金融状况宽松。</blockquote></p><p> “In reality the worst case scenario for equity investors would be a selloff in [Treasurys] accompanied by widening credit spreads and a strong dollar,” Darby said. “To date, higher U’S’ bond yields have not been able to arrest the decline in the greenback — real interest rates are still negative.”</p><p><blockquote>“达比说：”实际上，对股票投资者来说，最糟糕的情况是（美国国债）抛售，同时信用利差扩大和美元走强。“迄今为止，美国国债收益率的上升未能阻止美元的下跌--实际利率仍然为负”。</blockquote></p><p> So what should stock-market investors expect?</p><p><blockquote>那么股市投资者应该期待什么呢？</blockquote></p><p> First off, “much higher yields,” he said, noting that all three of Jefferies’ indicators on the direction of the 10-year yield — the 10-year vs. 2-year U.S. yield curve vs. inflation expectations; the yield curve vs. U.S. M1 money supply; and the yield curve vs. the copper/gold ratio — are all pointed vertical, particularly the relationship between money supply and the yield curve (see chart below).</p><p><blockquote>他说，首先是 “收益率要高得多”，并指出杰富瑞的所有三个指标都指向了 10 年期国债收益率的方向--10 年期与 2 年期美国国债收益率曲线与通胀预期；收益率曲线与美国M1货币供应量；以及收益率曲线与铜/金比率——都是垂直的，尤其是货币供应量和收益率曲线之间的关系（见下图）。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/bbd2d670eb3878e88a74b7cef6e07a1a\" tg-width=\"1259\" tg-height=\"1010\"></p><p><blockquote></blockquote></p><p> Jefferies expects the 10-year yield to hit 2% by year-end, Darby noted.</p><p><blockquote>达比指出，杰富瑞预计 10 年期国债收益率到年底将达到 2%。</blockquote></p><p> Secondly, high price-to-earnings ratio stocks in the S&amp;P 500 saw a sharp absolute return as the 30-year Treasury yield&nbsp;plunged, Darby said (see chart below), noting the same was true for the tech-concentrated Nasdaq-100.</p><p><blockquote>其次，达比表示，随着 30 年期国债收益率暴跌，标普500高市盈率股票出现了大幅绝对回报（见下图），并指出科技股集中的纳斯达克 100 指数也是如此。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/eaa66391315c6c3febff9d67944902f7\" tg-width=\"1260\" tg-height=\"1012\"></p><p><blockquote></blockquote></p><p> “These are the most sensitive to higher U.S. long-term rates,” he said, noting that equities are long duration assets.</p><p><blockquote>“他说：”这些资产对美国长期利率上升最为敏感，并指出股票是长期资产。</blockquote></p><p> The 30-year yield&nbsp;jumped 8.6 basis points to a more-than-one-year high 2.089% Tuesday, while the 10-year yield rose 9.8 basis points to 1.298%. The Dow Jones Industrial Average&nbsp;eked out a gain of 64.35 points, or 0.2%, in choppy trade,building on last Friday’s record close&nbsp;as investors returned from a three-day holiday weekend. The S&amp;P 500 ended 0.1% lower, while the Nasdaq Composite&nbsp;shed 0.3%.</p><p><blockquote>周二，30年期国债收益率上涨8.6个基点，至一年多高点2.089%，而10年期国债收益率上涨9.8个基点，至1.298%。道琼斯工业平均指数在上周五创纪录的收盘价基础上，在波动的交易中勉强上涨了 64.35 点，涨幅为 0.2%，因为投资者结束了为期三天的周末假期。标普500收盘下跌 0.1%，纳斯达克综合指数下跌 0.3%。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/this-combo-would-be-worst-case-scenario-for-stock-market-investors-11613505230?mod=home-page\">MarketWatch</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":{".SPX":"S&P 500 Index",".DJI":"道琼斯",".IXIC":"NASDAQ Composite"},"source_url":"https://www.marketwatch.com/story/this-combo-would-be-worst-case-scenario-for-stock-market-investors-11613505230?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/599a65733b8245fcf7868668ef9ad712","article_id":"1137917622","content_text":"Rising yields, widening credit spreads and rising dollar would spell trouble: Jefferies\nInvestors are fretting over Treasury yields and wondering when a rate rise could start to crimp a stock-market rally, though they weren’t yet worried enough Tuesday to prevent major benchmarks from notching another round of all-time peaks.\nSo when does the pain of rising yields, which makes it harder to justify stretched equity valuations, start to make a difference? With the yield on the 10-year Treasury note moving back above 1.2%, a challenge of the 1.5% area, which is the equivalent of the dividend yield on the S&P 500,could soon be in store, wrote Sean Darby, global head of strategy at Jefferies, in a Tuesday note.\nThat event “will probably coincide with the first test for the valuations of the higher PE stocks and the relative performance of the S&P 500 versus more loftier valued indices such as the Nasdaq-100,” he wrote, referring to the P/E, or price-to-earnings ratio, a common measure of stock market valuations.\nHistorically, low Treasury rates have been seen justifying lofty valuations for equities, as investors have little choice but to look to stocks for returns. While Treasury yields remain low, the move higher could threaten equities with the most stretched valuations, strategists have warned. Yields and bond prices move in opposite directions.\nBut Darby delves deeper, arguing that financial markets have likely undergone a “regime change” as investors adapt to the Federal Reserve’s average-inflation targeting setup, which would see the central bank allow inflation to overshoot its target and the economy to run hot before moving to tighten policy.\nThat regime change amid expectations for abundant liquidity may be illustrated by the continued rally in junk, or high-yield, corporate bonds. Those yields have fallen sharply, even trading below Treasurys on an inflation-adjusted basis for the first time in history, he noted.\nMeanwhile, the U.S. dollar, while seeing a modest bounce to begin 2021, hasn’t yet staged a convincing turnaround after its steep 2020 slide, analysts said. A weaker dollar is generally seen as favorable for stocks by helping to keep global financial conditions loose.\n“In reality the worst case scenario for equity investors would be a selloff in [Treasurys] accompanied by widening credit spreads and a strong dollar,” Darby said. “To date, higher U’S’ bond yields have not been able to arrest the decline in the greenback — real interest rates are still negative.”\nSo what should stock-market investors expect?\nFirst off, “much higher yields,” he said, noting that all three of Jefferies’ indicators on the direction of the 10-year yield — the 10-year vs. 2-year U.S. yield curve vs. inflation expectations; the yield curve vs. U.S. M1 money supply; and the yield curve vs. the copper/gold ratio — are all pointed vertical, particularly the relationship between money supply and the yield curve (see chart below).\n\nJefferies expects the 10-year yield to hit 2% by year-end, Darby noted.\nSecondly, high price-to-earnings ratio stocks in the S&P 500 saw a sharp absolute return as the 30-year Treasury yield plunged, Darby said (see chart below), noting the same was true for the tech-concentrated Nasdaq-100.\n\n“These are the most sensitive to higher U.S. long-term rates,” he said, noting that equities are long duration assets.\nThe 30-year yield jumped 8.6 basis points to a more-than-one-year high 2.089% Tuesday, while the 10-year yield rose 9.8 basis points to 1.298%. The Dow Jones Industrial Average eked out a gain of 64.35 points, or 0.2%, in choppy trade,building on last Friday’s record close as investors returned from a three-day holiday weekend. The S&P 500 ended 0.1% lower, while the Nasdaq Composite shed 0.3%.","news_type":1,"symbols_score_info":{".SPX":0.9,".DJI":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":540,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":387953581,"gmtCreate":1613712818443,"gmtModify":1631890071973,"author":{"id":"3576634944099341","authorId":"3576634944099341","name":"GeeChun","avatar":"https://static.tigerbbs.com/2d0ca68ff291093e9ac8533ce11b83b4","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576634944099341","authorIdStr":"3576634944099341"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/PLTR\">$Palantir Technologies Inc.(PLTR)$</a>Buy in today?","listText":"<a href=\"https://laohu8.com/S/PLTR\">$Palantir Technologies Inc.(PLTR)$</a>Buy in today?","text":"$Palantir Technologies Inc.(PLTR)$Buy in today?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/387953581","isVote":1,"tweetType":1,"viewCount":3419,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":384917846,"gmtCreate":1613606297185,"gmtModify":1631890071976,"author":{"id":"3576634944099341","authorId":"3576634944099341","name":"GeeChun","avatar":"https://static.tigerbbs.com/2d0ca68ff291093e9ac8533ce11b83b4","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576634944099341","authorIdStr":"3576634944099341"},"themes":[],"title":"","htmlText":"Not really understand, so Thier stock in market?","listText":"Not really understand, so Thier stock in market?","text":"Not really understand, so Thier stock in market?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/384917846","repostId":"1160744674","repostType":4,"isVote":1,"tweetType":1,"viewCount":1779,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}