VIX Spikes, Dow Sinks As Inflation Jitters Slaughter Fed Easing Hopes: Traders Now Price In Only One Rate Cut In 2024
VIX Spikes, Dow Sinks As Inflation Jitters Slaughter Fed Easing Hopes: Traders Now Price In Only One Rate Cut In 2024
Markets experienced a sharp downturn Thursday afternoon following an initial surge to historic highs in technology-heavy stock indices, driven by Nvidia Corp.'s (NASDAQ:NVDA) spectacular AI-driven earnings report.
在英偉達公司的推動下，以科技股爲主的股票指數首次飆升至歷史新高，週四下午市場經歷了急劇低迷。s（納斯達克股票代碼：NVDA）精彩的人工智能驅動收益報告。
The CBOE Volatility Index (VIX), also known as the market fear index, surged over 7% after hitting its lowest level since November 2019 earlier in the session.
芝加哥期權交易所波動率指數（VIX），也稱爲市場恐懼指數，在該交易日早些時候觸及2019年11月以來的最低水平後，飆升了7％以上。
Blue-chip stocks were particularly affected in a broad sector selloff. The Dow Jones Industrial Average, tracked by the SPDR Dow Jones Industrial Average ETF (NYSE:DIA), was down 1.5% at 3:00 p.m. in New York, on track for its worst performance since March 2023.
藍籌股在廣泛的板塊拋售中尤其受到影響。由SPDR道瓊斯工業平均指數ETF（紐約證券交易所代碼：DIA）追蹤的道瓊斯工業平均指數在紐約下午3點下跌1.5％，有望創下2023年3月以來最差的表現。
Both the S&P 500, tracked by the SPDR S&P 500 ETF Trust (NYSE:SPY), and the Nasdaq 100, monitored through the Invesco QQQ Trust (NASDAQ:QQQ), fell 0.9%.
由SPDR標準普爾500指數ETF信託基金（紐約證券交易所代碼：SPY）追蹤的標準普爾500指數和通過景順QQ信託（納斯達克股票代碼：QQQ）監管的納斯達克100指數均下跌0.9％。
Chipmakers were the only industry in the green, with the VanEck Semiconductor ETF (NYSE:SMH) up 0.8%, thanks to Nvidia's 8.7% rally.
芯片製造商是唯一上漲的行業，VanEck半導體ETF（紐約證券交易所代碼：SMH）上漲了0.8％，這要歸功於英偉達的8.7％的漲勢。
Chart: Dow Eyes Worst Day In Over A Year
圖表：道瓊斯指數預計一年多來最糟糕的一天
What Happened: Sentiment took a hit after S&P Global released its May private sector activity surveys. The Composite PMI Index, a gauge of overall business health, showed the highest expansion rate in two years.
發生了什麼：標普全球發佈5月份私營部門活動調查後，市場情緒受到打擊。衡量整體業務健康狀況的綜合採購經理人指數顯示出兩年來的最高增長率。
This might seem like good news, but the devil is in the details.
這似乎是個好消息，但細節決定成敗。
"Input prices continued to rise sharply in May, with the rate of inflation accelerating to register the second-largest monthly increase seen over the past eight months," S&P Global reported.
標普全球報告稱：“5月份投入價格繼續大幅上漲，通貨膨脹率加快，創下過去八個月來第二大月度漲幅。”
In particular, manufacturers experienced a steep increase, facing the largest cost rise in a year and a half. This was attributed to higher supplier prices for a wide variety of inputs, including metals, chemicals, plastics, and timber-based products, as well as higher energy and labor costs.
特別是，製造商經歷了急劇增長，面臨着一年半以來最大的成本上漲。這歸因於各種投入的供應商價格上漲，包括金屬、化學品、塑料和木材產品，以及更高的能源和勞動力成本。
Chris Williamson, chief business economist at S&P Global, indicated that selling price inflation has increased, continuing to signal modestly above-target inflation.
標普全球首席商業經濟學家克里斯·威廉姆森表示，銷售價格通脹率有所上升，繼續表明通貨膨脹率略高於目標。
He highlighted that the primary inflationary pressure now originates from manufacturing rather than services. This shift has resulted in elevated rates of inflation for both costs and selling prices compared to pre-pandemic standards, implying that reaching the "Fed's 2% target still seems elusive"
他強調說，現在主要的通貨膨脹壓力來自制造業而不是服務業。與疫情前的標準相比，這種轉變導致成本和銷售價格的通貨膨脹率均上升，這意味着達到 “聯儲局2％的目標似乎仍然難以實現”
Why It Matters: Stronger-than-expected business sentiment growth and renewed inflationary concerns pushed Treasury yields up across the board, leading investors to reassess the likelihood of Fed interest rate cuts.
爲何重要：商業信心增長強於預期，通貨膨脹擔憂再起，推動美國國債收益率全面上升，促使投資者重新評估聯儲局降息的可能性。
Notably, there has been a significant shift in rate cut expectations. Fed futures are currently pricing in only 34 basis points of rate cuts by year-end, translating to just one rate cut.
值得注意的是，降息預期發生了重大變化。目前，聯儲局期貨的定價僅爲到年底降息34個點子，這意味着只有一次降息。
While investors had anticipated a rate cut by September as of Wednesday, this expectation has now been postponed to November, according to the CME Group Fed Watch Tool.
芝加哥商品交易所集團聯儲局觀察工具顯示，儘管投資者原本預計將於9月降息，但這一預期現已推遲到11月。
The rate-sensitive two-year Treasury yield leaped by 6 basis points to 4.93%, eyeing the highest close since May 1.
對利率敏感的兩年期美國國債收益率躍升了6個點子，至4.93％，創下5月1日以來的最高收盤價。
The dollar was the only gainer among major asset classes, with the Invesco DB USD Bullish Index Fund ETF (NYSE:UUP), up 0.2%.
美元是主要資產類別中唯一的漲幅，景順數據庫美元看漲指數基金ETF（紐約證券交易所代碼：UUP）上漲0.2％。
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圖片：Shutterstock
譯文內容由第三人軟體翻譯。