平静的股市突然面临来自四面八方的威胁。意外高企的通胀读数引发的对利率的担忧与科技板块日益增长的紧张情绪在周三相互碰撞。而以债券收益率上升和对10月加息的预期开局的交易时段，最终以股市数月来最糟糕的一天告终。
A placid stock market is suddenly facing threats from all directions. Worries about interest rates spurred by a surprisingly hot inflation reading collided with growing jitters in the technology sector on Wednesday. And a session that began with rising bond yields and expectations of an October rate increase culminated with the stock market’s worst day in months.
这一切始于劳工部上午8:30发布的报告，该报告迅速重置了市场对美联储即将作出的利率决策的预期。其消费者价格指数的关键组成部分上月涨幅超出预期。随后半小时内，美国国债遭到抛售。接着股指开盘小幅下跌。投资者纷纷加大押注，认为美联储可能在其10月会议上加息——这距离中期选举仅几天之遥。
It started with an 8:30 a.m. Labor Department report that quickly reset expectations for the Federal Reserve’s looming decision on rates. Key components of its consumer-price index rose more than expected last month. Over the next half-hour, U.S. Treasurys sold off sharply. Then stock indexes opened modestly lower. Investors raced to increase bets that the Fed could raise rates at its October meeting—mere days before the midterm elections.
到了下午中段，一场惊人的转折正在酝酿。此前一直在酝酿的科技抛售正在积聚动力。一些投资者对AI相关股票产生警惕——担忧的因素包括中国竞争威胁和借贷成本上升——他们抛售了如CoreWeave和甲骨文等股票。随着这一下跌如雪球般滚大，它引发了资金回流至更安全的资产，包括国债，从而再次推动债券收益率下降。
By midafternoon, a stunning shift was taking shape. A tech selloff that had been brewing was gathering momentum. Investors who have grown wary of some names in the AI trade—amid concerns over everything from the threat of Chinese competition to rising borrowing costs—unloaded stocks such as CoreWeave and Oracle. As that downturn snowballed, it sparked a flight back to safer assets, including Treasurys, driving bond yields back lower again.
尽管即使在这一天的交易之后，市场仍接近历史高点，但这一混乱凸显了华尔街对两种焦虑的敏感度：利率长期保持高位以及经济对单一行业的依赖。
While markets remain in reach of records even after the day’s action, the chaos underscored how sensitive Wall Street is to the twin anxieties of higher-for-longer interest rates and an economy dependent on a single sector.
“AI相关内容基本上就在主导一切，”纽弗利特资产管理公司投资组合经理Ryan Jungk表示。“这有点像龙卷风。”收盘时，科技股占比较高的纳斯达克综合指数和标普500指数均录得自7月以来的最大单日跌幅，纳斯达克下跌1.9%，标普500下跌1.1%。道琼斯工业平均指数下跌0.1%，即49点。
“The AI stuff is kind of just dominating everything,” said Ryan Jungk, a portfolio manager at Newfleet Asset Management. “It’s kind of a whirlwind.”By the end of session, the tech-heavy Nasdaq composite and the S&P 500 had both logged their biggest one-day declines since July, with the Nasdaq sliding 1.9% and the S&P 500 dropping 1.1%. The Dow Jones Industrial Average dropped 0.1%, or 49 points.
在经历数月相对平静之后，科技板块股票遭遇重挫，芯片制造商、初创云计算公司和人工智能超大规模企业均承压。
Following months of relative calm, stocks took a beating across the tech sector, with chip makers, upstart cloud companies and AI hyperscalers all coming under pressure.
这是许多与人工智能交易相关的公司连续第二天出现大幅下跌，此轮下跌始于周二，当时博通首席执行官表示，许多人工智能投资者“对自己在投资什么一无所知”，并将市场比作赌场。
It was a second straight day of steep losses for many of the companies associated with the AI trade, which began dropping Tuesday after Broadcom’s CEO said that many AI investors “have no clue what they are investing in” and compared the market to a casino.
周三的抛售压力主要集中在那些为数据中心扩建大举借贷并表明将继续这样做的公司身上，这让贷款方感到不安。CoreWeave股价暴跌逾15%，而该公司今年早些时候发行的一些债券在二级市场跌至新低，凸显了投资者对其信用质量的担忧。
The worst of the selling Wednesday was concentrated in companies that have borrowed heavily to finance data center build-outs and have signaled plans to keep doing so, making lenders uneasy. Shares of CoreWeave tumbled more than 15% while some of the bonds it issued earlier this year dropped to fresh lows in the secondary market, underscoring investor concerns about its credit quality.
B. Riley财富管理公司首席市场策略师Art Hogan表示，追涨杀跌策略——即买入涨幅最大的股票并在价格下跌时卖出——可能导致周三下午抛售加速。
Momentum-chasing strategies that bid up the fastest-rising stocks and sell when prices fall likely contributed to the accelerating selloff Wednesday afternoon, said Art Hogan, chief market strategist at B. Riley Wealth Management.
他说道：“我们已经经历了多次在人工智能宠儿股之间的轮动，但总有一些边缘群体的债务水平高于人们的承受范围。”他补充道：“CoreWeave和甲骨文就属于这一类。”许多将CoreWeave和甲骨文列为最大客户的半导体公司，也是周三表现最差的股票之一。
“We’ve gone through several rotations in and out of AI darlings, but there’s always been a peripheral group that has more debt out there than anybody’s comfortable with,” Hogan said. “CoreWeave and Oracle fall into that category.”Semiconductor companies, many of which count CoreWeave and Oracle among their biggest customers, were among the other worst performing stocks on Wednesday.
今年，得益于巨额利润预期，芯片制造商在股市中占据主导地位，但目前这一交易显然已经降温。其中一个担忧来自中国最大的内存芯片制造商之一，该公司本周早些时候宣布将推出一种新型DRAM芯片。费城半导体指数（PHLX Semiconductor Index）在连续六个交易日下跌后累计下跌约10%，这是今年最长的连跌纪录。科技股抛售掩盖了华尔街最初解读为重要通胀报告的消息。
Massive profit forecasts have helped chip makers dominate the stock market this year, but the trade has decidedly cooled down, for now. Among the concerns: additional competition from one of China’s largest memory-chip makers, which announced it would roll out a new kind of DRAM chip earlier this week. The PHLX Semiconductor Index has dropped roughly 10% over the course of six consecutive down days, its longest losing streak of the year. The tech selloff overshadowed what Wall Street had initially read as an important inflation report.
进入周三，投资者对美联储本月暂停加息的信心日益增强，就在9月刚刚加息——这是其三年来的首次加息。最近几周，一系列美联储官员一直鼓励这种想法，认为通胀压力还不足以值得快速连续加息。
Heading into Wednesday, investors had grown increasingly confident that the Fed would pause this month after having just lifted rates in September—its first-rate hike in three years. A series of Fed officials had encouraged that thinking in recent weeks, arguing that inflation pressures weren’t severe enough to warrant a rapid string of hikes.
周三的通胀数据削弱了这种信心——尽管它仍未引发投资者前景的根本性转变。
Wednesday’s inflation print dented that confidence—even if it still didn’t spur a sea change in investors’ outlook.
正如预期的那样，数据显示，由于伊朗冲突持续，汽油价格大幅上涨。但投资者更关注的是其他方面的涨幅，因为美联储倾向于关注所谓的核心价格，即剔除波动较大的食品和能源类别。
As expected, the data showed a big jump in gasoline prices spurred by the continuing Iran conflict. But it was increases elsewhere that were most concerning to investors since the Fed tends to focus on so-called core prices, which exclude volatile food and energy categories.
这些核心价格较上月上涨0.3%，高于华尔街日报调查的经济学家预期的0.2%涨幅。服务业通胀继续保持粘性。但服装等商品价格也出现了令人惊讶的上涨，引发担忧：高能源价格可能通过推高运输成本，开始在其他地方拉动通胀上升。
Those rose 0.3% from the previous month, above the 0.2% increase anticipated by economists surveyed by The Wall Street Journal. Inflation in services continued to be sticky. But there were also surprising increases in the prices of goods like apparel, stirring concern that high energy prices were starting to drive up inflation elsewhere by increasing transportation costs.
根据CME Group的数据，一度联邦基金期货显示，交易员认为本月晚些时候加息的概率从报告前的约20%升至约50%。但随着科技股抛售的影响显现，这一概率回落至35%。
At one point, federal funds futures showed that traders saw the chances of a rate increase later this month rising to around 50% from around 20% before the report, according to CME Group data. But that fell back to 35% as the tech selloff took hold.
国债收益率与债券价格呈反向变化，跟踪了这一利率预期的转变。根据Tradeweb的数据，10年期国债收益率一度升至5.329%的高点，收盘时为5.189%，较周二的5.216%有所下降。2年期国债收益率对利率变化更为敏感，当天收盘略微上升至4.8%，但仍远低于其当日最高点。
Yields on Treasurys, which move inversely to bond prices, tracked that shift in rate expectations. The yield on the 10-year note climbed as high as 5.329% before finishing the day at 5.189%, down from 5.216% Tuesday, according to Tradeweb. The 2-year yield, which is more sensitive to changes in rates, ended slightly higher on the day at 4.8%, but that was still well below its intraday high.
通胀担忧与强劲经济增长的叠加，在近几个月引发了美国国债的急剧抛售，导致长期收益率升至二十多年来的最高水平。不过，近几天来，随着投资者将高收益率视为买入机会，市场略有平静。
A combination of inflation worries and strong economic growth have sparked a steep selloff in Treasurys in recent months, pushing longer-term yields to their highest levels in more than two decades. In recent days, though, the market had started to calm a little, as investors saw the high yields as a buying opportunity.
市场的下午反弹进一步表明，投资者对重新买入国债的意愿更强，并且仍将债券视为股票波动加剧时的避险港湾。
The market’s afternoon rally further suggested that investors are more eager to buy Treasurys again and still see bonds as a place to hide when stocks get especially volatile.
“股票的这部分上涨主要受科技板块推动，而在科技未带动上涨的日子里，美国国债证券会出现避险买盘，”TD证券美国利率策略主管Gennadiy Goldberg表示。
“A lot of this move higher in equities has been driven by tech, and on days when tech isn’t driving things higher, there is a safe-haven bid for U.S. Treasury securities,” said Gennadiy Goldberg, head of U.S. rates strategy at TD Securities.
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