自新冠疫情爆发以来，美国股市最长的平静期已经结束。对人工智能交易可持续性的担忧，加上一份显示自4月以来消费者物价涨幅最快的报告，推动标普500指数下跌1.1%。这终结了该指数连续53个交易日未出现1%跌幅的纪录，为自2020年1月以来最长的连续平稳时期。势头的急剧逆转令依赖程序化交易的量化基金感到困惑，这些基金在波动率持续低迷的环境下，数周来一直在抢购股票。
The US stock market’s longest streak of tranquility since before the Covid-19 pandemic is over. Concerns about the sustainability of the artificial-intelligence trade coupled with a report showing the fastest increase in consumer prices since April pushed the S&P 500 Index down 1.1%. That ended the gauge’s 53-session streak without a 1% decline, the longest stretch since January 2020. The sharp reversal in momentum vexed computer-driven quant funds, which have spent weeks snapping up stocks amid a steady lull in volatility.
推动标普500四年牛市的科技巨头股票走弱，进一步加剧了市场整体的避险情绪，引发人们对该基准指数可能出现更多损失的担忧——该指数自3月下旬以来已增加了13万亿美元的市值。一个备受关注的半导体股票指数连续第六天下跌，在此期间的累计跌幅已接近12%。
Weakness in technology megacaps that have fueled the four-year bull run in the S&P 500 added to the risk-off tone across markets, fueling worries that more losses could be in store for the benchmark gauge that’s added $13 trillion in market value since late March. A closely watched index of semiconductor stocks fell for a sixth consecutive day, extending its drop during that time to almost 12%.
“一些涨幅较大的股票，如芯片制造商和人工智能基础设施相关股票，正在失去部分上涨动力，”北光资产管理公司首席投资官克里斯·扎卡雷利表示，并补充说，通胀数据加剧了人们对美联储可能进一步加息的担忧。“市场曾希望9月份就是一次性的加息，而现在的数据使这种可能性大大降低。”周三公布的官方数据显示，9月份消费者物价较上月上涨0.6%，为自4月以来的最高涨幅，即使美联储在10月暂停加息，也强化了市场对未来加息的预期。
“Some of the more extended stocks, such as the chipmakers and AI-infrastructure stocks, are having some of the wind taken out of their sails,” said Chris Zaccarelli, chief investment officer at Northlight Asset Management, adding that the inflation numbers fueled concern about more interest-rate increases by the Federal Reserve. “The market was hoping September would be a one and done and this morning’s data makes that scenario much less likely.”Official data on Wednesday showed consumer prices rose 0.6% in September from a month earlier, the fastest level since April, reinforcing expectations for future rate hikes even if the Fed pauses in October.
对利率敏感的罗素2000小盘股指数下跌1.9%，延续了自8月峰值以来的下跌，累计跌幅达到11%。
The rate-sensitive Russell 2000 Index of smaller companies fell 1.9%, extending its decline from a peak in August to 11%.
阅读：罗素2000指数自峰值下跌11%，在利率上升时进入修正即使美国国债收益率在当天因CPI数据而从高点回落，股市仍在继续抛售。市场焦虑的另一个因素是对人工智能云计算提供商CoreWeave Inc.发行的公司债的担忧——该公司2023年到期的无担保债务在周三的交易中跌至每美元80美分以下，依据Trace定价数据。这一水平通常被视为借款人财务紧张的阈值。其股价下跌了15%。
Read: Russell 2000 Sinks 11% From Peak, Hits Correction as Rates Rise Equities continued selling off even as Treasury yields retreated from their highs of the day set after the CPI data. Adding to angst in the market was concern about corporate bonds issued by AI cloud-computing provider CoreWeave Inc., which have plunged to levels that typically indicate distress. The company’s unsecured debt due in 2032 traded below 80 cents on the dollar on Wednesday, according to Trace pricing data. That’s widely considered the threshold for when a borrower is financially strained. Its shares sank 15%.
“Miller Tabak + Co.首席市场策略师Matt Maley表示，‘当我们担心信用问题时，科技股表现良好；而当我们担心科技股时，信用问题又得到缓解。今天两者同时出现。’”周三的痛苦主要集中在科技股。纳斯达克100指数下跌2%，创下自七月以来最差单日表现；而“七大科技巨头”指数同样下跌了相似幅度。苹果公司是唯一在收盘时上涨的七大科技股，涨幅为0.5%。
“Days we were worried about the credit issues, the tech stocks were doing fine, and the days we were worried about the tech stocks, we’re getting relief from the credit issues,” said Matt Maley, chief market strategist at Miller Tabak + Co. “Today they’re both hitting at the same time.”Most of Wednesday’s pain was concentrated in technology stocks. The Nasdaq 100 Index plunged 2% in its worst day since July, while the Magnificent Seven Index of technology high-flyers lost a similar amount. Apple Inc. was the only Mag Seven name to end the day higher, rising 0.5%.
“我们已经看到半导体板块随利率下跌，但如果‘七大科技巨头’最终也随利率下跌，这将进一步验证我们对‘红色十月’的判断，”BTIG首席市场技术员Jonathan Krinsky说。
“We have already seen semis fall with rates, but should we finally see the Mag 7 fall with rates, that would add conviction to our call for a ‘Red October,’” said Jonathan Krinsky, chief market technician at BTIG.
即便在周三下跌之后，标普500指数仍仅比上周创下的最新纪录低1.3%。芝加哥期权交易所波动率指数（VIX）交易于约17点，低于通常标志市场压力的20点水平。
Even after Wednesday’s decline, the S&P 500 is sitting just 1.3% away from its last record clocked last week. The Cboe Volatility Index, or VIX, is trading near 17, below the 20 level that typically signals stress in the market.
对股市多头而言的好消息是，那些专注于经济增长和盈利能力、并在过去数周因创纪录的股票行情而观望的所谓“自由裁量型”资金管理人，若抛售继续，可能会被诱惑重新进场。
The good news for equity bulls is that so-called discretionary money managers, who focus on economic growth and the strength of earnings and who have been sitting out a record-breaking stocks rally for weeks, may be tempted to wade in if the selloff continues.
德意志银行汇编的数据显示，从居高不下的国债收益率到伊朗局势动荡等诸多不确定性因素，促使那些自主决策型投资基金的股票持仓比例降至历史区间的下三分之一水平。
Worries around everything from lofty Treasury yields to the war in Iran have pushed discretionary investors’ stock exposure to the bottom-third of the range, data compiled by Deutsche Bank AG show.
该行数据还显示，自主决策型基金与遵循既定规则运作的基金之间的持仓差异已扩大至2020年以来的第二高水平。
The gap between discretionary and rules-based funds reached the second-widest since 2020, according to the bank’s data.