纽约，11月6日——受到惊吓的投资者带着摇摇欲坠的美国股市进入下周，人工智能这一关键交易的深度抛售在通胀数据和多家科技公司财报发布前引发了不安情绪。
NEW YORK, Nov 6 - Jolted investors head into next week with the US stock market on shaky ground, as deep selling in the pivotal AI trade creates unease ahead of the release of inflation data and earnings reports from several technology companies.
周四，股市因担忧民主党在周二美国中期选举中取得广泛胜利将放缓人工智能数据中心的建设而遭受重挫。这加剧了市场对这一交易的焦虑，而该交易一直是今年市场上涨的核心。
Stocks were slammed on Thursday by concerns that widespread victories by Democrats in Tuesday’s US midterm elections would slow the AI data-center buildout. That fed anxiety about a trade that has been at the heart of the market’s rally this year.
以科技股为主的纳斯达克综合指数周四收盘较10月6日的历史高点下跌近12%，超过了确认回调的10%门槛。这一跌幅以及其他股指的重大损失，逆转了周二中期选举后紧接着上一交易日的涨幅。在周二的选举中，民主党大胜总统唐纳德·特朗普所在的共和党，赢得了对美国国会的控制权。
The tech-heavy Nasdaq Composite closed Thursday nearly 12% below its October 6 all-time high, exceeding the 10% threshold that confirms a correction. That and other major losses for equity indexes reversed the previous session’s gains in the immediate aftermath of Tuesday’s midterm elections, in which Democrats routed President Donald Trump’s Republicans and won control of the US Congress.
随着波动性上升，市场下周将迎来考验。周二，政府将公布月度消费者价格指数报告，这或许是最受关注的通胀指标。此外，科技公司CoreWeave、应用材料和思科系统也将发布财报。
With volatility rising, tests for the market arrive next week. On Tuesday, the government will release the monthly consumer price index report, perhaps the most closely watched inflation measure. There will also be earnings reports from tech companies CoreWeave, Applied Materials and Cisco Systems.
“这是一个脆弱的动量交易，”道富银行高级全球宏观策略师马文·洛表示。“存在这种监管和政党的悬而未决因素，我认为在我们真正了解到我们所考虑的是多大程度的放缓之前，这种因素将一直伴随着我们。”中期选举结果公布后波动性飙升。在周二中期选举之后，股市经历了剧烈震荡。除了赢得对美国国会的控制权外，民主党还在数据中心密集的州赢得了多场关键州长选举，例如得克萨斯州。公众对数据中心扩张带来的环境和其他问题的反弹，是中期选举中的一个突出问题。
"It is a fragile momentum trade," said Marvin Loh, senior global macro strategist at State Street. "You have got this regulatory, political party overhang, which I think is going to stay with us until we really get a sense of how significant of a slowdown we’re thinking about." VOLATILITY SPIKES AFTER MIDTERM RESULTS Stocks endured severe swings in the wake of Tuesday’s midterms. In addition to winning control of the US Congress, Democrats also won several key governors’ races in data-center-heavy states such as Texas. Public backlash about environmental and other concerns over the spread of data centers was a prominent issue in the midterms.
周三主要股指大幅上涨的同时，油价出现下滑。到了周四，这一走势让位于股市的急剧下跌，芝加哥期权交易所波动率指数也触及七个月高位。
Sharp gains on Wednesday in major equity indexes were accompanied by a slide in oil prices. That gave way on Thursday to steep declines, when the Cboe Volatility Index also hit a seven-month high.
周四抛售范围广泛——标普500指数所有板块均收跌——但人工智能和科技股的跌势最为剧烈。标普500科技板块重挫7.3%，费城证券交易所半导体指数暴跌逾12%——两者均创下六年多来最大单日跌幅。
Selling was widespread on Thursday -- with all S&P 500 sectors ending lower -- but it was most acute among AI and tech stocks. The S&P 500 tech sector sank 7.3%, while the Philadelphia SE Semiconductor index tumbled over 12% -- both posting their biggest one-day drops in more than six years.
主要股指今年仍保持涨势，基准标普500指数2026年迄今上涨超过7%。
Major indexes were still logging gains for the year, with the benchmark S&P 500 up over 7% in 2026.
Natixis Investment Managers Solutions的投资组合策略师加勒特·梅尔森表示：“在（选举）结果出炉之后，眼下有大量相互交织的潮流和叙事，人们正试图加以应对。”
"There are a lot of cross-currents and narratives right now that people are trying to grapple with in the wake of the (election) results," said Garrett Melson, portfolio strategist with Natixis Investment Managers Solutions.
CPI考验12月加息押注 10月CPI报告出炉之际，投资者正预期美联储将在12月加息以对抗通胀。美国央行在9月进行了三年来的首次加息后，上月按兵不动。
CPI TESTS DECEMBER RATE-HIKE BETS The CPI report for October comes as investors are expecting the Fed to raise rates in December to fight inflation. The US central bank held steady last month after hiking in September for the first time in three years.
随着周四市场暴跌，交易员小幅削减了加息押注，但伦敦证券交易所集团的数据显示，联邦基金期货仍暗示美联储在12月8日至9日会议上加息的可能性约为65%。
As the market swooned on Thursday, traders pulled back modestly on rate-hike bets, but Fed fund futures were still suggesting a roughly 65% chance the central bank hikes at its December 8-9 meeting, according to LSEG data.
投资者还将关注CPI报告，以寻找美联储利率路径延伸至2027年的线索，预计本轮周期总共还将有约两次标准的25个基点加息。
Investors also will focus on the CPI report for clues to the Fed’s rate path into 2027, with about two more standard 25-basis-point increases expected in total for this cycle.
洛表示：“如果你看到一个火爆的数据，然后因为通胀环境看起来在加速而开始增加额外的紧缩，那只是投资者不得不消化的又一件事情。”
"If you get a hot number and then you start adding additional tightening because the inflationary environment looks like it’s accelerating, that’s just something else that investors would have to absorb," Loh said.
在经历了一连串密集的企业财报之后，下周的日程有所平静。有几份报告可能对科技和人工智能交易产生重要影响，其中包括CoreWeave——这家云公司正处于围绕人工智能建设融资担忧的中心。其股价近几周遭受重创。
After a busy slate of corporate results, the schedule calms next week. Several reports could be consequential for the tech and AI trade, including CoreWeave, the cloud company at the center of concerns about financing the AI buildout. Its shares have been pummeled in recent weeks.
“如果他们确实对能否找到办法把项目推向完成线持有一点更谨慎乐观的看法，我认为这有助于在一定程度上缓解这些担忧，”Natixis的梅尔森表示。
"If they do have a little bit more of a cautiously optimistic view in terms of being able to find ways to get projects across the finish line, that I think helps to kind of alleviate some of these concerns," said Natixis’ Melson.
据Truist Advisory Services首席投资官基思·勒纳称，截至周四交易，科技板块在过去一个月里跑输标普500指数的幅度为2002年5月以来最大。
As of Thursday trading, tech was underperforming the S&P 500 over the past month by its largest amount since May 2002, according to Keith Lerner, chief investment officer at Truist Advisory Services.
勒纳在一份报告中表示：“我们现在看到科技股出现了一种买方罢工的现象。”
"We are now seeing something of a buyers’ strike in tech," Lerner said in a note.