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Gh0st_ape

Gh0st_ape

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0勋章

2021-07-12

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2021-07-10

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2021-07-07

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2021-07-05

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Is the Stock Market Open or Closed on Independence Day?<blockquote>独立日股市是开市还是休市？</blockquote>

2021-06-30

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2021-06-29

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2021-06-28

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2021-06-24

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The ‘shelter in suburbia’ trade is about to reverse — and these stocks will suffer<blockquote>“郊区避难所”交易即将逆转--这些股票将受到影响</blockquote>

2021-06-17

Commenting for the coin

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2021-06-17

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SenseTime confirmed to list in Hong Kong<blockquote>商汤科技确认在香港上市</blockquote>

2021-06-16

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The Fed Should Talk About Tapering. Here’s What Could Happen to the Stock Market.<blockquote>美联储应该谈论缩减规模。以下是股市可能发生的情况。</blockquote>

2021-06-15

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Here’s what the market wants — and doesn’t want — to hear from Powell at this week’s Fed meeting<blockquote>以下是市场在本周美联储会议上希望和不希望听到鲍威尔的言论</blockquote>

2021-06-02

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2021-05-31

Like my comment pls

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2021-05-26

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China's Pinduoduo beats quarterly revenue estimates<blockquote>中国拼多多季度收入超出预期</blockquote>

2021-05-19

K

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2021-03-25

Nbcb small market sell off and everybody panic. HODL you apes

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2021-02-03

Diamond or nothing boys

Five things to watch in Reddit stocks trading mania<blockquote>Reddit 股票交易狂热中值得关注的五件事</blockquote>

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But July 4 this year falls on a Sunday, which in the United States isn't a trading day.So will the major markets open or close for the holiday?The New York Stock Exchange and the Nasdaq will, in fact, be closed on Monday, July 5, to celebrate Independence Day.It's one of nine full-closing daysfor the stock market this year.For instance, the stock market will close for Thanksgiving on Thursday, Nov. 25. On Friday, Nov. 26, trading i","content":"<p>Independence Day in the U.S. is for many a picnic-and-beach day. But July 4 this year falls on a Sunday, which in the United States isn't a trading day.</p><p><blockquote>对许多人来说，美国的独立日是野餐和海滩日。但今年的7月4日是星期天，在美国不是交易日。</blockquote></p><p> So will the major markets open or close for the holiday?</p><p><blockquote>那么主要市场在假期会开放还是关闭呢？</blockquote></p><p> The New York Stock Exchange and the Nasdaq will, in fact, be closed on Monday, July 5, to celebrate Independence Day.</p><p><blockquote>事实上，纽约证券交易所和纳斯达克将于7月5日星期一休市，以庆祝独立日。</blockquote></p><p> It's&nbsp;one of nine full-closing daysfor the stock market this year.</p><p><blockquote>这是今年股市九个完整收盘日之一。</blockquote></p><p> For instance, the stock market will close for Thanksgiving on Thursday, Nov. 25. On Friday, Nov. 26, trading is scheduled for a bit more than a half-day, 9:30 a.m. to 1 p.m. ET.</p><p><blockquote>例如，股市将于11月25日星期四感恩节休市。11 月 26 日星期五，交易时间为美国东部时间上午 9:30 至下午 1 点，为期半天多一点。</blockquote></p><p> Normal stock-trading hours run 9:30 a.m. to 4 p.m. ET.</p><p><blockquote>正常股票交易时间为美国东部时间上午 9:30 至下午 4 点。</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>Is the Stock Market Open or Closed on Independence Day?<blockquote>独立日股市是开市还是休市？</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 the Stock Market Open or Closed on Independence Day?<blockquote>独立日股市是开市还是休市？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Thestreet</strong><span class=\"h-time small\">2021-07-05 13:52</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Independence Day in the U.S. is for many a picnic-and-beach day. But July 4 this year falls on a Sunday, which in the United States isn't a trading day.</p><p><blockquote>对许多人来说，美国的独立日是野餐和海滩日。但今年的7月4日是星期天，在美国不是交易日。</blockquote></p><p> So will the major markets open or close for the holiday?</p><p><blockquote>那么主要市场在假期会开放还是关闭呢？</blockquote></p><p> The New York Stock Exchange and the Nasdaq will, in fact, be closed on Monday, July 5, to celebrate Independence Day.</p><p><blockquote>事实上，纽约证券交易所和纳斯达克将于7月5日星期一休市，以庆祝独立日。</blockquote></p><p> It's&nbsp;one of nine full-closing daysfor the stock market this year.</p><p><blockquote>这是今年股市九个完整收盘日之一。</blockquote></p><p> For instance, the stock market will close for Thanksgiving on Thursday, Nov. 25. On Friday, Nov. 26, trading is scheduled for a bit more than a half-day, 9:30 a.m. to 1 p.m. ET.</p><p><blockquote>例如，股市将于11月25日星期四感恩节休市。11 月 26 日星期五，交易时间为美国东部时间上午 9:30 至下午 1 点，为期半天多一点。</blockquote></p><p> Normal stock-trading hours run 9:30 a.m. to 4 p.m. ET.</p><p><blockquote>正常股票交易时间为美国东部时间上午 9:30 至下午 4 点。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.thestreet.com/investing/independence-day-stock-markets-trading-hours\">Thestreet</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.thestreet.com/investing/independence-day-stock-markets-trading-hours","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1109703914","content_text":"Independence Day in the U.S. is for many a picnic-and-beach day. But July 4 this year falls on a Sunday, which in the United States isn't a trading day.\nSo will the major markets open or close for the holiday?\nThe New York Stock Exchange and the Nasdaq will, in fact, be closed on Monday, July 5, to celebrate Independence Day.\nIt's one of nine full-closing daysfor the stock market this year.\nFor instance, the stock market will close for Thanksgiving on Thursday, Nov. 25. On Friday, Nov. 26, trading is scheduled for a bit more than a half-day, 9:30 a.m. to 1 p.m. ET.\nNormal stock-trading hours run 9:30 a.m. to 4 p.m. ET.","news_type":1,"symbols_score_info":{".SPX":0.9,".DJI":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":1651,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":151097717,"gmtCreate":1625056359039,"gmtModify":1631890215133,"author":{"id":"3562030572969317","authorId":"3562030572969317","name":"Gh0st_ape","avatar":"https://static.tigerbbs.com/152fa5b607690a4522043d4997f48f33","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3562030572969317","authorIdStr":"3562030572969317"},"themes":[],"title":"","htmlText":"Like and comment","listText":"Like and comment","text":"Like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/151097717","repostId":"1195094821","repostType":4,"isVote":1,"tweetType":1,"viewCount":3099,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":159411317,"gmtCreate":1624976616139,"gmtModify":1631890215141,"author":{"id":"3562030572969317","authorId":"3562030572969317","name":"Gh0st_ape","avatar":"https://static.tigerbbs.com/152fa5b607690a4522043d4997f48f33","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3562030572969317","authorIdStr":"3562030572969317"},"themes":[],"title":"","htmlText":"Like and comment&nbsp;","listText":"Like and comment&nbsp;","text":"Like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/159411317","repostId":"2147343850","repostType":4,"isVote":1,"tweetType":1,"viewCount":2153,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":150096417,"gmtCreate":1624873457439,"gmtModify":1631890215153,"author":{"id":"3562030572969317","authorId":"3562030572969317","name":"Gh0st_ape","avatar":"https://static.tigerbbs.com/152fa5b607690a4522043d4997f48f33","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3562030572969317","authorIdStr":"3562030572969317"},"themes":[],"title":"","htmlText":"Like and comment&nbsp;","listText":"Like and comment&nbsp;","text":"Like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/150096417","repostId":"2146007118","repostType":4,"isVote":1,"tweetType":1,"viewCount":2435,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":126148895,"gmtCreate":1624548846417,"gmtModify":1631890215191,"author":{"id":"3562030572969317","authorId":"3562030572969317","name":"Gh0st_ape","avatar":"https://static.tigerbbs.com/152fa5b607690a4522043d4997f48f33","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3562030572969317","authorIdStr":"3562030572969317"},"themes":[],"title":"","htmlText":"Like and comment","listText":"Like and comment","text":"Like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/126148895","repostId":"1187819280","repostType":4,"repost":{"id":"1187819280","kind":"news","pubTimestamp":1624529642,"share":"https://www.laohunote.com/m/news/1187819280?lang=zh_CN&edition=full","pubTime":"2021-06-24 18:14","market":"us","language":"en","title":"The ‘shelter in suburbia’ trade is about to reverse — and these stocks will suffer<blockquote>“郊区避难所”交易即将逆转--这些股票将受到影响</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1187819280","media":"MarketWatch","summary":"5 reasons the pandemic megatrend is over.\n\nOne of the biggest investment stories of the COVID-19 pan","content":"<p>  <b>5 reasons the pandemic megatrend is over.</b>  One of the biggest investment stories of the COVID-19 pandemic has been the boom in consumer discretionary stocks with a “shelter in suburbia” theme. From e-commerce platforms to home improvement stores to furniture and housewares merchants, many of the top performers have fit this flavor.</p><p><blockquote><b>疫情大趋势结束的 5 个原因。</b>COVID-19 大流行期间最大的投资故事之一是以 “郊区避难所 ”为主题的非必需消费品股票的繁荣。从电商平台到家装卖场再到家具家居用品商家，不少顶尖表现者都符合这一口味。</blockquote></p><p> Take the broad-based Vanguard Consumer Discretionary Index Fund ETF VCR, +0.66% that surged more than 90% from March 2020 to March 2021. That was thanks to components like home improvement stocks Lowe’s LOW, -0.30% and Home Depot HD, -0.33% alongside retailers like TJX TJX, -0.08%.</p><p><blockquote>以基础广泛的先锋非必需消费品指数基金 ETF VCR 为例，该基金上涨 0.66%，从 2020 年 3 月到 2021 年 3 月飙升 90% 以上。这得益于家装股 Lowe's LOW（-0.30%）和 Home Depot HD（-0.33%）等成分股，以及 TJX TJX（-0.08%）等零售商。</blockquote></p><p> Lately, however, performance has started to lag for many of these names. In fact, since April 1 we’ve seen these three stocks all drift slightly into the red even as the S&amp;P 500 SPX, -0.11% has tacked on about 6% in the same period.</p><p><blockquote>然而，最近，其中许多名字的表现开始落后。事实上，自 4 月 1 日以来，我们已经看到这三只股票都小幅飘红，即使标普500 SPX 指数同期上涨了约 6%，-0.11%。</blockquote></p><p> And some fear that may only be the beginning. As one Wall Street insider said recently in a Bloomberg interview, a “huge unwind” is coming for stay-at-home stocks, including hardware stores and home-goods merchants.</p><p><blockquote>有些恐惧可能只是开始。正如一位华尔街内部人士最近在接受彭博社采访时所说，包括五金店和家居用品商家在内的家居类股票即将 “大幅放松”。</blockquote></p><p> While some big-name “suburbia” trades are still relatively stable, signs of trouble are already emerging at the fringes. Century Communities CCS, -0.34% and Dream Finders Homes DFH, -2.55%, two mid-tier single family homebuilders, have seen shares crash by double digits over the last month. On the furnishings side, appliance giant Whirlpool Corporation WHR, -0.51% and department store Nordstrom JWN, +2.03% are down sharply from their spring highs.</p><p><blockquote>虽然一些大牌 “郊区 ”行业仍相对稳定，但边缘地区已经出现了麻烦的迹象。Century Communities CCS（-0.34%）和Dream Finders Homes DFH（-2.55%）是两家中型单户住宅建筑商，其股价在过去一个月暴跌了两位数。在家具方面，家电巨头惠而浦公司WHR（-0.51%）和百货公司Nordstrom JWN（+2.03%）从春季高点大幅下跌。</blockquote></p><p> <b>Here are five big reasons why:</b></p><p><blockquote><b>以下是五个主要原因：</b></blockquote></p><p> <b>1.</b>&nbsp;<b>The upgrade cycle is over</b></p><p><blockquote><b>1.</b> <b>升级周期结束</b></blockquote></p><p> Last summer, white-collar workers who were stuck at home made note of overdue projects and took advantage of being able to easily meet with contractors. But in many ways, this growth is not sustainable.</p><p><blockquote>去年夏天，被困在家里的白领们注意到了逾期的项目，并利用能够轻松地与承包商会面的优势。但在很多方面，这种增长是不可持续的。</blockquote></p><p> Consider the kind of purchases homeowners were making according to data from the NPD Group. Faucets, kitchen cabinets and even toilets were among the most popular products sold in 2020. Needless to say, even the most profligate homeowners aren’t going to follow this upgrade cycle of remodeling kitchens and bathrooms on an annual basis.</p><p><blockquote>根据NPD集团的数据，考虑房主正在进行的购买类型。水龙头、橱柜甚至马桶都是2020年最受欢迎的产品。不用说，即使是最挥霍的房主也不会遵循这种每年改造厨房和浴室的升级周期。</blockquote></p><p> The same is true for furniture and other home goods. Internet giant Comscore recorded the highest visitation to related websites in history in May 2020 with 133 million web surfers shopping for some kind of home goods. Once again, a new couch or lamp is not an annual purchase — so this trend seems unsustainable for much longer.</p><p><blockquote>家具和其他家居用品也是如此。互联网巨头Comscore在2020年5月创下了相关网站历史上最高的访问量，有1.33亿网民购买了某种家居用品。再说一次，新沙发或灯具不是每年都要买的——所以这种趋势似乎不可持续太久。</blockquote></p><p> <b>2.&nbsp;Valuations are stretched</b></p><p><blockquote><b>2.估值捉襟见肘</b></blockquote></p><p> Speaking of post-pandemic peaks for home-goods purveyors, we’ve seen the financials bear out these big increases via boosted profits and sales. However, we’ve also seen the stock of many related merchants surge even more — stretching their valuations from historical norms.</p><p><blockquote>说到大流行后家居用品供应商的高峰，我们已经看到财务状况通过提高利润和销售额来承受这些大幅增长。然而，我们也看到许多相关商家的股价飙升得更厉害--它们的估值超出了历史常态。</blockquote></p><p> Take TJX. Currently this discount retailer has a forward price-to-earnings ratio of more than 26, compared with a forward P/E of just 21 in spring 2020. Its trailing price-to-sales ratio is now 2.1 compared with 1.4.</p><p><blockquote>以TJX为例。目前，这家折扣零售商的远期市盈率超过 26，而 2020 年春季的远期市盈率仅为 21。其历史市销率目前为 2.1，而之前为 1.4。</blockquote></p><p> What’s more, valuations for previous darlings like TJX are out of line with peers, too. Consider the forward P/E of the overall S&amp;P 500 index is 22 right now, and other similar names like Macy’s M, +0.70% and Big Lots BIG, -3.71% actually have forward P/E ratios well under 10. You can argue TJX is unique, of course… but you also may want to be aware of what “fair value” looks like for many other stocks outside fashionable stay-at-home trades right now.</p><p><blockquote>更重要的是，TJX 等昔日宠儿的估值也与同行不符。考虑到目前整个标普500指数的远期市盈率为 22，而其他类似的公司，如梅西百货 M, +0.70% 和 Big Lots Big, -3.71% 的远期市盈率实际上远低于 10。当然，你可以说 TJX 是独一无二的.但你可能也想知道，目前除了时尚的居家交易之外，许多其他股票的 “公允价值 ”是什么样的。</blockquote></p><p> <b>3.&nbsp;Delays and shortages</b></p><p><blockquote><b>3. 延误和短缺</b></blockquote></p><p> Future growth from pandemic-fueled peaks in these stocks is not impossible, of course. But given supply chain disruptions it seems highly unlikely. There are a host of reasons for these delays, including overseas shipping delays as well as capacity and output crunches that are affecting many industries, but “stay at home” stocks seem particularly hard hit.</p><p><blockquote>当然，这些股票未来从疫情推动的峰值增长并非不可能。但考虑到供应链中断，这似乎不太可能。造成这些延误的原因有很多，包括海外航运延误以及影响许多行业的产能和产量紧缩，但 “宅在家里 ”的股票似乎受到的打击尤为严重。</blockquote></p><p> Home improvement products are simply nowhere to be found, with roughly 94% of builders reporting “at least some serious shortages of appliances” according to the National Association of Home Builders. Another 93% are running short on framing lumber and 87% say it is hard to obtain windows and doors.</p><p><blockquote>根据全国住宅建筑商协会（National Association of Home Builders）的数据，大约 94% 的建筑商表示 “至少存在一些严重的电器短缺”。另有93%的人缺少框架木材，87%的人说很难获得门窗。</blockquote></p><p> Even if you can get past demand concerns, without the raw materials to get to work it’s very hard to see future growth in this category.</p><p><blockquote>即使你能摆脱需求担忧，如果没有原材料来生产，也很难看到这一类别的未来增长。</blockquote></p><p> <b>4.&nbsp;Inflationary pressures</b></p><p><blockquote><b>4. 通货膨胀压力</b></blockquote></p><p> For the people who haven’t already ponied up the cash for a contractor or made their peace with extended delays for their expensive new furniture, there is a pretty big disincentive right now for new shoppers: inflation.</p><p><blockquote>对于那些还没有花钱买承包商，也没有接受昂贵的新家具长期延误的人来说，现在有一个相当大的阻碍因素会阻碍新购物者：通货膨胀。</blockquote></p><p></p><p> The cost of living as measured by the Consumer Price Index jumped 0.6% in May to run at a 5% annual rate. That was not only higher than expectations, but the fastest pace since the summer of 2008. The inflation risks were so pronounced that the Federal Reserve publicly stated it could move up the schedule for expected interest rate increases to keep the risks under wraps.</p><p><blockquote>以消费者价格指数衡量的生活成本在5月份上涨了0.6%，年增长率为5%。这不仅高于预期，而且是自2008年夏天以来最快的速度。通胀风险如此明显，以至于美联储公开表示可能会提前预期加息时间表，以掩盖风险。</blockquote></p><p> Inflation isn’t always a death knell, of course. But it has historically eroded purchasing power and could curtail some of the spending in “stay at home” stocks that we’ve seen in the last year or so.</p><p><blockquote>当然，通货膨胀并不总是丧钟。但从历史上看，它已经侵蚀了购买力，并可能削减我们在过去一年左右看到的 “宅在家里 ”股票的一些支出。</blockquote></p><p> <b>5.&nbsp;Home-equity hubris</b></p><p><blockquote><b>5. 房屋净值傲慢</b></blockquote></p><p> Speaking of red-hot inflation: In May, the median price for U.S. homes topped $350,000 for the first time ever — up 23.6% from 2020. What’s more, a Realtor.com survey showed roughly a third of selling homeowners expect to get more than their asking price, and roughly the same amount expect an offer within a week of listing.</p><p><blockquote>说到炙手可热的通胀：5月份，美国房屋的中位数价格有史以来首次突破35万美元，比2020年上涨了23.6%。此外，Realtor.com 的一项调查显示，大约三分之一的出售房主希望获得高于要价的价格，大约同样数量的房主希望在挂牌一周内收到报价。</blockquote></p><p> Some of this is justifiable. Many articles have been written in recent years about the dearth of supply in attractive markets, and it’s important to acknowledge the remote work of the pandemic has indeed created some disruptive introspection into why people live where they do.</p><p><blockquote>其中一些是合理的。近年来，许多文章都在谈论有吸引力的市场供应短缺的问题，重要的是要承认，大流行病的远程工作确实让人们对人们为何生活在这样的地方进行了一些颠覆性的反思。</blockquote></p><p> But here’s where things get dicey: homeowners who have already spent the expected premium on their home’s price well in advance. According to Freddie Mac, about $152.7 billion in equity loans were taken out on U.S. houses last year, a massive increase of 41.7% from 2019 and the highest refinancing cash-out dollar amount since 2007.</p><p><blockquote>但问题就出在这里： 已经提前支付了房价预期溢价的房主。根据房地美的数据，去年美国房屋的股权贷款约为1527亿美元，比2019年大幅增长41.7%，是自2007年以来最高的再融资套现金额。</blockquote></p><p> Anyone remember what happened to the real-estate market in 2007? Or the similar sense of seller entitlement from those days? There’s no clear signs of a bubble bursting just yet, but there’s real risk American homeowners may be overly optimistic about what their homes are worth — and a chance this home equity loan free-for-all simply isn’t sustainable for much longer.</p><p><blockquote>有人记得2007年房地产市场发生了什么吗？还是当时类似的卖家权利？目前还没有明显的泡沫破裂迹象，但美国房主确实有可能对自己的房屋价值过于乐观--而且这种免费的房屋净值贷款很可能根本无法持续太久。</blockquote></p><p></p>","source":"lsy1603348471595","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>The ‘shelter in suburbia’ trade is about to reverse — and these stocks will suffer<blockquote>“郊区避难所”交易即将逆转--这些股票将受到影响</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\">\nThe ‘shelter in suburbia’ trade is about to reverse — and these stocks will suffer<blockquote>“郊区避难所”交易即将逆转--这些股票将受到影响</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-06-24 18:14</span>\n</p>\n</h4>\n</header>\n<article>\n<p>  <b>5 reasons the pandemic megatrend is over.</b>  One of the biggest investment stories of the COVID-19 pandemic has been the boom in consumer discretionary stocks with a “shelter in suburbia” theme. From e-commerce platforms to home improvement stores to furniture and housewares merchants, many of the top performers have fit this flavor.</p><p><blockquote><b>疫情大趋势结束的 5 个原因。</b>COVID-19 大流行期间最大的投资故事之一是以 “郊区避难所 ”为主题的非必需消费品股票的繁荣。从电商平台到家装卖场再到家具家居用品商家，不少顶尖表现者都符合这一口味。</blockquote></p><p> Take the broad-based Vanguard Consumer Discretionary Index Fund ETF VCR, +0.66% that surged more than 90% from March 2020 to March 2021. That was thanks to components like home improvement stocks Lowe’s LOW, -0.30% and Home Depot HD, -0.33% alongside retailers like TJX TJX, -0.08%.</p><p><blockquote>以基础广泛的先锋非必需消费品指数基金 ETF VCR 为例，该基金上涨 0.66%，从 2020 年 3 月到 2021 年 3 月飙升 90% 以上。这得益于家装股 Lowe's LOW（-0.30%）和 Home Depot HD（-0.33%）等成分股，以及 TJX TJX（-0.08%）等零售商。</blockquote></p><p> Lately, however, performance has started to lag for many of these names. In fact, since April 1 we’ve seen these three stocks all drift slightly into the red even as the S&amp;P 500 SPX, -0.11% has tacked on about 6% in the same period.</p><p><blockquote>然而，最近，其中许多名字的表现开始落后。事实上，自 4 月 1 日以来，我们已经看到这三只股票都小幅飘红，即使标普500 SPX 指数同期上涨了约 6%，-0.11%。</blockquote></p><p> And some fear that may only be the beginning. As one Wall Street insider said recently in a Bloomberg interview, a “huge unwind” is coming for stay-at-home stocks, including hardware stores and home-goods merchants.</p><p><blockquote>有些恐惧可能只是开始。正如一位华尔街内部人士最近在接受彭博社采访时所说，包括五金店和家居用品商家在内的家居类股票即将 “大幅放松”。</blockquote></p><p> While some big-name “suburbia” trades are still relatively stable, signs of trouble are already emerging at the fringes. Century Communities CCS, -0.34% and Dream Finders Homes DFH, -2.55%, two mid-tier single family homebuilders, have seen shares crash by double digits over the last month. On the furnishings side, appliance giant Whirlpool Corporation WHR, -0.51% and department store Nordstrom JWN, +2.03% are down sharply from their spring highs.</p><p><blockquote>虽然一些大牌 “郊区 ”行业仍相对稳定，但边缘地区已经出现了麻烦的迹象。Century Communities CCS（-0.34%）和Dream Finders Homes DFH（-2.55%）是两家中型单户住宅建筑商，其股价在过去一个月暴跌了两位数。在家具方面，家电巨头惠而浦公司WHR（-0.51%）和百货公司Nordstrom JWN（+2.03%）从春季高点大幅下跌。</blockquote></p><p> <b>Here are five big reasons why:</b></p><p><blockquote><b>以下是五个主要原因：</b></blockquote></p><p> <b>1.</b>&nbsp;<b>The upgrade cycle is over</b></p><p><blockquote><b>1.</b> <b>升级周期结束</b></blockquote></p><p> Last summer, white-collar workers who were stuck at home made note of overdue projects and took advantage of being able to easily meet with contractors. But in many ways, this growth is not sustainable.</p><p><blockquote>去年夏天，被困在家里的白领们注意到了逾期的项目，并利用能够轻松地与承包商会面的优势。但在很多方面，这种增长是不可持续的。</blockquote></p><p> Consider the kind of purchases homeowners were making according to data from the NPD Group. Faucets, kitchen cabinets and even toilets were among the most popular products sold in 2020. Needless to say, even the most profligate homeowners aren’t going to follow this upgrade cycle of remodeling kitchens and bathrooms on an annual basis.</p><p><blockquote>根据NPD集团的数据，考虑房主正在进行的购买类型。水龙头、橱柜甚至马桶都是2020年最受欢迎的产品。不用说，即使是最挥霍的房主也不会遵循这种每年改造厨房和浴室的升级周期。</blockquote></p><p> The same is true for furniture and other home goods. Internet giant Comscore recorded the highest visitation to related websites in history in May 2020 with 133 million web surfers shopping for some kind of home goods. Once again, a new couch or lamp is not an annual purchase — so this trend seems unsustainable for much longer.</p><p><blockquote>家具和其他家居用品也是如此。互联网巨头Comscore在2020年5月创下了相关网站历史上最高的访问量，有1.33亿网民购买了某种家居用品。再说一次，新沙发或灯具不是每年都要买的——所以这种趋势似乎不可持续太久。</blockquote></p><p> <b>2.&nbsp;Valuations are stretched</b></p><p><blockquote><b>2.估值捉襟见肘</b></blockquote></p><p> Speaking of post-pandemic peaks for home-goods purveyors, we’ve seen the financials bear out these big increases via boosted profits and sales. However, we’ve also seen the stock of many related merchants surge even more — stretching their valuations from historical norms.</p><p><blockquote>说到大流行后家居用品供应商的高峰，我们已经看到财务状况通过提高利润和销售额来承受这些大幅增长。然而，我们也看到许多相关商家的股价飙升得更厉害--它们的估值超出了历史常态。</blockquote></p><p> Take TJX. Currently this discount retailer has a forward price-to-earnings ratio of more than 26, compared with a forward P/E of just 21 in spring 2020. Its trailing price-to-sales ratio is now 2.1 compared with 1.4.</p><p><blockquote>以TJX为例。目前，这家折扣零售商的远期市盈率超过 26，而 2020 年春季的远期市盈率仅为 21。其历史市销率目前为 2.1，而之前为 1.4。</blockquote></p><p> What’s more, valuations for previous darlings like TJX are out of line with peers, too. Consider the forward P/E of the overall S&amp;P 500 index is 22 right now, and other similar names like Macy’s M, +0.70% and Big Lots BIG, -3.71% actually have forward P/E ratios well under 10. You can argue TJX is unique, of course… but you also may want to be aware of what “fair value” looks like for many other stocks outside fashionable stay-at-home trades right now.</p><p><blockquote>更重要的是，TJX 等昔日宠儿的估值也与同行不符。考虑到目前整个标普500指数的远期市盈率为 22，而其他类似的公司，如梅西百货 M, +0.70% 和 Big Lots Big, -3.71% 的远期市盈率实际上远低于 10。当然，你可以说 TJX 是独一无二的.但你可能也想知道，目前除了时尚的居家交易之外，许多其他股票的 “公允价值 ”是什么样的。</blockquote></p><p> <b>3.&nbsp;Delays and shortages</b></p><p><blockquote><b>3. 延误和短缺</b></blockquote></p><p> Future growth from pandemic-fueled peaks in these stocks is not impossible, of course. But given supply chain disruptions it seems highly unlikely. There are a host of reasons for these delays, including overseas shipping delays as well as capacity and output crunches that are affecting many industries, but “stay at home” stocks seem particularly hard hit.</p><p><blockquote>当然，这些股票未来从疫情推动的峰值增长并非不可能。但考虑到供应链中断，这似乎不太可能。造成这些延误的原因有很多，包括海外航运延误以及影响许多行业的产能和产量紧缩，但 “宅在家里 ”的股票似乎受到的打击尤为严重。</blockquote></p><p> Home improvement products are simply nowhere to be found, with roughly 94% of builders reporting “at least some serious shortages of appliances” according to the National Association of Home Builders. Another 93% are running short on framing lumber and 87% say it is hard to obtain windows and doors.</p><p><blockquote>根据全国住宅建筑商协会（National Association of Home Builders）的数据，大约 94% 的建筑商表示 “至少存在一些严重的电器短缺”。另有93%的人缺少框架木材，87%的人说很难获得门窗。</blockquote></p><p> Even if you can get past demand concerns, without the raw materials to get to work it’s very hard to see future growth in this category.</p><p><blockquote>即使你能摆脱需求担忧，如果没有原材料来生产，也很难看到这一类别的未来增长。</blockquote></p><p> <b>4.&nbsp;Inflationary pressures</b></p><p><blockquote><b>4. 通货膨胀压力</b></blockquote></p><p> For the people who haven’t already ponied up the cash for a contractor or made their peace with extended delays for their expensive new furniture, there is a pretty big disincentive right now for new shoppers: inflation.</p><p><blockquote>对于那些还没有花钱买承包商，也没有接受昂贵的新家具长期延误的人来说，现在有一个相当大的阻碍因素会阻碍新购物者：通货膨胀。</blockquote></p><p></p><p> The cost of living as measured by the Consumer Price Index jumped 0.6% in May to run at a 5% annual rate. That was not only higher than expectations, but the fastest pace since the summer of 2008. The inflation risks were so pronounced that the Federal Reserve publicly stated it could move up the schedule for expected interest rate increases to keep the risks under wraps.</p><p><blockquote>以消费者价格指数衡量的生活成本在5月份上涨了0.6%，年增长率为5%。这不仅高于预期，而且是自2008年夏天以来最快的速度。通胀风险如此明显，以至于美联储公开表示可能会提前预期加息时间表，以掩盖风险。</blockquote></p><p> Inflation isn’t always a death knell, of course. But it has historically eroded purchasing power and could curtail some of the spending in “stay at home” stocks that we’ve seen in the last year or so.</p><p><blockquote>当然，通货膨胀并不总是丧钟。但从历史上看，它已经侵蚀了购买力，并可能削减我们在过去一年左右看到的 “宅在家里 ”股票的一些支出。</blockquote></p><p> <b>5.&nbsp;Home-equity hubris</b></p><p><blockquote><b>5. 房屋净值傲慢</b></blockquote></p><p> Speaking of red-hot inflation: In May, the median price for U.S. homes topped $350,000 for the first time ever — up 23.6% from 2020. What’s more, a Realtor.com survey showed roughly a third of selling homeowners expect to get more than their asking price, and roughly the same amount expect an offer within a week of listing.</p><p><blockquote>说到炙手可热的通胀：5月份，美国房屋的中位数价格有史以来首次突破35万美元，比2020年上涨了23.6%。此外，Realtor.com 的一项调查显示，大约三分之一的出售房主希望获得高于要价的价格，大约同样数量的房主希望在挂牌一周内收到报价。</blockquote></p><p> Some of this is justifiable. Many articles have been written in recent years about the dearth of supply in attractive markets, and it’s important to acknowledge the remote work of the pandemic has indeed created some disruptive introspection into why people live where they do.</p><p><blockquote>其中一些是合理的。近年来，许多文章都在谈论有吸引力的市场供应短缺的问题，重要的是要承认，大流行病的远程工作确实让人们对人们为何生活在这样的地方进行了一些颠覆性的反思。</blockquote></p><p> But here’s where things get dicey: homeowners who have already spent the expected premium on their home’s price well in advance. According to Freddie Mac, about $152.7 billion in equity loans were taken out on U.S. houses last year, a massive increase of 41.7% from 2019 and the highest refinancing cash-out dollar amount since 2007.</p><p><blockquote>但问题就出在这里： 已经提前支付了房价预期溢价的房主。根据房地美的数据，去年美国房屋的股权贷款约为1527亿美元，比2019年大幅增长41.7%，是自2007年以来最高的再融资套现金额。</blockquote></p><p> Anyone remember what happened to the real-estate market in 2007? Or the similar sense of seller entitlement from those days? There’s no clear signs of a bubble bursting just yet, but there’s real risk American homeowners may be overly optimistic about what their homes are worth — and a chance this home equity loan free-for-all simply isn’t sustainable for much longer.</p><p><blockquote>有人记得2007年房地产市场发生了什么吗？还是当时类似的卖家权利？目前还没有明显的泡沫破裂迹象，但美国房主确实有可能对自己的房屋价值过于乐观--而且这种免费的房屋净值贷款很可能根本无法持续太久。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/the-shelter-in-suburbia-trade-is-about-to-reverse-and-these-stocks-will-suffer-11624457411?siteid=yhoof2\">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",".IXIC":"NASDAQ Composite",".DJI":"道琼斯","SPY":"标普500ETF"},"source_url":"https://www.marketwatch.com/story/the-shelter-in-suburbia-trade-is-about-to-reverse-and-these-stocks-will-suffer-11624457411?siteid=yhoof2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1187819280","content_text":"5 reasons the pandemic megatrend is over.\n\nOne of the biggest investment stories of the COVID-19 pandemic has been the boom in consumer discretionary stocks with a “shelter in suburbia” theme. From e-commerce platforms to home improvement stores to furniture and housewares merchants, many of the top performers have fit this flavor.\nTake the broad-based Vanguard Consumer Discretionary Index Fund ETF VCR, +0.66% that surged more than 90% from March 2020 to March 2021. That was thanks to components like home improvement stocks Lowe’s LOW, -0.30% and Home Depot HD, -0.33% alongside retailers like TJX TJX, -0.08%.\nLately, however, performance has started to lag for many of these names. In fact, since April 1 we’ve seen these three stocks all drift slightly into the red even as the S&P 500 SPX, -0.11% has tacked on about 6% in the same period.\nAnd some fear that may only be the beginning. As one Wall Street insider said recently in a Bloomberg interview, a “huge unwind” is coming for stay-at-home stocks, including hardware stores and home-goods merchants.\nWhile some big-name “suburbia” trades are still relatively stable, signs of trouble are already emerging at the fringes. Century Communities CCS, -0.34% and Dream Finders Homes DFH, -2.55%, two mid-tier single family homebuilders, have seen shares crash by double digits over the last month. On the furnishings side, appliance giant Whirlpool Corporation WHR, -0.51% and department store Nordstrom JWN, +2.03% are down sharply from their spring highs.\nHere are five big reasons why:\n1. The upgrade cycle is over\nLast summer, white-collar workers who were stuck at home made note of overdue projects and took advantage of being able to easily meet with contractors. But in many ways, this growth is not sustainable.\nConsider the kind of purchases homeowners were making according to data from the NPD Group. Faucets, kitchen cabinets and even toilets were among the most popular products sold in 2020. Needless to say, even the most profligate homeowners aren’t going to follow this upgrade cycle of remodeling kitchens and bathrooms on an annual basis.\nThe same is true for furniture and other home goods. Internet giant Comscore recorded the highest visitation to related websites in history in May 2020 with 133 million web surfers shopping for some kind of home goods. Once again, a new couch or lamp is not an annual purchase — so this trend seems unsustainable for much longer.\n2. Valuations are stretched\nSpeaking of post-pandemic peaks for home-goods purveyors, we’ve seen the financials bear out these big increases via boosted profits and sales. However, we’ve also seen the stock of many related merchants surge even more — stretching their valuations from historical norms.\nTake TJX. Currently this discount retailer has a forward price-to-earnings ratio of more than 26, compared with a forward P/E of just 21 in spring 2020. Its trailing price-to-sales ratio is now 2.1 compared with 1.4.\nWhat’s more, valuations for previous darlings like TJX are out of line with peers, too. Consider the forward P/E of the overall S&P 500 index is 22 right now, and other similar names like Macy’s M, +0.70% and Big Lots BIG, -3.71% actually have forward P/E ratios well under 10. You can argue TJX is unique, of course… but you also may want to be aware of what “fair value” looks like for many other stocks outside fashionable stay-at-home trades right now.\n3. Delays and shortages\nFuture growth from pandemic-fueled peaks in these stocks is not impossible, of course. But given supply chain disruptions it seems highly unlikely. There are a host of reasons for these delays, including overseas shipping delays as well as capacity and output crunches that are affecting many industries, but “stay at home” stocks seem particularly hard hit.\nHome improvement products are simply nowhere to be found, with roughly 94% of builders reporting “at least some serious shortages of appliances” according to the National Association of Home Builders. Another 93% are running short on framing lumber and 87% say it is hard to obtain windows and doors.\nEven if you can get past demand concerns, without the raw materials to get to work it’s very hard to see future growth in this category.\n4. Inflationary pressures\nFor the people who haven’t already ponied up the cash for a contractor or made their peace with extended delays for their expensive new furniture, there is a pretty big disincentive right now for new shoppers: inflation.\nThe cost of living as measured by the Consumer Price Index jumped 0.6% in May to run at a 5% annual rate. That was not only higher than expectations, but the fastest pace since the summer of 2008. The inflation risks were so pronounced that the Federal Reserve publicly stated it could move up the schedule for expected interest rate increases to keep the risks under wraps.\nInflation isn’t always a death knell, of course. But it has historically eroded purchasing power and could curtail some of the spending in “stay at home” stocks that we’ve seen in the last year or so.\n5. Home-equity hubris\nSpeaking of red-hot inflation: In May, the median price for U.S. homes topped $350,000 for the first time ever — up 23.6% from 2020. What’s more, a Realtor.com survey showed roughly a third of selling homeowners expect to get more than their asking price, and roughly the same amount expect an offer within a week of listing.\nSome of this is justifiable. Many articles have been written in recent years about the dearth of supply in attractive markets, and it’s important to acknowledge the remote work of the pandemic has indeed created some disruptive introspection into why people live where they do.\nBut here’s where things get dicey: homeowners who have already spent the expected premium on their home’s price well in advance. According to Freddie Mac, about $152.7 billion in equity loans were taken out on U.S. houses last year, a massive increase of 41.7% from 2019 and the highest refinancing cash-out dollar amount since 2007.\nAnyone remember what happened to the real-estate market in 2007? Or the similar sense of seller entitlement from those days? There’s no clear signs of a bubble bursting just yet, but there’s real risk American homeowners may be overly optimistic about what their homes are worth — and a chance this home equity loan free-for-all simply isn’t sustainable for much longer.","news_type":1,"symbols_score_info":{".DJI":0.9,".SPX":0.9,".IXIC":0.9,"SPY":0.9}},"isVote":1,"tweetType":1,"viewCount":3934,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":161209973,"gmtCreate":1623926365492,"gmtModify":1631890215201,"author":{"id":"3562030572969317","authorId":"3562030572969317","name":"Gh0st_ape","avatar":"https://static.tigerbbs.com/152fa5b607690a4522043d4997f48f33","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3562030572969317","authorIdStr":"3562030572969317"},"themes":[],"title":"","htmlText":"Commenting for the coin","listText":"Commenting for the coin","text":"Commenting for the coin","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/161209973","repostId":"2144271757","repostType":4,"isVote":1,"tweetType":1,"viewCount":3632,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":161669165,"gmtCreate":1623922811657,"gmtModify":1631890215214,"author":{"id":"3562030572969317","authorId":"3562030572969317","name":"Gh0st_ape","avatar":"https://static.tigerbbs.com/152fa5b607690a4522043d4997f48f33","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3562030572969317","authorIdStr":"3562030572969317"},"themes":[],"title":"","htmlText":"Like and comment","listText":"Like and comment","text":"Like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/161669165","repostId":"1183583910","repostType":4,"repost":{"id":"1183583910","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1623919017,"share":"https://www.laohunote.com/m/news/1183583910?lang=zh_CN&edition=full","pubTime":"2021-06-17 16:36","market":"hk","language":"en","title":"SenseTime confirmed to list in Hong Kong<blockquote>商汤科技确认在香港上市</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1183583910","media":"Tiger Newspress","summary":"It is reported that SenseTime confirmed to be listed in Hong Kong,application will be submitted to ","content":"<p><img src=\"https://static.tigerbbs.com/d21446f1b70ff8c8a905dcdd49797b62\" tg-width=\"1000\" tg-height=\"667\" referrerpolicy=\"no-referrer\">It&nbsp;is&nbsp;reported&nbsp;that&nbsp;SenseTime confirmed to be listed in Hong Kong,application&nbsp;will be submitted to the Hong Kong Stock Exchange as soon as August.</p><p><blockquote>据悉，商汤科技确定赴港上市，最快将于8月向港交所递交申请。</blockquote></p><p>The Chinese biometric unicorn was previously rumored to be considering an initial public offering on the&nbsp;Shanghai STAR market, expecting to raise $1.5 billion at a $10 billion valuation.</p><p><blockquote>此前有传言称，这家中国生物识别独角兽正在考虑在上海科创板进行首次公开募股，预计以100亿美元的估值筹集15亿美元。</blockquote></p><p>The publication says SenseTime executives discussed a potential Hong Kong listing internally and with third parties. A source suggested the company is open to a listing in both Hong Kong and Shanghai, though not necessarily at the same time.</p><p><blockquote>该出版物称，商汤科技高管在内部和与第三方讨论了潜在的香港上市。一位消息人士表示，该公司对在香港和上海上市持开放态度，但不一定同时上市。</blockquote></p><p>Chinese media reports earlier this year included a $12 billion valuation for SenseTime in its latest financing round.</p><p><blockquote>今年早些时候，中国媒体报道称，商汤科技在最新一轮融资中的估值为 120 亿美元。</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>SenseTime confirmed to list in Hong Kong<blockquote>商汤科技确认在香港上市</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\">\nSenseTime confirmed to list in Hong Kong<blockquote>商汤科技确认在香港上市</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-06-17 16:36</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><img src=\"https://static.tigerbbs.com/d21446f1b70ff8c8a905dcdd49797b62\" tg-width=\"1000\" tg-height=\"667\" referrerpolicy=\"no-referrer\">It&nbsp;is&nbsp;reported&nbsp;that&nbsp;SenseTime confirmed to be listed in Hong Kong,application&nbsp;will be submitted to the Hong Kong Stock Exchange as soon as August.</p><p><blockquote>据悉，商汤科技确定赴港上市，最快将于8月向港交所递交申请。</blockquote></p><p>The Chinese biometric unicorn was previously rumored to be considering an initial public offering on the&nbsp;Shanghai STAR market, expecting to raise $1.5 billion at a $10 billion valuation.</p><p><blockquote>此前有传言称，这家中国生物识别独角兽正在考虑在上海科创板进行首次公开募股，预计以100亿美元的估值筹集15亿美元。</blockquote></p><p>The publication says SenseTime executives discussed a potential Hong Kong listing internally and with third parties. A source suggested the company is open to a listing in both Hong Kong and Shanghai, though not necessarily at the same time.</p><p><blockquote>该出版物称，商汤科技高管在内部和与第三方讨论了潜在的香港上市。一位消息人士表示，该公司对在香港和上海上市持开放态度，但不一定同时上市。</blockquote></p><p>Chinese media reports earlier this year included a $12 billion valuation for SenseTime in its latest financing round.</p><p><blockquote>今年早些时候，中国媒体报道称，商汤科技在最新一轮融资中的估值为 120 亿美元。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1183583910","content_text":"It is reported that SenseTime confirmed to be listed in Hong Kong,application will be submitted to the Hong Kong Stock Exchange as soon as August.The Chinese biometric unicorn was previously rumored to be considering an initial public offering on the Shanghai STAR market, expecting to raise $1.5 billion at a $10 billion valuation.The publication says SenseTime executives discussed a potential Hong Kong listing internally and with third parties. A source suggested the company is open to a listing in both Hong Kong and Shanghai, though not necessarily at the same time.Chinese media reports earlier this year included a $12 billion valuation for SenseTime in its latest financing round.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":2667,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":169516930,"gmtCreate":1623842552920,"gmtModify":1631892451869,"author":{"id":"3562030572969317","authorId":"3562030572969317","name":"Gh0st_ape","avatar":"https://static.tigerbbs.com/152fa5b607690a4522043d4997f48f33","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3562030572969317","authorIdStr":"3562030572969317"},"themes":[],"title":"","htmlText":"Like and comment","listText":"Like and comment","text":"Like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/169516930","repostId":"1185142374","repostType":4,"repost":{"id":"1185142374","kind":"news","pubTimestamp":1623811255,"share":"https://www.laohunote.com/m/news/1185142374?lang=zh_CN&edition=full","pubTime":"2021-06-16 10:40","market":"us","language":"en","title":"The Fed Should Talk About Tapering. Here’s What Could Happen to the Stock Market.<blockquote>美联储应该谈论缩减规模。以下是股市可能发生的情况。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1185142374","media":"Barrons","summary":"Investors expect the Federal Reserve to remain supportive of the economy and financial markets. But ","content":"<p>Investors expect the Federal Reserve to remain supportive of the economy and financial markets. But the central bank has limited margin for error, and any miscues on messaging could be costly to the stock market.</p><p><blockquote>投资者预计美联储将继续支持经济和金融市场。但央行的犯错空间有限，任何信息传递失误都可能给股市带来高昂的代价。</blockquote></p><p> Markets do not expect the Fed to make any sudden or drastic changes to its current easy-money policy. The 10-year Treasury bond’s yield has fallen to 1.51% from 1.64% a month ago, even as inflation has run hotter than expected. The Nasdaq 100, an index of large capitalization and fast-growing technology companies,is up more than 5% in the past month. Growth stocks see a significant valuation booster when long-dated bond yields remain low, as growth companies expect growing profits on a particularly long-term basis. But while&nbsp;investors expect the Fed to soon reduce the size of its bond-buying program, which would raise bond prices and lower their yields, most don’t think the Fed will do so immediately or drastically.</p><p><blockquote>市场预计美联储不会对其当前的宽松货币政策做出任何突然或剧烈的改变。尽管通胀高于预期，但 10 年期国债收益率已从一个月前的 1.64% 降至 1.51%。纳斯达克 100 指数是一个大型资本和快速增长的科技公司指数，过去一个月上涨了 5% 以上。当长期债券收益率保持低位时，成长型股票的估值将显着提升，因为成长型公司预计利润将在特别长期的基础上增长。不过，尽管投资者预计美联储将很快缩减债券购买计划的规模，这将提高债券价格并降低债券收益率，但大多数人认为美联储不会立即或大幅缩减债券购买计划。</blockquote></p><p> “It’s pretty clear that the market expects Fed Chair Powell to strongly reiterate his stances,” writes Chris Senyek, chief investment strategist at Wolfe Research.</p><p><blockquote>“沃尔夫研究公司（Wolfe Research）首席投资策略师克里斯-森耶克（Chris Senyek）写道：”很明显，市场预计美联储主席鲍威尔将强烈重申他的立场。</blockquote></p><p> Now, the Fed could stoke a harsh move downwards in tech stocks if it doesn’t choose its words wisely. With the Nasdaq 100 hovering just below a new all-time high set on June 14—accompanied with a 10-year Treasury bond yield that’s well below its 2021 peak of 1.75%—tech stocks are vulnerable to a downward jolt if the Fed misspeaks. Senyek notes that the Fed may indeed be more ready to taper—or reduce the size of its bond-buying program—than some appreciate. He cites the&nbsp;recently hot inflation. To be sure, most market participants see&nbsp;inflation as transitory, a result of a natural year-over-year bounce from low prices during last year’s lockdown. Even so, if the Fed speaks in a way that indicates it will begin tapering before the end of the year—which is the expected timing—stocks could fall sharply.</p><p><blockquote>现在，如果美联储不明智地选择措辞，可能会引发科技股大幅下跌。纳斯达克 100 指数徘徊在 6 月 14 日创下的历史新高以下，而 10 年期国债收益率远低于 2021 年 1.75% 的峰值，如果美联储口误，科技股很容易受到下跌冲击。森耶克指出，美联储确实可能比一些人意识到的更愿意缩减或缩小其债券购买计划的规模。他引用了最近火热的通货膨胀。可以肯定的是，大多数市场参与者都认为通货膨胀是暂时的，这是去年封锁期间物价从低位同比自然反弹的结果。即便如此，如果美联储的讲话表明它将在年底前开始缩减规模（这是预期的时间），股市可能会大幅下跌。</blockquote></p><p> “With both stocks and bonds currently ‘priced for perfection,’ the slightest miscommunication could spark a sharp selloff,” says Senyek, who cites the Nasdsaq 100’s recent rise.</p><p><blockquote>“由于股票和债券目前都是'完美定价'，最轻微的沟通失误都可能引发大幅抛售，”Senyek 列举了纳斯达克 100 指数最近的上涨情况。</blockquote></p><p> Watch to see if the Fed is about to begin tapering, or is merely considering the move in the coming quarters.</p><p><blockquote>关注美联储是否即将开始缩减规模，或者只是考虑在未来几个季度采取这一举措。</blockquote></p><p></p>","source":"lsy1601382232898","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>The Fed Should Talk About Tapering. Here’s What Could Happen to the Stock Market.<blockquote>美联储应该谈论缩减规模。以下是股市可能发生的情况。</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\">\nThe Fed Should Talk About Tapering. Here’s What Could Happen to the Stock Market.<blockquote>美联储应该谈论缩减规模。以下是股市可能发生的情况。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-06-16 10:40</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Investors expect the Federal Reserve to remain supportive of the economy and financial markets. But the central bank has limited margin for error, and any miscues on messaging could be costly to the stock market.</p><p><blockquote>投资者预计美联储将继续支持经济和金融市场。但央行的犯错空间有限，任何信息传递失误都可能给股市带来高昂的代价。</blockquote></p><p> Markets do not expect the Fed to make any sudden or drastic changes to its current easy-money policy. The 10-year Treasury bond’s yield has fallen to 1.51% from 1.64% a month ago, even as inflation has run hotter than expected. The Nasdaq 100, an index of large capitalization and fast-growing technology companies,is up more than 5% in the past month. Growth stocks see a significant valuation booster when long-dated bond yields remain low, as growth companies expect growing profits on a particularly long-term basis. But while&nbsp;investors expect the Fed to soon reduce the size of its bond-buying program, which would raise bond prices and lower their yields, most don’t think the Fed will do so immediately or drastically.</p><p><blockquote>市场预计美联储不会对其当前的宽松货币政策做出任何突然或剧烈的改变。尽管通胀高于预期，但 10 年期国债收益率已从一个月前的 1.64% 降至 1.51%。纳斯达克 100 指数是一个大型资本和快速增长的科技公司指数，过去一个月上涨了 5% 以上。当长期债券收益率保持低位时，成长型股票的估值将显着提升，因为成长型公司预计利润将在特别长期的基础上增长。不过，尽管投资者预计美联储将很快缩减债券购买计划的规模，这将提高债券价格并降低债券收益率，但大多数人认为美联储不会立即或大幅缩减债券购买计划。</blockquote></p><p> “It’s pretty clear that the market expects Fed Chair Powell to strongly reiterate his stances,” writes Chris Senyek, chief investment strategist at Wolfe Research.</p><p><blockquote>“沃尔夫研究公司（Wolfe Research）首席投资策略师克里斯-森耶克（Chris Senyek）写道：”很明显，市场预计美联储主席鲍威尔将强烈重申他的立场。</blockquote></p><p> Now, the Fed could stoke a harsh move downwards in tech stocks if it doesn’t choose its words wisely. With the Nasdaq 100 hovering just below a new all-time high set on June 14—accompanied with a 10-year Treasury bond yield that’s well below its 2021 peak of 1.75%—tech stocks are vulnerable to a downward jolt if the Fed misspeaks. Senyek notes that the Fed may indeed be more ready to taper—or reduce the size of its bond-buying program—than some appreciate. He cites the&nbsp;recently hot inflation. To be sure, most market participants see&nbsp;inflation as transitory, a result of a natural year-over-year bounce from low prices during last year’s lockdown. Even so, if the Fed speaks in a way that indicates it will begin tapering before the end of the year—which is the expected timing—stocks could fall sharply.</p><p><blockquote>现在，如果美联储不明智地选择措辞，可能会引发科技股大幅下跌。纳斯达克 100 指数徘徊在 6 月 14 日创下的历史新高以下，而 10 年期国债收益率远低于 2021 年 1.75% 的峰值，如果美联储口误，科技股很容易受到下跌冲击。森耶克指出，美联储确实可能比一些人意识到的更愿意缩减或缩小其债券购买计划的规模。他引用了最近火热的通货膨胀。可以肯定的是，大多数市场参与者都认为通货膨胀是暂时的，这是去年封锁期间物价从低位同比自然反弹的结果。即便如此，如果美联储的讲话表明它将在年底前开始缩减规模（这是预期的时间），股市可能会大幅下跌。</blockquote></p><p> “With both stocks and bonds currently ‘priced for perfection,’ the slightest miscommunication could spark a sharp selloff,” says Senyek, who cites the Nasdsaq 100’s recent rise.</p><p><blockquote>“由于股票和债券目前都是'完美定价'，最轻微的沟通失误都可能引发大幅抛售，”Senyek 列举了纳斯达克 100 指数最近的上涨情况。</blockquote></p><p> Watch to see if the Fed is about to begin tapering, or is merely considering the move in the coming quarters.</p><p><blockquote>关注美联储是否即将开始缩减规模，或者只是考虑在未来几个季度采取这一举措。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/the-fed-tapering-stock-market-51623777984?mod=RTA\">Barrons</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.barrons.com/articles/the-fed-tapering-stock-market-51623777984?mod=RTA","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1185142374","content_text":"Investors expect the Federal Reserve to remain supportive of the economy and financial markets. But the central bank has limited margin for error, and any miscues on messaging could be costly to the stock market.\nMarkets do not expect the Fed to make any sudden or drastic changes to its current easy-money policy. The 10-year Treasury bond’s yield has fallen to 1.51% from 1.64% a month ago, even as inflation has run hotter than expected. The Nasdaq 100, an index of large capitalization and fast-growing technology companies,is up more than 5% in the past month. Growth stocks see a significant valuation booster when long-dated bond yields remain low, as growth companies expect growing profits on a particularly long-term basis. But while investors expect the Fed to soon reduce the size of its bond-buying program, which would raise bond prices and lower their yields, most don’t think the Fed will do so immediately or drastically.\n“It’s pretty clear that the market expects Fed Chair Powell to strongly reiterate his stances,” writes Chris Senyek, chief investment strategist at Wolfe Research.\nNow, the Fed could stoke a harsh move downwards in tech stocks if it doesn’t choose its words wisely. With the Nasdaq 100 hovering just below a new all-time high set on June 14—accompanied with a 10-year Treasury bond yield that’s well below its 2021 peak of 1.75%—tech stocks are vulnerable to a downward jolt if the Fed misspeaks. Senyek notes that the Fed may indeed be more ready to taper—or reduce the size of its bond-buying program—than some appreciate. He cites the recently hot inflation. To be sure, most market participants see inflation as transitory, a result of a natural year-over-year bounce from low prices during last year’s lockdown. Even so, if the Fed speaks in a way that indicates it will begin tapering before the end of the year—which is the expected timing—stocks could fall sharply.\n“With both stocks and bonds currently ‘priced for perfection,’ the slightest miscommunication could spark a sharp selloff,” says Senyek, who cites the Nasdsaq 100’s recent rise.\nWatch to see if the Fed is about to begin tapering, or is merely considering the move in the coming quarters.","news_type":1,"symbols_score_info":{".SPX":0.9,".IXIC":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":646,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":187514797,"gmtCreate":1623758790519,"gmtModify":1631892451879,"author":{"id":"3562030572969317","authorId":"3562030572969317","name":"Gh0st_ape","avatar":"https://static.tigerbbs.com/152fa5b607690a4522043d4997f48f33","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3562030572969317","authorIdStr":"3562030572969317"},"themes":[],"title":"","htmlText":"Pls like and comment&nbsp;","listText":"Pls like and comment&nbsp;","text":"Pls like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/187514797","repostId":"2142788371","repostType":4,"repost":{"id":"2142788371","kind":"highlight","pubTimestamp":1623627985,"share":"https://www.laohunote.com/m/news/2142788371?lang=zh_CN&edition=full","pubTime":"2021-06-14 07:46","market":"us","language":"en","title":"Here’s what the market wants — and doesn’t want — to hear from Powell at this week’s Fed meeting<blockquote>以下是市场在本周美联储会议上希望和不希望听到鲍威尔的言论</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2142788371","media":"MarketWatch","summary":"All eyes on the Fed!\n\"Alas, poor inflation! I knew him, Horatio.\" MARKETWATCH PHOTO ILLUSTRATION/GET","content":"<p>All eyes on the Fed!</p><p><blockquote>所有的目光都集中在美联储身上!</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c4c83a98ead1e0406f6e21bde6e1f550\" tg-width=\"1260\" tg-height=\"876\"><span>\"Alas, poor inflation! I knew him, Horatio.\" MARKETWATCH PHOTO ILLUSTRATION/GETTY IMAGES, EVERETT COLLECTION</span></p><p><blockquote><p class=\"t-img-caption\"><span>“唉，可怜的通货膨胀!我认识他，霍雷肖。”MARKETWATCH 照片插图/GETTY IMAGES，EVERETT COLLECTION</span></p></blockquote></p><p> You couldn’t fault Wall Street for envisaging a bit of Hamlet in Jerome Powell at the Federal Open Market Committee’s June policy meeting this coming week:</p><p><blockquote>在下周举行的联邦公开市场委员会 6 月份政策会议上，华尔街设想了杰罗姆-鲍威尔（Jerome Powell）的一点哈姆雷特（Hamlet）：</blockquote></p><p> Transitory, or not transitory?</p><p><blockquote>短暂的，还是不短暂的？</blockquote></p><p> Therein lies the question that the interest rate-setting Fed committee needs to answer for financial markets on Wednesday, at the conclusion of the FOMC’s two-day gathering.</p><p><blockquote>这就是美联储利率制定委员会周三在为期两天的联邦公开市场委员会会议结束时需要为金融市场回答的问题。</blockquote></p><p> Whether ’tis nobler in the mind to suffer the slings and arrows of outrageous inflation or to take arms against a sea of troubles, as Hamlet might have said if he had been a central bank governor.</p><p><blockquote>如果哈姆雷特是央行行长，他可能会说的那样，无论是忍受令人发指的通货膨胀的箭矢，还是拿起武器对抗麻烦的海洋，哪个更高尚。</blockquote></p><p> Of course, no one is expecting fireworks at this coming meeting but it could still proof a pivotal point for stocks and bonds.</p><p><blockquote>当然，没有人预计即将到来的会议会有烟火，但它仍然可能证明股票和债券的关键点。</blockquote></p><p> That is especially true with the S&amp;P 500 index,the Dow Jones Industrial Average,and the Nasdaq Composite Index,hovering at, or near, record closing highs.</p><p><blockquote>标普500指数、道琼斯工业平均指数和纳斯达克综合指数尤其如此，它们徘徊在或接近历史收盘高点。</blockquote></p><p> The Fed meeting comes against the backdrop of growing evidence of pricing pressures building in the economy as it recovers from the COVID pandemic of the past year and vaccination rollouts allow businesses to return to some semblance of normality.</p><p><blockquote>美联储会议召开的背景是，越来越多的证据表明，随着经济从去年的新冠疫情中复苏，定价压力正在加大，疫苗接种的推出使企业恢复了某种正常状态。</blockquote></p><p> Last Thursday’s&nbsp;consumer-price index report&nbsp;from the U.S. Labor Department showed that the cost of living surged in May and drove the&nbsp;pace of inflation&nbsp;to a 13-year high of 5%, reflecting a broad increase in prices confronting Americans.</p><p><blockquote>美国劳工部上周四发布的消费者价格指数报告显示，5 月份生活成本飙升，将通胀率推至 5% 的 13 年来新高，反映出美国人面临的物价普遍上涨。</blockquote></p><p> “The critical question now is whether this elevated rate of inflation is ‘transitory’ or whether higher prices risk becoming psychologically entrenched,” wrote Matt Weller, global head of market research at Forex.com in a Friday research note.</p><p><blockquote>“Forex.com 全球市场研究主管马特-韦勒（Matt Weller）在周五的一份研究报告中写道：”现在的关键问题是，通货膨胀率的上升是'暂时的'，还是物价上涨有可能在心理上根深蒂固。</blockquote></p><p> The fixed-income market may already have had its say on inflation, with the yields on the 10-year Treasury note&nbsp;and the 30-year Treasury bond&nbsp;hanging around their lowest levels since at least early March.</p><p><blockquote>固定收益市场可能已经对通胀有了发言权，10年期国债和30年期国债收益率徘徊在至少3月初以来的最低水平附近。</blockquote></p><p> Treasury and stock-market investors are viewing the surge in inflation as fostered by supply chain distortions as consumers splurge after the pandemic, along with statistical base effects as last year’s falling prices drop out of the annual calculations, and therefore likely to be fleeting.</p><p><blockquote>美国国债和股市投资者认为，通胀飙升是由于大流行病过后消费者挥霍无度，导致供应链扭曲，以及去年物价下跌从年度计算中剔除的统计基数效应，因此很可能转瞬即逝。</blockquote></p><p> Is isn’t clear exactly however what transitory means — months, years ? How long are elevated levels of inflation to be tolerated before market participants and the Fed lose patience with inflation that undermines asset prices?</p><p><blockquote>然而，暂时性究竟是什么意思--几个月、几年？在市场参与者和美联储对破坏资产价格的通胀失去耐心之前，还要容忍高通胀水平多久？</blockquote></p><p> “Going forward to the end of 2021 and into 2022, policy makers continue to expect inflation to subside back down nearer their 2% objective, is a message the Committee is likely to reiterate at next week’s meeting,” wrote Lindsey Piegza, chief economist at Stifel in a Friday note.</p><p><blockquote>“展望 2021 年底和 2022 年，政策制定者继续预计通胀率将回落至接近 2% 的目标，委员会可能会在下周的会议上重申这一信息，”Stifel 首席经济学家林赛-皮耶扎（Lindsey Piegza）在周五的一份报告中写道。</blockquote></p><p> “That being said, the U.S. economy is clearly gaining momentum, with the labor market adding more than 500,000 jobs a month. Therefore, while no policy adjustment is expected in June, nor an announcement of a timeline for an eventual adjustment to policy, at least some Fed members are expected to push for a discussion in the coming months regarding an eventual rollback of emergency measures,” she said.</p><p><blockquote>“尽管如此，美国经济的势头显然正在增强，劳动力市场每月新增就业岗位超过 50 万个。因此，虽然预计 6 月份不会进行政策调整，也不会宣布最终调整政策的时间表，但预计至少一些美联储成员将在未来几个月内推动讨论最终撤销紧急措施的问题，”她说。</blockquote></p><p> Some traders, analysts and economists are betting the Fed will aim to articulate the view that the tapering of its $120 billion a month purchase of assets, implemented during the worst of the pandemic, will begin by towards the end of 2021.</p><p><blockquote>一些交易员、分析师和经济学家押注，美联储将致力于阐明这样一种观点，即在疫情最严重时期实施的每月 1200 亿美元的资产购买将于 2021 年底开始缩减。</blockquote></p><p> The Fed may talk about talking about tapering in June and by August or September begin the work toward a roll back.</p><p><blockquote>美联储可能会在6月份讨论缩减规模，并在8月或9月开始缩减规模。</blockquote></p><p> In the face of rising inflation, the timing of any tapering looks tricky for the U.S. central bank since the recovery in the labor market still looks shaky, relative to the the demand for workers, and is reflected in the&nbsp;weaker-than-expected May nonfarm payrolls report&nbsp;and the job openings data from last week&nbsp;which hit a record 9.3 million.</p><p><blockquote>面对不断上升的通胀，美国央行任何缩减规模的时机看起来都很棘手，因为相对于工人需求，劳动力市场的复苏看起来仍然不稳定，这反映在弱于预期的5月份非农就业报告和上周的职位空缺数据中。创纪录的930万个。</blockquote></p><p> Lawrence Gillum, fixed-income strategist for LPL Financial, said that the key thing the market wants to here is the timing of the Fed’s tapering. He also noted the tapering of the central bank’s $40 billion of mortgage-backed securities in particular will be important because the housing market is widely viewed as overheated.</p><p><blockquote>LPL Financial 的固定收益策略师劳伦斯-吉勒姆（Lawrence Gillum）说，市场希望看到的关键在于美联储缩减规模的时机。他还指出，中央银行缩减 400 亿美元的抵押贷款支持证券尤为重要，因为人们普遍认为房地产市场过热。</blockquote></p><p> “The main thing we’d like to hear next week is how and when the Fed plans to reduce its bond purchase programs,” Gillum said.</p><p><blockquote>“吉勒姆说：”下周我们最希望听到的是美联储计划如何以及何时减少债券购买计划。</blockquote></p><p> “Additionally, why the Fed continues to buy $40 billion in mortgage securities every month when the housing market, by all accounts, doesn’t need that support. Will we get that clarity? Probably not,” he offered.</p><p><blockquote>“此外，为什么美联储每月继续购买 400 亿美元的抵押贷款证券，而从各方面来看，房地产市场并不需要这种支持？我们会明白吗？可能不会，”他说。</blockquote></p><p> Andrew Hunter, senior U.S. economist at Capital Economics, in a Friday report, said that in that context, he still expects policy makers to convey a go-slow approach to any scaling back of monetary accommodation.</p><p><blockquote>凯投宏观(Capital Economics)美国高级经济学家安德鲁·亨特(Andrew Hunter)在周五的一份报告中表示，在这种背景下，他仍然预计政策制定者将对任何缩减货币宽松措施采取缓慢的态度。</blockquote></p><p></p><p> “While we suspect that Fed officials may finally begin ‘talking about talking about’ tapering their asset purchases at next week’s&nbsp;FOMC meeting, they are likely to emphasize that the economy is still some way from making ‘substantial further progress’ towards their goals,” he said.</p><p><blockquote>“他说：”虽然我们怀疑美联储官员可能最终会在下周的联邦公开市场委员会会议上开始'谈论'缩减资产购买规模，但他们很可能会强调，经济距离实现他们的目标'取得实质性进一步进展'还有一段距离。</blockquote></p><p> Indeed, Peter Essele, head of investment management for Commonwealth Financial Network&nbsp;said the market may need to hear more dovishness from Fed officials, even as they circumnavigate the notion of scaling back easy-money policies.</p><p><blockquote>事实上，联邦金融网络投资管理主管彼得·埃塞尔表示，市场可能需要听到美联储官员更多鸽派言论，即使他们绕过缩减宽松货币政策的想法。</blockquote></p><p> “Market participants are clearly expecting a dovish tone from the Fed next week, as evidenced by the recent path of interest rates,” Essele told MarketWatch in emailed comments.</p><p><blockquote>“埃塞尔在电子邮件评论中告诉 MarketWatch：”市场参与者显然预计美联储下周将采取鸽派基调，最近的利率走势就证明了这一点。</blockquote></p><p> “We expect the Fed will keep its foot on the accommodative pedal next week, which won’t change until inflation is no longer transitory and the economy is back to full employment,” Essele said.</p><p><blockquote>“埃塞尔说：”我们预计美联储下周将继续采取宽松政策，在通胀不再是暂时性的、经济恢复充分就业之前，这一政策不会改变。</blockquote></p><p> “Until then, Treasury rates should remain range-bound on the long end and anchored on the short end, offering bond investors little to worry about in the near term,” he said.</p><p><blockquote>“他说：”在此之前，国债利率应保持在长端区间，短端锚定，债券投资者在短期内无需担心。</blockquote></p><p> <b>What else is on investors’ radar?</b></p><p><blockquote><b>投资者还关注什么？</b></blockquote></p><p> Meanwhile, the only other main item on the docket for next week is U.S. May retail sales on Tuesday, while investors continue to watch negotiations between the Biden administration and Republicans on an infrastructure spending plan, given it has implications for economic growth and debt issuance.</p><p><blockquote>与此同时，下周唯一的另一个主要项目是周二的美国5月份零售销售，而投资者继续关注拜登政府和共和党人之间关于基础设施支出计划的谈判，因为该计划对经济增长和债务发行有影响。</blockquote></p><p></p>","source":"lsy1603348471595","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>Here’s what the market wants — and doesn’t want — to hear from Powell at this week’s Fed meeting<blockquote>以下是市场在本周美联储会议上希望和不希望听到鲍威尔的言论</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\">\nHere’s what the market wants — and doesn’t want — to hear from Powell at this week’s Fed meeting<blockquote>以下是市场在本周美联储会议上希望和不希望听到鲍威尔的言论</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-06-14 07:46</span>\n</p>\n</h4>\n</header>\n<article>\n<p>All eyes on the Fed!</p><p><blockquote>所有的目光都集中在美联储身上!</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c4c83a98ead1e0406f6e21bde6e1f550\" tg-width=\"1260\" tg-height=\"876\"><span>\"Alas, poor inflation! I knew him, Horatio.\" MARKETWATCH PHOTO ILLUSTRATION/GETTY IMAGES, EVERETT COLLECTION</span></p><p><blockquote><p class=\"t-img-caption\"><span>“唉，可怜的通货膨胀!我认识他，霍雷肖。”MARKETWATCH 照片插图/GETTY IMAGES，EVERETT COLLECTION</span></p></blockquote></p><p> You couldn’t fault Wall Street for envisaging a bit of Hamlet in Jerome Powell at the Federal Open Market Committee’s June policy meeting this coming week:</p><p><blockquote>在下周举行的联邦公开市场委员会 6 月份政策会议上，华尔街设想了杰罗姆-鲍威尔（Jerome Powell）的一点哈姆雷特（Hamlet）：</blockquote></p><p> Transitory, or not transitory?</p><p><blockquote>短暂的，还是不短暂的？</blockquote></p><p> Therein lies the question that the interest rate-setting Fed committee needs to answer for financial markets on Wednesday, at the conclusion of the FOMC’s two-day gathering.</p><p><blockquote>这就是美联储利率制定委员会周三在为期两天的联邦公开市场委员会会议结束时需要为金融市场回答的问题。</blockquote></p><p> Whether ’tis nobler in the mind to suffer the slings and arrows of outrageous inflation or to take arms against a sea of troubles, as Hamlet might have said if he had been a central bank governor.</p><p><blockquote>如果哈姆雷特是央行行长，他可能会说的那样，无论是忍受令人发指的通货膨胀的箭矢，还是拿起武器对抗麻烦的海洋，哪个更高尚。</blockquote></p><p> Of course, no one is expecting fireworks at this coming meeting but it could still proof a pivotal point for stocks and bonds.</p><p><blockquote>当然，没有人预计即将到来的会议会有烟火，但它仍然可能证明股票和债券的关键点。</blockquote></p><p> That is especially true with the S&amp;P 500 index,the Dow Jones Industrial Average,and the Nasdaq Composite Index,hovering at, or near, record closing highs.</p><p><blockquote>标普500指数、道琼斯工业平均指数和纳斯达克综合指数尤其如此，它们徘徊在或接近历史收盘高点。</blockquote></p><p> The Fed meeting comes against the backdrop of growing evidence of pricing pressures building in the economy as it recovers from the COVID pandemic of the past year and vaccination rollouts allow businesses to return to some semblance of normality.</p><p><blockquote>美联储会议召开的背景是，越来越多的证据表明，随着经济从去年的新冠疫情中复苏，定价压力正在加大，疫苗接种的推出使企业恢复了某种正常状态。</blockquote></p><p> Last Thursday’s&nbsp;consumer-price index report&nbsp;from the U.S. Labor Department showed that the cost of living surged in May and drove the&nbsp;pace of inflation&nbsp;to a 13-year high of 5%, reflecting a broad increase in prices confronting Americans.</p><p><blockquote>美国劳工部上周四发布的消费者价格指数报告显示，5 月份生活成本飙升，将通胀率推至 5% 的 13 年来新高，反映出美国人面临的物价普遍上涨。</blockquote></p><p> “The critical question now is whether this elevated rate of inflation is ‘transitory’ or whether higher prices risk becoming psychologically entrenched,” wrote Matt Weller, global head of market research at Forex.com in a Friday research note.</p><p><blockquote>“Forex.com 全球市场研究主管马特-韦勒（Matt Weller）在周五的一份研究报告中写道：”现在的关键问题是，通货膨胀率的上升是'暂时的'，还是物价上涨有可能在心理上根深蒂固。</blockquote></p><p> The fixed-income market may already have had its say on inflation, with the yields on the 10-year Treasury note&nbsp;and the 30-year Treasury bond&nbsp;hanging around their lowest levels since at least early March.</p><p><blockquote>固定收益市场可能已经对通胀有了发言权，10年期国债和30年期国债收益率徘徊在至少3月初以来的最低水平附近。</blockquote></p><p> Treasury and stock-market investors are viewing the surge in inflation as fostered by supply chain distortions as consumers splurge after the pandemic, along with statistical base effects as last year’s falling prices drop out of the annual calculations, and therefore likely to be fleeting.</p><p><blockquote>美国国债和股市投资者认为，通胀飙升是由于大流行病过后消费者挥霍无度，导致供应链扭曲，以及去年物价下跌从年度计算中剔除的统计基数效应，因此很可能转瞬即逝。</blockquote></p><p> Is isn’t clear exactly however what transitory means — months, years ? How long are elevated levels of inflation to be tolerated before market participants and the Fed lose patience with inflation that undermines asset prices?</p><p><blockquote>然而，暂时性究竟是什么意思--几个月、几年？在市场参与者和美联储对破坏资产价格的通胀失去耐心之前，还要容忍高通胀水平多久？</blockquote></p><p> “Going forward to the end of 2021 and into 2022, policy makers continue to expect inflation to subside back down nearer their 2% objective, is a message the Committee is likely to reiterate at next week’s meeting,” wrote Lindsey Piegza, chief economist at Stifel in a Friday note.</p><p><blockquote>“展望 2021 年底和 2022 年，政策制定者继续预计通胀率将回落至接近 2% 的目标，委员会可能会在下周的会议上重申这一信息，”Stifel 首席经济学家林赛-皮耶扎（Lindsey Piegza）在周五的一份报告中写道。</blockquote></p><p> “That being said, the U.S. economy is clearly gaining momentum, with the labor market adding more than 500,000 jobs a month. Therefore, while no policy adjustment is expected in June, nor an announcement of a timeline for an eventual adjustment to policy, at least some Fed members are expected to push for a discussion in the coming months regarding an eventual rollback of emergency measures,” she said.</p><p><blockquote>“尽管如此，美国经济的势头显然正在增强，劳动力市场每月新增就业岗位超过 50 万个。因此，虽然预计 6 月份不会进行政策调整，也不会宣布最终调整政策的时间表，但预计至少一些美联储成员将在未来几个月内推动讨论最终撤销紧急措施的问题，”她说。</blockquote></p><p> Some traders, analysts and economists are betting the Fed will aim to articulate the view that the tapering of its $120 billion a month purchase of assets, implemented during the worst of the pandemic, will begin by towards the end of 2021.</p><p><blockquote>一些交易员、分析师和经济学家押注，美联储将致力于阐明这样一种观点，即在疫情最严重时期实施的每月 1200 亿美元的资产购买将于 2021 年底开始缩减。</blockquote></p><p> The Fed may talk about talking about tapering in June and by August or September begin the work toward a roll back.</p><p><blockquote>美联储可能会在6月份讨论缩减规模，并在8月或9月开始缩减规模。</blockquote></p><p> In the face of rising inflation, the timing of any tapering looks tricky for the U.S. central bank since the recovery in the labor market still looks shaky, relative to the the demand for workers, and is reflected in the&nbsp;weaker-than-expected May nonfarm payrolls report&nbsp;and the job openings data from last week&nbsp;which hit a record 9.3 million.</p><p><blockquote>面对不断上升的通胀，美国央行任何缩减规模的时机看起来都很棘手，因为相对于工人需求，劳动力市场的复苏看起来仍然不稳定，这反映在弱于预期的5月份非农就业报告和上周的职位空缺数据中。创纪录的930万个。</blockquote></p><p> Lawrence Gillum, fixed-income strategist for LPL Financial, said that the key thing the market wants to here is the timing of the Fed’s tapering. He also noted the tapering of the central bank’s $40 billion of mortgage-backed securities in particular will be important because the housing market is widely viewed as overheated.</p><p><blockquote>LPL Financial 的固定收益策略师劳伦斯-吉勒姆（Lawrence Gillum）说，市场希望看到的关键在于美联储缩减规模的时机。他还指出，中央银行缩减 400 亿美元的抵押贷款支持证券尤为重要，因为人们普遍认为房地产市场过热。</blockquote></p><p> “The main thing we’d like to hear next week is how and when the Fed plans to reduce its bond purchase programs,” Gillum said.</p><p><blockquote>“吉勒姆说：”下周我们最希望听到的是美联储计划如何以及何时减少债券购买计划。</blockquote></p><p> “Additionally, why the Fed continues to buy $40 billion in mortgage securities every month when the housing market, by all accounts, doesn’t need that support. Will we get that clarity? Probably not,” he offered.</p><p><blockquote>“此外，为什么美联储每月继续购买 400 亿美元的抵押贷款证券，而从各方面来看，房地产市场并不需要这种支持？我们会明白吗？可能不会，”他说。</blockquote></p><p> Andrew Hunter, senior U.S. economist at Capital Economics, in a Friday report, said that in that context, he still expects policy makers to convey a go-slow approach to any scaling back of monetary accommodation.</p><p><blockquote>凯投宏观(Capital Economics)美国高级经济学家安德鲁·亨特(Andrew Hunter)在周五的一份报告中表示，在这种背景下，他仍然预计政策制定者将对任何缩减货币宽松措施采取缓慢的态度。</blockquote></p><p></p><p> “While we suspect that Fed officials may finally begin ‘talking about talking about’ tapering their asset purchases at next week’s&nbsp;FOMC meeting, they are likely to emphasize that the economy is still some way from making ‘substantial further progress’ towards their goals,” he said.</p><p><blockquote>“他说：”虽然我们怀疑美联储官员可能最终会在下周的联邦公开市场委员会会议上开始'谈论'缩减资产购买规模，但他们很可能会强调，经济距离实现他们的目标'取得实质性进一步进展'还有一段距离。</blockquote></p><p> Indeed, Peter Essele, head of investment management for Commonwealth Financial Network&nbsp;said the market may need to hear more dovishness from Fed officials, even as they circumnavigate the notion of scaling back easy-money policies.</p><p><blockquote>事实上，联邦金融网络投资管理主管彼得·埃塞尔表示，市场可能需要听到美联储官员更多鸽派言论，即使他们绕过缩减宽松货币政策的想法。</blockquote></p><p> “Market participants are clearly expecting a dovish tone from the Fed next week, as evidenced by the recent path of interest rates,” Essele told MarketWatch in emailed comments.</p><p><blockquote>“埃塞尔在电子邮件评论中告诉 MarketWatch：”市场参与者显然预计美联储下周将采取鸽派基调，最近的利率走势就证明了这一点。</blockquote></p><p> “We expect the Fed will keep its foot on the accommodative pedal next week, which won’t change until inflation is no longer transitory and the economy is back to full employment,” Essele said.</p><p><blockquote>“埃塞尔说：”我们预计美联储下周将继续采取宽松政策，在通胀不再是暂时性的、经济恢复充分就业之前，这一政策不会改变。</blockquote></p><p> “Until then, Treasury rates should remain range-bound on the long end and anchored on the short end, offering bond investors little to worry about in the near term,” he said.</p><p><blockquote>“他说：”在此之前，国债利率应保持在长端区间，短端锚定，债券投资者在短期内无需担心。</blockquote></p><p> <b>What else is on investors’ radar?</b></p><p><blockquote><b>投资者还关注什么？</b></blockquote></p><p> Meanwhile, the only other main item on the docket for next week is U.S. May retail sales on Tuesday, while investors continue to watch negotiations between the Biden administration and Republicans on an infrastructure spending plan, given it has implications for economic growth and debt issuance.</p><p><blockquote>与此同时，下周唯一的另一个主要项目是周二的美国5月份零售销售，而投资者继续关注拜登政府和共和党人之间关于基础设施支出计划的谈判，因为该计划对经济增长和债务发行有影响。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/heres-what-the-market-wants-and-doesnt-want-to-hear-from-powell-at-next-weeks-fed-meeting-11623452360?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":{".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index",".DJI":"道琼斯"},"source_url":"https://www.marketwatch.com/story/heres-what-the-market-wants-and-doesnt-want-to-hear-from-powell-at-next-weeks-fed-meeting-11623452360?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2142788371","content_text":"All eyes on the Fed!\n\"Alas, poor inflation! I knew him, Horatio.\" MARKETWATCH PHOTO ILLUSTRATION/GETTY IMAGES, EVERETT COLLECTION\nYou couldn’t fault Wall Street for envisaging a bit of Hamlet in Jerome Powell at the Federal Open Market Committee’s June policy meeting this coming week:\nTransitory, or not transitory?\nTherein lies the question that the interest rate-setting Fed committee needs to answer for financial markets on Wednesday, at the conclusion of the FOMC’s two-day gathering.\nWhether ’tis nobler in the mind to suffer the slings and arrows of outrageous inflation or to take arms against a sea of troubles, as Hamlet might have said if he had been a central bank governor.\nOf course, no one is expecting fireworks at this coming meeting but it could still proof a pivotal point for stocks and bonds.\nThat is especially true with the S&P 500 index,the Dow Jones Industrial Average,and the Nasdaq Composite Index,hovering at, or near, record closing highs.\nThe Fed meeting comes against the backdrop of growing evidence of pricing pressures building in the economy as it recovers from the COVID pandemic of the past year and vaccination rollouts allow businesses to return to some semblance of normality.\nLast Thursday’s consumer-price index report from the U.S. Labor Department showed that the cost of living surged in May and drove the pace of inflation to a 13-year high of 5%, reflecting a broad increase in prices confronting Americans.\n“The critical question now is whether this elevated rate of inflation is ‘transitory’ or whether higher prices risk becoming psychologically entrenched,” wrote Matt Weller, global head of market research at Forex.com in a Friday research note.\nThe fixed-income market may already have had its say on inflation, with the yields on the 10-year Treasury note and the 30-year Treasury bond hanging around their lowest levels since at least early March.\nTreasury and stock-market investors are viewing the surge in inflation as fostered by supply chain distortions as consumers splurge after the pandemic, along with statistical base effects as last year’s falling prices drop out of the annual calculations, and therefore likely to be fleeting.\nIs isn’t clear exactly however what transitory means — months, years ? How long are elevated levels of inflation to be tolerated before market participants and the Fed lose patience with inflation that undermines asset prices?\n“Going forward to the end of 2021 and into 2022, policy makers continue to expect inflation to subside back down nearer their 2% objective, is a message the Committee is likely to reiterate at next week’s meeting,” wrote Lindsey Piegza, chief economist at Stifel in a Friday note.\n“That being said, the U.S. economy is clearly gaining momentum, with the labor market adding more than 500,000 jobs a month. Therefore, while no policy adjustment is expected in June, nor an announcement of a timeline for an eventual adjustment to policy, at least some Fed members are expected to push for a discussion in the coming months regarding an eventual rollback of emergency measures,” she said.\nSome traders, analysts and economists are betting the Fed will aim to articulate the view that the tapering of its $120 billion a month purchase of assets, implemented during the worst of the pandemic, will begin by towards the end of 2021.\nThe Fed may talk about talking about tapering in June and by August or September begin the work toward a roll back.\nIn the face of rising inflation, the timing of any tapering looks tricky for the U.S. central bank since the recovery in the labor market still looks shaky, relative to the the demand for workers, and is reflected in the weaker-than-expected May nonfarm payrolls report and the job openings data from last week which hit a record 9.3 million.\nLawrence Gillum, fixed-income strategist for LPL Financial, said that the key thing the market wants to here is the timing of the Fed’s tapering. He also noted the tapering of the central bank’s $40 billion of mortgage-backed securities in particular will be important because the housing market is widely viewed as overheated.\n“The main thing we’d like to hear next week is how and when the Fed plans to reduce its bond purchase programs,” Gillum said.\n“Additionally, why the Fed continues to buy $40 billion in mortgage securities every month when the housing market, by all accounts, doesn’t need that support. Will we get that clarity? Probably not,” he offered.\nAndrew Hunter, senior U.S. economist at Capital Economics, in a Friday report, said that in that context, he still expects policy makers to convey a go-slow approach to any scaling back of monetary accommodation.\n“While we suspect that Fed officials may finally begin ‘talking about talking about’ tapering their asset purchases at next week’s FOMC meeting, they are likely to emphasize that the economy is still some way from making ‘substantial further progress’ towards their goals,” he said.\nIndeed, Peter Essele, head of investment management for Commonwealth Financial Network said the market may need to hear more dovishness from Fed officials, even as they circumnavigate the notion of scaling back easy-money policies.\n“Market participants are clearly expecting a dovish tone from the Fed next week, as evidenced by the recent path of interest rates,” Essele told MarketWatch in emailed comments.\n“We expect the Fed will keep its foot on the accommodative pedal next week, which won’t change until inflation is no longer transitory and the economy is back to full employment,” Essele said.\n“Until then, Treasury rates should remain range-bound on the long end and anchored on the short end, offering bond investors little to worry about in the near term,” he said.\nWhat else is on investors’ radar?\nMeanwhile, the only other main item on the docket for next week is U.S. May retail sales on Tuesday, while investors continue to watch negotiations between the Biden administration and Republicans on an infrastructure spending plan, given it has implications for economic growth and debt issuance.","news_type":1,"symbols_score_info":{".IXIC":0.9,".SPX":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":590,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":111939344,"gmtCreate":1622648070688,"gmtModify":1631892451893,"author":{"id":"3562030572969317","authorId":"3562030572969317","name":"Gh0st_ape","avatar":"https://static.tigerbbs.com/152fa5b607690a4522043d4997f48f33","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3562030572969317","authorIdStr":"3562030572969317"},"themes":[],"title":"","htmlText":"Pls like and comment","listText":"Pls like and comment","text":"Pls like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/111939344","repostId":"1103795044","repostType":4,"isVote":1,"tweetType":1,"viewCount":606,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":110584652,"gmtCreate":1622469236176,"gmtModify":1631892451909,"author":{"id":"3562030572969317","authorId":"3562030572969317","name":"Gh0st_ape","avatar":"https://static.tigerbbs.com/152fa5b607690a4522043d4997f48f33","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3562030572969317","authorIdStr":"3562030572969317"},"themes":[],"title":"","htmlText":"Like my comment pls","listText":"Like my comment pls","text":"Like my comment pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/110584652","repostId":"2139846784","repostType":4,"isVote":1,"tweetType":1,"viewCount":758,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":136569597,"gmtCreate":1622029121219,"gmtModify":1631892451916,"author":{"id":"3562030572969317","authorId":"3562030572969317","name":"Gh0st_ape","avatar":"https://static.tigerbbs.com/152fa5b607690a4522043d4997f48f33","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3562030572969317","authorIdStr":"3562030572969317"},"themes":[],"title":"","htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/136569597","repostId":"1115191257","repostType":4,"repost":{"id":"1115191257","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1622025558,"share":"https://www.laohunote.com/m/news/1115191257?lang=zh_CN&edition=full","pubTime":"2021-05-26 18:39","market":"us","language":"en","title":"China's Pinduoduo beats quarterly revenue estimates<blockquote>中国拼多多季度收入超出预期</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1115191257","media":"Tiger Newspress","summary":"Chinese e-commerce platform Pinduoduo Inc's quarterly revenue beat Wall Street estimates on Wednesda","content":"<p>Chinese e-commerce platform Pinduoduo Inc's quarterly revenue beat Wall Street estimates on Wednesday, driven by steady demand for online shopping following the COVID-19 pandemic.</p><p><blockquote>受 COVID-19 大流行后网上购物需求稳定的推动，中国电子商务平台拼多多周三的季度收入超出了华尔街的预期。</blockquote></p><p>Total revenue more than tripled to 22.17 billion yuan ($3.47 billion)in the first quarter, boosted by Pinduoduo's online marketing services revenue. Analysts on average had expected revenue of 20.2 billion yuan, according to IBES data from Refinitiv.</p><p><blockquote>在拼多多在线营销服务收入的推动下，第一季度总收入增长了两倍多，达到 221.7 亿元人民币（34.7 亿美元）。根据 Refinitiv 的 IBES 数据，分析师平均预期营收为 202 亿元人民币。</blockquote></p><p>The interactive buying platform's net loss attributable to shareholders narrowed to 2.91 billion yuan in the quarter ended March 31, from 4.12 billion yuan a year earlier.</p><p><blockquote>截至3月31日的季度，互动购平台归属于股东的净亏损从去年同期的41.2亿元收窄至29.1亿元。</blockquote></p><p>Active buyers on Pinduoduo in the 12-month period ended March rose 31% to about 824 million, outpacing Alibaba's 811 million.</p><p><blockquote>截至3月份的12个月期间，拼多多上的活跃买家增长了31%，达到约8.24亿，超过了阿里巴巴的8.11亿。</blockquote></p><p>Pinduoduo&nbsp;stock&nbsp;surged more than 3% in premarket trading.</p><p><blockquote>拼多多股价在盘前交易中飙升超过 3%。</blockquote></p><p><img src=\"https://static.tigerbbs.com/d78d44a7114b62db59be95f65e93e84e\" tg-width=\"1302\" tg-height=\"663\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>First Quarter 2021 Highlights</b></p><p><blockquote><b>2021年第一季度亮点</b></blockquote></p><p><ul><li><b>Total revenues</b>&nbsp;in the quarter were&nbsp;RMB22,167.1 million&nbsp;(US$13,383.4 million), an increase of 239% from&nbsp;RMB6,541.1 millionin the same quarter of 2020.</li><li><b>Average monthly active users</b>&nbsp;in the quarter was 724.6 million, an increase of 49% from 487.4 million in the same quarter of 2020.</li><li><b>Active buyers</b>&nbsp;in the twelve-month period endedMarch 31, 2021was 823.8 million, an increase of 31% from 628.1 million in the twelve-month period endedMarch 31, 2020.</li><li><b>Operating loss</b>&nbsp;in the quarter was&nbsp;RMB4,147.0 million(US$633.0 million), compared with operating loss of&nbsp;RMB4,397.2 millionin the same quarter of 2020.<b>Non-GAAP4&nbsp;operating loss</b>&nbsp;in the quarter wasRMB&nbsp;3,174.1 million(US$484.5 million), compared with operating loss ofRMB3,587.9 millionin the same quarter of 2020.</li><li><b>Net loss attributable to ordinary shareholders</b>&nbsp;in the quarter was&nbsp;RMB2,905.4 million(US$ 443.5 million), compared with&nbsp;RMB4,119.3 millionin the same quarter of 2020.<b>Non-GAAP net loss attributable to ordinary shareholders</b>&nbsp;in the quarter was&nbsp;RMB1,890.3 million(US$288.5 million), compared withRMB3,169.6 millionin the same quarter of 2020.</li></ul>“Our growing scale gives us both greater capacity and responsibility to live up to our mission to ‘benefit all’,” said Mr.Lei Chen, Chairman and Chief Executive Officer ofPinduoduo. “We envisionPinduoduoas a platform that not only facilitates the trading of goods and services but also serves as a conduit for turning ideas into solutions to everyday problems.”</p><p><blockquote><ul><li><b>收入总额</b>本季度营业额为人民币221.671亿元（133.834亿美元），较2020年同季度的人民币65.411亿元增长239%。</li><li><b>平均月活跃用户</b>本季度为 7.246 亿美元，比 2020 年同季度的 4.874 亿美元增长 49%。</li><li><b>活跃买家</b>截至2021年3月31日止12个月期间为8.238亿，较截至2020年3月31日止12个月期间的6.281亿增长31%。</li><li><b>经营亏损</b>本季度营业亏损为人民币41.47亿元（6.33亿美元），而2020年同季度营业亏损为人民币43.972亿元。<b>非 GAAP4 运营亏损</b>本季度营业亏损为人民币 31.741 亿元（4.845 亿美元），而 2020 年同季度营业亏损为人民币 35.879 亿元。</li><li><b>归属于普通股股东的净亏损</b>本季度为人民币29.054亿元（4.435亿美元），而2020年同季度为人民币41.193亿元。<b>非 GAAP 归属于普通股股东的净亏损</b>本季度为人民币18.903亿元（2.885亿美元），而2020年同季度为人民币31.696亿元。</li></ul>“拼多多董事长兼首席执行官陈磊先生说：”我们不断扩大的规模赋予了我们更大的能力和责任，以履行我们'造福所有人'的使命。“我们设想拼多多成为一个平台，不仅能促进商品和服务的交易，还能成为一个将想法转化为解决日常问题的渠道。”</blockquote></p><p>“We remain laser-focused on serving our users and anticipating what they need, and doing so in a way that is respectful of the community and environment,” added Mr.David Liu, Vice President of Strategy. “We will continue to engage our users, merchants and partners in improving all aspects of our services.”</p><p><blockquote>“我们将继续专注于服务用户，预测他们的需求，并以尊重社区和环境的方式做到这一点，”战略副总裁刘大伟先生补充道。“我们将继续让用户、商家和合作伙伴参与改善服务的各个方面”。</blockquote></p><p>“We continued to deliver strong results in the first quarter and remain disciplined,” said Mr.Tony Ma, Vice President of Finance. “Our total revenues, excluding contribution from merchandise sales, for the first quarter 2021 increased 161% from the prior year, while our non-GAAP operating and net losses narrowed at the same time.”</p><p><blockquote>“我们在第一季度继续取得强劲业绩，并保持纪律性，”财务副总裁马东尼先生说。“2021 年第一季度，我们的总收入（不包括商品销售的贡献）比上年同期增长了 161%，而我们的非美国通用会计准则营业亏损和净亏损同时收窄。”</blockquote></p><p><b>First Quarter 2021 Unaudited Financial Results</b></p><p><blockquote><b>2021年第一季度未经审计财务业绩</b></blockquote></p><p><b>Total revenues</b>wereRMB22,167.1 million(US$3,383.4 million), an increase of 239% fromRMB6,541.1 millionin the same quarter of 2020. The increase was primarily due to an increase in revenues from online marketing services and contribution from merchandise sales.</p><p><blockquote><b>收入总额</b>为人民币221.671亿元（33.834亿美元），较2020年同季度的人民币65.411亿元增长239%。该增加主要由于在线营销服务收入及商品销售贡献增加所致。</blockquote></p><p><ul><li><b>Revenues from online marketing services and others</b>wereRMB14,111.5 million(US$2,153.8 million), an increase of 157% fromRMB5,492.3 millionin the same quarter of 2020.</li><li><b>Revenues from transaction services</b>wereRMB2,931.5 million(US$447.4 million), an increase of 180% fromRMB1,048.8 millionin the same quarter of 2020.</li><li><b>Revenues from merchandise sales</b>wereRMB5,124.1 million(US$782.1 million), an increase ofRMB5,124.1 millionfrom nil in the same quarter of 2020.</li></ul><b>Total costs of revenues</b>wereRMB10,746.1 million(US$1,640.2 million), an increase of 487% fromRMB1,830.2 millionin the same quarter of 2020. The increase was mainly due to costs attributable to merchandise sales, higher cost of payment processing fees, cloud services fees, and delivery and storage fees.</p><p><blockquote><ul><li><b>来自在线营销服务及其他的收入</b>为人民币14,111.5百万元（2,153.8百万美元），较2020年同季度的人民币5,492.3百万元增长157%。</li><li><b>交易服务收入</b>为人民币29.315亿元（4.474亿美元），较2020年同一季度的人民币10.488亿元增长180%。</li><li><b>商品销售收入</b>为人民币5,124.1百万元（7.821亿美元），较2020年同一季度的零增加人民币5,124.1百万元。</li></ul><b>收入总成本</b>为人民币10,746.1百万元（1,640.2百万元），较2020年同一季度的人民币1,830.2百万元增长487%。该增加主要由于商品销售应占成本、支付处理费、云服务费以及交付和仓储费成本上升所致。</blockquote></p><p><b>Total operating expenses</b>wereRMB15,568.0 million(US$2,376.1 million), compared withRMB9,108.0 millionin the same quarter of 2020.</p><p><blockquote><b>营运开支总额</b>为人民币15,568.0百万元（2,376.1百万美元），而2020年同季度为人民币9,108.0百万元。</blockquote></p><p></p><p><ul><li><b>Sales and marketing expenses</b>wereRMB12,997.4 million(US$1,983.8 million), an increase of 78% fromRMB7,296.6 millionin the same quarter of 2020, mainly due to an increase in advertising expenses and promotion and coupon expenses.</li><li><b>General and administrative expenses</b>wereRMB351.9 million(US$53.7 million), an increase of 4% fromRMB338.3 millionin the same quarter of 2020.</li><li><b>Research and development expenses</b>wereRMB2,218.7 million(US$338.6 million), an increase of 51% fromRMB1,473.2 millionin the same quarter of 2020. The increase was primarily due to an increase in headcount and the recruitment of more experienced R&amp;D personnel and an increase in R&amp;D-related cloud services expenses.</li></ul><b>Operating loss</b>wasRMB4,147.0 million(US$633.0 million), compared with operating loss ofRMB4,397.2 millionin the same quarter of 2020.<b>Non-GAAP operating loss</b>wasRMB3,174.1 million(US$484.5 million), compared with operating loss ofRMB3,587.9 millionin the same quarter of 2020.</p><p><blockquote><ul><li><b>销售及市场推广开支</b>为人民币12,997.4百万元（1,983.8百万美元），较二零二零年同季度的人民币7,296.6百万元增长78%，主要由于广告费用、促销及优惠券费用增加所致。</li><li><b>一般及行政开支</b>为人民币3.519亿元（5370万美元），较2020年同季度的人民币3.383亿元增长4%。</li><li><b>研发开支</b>为人民币22.187亿元（3.386亿美元），较2020年同一季度的人民币14.732亿元增长51%。该增加主要由于员工人数增加及招聘更多经验丰富的研发人员以及研发相关云服务开支增加所致。</li></ul><b>经营亏损</b>为人民币41.47亿元（6.33亿美元），而2020年同一季度的经营亏损为人民币43.972亿元。<b>非 GAAP 运营亏损</b>为人民币31.741亿元（4.845亿美元），而2020年同季度的经营亏损为人民币35.879亿元。</blockquote></p><p><b>Net loss attributable to ordinary shareholders</b>wasRMB2,905.4 million(US$443.5 million), compared withRMB4,119.3 millionin the same quarter of 2020.<b>Non-GAAP net loss attributable to ordinary shareholders</b>wasRMB1,890.3 million(US$288.5 million), compared withRMB3,169.6 millionin the same quarter of 2020.</p><p><blockquote><b>归属于普通股股东的净亏损</b>为人民币29.054亿元（4.435亿美元），而2020年同季度为人民币41.193亿元。<b>非 GAAP 归属于普通股股东的净亏损</b>为人民币18.903亿元（2.885亿美元），而2020年同季度为人民币31.696亿元。</blockquote></p><p><b>Basic and diluted net loss per ADS</b>wereRMB2.33(US$0.36), compared withRMB3.54in the same quarter of 2020.<b>Non-GAAP basic and diluted net loss per ADS</b>wereRMB1.52(US$0.23), compared withRMB2.73in the same quarter of 2020.</p><p><blockquote><b>每股美国存托凭证基本及摊薄净亏损</b>为人民币2.33元（0.36美元），而2020年同季度为人民币3.54元。<b>非 GAAP 每股美国存托凭证基本和摊薄净亏损</b>为人民币1.52元（0.23美元），而2020年同季度为人民币2.73元。</blockquote></p><p><b>Net cash flow used in operating activities</b>wasRMB3,724.5 million(US$568.5 million), compared withRMB567.1 millionin the same quarter of 2020, primarily due to an increase in restricted cash outflow due to seasonality, offset by increase in online marketing services revenues.</p><p><blockquote><b>经营活动所用现金流量净额</b>为人民币37.245亿元（5.685亿美元），而2020年同季度为人民币5.671亿元，主要是由于季节性因素导致受限制现金流出增加，但被在线营销服务收入的增加所抵消。</blockquote></p><p><b>Cash, cash equivalents and short-term investments</b>wereRMB83.4 billion(US$12.7 billion) as ofMarch 31, 2021, compared withRMB87.0 billionas ofDecember 31, 2020.</p><p><blockquote><b>现金、现金等价物及短期投资</b>截至 2021 年 3 月 31 日，营业额为人民币 834 亿元（127 亿美元），而截至 2020 年 12 月 31 日，营业额为人民币 870 亿元。</blockquote></p><p><b>Recent Development</b></p><p><blockquote><b>近期发展</b></blockquote></p><p>As ofApril 30, 2021,US$756.4 millionof the 0% convertible bonds due in 2024 have been converted into newly issued ADSs.</p><p><blockquote>截至2021年4月30日，2024年到期的0%可换股债券中的7.564亿美元已转换为新发行的美国存托凭证。</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>China's Pinduoduo beats quarterly revenue estimates<blockquote>中国拼多多季度收入超出预期</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; 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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\">\nChina's Pinduoduo beats quarterly revenue estimates<blockquote>中国拼多多季度收入超出预期</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-05-26 18:39</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Chinese e-commerce platform Pinduoduo Inc's quarterly revenue beat Wall Street estimates on Wednesday, driven by steady demand for online shopping following the COVID-19 pandemic.</p><p><blockquote>受 COVID-19 大流行后网上购物需求稳定的推动，中国电子商务平台拼多多周三的季度收入超出了华尔街的预期。</blockquote></p><p>Total revenue more than tripled to 22.17 billion yuan ($3.47 billion)in the first quarter, boosted by Pinduoduo's online marketing services revenue. Analysts on average had expected revenue of 20.2 billion yuan, according to IBES data from Refinitiv.</p><p><blockquote>在拼多多在线营销服务收入的推动下，第一季度总收入增长了两倍多，达到 221.7 亿元人民币（34.7 亿美元）。根据 Refinitiv 的 IBES 数据，分析师平均预期营收为 202 亿元人民币。</blockquote></p><p>The interactive buying platform's net loss attributable to shareholders narrowed to 2.91 billion yuan in the quarter ended March 31, from 4.12 billion yuan a year earlier.</p><p><blockquote>截至3月31日的季度，互动购平台归属于股东的净亏损从去年同期的41.2亿元收窄至29.1亿元。</blockquote></p><p>Active buyers on Pinduoduo in the 12-month period ended March rose 31% to about 824 million, outpacing Alibaba's 811 million.</p><p><blockquote>截至3月份的12个月期间，拼多多上的活跃买家增长了31%，达到约8.24亿，超过了阿里巴巴的8.11亿。</blockquote></p><p>Pinduoduo&nbsp;stock&nbsp;surged more than 3% in premarket trading.</p><p><blockquote>拼多多股价在盘前交易中飙升超过 3%。</blockquote></p><p><img src=\"https://static.tigerbbs.com/d78d44a7114b62db59be95f65e93e84e\" tg-width=\"1302\" tg-height=\"663\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>First Quarter 2021 Highlights</b></p><p><blockquote><b>2021年第一季度亮点</b></blockquote></p><p><ul><li><b>Total revenues</b>&nbsp;in the quarter were&nbsp;RMB22,167.1 million&nbsp;(US$13,383.4 million), an increase of 239% from&nbsp;RMB6,541.1 millionin the same quarter of 2020.</li><li><b>Average monthly active users</b>&nbsp;in the quarter was 724.6 million, an increase of 49% from 487.4 million in the same quarter of 2020.</li><li><b>Active buyers</b>&nbsp;in the twelve-month period endedMarch 31, 2021was 823.8 million, an increase of 31% from 628.1 million in the twelve-month period endedMarch 31, 2020.</li><li><b>Operating loss</b>&nbsp;in the quarter was&nbsp;RMB4,147.0 million(US$633.0 million), compared with operating loss of&nbsp;RMB4,397.2 millionin the same quarter of 2020.<b>Non-GAAP4&nbsp;operating loss</b>&nbsp;in the quarter wasRMB&nbsp;3,174.1 million(US$484.5 million), compared with operating loss ofRMB3,587.9 millionin the same quarter of 2020.</li><li><b>Net loss attributable to ordinary shareholders</b>&nbsp;in the quarter was&nbsp;RMB2,905.4 million(US$ 443.5 million), compared with&nbsp;RMB4,119.3 millionin the same quarter of 2020.<b>Non-GAAP net loss attributable to ordinary shareholders</b>&nbsp;in the quarter was&nbsp;RMB1,890.3 million(US$288.5 million), compared withRMB3,169.6 millionin the same quarter of 2020.</li></ul>“Our growing scale gives us both greater capacity and responsibility to live up to our mission to ‘benefit all’,” said Mr.Lei Chen, Chairman and Chief Executive Officer ofPinduoduo. “We envisionPinduoduoas a platform that not only facilitates the trading of goods and services but also serves as a conduit for turning ideas into solutions to everyday problems.”</p><p><blockquote><ul><li><b>收入总额</b>本季度营业额为人民币221.671亿元（133.834亿美元），较2020年同季度的人民币65.411亿元增长239%。</li><li><b>平均月活跃用户</b>本季度为 7.246 亿美元，比 2020 年同季度的 4.874 亿美元增长 49%。</li><li><b>活跃买家</b>截至2021年3月31日止12个月期间为8.238亿，较截至2020年3月31日止12个月期间的6.281亿增长31%。</li><li><b>经营亏损</b>本季度营业亏损为人民币41.47亿元（6.33亿美元），而2020年同季度营业亏损为人民币43.972亿元。<b>非 GAAP4 运营亏损</b>本季度营业亏损为人民币 31.741 亿元（4.845 亿美元），而 2020 年同季度营业亏损为人民币 35.879 亿元。</li><li><b>归属于普通股股东的净亏损</b>本季度为人民币29.054亿元（4.435亿美元），而2020年同季度为人民币41.193亿元。<b>非 GAAP 归属于普通股股东的净亏损</b>本季度为人民币18.903亿元（2.885亿美元），而2020年同季度为人民币31.696亿元。</li></ul>“拼多多董事长兼首席执行官陈磊先生说：”我们不断扩大的规模赋予了我们更大的能力和责任，以履行我们'造福所有人'的使命。“我们设想拼多多成为一个平台，不仅能促进商品和服务的交易，还能成为一个将想法转化为解决日常问题的渠道。”</blockquote></p><p>“We remain laser-focused on serving our users and anticipating what they need, and doing so in a way that is respectful of the community and environment,” added Mr.David Liu, Vice President of Strategy. “We will continue to engage our users, merchants and partners in improving all aspects of our services.”</p><p><blockquote>“我们将继续专注于服务用户，预测他们的需求，并以尊重社区和环境的方式做到这一点，”战略副总裁刘大伟先生补充道。“我们将继续让用户、商家和合作伙伴参与改善服务的各个方面”。</blockquote></p><p>“We continued to deliver strong results in the first quarter and remain disciplined,” said Mr.Tony Ma, Vice President of Finance. “Our total revenues, excluding contribution from merchandise sales, for the first quarter 2021 increased 161% from the prior year, while our non-GAAP operating and net losses narrowed at the same time.”</p><p><blockquote>“我们在第一季度继续取得强劲业绩，并保持纪律性，”财务副总裁马东尼先生说。“2021 年第一季度，我们的总收入（不包括商品销售的贡献）比上年同期增长了 161%，而我们的非美国通用会计准则营业亏损和净亏损同时收窄。”</blockquote></p><p><b>First Quarter 2021 Unaudited Financial Results</b></p><p><blockquote><b>2021年第一季度未经审计财务业绩</b></blockquote></p><p><b>Total revenues</b>wereRMB22,167.1 million(US$3,383.4 million), an increase of 239% fromRMB6,541.1 millionin the same quarter of 2020. The increase was primarily due to an increase in revenues from online marketing services and contribution from merchandise sales.</p><p><blockquote><b>收入总额</b>为人民币221.671亿元（33.834亿美元），较2020年同季度的人民币65.411亿元增长239%。该增加主要由于在线营销服务收入及商品销售贡献增加所致。</blockquote></p><p><ul><li><b>Revenues from online marketing services and others</b>wereRMB14,111.5 million(US$2,153.8 million), an increase of 157% fromRMB5,492.3 millionin the same quarter of 2020.</li><li><b>Revenues from transaction services</b>wereRMB2,931.5 million(US$447.4 million), an increase of 180% fromRMB1,048.8 millionin the same quarter of 2020.</li><li><b>Revenues from merchandise sales</b>wereRMB5,124.1 million(US$782.1 million), an increase ofRMB5,124.1 millionfrom nil in the same quarter of 2020.</li></ul><b>Total costs of revenues</b>wereRMB10,746.1 million(US$1,640.2 million), an increase of 487% fromRMB1,830.2 millionin the same quarter of 2020. The increase was mainly due to costs attributable to merchandise sales, higher cost of payment processing fees, cloud services fees, and delivery and storage fees.</p><p><blockquote><ul><li><b>来自在线营销服务及其他的收入</b>为人民币14,111.5百万元（2,153.8百万美元），较2020年同季度的人民币5,492.3百万元增长157%。</li><li><b>交易服务收入</b>为人民币29.315亿元（4.474亿美元），较2020年同一季度的人民币10.488亿元增长180%。</li><li><b>商品销售收入</b>为人民币5,124.1百万元（7.821亿美元），较2020年同一季度的零增加人民币5,124.1百万元。</li></ul><b>收入总成本</b>为人民币10,746.1百万元（1,640.2百万元），较2020年同一季度的人民币1,830.2百万元增长487%。该增加主要由于商品销售应占成本、支付处理费、云服务费以及交付和仓储费成本上升所致。</blockquote></p><p><b>Total operating expenses</b>wereRMB15,568.0 million(US$2,376.1 million), compared withRMB9,108.0 millionin the same quarter of 2020.</p><p><blockquote><b>营运开支总额</b>为人民币15,568.0百万元（2,376.1百万美元），而2020年同季度为人民币9,108.0百万元。</blockquote></p><p></p><p><ul><li><b>Sales and marketing expenses</b>wereRMB12,997.4 million(US$1,983.8 million), an increase of 78% fromRMB7,296.6 millionin the same quarter of 2020, mainly due to an increase in advertising expenses and promotion and coupon expenses.</li><li><b>General and administrative expenses</b>wereRMB351.9 million(US$53.7 million), an increase of 4% fromRMB338.3 millionin the same quarter of 2020.</li><li><b>Research and development expenses</b>wereRMB2,218.7 million(US$338.6 million), an increase of 51% fromRMB1,473.2 millionin the same quarter of 2020. The increase was primarily due to an increase in headcount and the recruitment of more experienced R&amp;D personnel and an increase in R&amp;D-related cloud services expenses.</li></ul><b>Operating loss</b>wasRMB4,147.0 million(US$633.0 million), compared with operating loss ofRMB4,397.2 millionin the same quarter of 2020.<b>Non-GAAP operating loss</b>wasRMB3,174.1 million(US$484.5 million), compared with operating loss ofRMB3,587.9 millionin the same quarter of 2020.</p><p><blockquote><ul><li><b>销售及市场推广开支</b>为人民币12,997.4百万元（1,983.8百万美元），较二零二零年同季度的人民币7,296.6百万元增长78%，主要由于广告费用、促销及优惠券费用增加所致。</li><li><b>一般及行政开支</b>为人民币3.519亿元（5370万美元），较2020年同季度的人民币3.383亿元增长4%。</li><li><b>研发开支</b>为人民币22.187亿元（3.386亿美元），较2020年同一季度的人民币14.732亿元增长51%。该增加主要由于员工人数增加及招聘更多经验丰富的研发人员以及研发相关云服务开支增加所致。</li></ul><b>经营亏损</b>为人民币41.47亿元（6.33亿美元），而2020年同一季度的经营亏损为人民币43.972亿元。<b>非 GAAP 运营亏损</b>为人民币31.741亿元（4.845亿美元），而2020年同季度的经营亏损为人民币35.879亿元。</blockquote></p><p><b>Net loss attributable to ordinary shareholders</b>wasRMB2,905.4 million(US$443.5 million), compared withRMB4,119.3 millionin the same quarter of 2020.<b>Non-GAAP net loss attributable to ordinary shareholders</b>wasRMB1,890.3 million(US$288.5 million), compared withRMB3,169.6 millionin the same quarter of 2020.</p><p><blockquote><b>归属于普通股股东的净亏损</b>为人民币29.054亿元（4.435亿美元），而2020年同季度为人民币41.193亿元。<b>非 GAAP 归属于普通股股东的净亏损</b>为人民币18.903亿元（2.885亿美元），而2020年同季度为人民币31.696亿元。</blockquote></p><p><b>Basic and diluted net loss per ADS</b>wereRMB2.33(US$0.36), compared withRMB3.54in the same quarter of 2020.<b>Non-GAAP basic and diluted net loss per ADS</b>wereRMB1.52(US$0.23), compared withRMB2.73in the same quarter of 2020.</p><p><blockquote><b>每股美国存托凭证基本及摊薄净亏损</b>为人民币2.33元（0.36美元），而2020年同季度为人民币3.54元。<b>非 GAAP 每股美国存托凭证基本和摊薄净亏损</b>为人民币1.52元（0.23美元），而2020年同季度为人民币2.73元。</blockquote></p><p><b>Net cash flow used in operating activities</b>wasRMB3,724.5 million(US$568.5 million), compared withRMB567.1 millionin the same quarter of 2020, primarily due to an increase in restricted cash outflow due to seasonality, offset by increase in online marketing services revenues.</p><p><blockquote><b>经营活动所用现金流量净额</b>为人民币37.245亿元（5.685亿美元），而2020年同季度为人民币5.671亿元，主要是由于季节性因素导致受限制现金流出增加，但被在线营销服务收入的增加所抵消。</blockquote></p><p><b>Cash, cash equivalents and short-term investments</b>wereRMB83.4 billion(US$12.7 billion) as ofMarch 31, 2021, compared withRMB87.0 billionas ofDecember 31, 2020.</p><p><blockquote><b>现金、现金等价物及短期投资</b>截至 2021 年 3 月 31 日，营业额为人民币 834 亿元（127 亿美元），而截至 2020 年 12 月 31 日，营业额为人民币 870 亿元。</blockquote></p><p><b>Recent Development</b></p><p><blockquote><b>近期发展</b></blockquote></p><p>As ofApril 30, 2021,US$756.4 millionof the 0% convertible bonds due in 2024 have been converted into newly issued ADSs.</p><p><blockquote>截至2021年4月30日，2024年到期的0%可换股债券中的7.564亿美元已转换为新发行的美国存托凭证。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"PDD":"拼多多"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1115191257","content_text":"Chinese e-commerce platform Pinduoduo Inc's quarterly revenue beat Wall Street estimates on Wednesday, driven by steady demand for online shopping following the COVID-19 pandemic.Total revenue more than tripled to 22.17 billion yuan ($3.47 billion)in the first quarter, boosted by Pinduoduo's online marketing services revenue. Analysts on average had expected revenue of 20.2 billion yuan, according to IBES data from Refinitiv.The interactive buying platform's net loss attributable to shareholders narrowed to 2.91 billion yuan in the quarter ended March 31, from 4.12 billion yuan a year earlier.Active buyers on Pinduoduo in the 12-month period ended March rose 31% to about 824 million, outpacing Alibaba's 811 million.Pinduoduo stock surged more than 3% in premarket trading.First Quarter 2021 HighlightsTotal revenues in the quarter were RMB22,167.1 million (US$13,383.4 million), an increase of 239% from RMB6,541.1 millionin the same quarter of 2020.Average monthly active users in the quarter was 724.6 million, an increase of 49% from 487.4 million in the same quarter of 2020.Active buyers in the twelve-month period endedMarch 31, 2021was 823.8 million, an increase of 31% from 628.1 million in the twelve-month period endedMarch 31, 2020.Operating loss in the quarter was RMB4,147.0 million(US$633.0 million), compared with operating loss of RMB4,397.2 millionin the same quarter of 2020.Non-GAAP4 operating loss in the quarter wasRMB 3,174.1 million(US$484.5 million), compared with operating loss ofRMB3,587.9 millionin the same quarter of 2020.Net loss attributable to ordinary shareholders in the quarter was RMB2,905.4 million(US$ 443.5 million), compared with RMB4,119.3 millionin the same quarter of 2020.Non-GAAP net loss attributable to ordinary shareholders in the quarter was RMB1,890.3 million(US$288.5 million), compared withRMB3,169.6 millionin the same quarter of 2020.“Our growing scale gives us both greater capacity and responsibility to live up to our mission to ‘benefit all’,” said Mr.Lei Chen, Chairman and Chief Executive Officer ofPinduoduo. “We envisionPinduoduoas a platform that not only facilitates the trading of goods and services but also serves as a conduit for turning ideas into solutions to everyday problems.”“We remain laser-focused on serving our users and anticipating what they need, and doing so in a way that is respectful of the community and environment,” added Mr.David Liu, Vice President of Strategy. “We will continue to engage our users, merchants and partners in improving all aspects of our services.”“We continued to deliver strong results in the first quarter and remain disciplined,” said Mr.Tony Ma, Vice President of Finance. “Our total revenues, excluding contribution from merchandise sales, for the first quarter 2021 increased 161% from the prior year, while our non-GAAP operating and net losses narrowed at the same time.”First Quarter 2021 Unaudited Financial ResultsTotal revenueswereRMB22,167.1 million(US$3,383.4 million), an increase of 239% fromRMB6,541.1 millionin the same quarter of 2020. The increase was primarily due to an increase in revenues from online marketing services and contribution from merchandise sales.Revenues from online marketing services and otherswereRMB14,111.5 million(US$2,153.8 million), an increase of 157% fromRMB5,492.3 millionin the same quarter of 2020.Revenues from transaction serviceswereRMB2,931.5 million(US$447.4 million), an increase of 180% fromRMB1,048.8 millionin the same quarter of 2020.Revenues from merchandise saleswereRMB5,124.1 million(US$782.1 million), an increase ofRMB5,124.1 millionfrom nil in the same quarter of 2020.Total costs of revenueswereRMB10,746.1 million(US$1,640.2 million), an increase of 487% fromRMB1,830.2 millionin the same quarter of 2020. The increase was mainly due to costs attributable to merchandise sales, higher cost of payment processing fees, cloud services fees, and delivery and storage fees.Total operating expenseswereRMB15,568.0 million(US$2,376.1 million), compared withRMB9,108.0 millionin the same quarter of 2020.Sales and marketing expenseswereRMB12,997.4 million(US$1,983.8 million), an increase of 78% fromRMB7,296.6 millionin the same quarter of 2020, mainly due to an increase in advertising expenses and promotion and coupon expenses.General and administrative expenseswereRMB351.9 million(US$53.7 million), an increase of 4% fromRMB338.3 millionin the same quarter of 2020.Research and development expenseswereRMB2,218.7 million(US$338.6 million), an increase of 51% fromRMB1,473.2 millionin the same quarter of 2020. The increase was primarily due to an increase in headcount and the recruitment of more experienced R&D personnel and an increase in R&D-related cloud services expenses.Operating losswasRMB4,147.0 million(US$633.0 million), compared with operating loss ofRMB4,397.2 millionin the same quarter of 2020.Non-GAAP operating losswasRMB3,174.1 million(US$484.5 million), compared with operating loss ofRMB3,587.9 millionin the same quarter of 2020.Net loss attributable to ordinary shareholderswasRMB2,905.4 million(US$443.5 million), compared withRMB4,119.3 millionin the same quarter of 2020.Non-GAAP net loss attributable to ordinary shareholderswasRMB1,890.3 million(US$288.5 million), compared withRMB3,169.6 millionin the same quarter of 2020.Basic and diluted net loss per ADSwereRMB2.33(US$0.36), compared withRMB3.54in the same quarter of 2020.Non-GAAP basic and diluted net loss per ADSwereRMB1.52(US$0.23), compared withRMB2.73in the same quarter of 2020.Net cash flow used in operating activitieswasRMB3,724.5 million(US$568.5 million), compared withRMB567.1 millionin the same quarter of 2020, primarily due to an increase in restricted cash outflow due to seasonality, offset by increase in online marketing services revenues.Cash, cash equivalents and short-term investmentswereRMB83.4 billion(US$12.7 billion) as ofMarch 31, 2021, compared withRMB87.0 billionas ofDecember 31, 2020.Recent DevelopmentAs ofApril 30, 2021,US$756.4 millionof the 0% convertible bonds due in 2024 have been converted into newly issued ADSs.","news_type":1,"symbols_score_info":{"PDD":0.9}},"isVote":1,"tweetType":1,"viewCount":418,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":194212044,"gmtCreate":1621382340388,"gmtModify":1631892451926,"author":{"id":"3562030572969317","authorId":"3562030572969317","name":"Gh0st_ape","avatar":"https://static.tigerbbs.com/152fa5b607690a4522043d4997f48f33","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3562030572969317","authorIdStr":"3562030572969317"},"themes":[],"title":"","htmlText":"K","listText":"K","text":"K","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/194212044","repostId":"2136999458","repostType":4,"isVote":1,"tweetType":1,"viewCount":484,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":358825534,"gmtCreate":1616680933628,"gmtModify":1631892451944,"author":{"id":"3562030572969317","authorId":"3562030572969317","name":"Gh0st_ape","avatar":"https://static.tigerbbs.com/152fa5b607690a4522043d4997f48f33","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3562030572969317","authorIdStr":"3562030572969317"},"themes":[],"title":"","htmlText":"Nbcb small market&nbsp;sell off and everybody panic. HODL you apes","listText":"Nbcb small market&nbsp;sell off and everybody panic. HODL you apes","text":"Nbcb small market sell off and everybody panic. HODL you apes","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/358825534","repostId":"1185338749","repostType":4,"isVote":1,"tweetType":1,"viewCount":739,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":314647434,"gmtCreate":1612348836028,"gmtModify":1703760652471,"author":{"id":"3562030572969317","authorId":"3562030572969317","name":"Gh0st_ape","avatar":"https://static.tigerbbs.com/152fa5b607690a4522043d4997f48f33","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3562030572969317","authorIdStr":"3562030572969317"},"themes":[],"title":"","htmlText":"Diamond or nothing boys","listText":"Diamond or nothing boys","text":"Diamond or nothing boys","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/314647434","repostId":"2108789545","repostType":2,"repost":{"id":"2108789545","kind":"highlight","weMediaInfo":{"introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"media_name":"Reuters","id":"1036604489","head_image":"https://static.tigerbbs.com/443ce19704621c837795676028cec868"},"pubTimestamp":1612254026,"share":"https://www.laohunote.com/m/news/2108789545?lang=zh_CN&edition=full","pubTime":"2021-02-02 16:20","market":"us","language":"en","title":"Five things to watch in Reddit stocks trading mania<blockquote>Reddit 股票交易狂热中值得关注的五件事</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2108789545","media":"Reuters","summary":"Feb 2 (Reuters) - Silver dropped more than 4% on Tuesday and GameStop Corp     sank 33% in early Eur","content":"<p><html><body>Feb 2 (Reuters) - Silver dropped more than 4% on Tuesday and GameStop Corp     sank 33% in early European deals, raising questions about how long a social media-fueled trading frenzy in stocks and other assets would last.</p><p><blockquote><html><body>路透2月2日 - 白银周二下跌逾4%，游戏驿站在欧洲早盘交易中下跌33%，引发了人们对社交媒体引发的股票和其他资产交易狂潮将持续多久的质疑。</body></html></blockquote></p><p>   The populist trading rally, organized in online forums such as Reddit's WallStreetBets, has helped attract a flood of retail cash into stocks such as GameStop, burned hedge funds that had bet against the stocks and roiled broader markets.</p><p><blockquote>在 Reddit 的 WallStreetBets 等在线论坛上组织的民粹主义交易集会，帮助吸引了大量零售现金流入游戏驿站等股票，烧毁了做空这些股票的对冲基金，并扰乱了更广泛的市场。</blockquote></p><p>   Here are five things to watch on Tuesday:</p><p><blockquote>以下是周二值得关注的五件事：</blockquote></p><p>    ** SILVER MARGINS - The rally in silver halted overnight with prices slipping back below $30 after CME Group    raised Comex 5000 Silver Futures maintenance margins by 17.9%. Frankfurt-listed shares of GameStop   , the trigger for the slugfest between amateur investors and Wall Street hedge funds last week, also plunged 37% at the open following a 19% slide on Monday.  </p><p><blockquote>** 白银保证金 - 芝加哥商品交易所集团将 Comex 5000 白银期货维护保证金提高 17.9% 后，白银的涨势隔夜停止，价格回落至 30 美元以下。在法兰克福上市的游戏驿站股价是上周业余投资者和华尔街对冲基金之间争斗的导火索，继周一下跌 19% 后，开盘时也暴跌 37%。</blockquote></p><p>        ** BROKER CAPITAL - Robinhood, the easy access brokerage app which has fueled the trades, raised another $2.4 billion in funding on top of the $1 billion it raised last week after its finances were strained by the retail trading frenzy, but will that be enough?  </p><p><blockquote>** BROKER CAPITAL - 推动交易的易于访问的经纪应用程序 Robinhood 在上周筹集 10 亿美元资金的基础上，又筹集了 24 亿美元资金，此前该公司的财务状况因零售交易狂潮而紧张，但这足够吗？</blockquote></p><p>    ** SHORT OF SHORTS - The number of GameStop shares that were shorted fell by more than half last week as short sellers scrambled to cover their bets due to soaring valuations of stocks they had bet would fall. Still, GameStop short interest stood at $8.82 billion as of Friday, making it the sixth-biggest short by value, according to S3.  </p><p><blockquote>**做空——上周被做空的游戏驿站股票数量下降了一半以上，因为卖空者争先恐后地回补他们的押注，因为他们押注会下跌的股票估值飙升。尽管如此，根据 S3 的数据，截至周五，游戏驿站的空头利息仍为 88.2 亿美元，按价值计算，是第六大空头。</blockquote></p><p>    ** REDDIT FORUMS - WallStreetBets saw a surge in posts on Monday arguing that the bets on silver were undercutting their focus on GameStop and other popular stocks. Swings in the forum's almost 8 million participants may decide where the pack move next.  ** BROADER MARKETS BOUNCE - The S&amp;P 500, hit by the fallout of the battle last week, registered its biggest daily percentage gain since November on Monday. Still, the U.S. stock market which some analysts argue already looks overvalued after a stimulus-powered rally last year, was at risk of falling further if the short squeeze persists.   </p><p><blockquote>** REDDIT 论坛 - WallStreetBets 周一的帖子激增，认为对白银的押注削弱了他们对游戏驿站和其他热门股票的关注。论坛近800万参与者的波动可能会决定下一步的走向。** 大盘反弹 - 受上周战争影响的标普500周一录得自 11 月以来最大单日百分比涨幅。尽管如此，一些分析师认为，美国股市在去年刺激经济推动的反弹后看起来已经被高估，如果空头挤压持续下去，美国股市可能会进一步下跌。</blockquote></p><p> (Writing by Sagarika Jaisinghani in Bengaluru; Editing by Bernard Orr)</p><p><blockquote>（作者：Sagarika Jaisinghani，班加罗尔；编辑：Bernard Orr）</blockquote></p><p>((Sagarika.Jaisinghani@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 6182 2256))</p><p><blockquote>((Sagarika.Jaisinghani@thomsonreuters.com；美国境内+1 646 223 8780；美国境外+91 80 6182 2256))</blockquote></p><p></body></html></p><p><blockquote></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>Five things to watch in Reddit stocks trading mania<blockquote>Reddit 股票交易狂热中值得关注的五件事</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\">\nFive things to watch in Reddit stocks trading mania<blockquote>Reddit 股票交易狂热中值得关注的五件事</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036604489\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/443ce19704621c837795676028cec868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time smaller\">2021-02-02 16:20</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><body>Feb 2 (Reuters) - Silver dropped more than 4% on Tuesday and GameStop Corp     sank 33% in early European deals, raising questions about how long a social media-fueled trading frenzy in stocks and other assets would last.</p><p><blockquote><html><body>路透2月2日 - 白银周二下跌逾4%，游戏驿站在欧洲早盘交易中下跌33%，引发了人们对社交媒体引发的股票和其他资产交易狂潮将持续多久的质疑。</body></html></blockquote></p><p>   The populist trading rally, organized in online forums such as Reddit's WallStreetBets, has helped attract a flood of retail cash into stocks such as GameStop, burned hedge funds that had bet against the stocks and roiled broader markets.</p><p><blockquote>在 Reddit 的 WallStreetBets 等在线论坛上组织的民粹主义交易集会，帮助吸引了大量零售现金流入游戏驿站等股票，烧毁了做空这些股票的对冲基金，并扰乱了更广泛的市场。</blockquote></p><p>   Here are five things to watch on Tuesday:</p><p><blockquote>以下是周二值得关注的五件事：</blockquote></p><p>    ** SILVER MARGINS - The rally in silver halted overnight with prices slipping back below $30 after CME Group    raised Comex 5000 Silver Futures maintenance margins by 17.9%. Frankfurt-listed shares of GameStop   , the trigger for the slugfest between amateur investors and Wall Street hedge funds last week, also plunged 37% at the open following a 19% slide on Monday.  </p><p><blockquote>** 白银保证金 - 芝加哥商品交易所集团将 Comex 5000 白银期货维护保证金提高 17.9% 后，白银的涨势隔夜停止，价格回落至 30 美元以下。在法兰克福上市的游戏驿站股价是上周业余投资者和华尔街对冲基金之间争斗的导火索，继周一下跌 19% 后，开盘时也暴跌 37%。</blockquote></p><p>        ** BROKER CAPITAL - Robinhood, the easy access brokerage app which has fueled the trades, raised another $2.4 billion in funding on top of the $1 billion it raised last week after its finances were strained by the retail trading frenzy, but will that be enough?  </p><p><blockquote>** BROKER CAPITAL - 推动交易的易于访问的经纪应用程序 Robinhood 在上周筹集 10 亿美元资金的基础上，又筹集了 24 亿美元资金，此前该公司的财务状况因零售交易狂潮而紧张，但这足够吗？</blockquote></p><p>    ** SHORT OF SHORTS - The number of GameStop shares that were shorted fell by more than half last week as short sellers scrambled to cover their bets due to soaring valuations of stocks they had bet would fall. Still, GameStop short interest stood at $8.82 billion as of Friday, making it the sixth-biggest short by value, according to S3.  </p><p><blockquote>**做空——上周被做空的游戏驿站股票数量下降了一半以上，因为卖空者争先恐后地回补他们的押注，因为他们押注会下跌的股票估值飙升。尽管如此，根据 S3 的数据，截至周五，游戏驿站的空头利息仍为 88.2 亿美元，按价值计算，是第六大空头。</blockquote></p><p>    ** REDDIT FORUMS - WallStreetBets saw a surge in posts on Monday arguing that the bets on silver were undercutting their focus on GameStop and other popular stocks. Swings in the forum's almost 8 million participants may decide where the pack move next.  ** BROADER MARKETS BOUNCE - The S&amp;P 500, hit by the fallout of the battle last week, registered its biggest daily percentage gain since November on Monday. Still, the U.S. stock market which some analysts argue already looks overvalued after a stimulus-powered rally last year, was at risk of falling further if the short squeeze persists.   </p><p><blockquote>** REDDIT 论坛 - WallStreetBets 周一的帖子激增，认为对白银的押注削弱了他们对游戏驿站和其他热门股票的关注。论坛近800万参与者的波动可能会决定下一步的走向。** 大盘反弹 - 受上周战争影响的标普500周一录得自 11 月以来最大单日百分比涨幅。尽管如此，一些分析师认为，美国股市在去年刺激经济推动的反弹后看起来已经被高估，如果空头挤压持续下去，美国股市可能会进一步下跌。</blockquote></p><p> (Writing by Sagarika Jaisinghani in Bengaluru; Editing by Bernard Orr)</p><p><blockquote>（作者：Sagarika Jaisinghani，班加罗尔；编辑：Bernard Orr）</blockquote></p><p>((Sagarika.Jaisinghani@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 6182 2256))</p><p><blockquote>((Sagarika.Jaisinghani@thomsonreuters.com；美国境内+1 646 223 8780；美国境外+91 80 6182 2256))</blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMC":"AMC院线","CME":"芝加哥商品交易所","SLV":"白银ETF-iShares","GME":"游戏驿站"},"source_url":"http://api.rkd.refinitiv.com/api/News/News.svc/REST/News_1/RetrieveStoryML_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2108789545","content_text":"Feb 2 (Reuters) - Silver dropped more than 4% on Tuesday and GameStop Corp     sank 33% in early European deals, raising questions about how long a social media-fueled trading frenzy in stocks and other assets would last.   The populist trading rally, organized in online forums such as Reddit's WallStreetBets, has helped attract a flood of retail cash into stocks such as GameStop, burned hedge funds that had bet against the stocks and roiled broader markets.   Here are five things to watch on Tuesday:    ** SILVER MARGINS - The rally in silver halted overnight with prices slipping back below $30 after CME Group    raised Comex 5000 Silver Futures maintenance margins by 17.9%. Frankfurt-listed shares of GameStop   , the trigger for the slugfest between amateur investors and Wall Street hedge funds last week, also plunged 37% at the open following a 19% slide on Monday.          ** BROKER CAPITAL - Robinhood, the easy access brokerage app which has fueled the trades, raised another $2.4 billion in funding on top of the $1 billion it raised last week after its finances were strained by the retail trading frenzy, but will that be enough?      ** SHORT OF SHORTS - The number of GameStop shares that were shorted fell by more than half last week as short sellers scrambled to cover their bets due to soaring valuations of stocks they had bet would fall. Still, GameStop short interest stood at $8.82 billion as of Friday, making it the sixth-biggest short by value, according to S3.      ** REDDIT FORUMS - WallStreetBets saw a surge in posts on Monday arguing that the bets on silver were undercutting their focus on GameStop and other popular stocks. Swings in the forum's almost 8 million participants may decide where the pack move next.  ** BROADER MARKETS BOUNCE - The S&P 500, hit by the fallout of the battle last week, registered its biggest daily percentage gain since November on Monday. Still, the U.S. stock market which some analysts argue already looks overvalued after a stimulus-powered rally last year, was at risk of falling further if the short squeeze persists.    (Writing by Sagarika Jaisinghani in Bengaluru; Editing by Bernard Orr)((Sagarika.Jaisinghani@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 6182 2256))","news_type":1,"symbols_score_info":{"CME":0.9,"AMC":0.9,"GME":0.9,"SLV":0.9,"GME.AU":0.9}},"isVote":1,"tweetType":1,"viewCount":667,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":111939344,"gmtCreate":1622648070688,"gmtModify":1631892451893,"author":{"id":"3562030572969317","authorId":"3562030572969317","name":"Gh0st_ape","avatar":"https://static.tigerbbs.com/152fa5b607690a4522043d4997f48f33","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3562030572969317","authorIdStr":"3562030572969317"},"themes":[],"title":"","htmlText":"Pls like and comment","listText":"Pls like and comment","text":"Pls like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/111939344","repostId":"1103795044","repostType":4,"isVote":1,"tweetType":1,"viewCount":606,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":141852316,"gmtCreate":1625849650335,"gmtModify":1631890215102,"author":{"id":"3562030572969317","authorId":"3562030572969317","name":"Gh0st_ape","avatar":"https://static.tigerbbs.com/152fa5b607690a4522043d4997f48f33","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3562030572969317","authorIdStr":"3562030572969317"},"themes":[],"title":"","htmlText":"Like please","listText":"Like please","text":"Like please","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/141852316","repostId":"1155625151","repostType":4,"isVote":1,"tweetType":1,"viewCount":2416,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":151097717,"gmtCreate":1625056359039,"gmtModify":1631890215133,"author":{"id":"3562030572969317","authorId":"3562030572969317","name":"Gh0st_ape","avatar":"https://static.tigerbbs.com/152fa5b607690a4522043d4997f48f33","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3562030572969317","authorIdStr":"3562030572969317"},"themes":[],"title":"","htmlText":"Like and comment","listText":"Like and comment","text":"Like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/151097717","repostId":"1195094821","repostType":4,"isVote":1,"tweetType":1,"viewCount":3099,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":126148895,"gmtCreate":1624548846417,"gmtModify":1631890215191,"author":{"id":"3562030572969317","authorId":"3562030572969317","name":"Gh0st_ape","avatar":"https://static.tigerbbs.com/152fa5b607690a4522043d4997f48f33","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3562030572969317","authorIdStr":"3562030572969317"},"themes":[],"title":"","htmlText":"Like and comment","listText":"Like and comment","text":"Like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/126148895","repostId":"1187819280","repostType":4,"repost":{"id":"1187819280","kind":"news","pubTimestamp":1624529642,"share":"https://www.laohunote.com/m/news/1187819280?lang=zh_CN&edition=full","pubTime":"2021-06-24 18:14","market":"us","language":"en","title":"The ‘shelter in suburbia’ trade is about to reverse — and these stocks will suffer<blockquote>“郊区避难所”交易即将逆转--这些股票将受到影响</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1187819280","media":"MarketWatch","summary":"5 reasons the pandemic megatrend is over.\n\nOne of the biggest investment stories of the COVID-19 pan","content":"<p>  <b>5 reasons the pandemic megatrend is over.</b>  One of the biggest investment stories of the COVID-19 pandemic has been the boom in consumer discretionary stocks with a “shelter in suburbia” theme. From e-commerce platforms to home improvement stores to furniture and housewares merchants, many of the top performers have fit this flavor.</p><p><blockquote><b>疫情大趋势结束的 5 个原因。</b>COVID-19 大流行期间最大的投资故事之一是以 “郊区避难所 ”为主题的非必需消费品股票的繁荣。从电商平台到家装卖场再到家具家居用品商家，不少顶尖表现者都符合这一口味。</blockquote></p><p> Take the broad-based Vanguard Consumer Discretionary Index Fund ETF VCR, +0.66% that surged more than 90% from March 2020 to March 2021. That was thanks to components like home improvement stocks Lowe’s LOW, -0.30% and Home Depot HD, -0.33% alongside retailers like TJX TJX, -0.08%.</p><p><blockquote>以基础广泛的先锋非必需消费品指数基金 ETF VCR 为例，该基金上涨 0.66%，从 2020 年 3 月到 2021 年 3 月飙升 90% 以上。这得益于家装股 Lowe's LOW（-0.30%）和 Home Depot HD（-0.33%）等成分股，以及 TJX TJX（-0.08%）等零售商。</blockquote></p><p> Lately, however, performance has started to lag for many of these names. In fact, since April 1 we’ve seen these three stocks all drift slightly into the red even as the S&amp;P 500 SPX, -0.11% has tacked on about 6% in the same period.</p><p><blockquote>然而，最近，其中许多名字的表现开始落后。事实上，自 4 月 1 日以来，我们已经看到这三只股票都小幅飘红，即使标普500 SPX 指数同期上涨了约 6%，-0.11%。</blockquote></p><p> And some fear that may only be the beginning. As one Wall Street insider said recently in a Bloomberg interview, a “huge unwind” is coming for stay-at-home stocks, including hardware stores and home-goods merchants.</p><p><blockquote>有些恐惧可能只是开始。正如一位华尔街内部人士最近在接受彭博社采访时所说，包括五金店和家居用品商家在内的家居类股票即将 “大幅放松”。</blockquote></p><p> While some big-name “suburbia” trades are still relatively stable, signs of trouble are already emerging at the fringes. Century Communities CCS, -0.34% and Dream Finders Homes DFH, -2.55%, two mid-tier single family homebuilders, have seen shares crash by double digits over the last month. On the furnishings side, appliance giant Whirlpool Corporation WHR, -0.51% and department store Nordstrom JWN, +2.03% are down sharply from their spring highs.</p><p><blockquote>虽然一些大牌 “郊区 ”行业仍相对稳定，但边缘地区已经出现了麻烦的迹象。Century Communities CCS（-0.34%）和Dream Finders Homes DFH（-2.55%）是两家中型单户住宅建筑商，其股价在过去一个月暴跌了两位数。在家具方面，家电巨头惠而浦公司WHR（-0.51%）和百货公司Nordstrom JWN（+2.03%）从春季高点大幅下跌。</blockquote></p><p> <b>Here are five big reasons why:</b></p><p><blockquote><b>以下是五个主要原因：</b></blockquote></p><p> <b>1.</b>&nbsp;<b>The upgrade cycle is over</b></p><p><blockquote><b>1.</b> <b>升级周期结束</b></blockquote></p><p> Last summer, white-collar workers who were stuck at home made note of overdue projects and took advantage of being able to easily meet with contractors. But in many ways, this growth is not sustainable.</p><p><blockquote>去年夏天，被困在家里的白领们注意到了逾期的项目，并利用能够轻松地与承包商会面的优势。但在很多方面，这种增长是不可持续的。</blockquote></p><p> Consider the kind of purchases homeowners were making according to data from the NPD Group. Faucets, kitchen cabinets and even toilets were among the most popular products sold in 2020. Needless to say, even the most profligate homeowners aren’t going to follow this upgrade cycle of remodeling kitchens and bathrooms on an annual basis.</p><p><blockquote>根据NPD集团的数据，考虑房主正在进行的购买类型。水龙头、橱柜甚至马桶都是2020年最受欢迎的产品。不用说，即使是最挥霍的房主也不会遵循这种每年改造厨房和浴室的升级周期。</blockquote></p><p> The same is true for furniture and other home goods. Internet giant Comscore recorded the highest visitation to related websites in history in May 2020 with 133 million web surfers shopping for some kind of home goods. Once again, a new couch or lamp is not an annual purchase — so this trend seems unsustainable for much longer.</p><p><blockquote>家具和其他家居用品也是如此。互联网巨头Comscore在2020年5月创下了相关网站历史上最高的访问量，有1.33亿网民购买了某种家居用品。再说一次，新沙发或灯具不是每年都要买的——所以这种趋势似乎不可持续太久。</blockquote></p><p> <b>2.&nbsp;Valuations are stretched</b></p><p><blockquote><b>2.估值捉襟见肘</b></blockquote></p><p> Speaking of post-pandemic peaks for home-goods purveyors, we’ve seen the financials bear out these big increases via boosted profits and sales. However, we’ve also seen the stock of many related merchants surge even more — stretching their valuations from historical norms.</p><p><blockquote>说到大流行后家居用品供应商的高峰，我们已经看到财务状况通过提高利润和销售额来承受这些大幅增长。然而，我们也看到许多相关商家的股价飙升得更厉害--它们的估值超出了历史常态。</blockquote></p><p> Take TJX. Currently this discount retailer has a forward price-to-earnings ratio of more than 26, compared with a forward P/E of just 21 in spring 2020. Its trailing price-to-sales ratio is now 2.1 compared with 1.4.</p><p><blockquote>以TJX为例。目前，这家折扣零售商的远期市盈率超过 26，而 2020 年春季的远期市盈率仅为 21。其历史市销率目前为 2.1，而之前为 1.4。</blockquote></p><p> What’s more, valuations for previous darlings like TJX are out of line with peers, too. Consider the forward P/E of the overall S&amp;P 500 index is 22 right now, and other similar names like Macy’s M, +0.70% and Big Lots BIG, -3.71% actually have forward P/E ratios well under 10. You can argue TJX is unique, of course… but you also may want to be aware of what “fair value” looks like for many other stocks outside fashionable stay-at-home trades right now.</p><p><blockquote>更重要的是，TJX 等昔日宠儿的估值也与同行不符。考虑到目前整个标普500指数的远期市盈率为 22，而其他类似的公司，如梅西百货 M, +0.70% 和 Big Lots Big, -3.71% 的远期市盈率实际上远低于 10。当然，你可以说 TJX 是独一无二的.但你可能也想知道，目前除了时尚的居家交易之外，许多其他股票的 “公允价值 ”是什么样的。</blockquote></p><p> <b>3.&nbsp;Delays and shortages</b></p><p><blockquote><b>3. 延误和短缺</b></blockquote></p><p> Future growth from pandemic-fueled peaks in these stocks is not impossible, of course. But given supply chain disruptions it seems highly unlikely. There are a host of reasons for these delays, including overseas shipping delays as well as capacity and output crunches that are affecting many industries, but “stay at home” stocks seem particularly hard hit.</p><p><blockquote>当然，这些股票未来从疫情推动的峰值增长并非不可能。但考虑到供应链中断，这似乎不太可能。造成这些延误的原因有很多，包括海外航运延误以及影响许多行业的产能和产量紧缩，但 “宅在家里 ”的股票似乎受到的打击尤为严重。</blockquote></p><p> Home improvement products are simply nowhere to be found, with roughly 94% of builders reporting “at least some serious shortages of appliances” according to the National Association of Home Builders. Another 93% are running short on framing lumber and 87% say it is hard to obtain windows and doors.</p><p><blockquote>根据全国住宅建筑商协会（National Association of Home Builders）的数据，大约 94% 的建筑商表示 “至少存在一些严重的电器短缺”。另有93%的人缺少框架木材，87%的人说很难获得门窗。</blockquote></p><p> Even if you can get past demand concerns, without the raw materials to get to work it’s very hard to see future growth in this category.</p><p><blockquote>即使你能摆脱需求担忧，如果没有原材料来生产，也很难看到这一类别的未来增长。</blockquote></p><p> <b>4.&nbsp;Inflationary pressures</b></p><p><blockquote><b>4. 通货膨胀压力</b></blockquote></p><p> For the people who haven’t already ponied up the cash for a contractor or made their peace with extended delays for their expensive new furniture, there is a pretty big disincentive right now for new shoppers: inflation.</p><p><blockquote>对于那些还没有花钱买承包商，也没有接受昂贵的新家具长期延误的人来说，现在有一个相当大的阻碍因素会阻碍新购物者：通货膨胀。</blockquote></p><p></p><p> The cost of living as measured by the Consumer Price Index jumped 0.6% in May to run at a 5% annual rate. That was not only higher than expectations, but the fastest pace since the summer of 2008. The inflation risks were so pronounced that the Federal Reserve publicly stated it could move up the schedule for expected interest rate increases to keep the risks under wraps.</p><p><blockquote>以消费者价格指数衡量的生活成本在5月份上涨了0.6%，年增长率为5%。这不仅高于预期，而且是自2008年夏天以来最快的速度。通胀风险如此明显，以至于美联储公开表示可能会提前预期加息时间表，以掩盖风险。</blockquote></p><p> Inflation isn’t always a death knell, of course. But it has historically eroded purchasing power and could curtail some of the spending in “stay at home” stocks that we’ve seen in the last year or so.</p><p><blockquote>当然，通货膨胀并不总是丧钟。但从历史上看，它已经侵蚀了购买力，并可能削减我们在过去一年左右看到的 “宅在家里 ”股票的一些支出。</blockquote></p><p> <b>5.&nbsp;Home-equity hubris</b></p><p><blockquote><b>5. 房屋净值傲慢</b></blockquote></p><p> Speaking of red-hot inflation: In May, the median price for U.S. homes topped $350,000 for the first time ever — up 23.6% from 2020. What’s more, a Realtor.com survey showed roughly a third of selling homeowners expect to get more than their asking price, and roughly the same amount expect an offer within a week of listing.</p><p><blockquote>说到炙手可热的通胀：5月份，美国房屋的中位数价格有史以来首次突破35万美元，比2020年上涨了23.6%。此外，Realtor.com 的一项调查显示，大约三分之一的出售房主希望获得高于要价的价格，大约同样数量的房主希望在挂牌一周内收到报价。</blockquote></p><p> Some of this is justifiable. Many articles have been written in recent years about the dearth of supply in attractive markets, and it’s important to acknowledge the remote work of the pandemic has indeed created some disruptive introspection into why people live where they do.</p><p><blockquote>其中一些是合理的。近年来，许多文章都在谈论有吸引力的市场供应短缺的问题，重要的是要承认，大流行病的远程工作确实让人们对人们为何生活在这样的地方进行了一些颠覆性的反思。</blockquote></p><p> But here’s where things get dicey: homeowners who have already spent the expected premium on their home’s price well in advance. According to Freddie Mac, about $152.7 billion in equity loans were taken out on U.S. houses last year, a massive increase of 41.7% from 2019 and the highest refinancing cash-out dollar amount since 2007.</p><p><blockquote>但问题就出在这里： 已经提前支付了房价预期溢价的房主。根据房地美的数据，去年美国房屋的股权贷款约为1527亿美元，比2019年大幅增长41.7%，是自2007年以来最高的再融资套现金额。</blockquote></p><p> Anyone remember what happened to the real-estate market in 2007? Or the similar sense of seller entitlement from those days? There’s no clear signs of a bubble bursting just yet, but there’s real risk American homeowners may be overly optimistic about what their homes are worth — and a chance this home equity loan free-for-all simply isn’t sustainable for much longer.</p><p><blockquote>有人记得2007年房地产市场发生了什么吗？还是当时类似的卖家权利？目前还没有明显的泡沫破裂迹象，但美国房主确实有可能对自己的房屋价值过于乐观--而且这种免费的房屋净值贷款很可能根本无法持续太久。</blockquote></p><p></p>","source":"lsy1603348471595","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>The ‘shelter in suburbia’ trade is about to reverse — and these stocks will suffer<blockquote>“郊区避难所”交易即将逆转--这些股票将受到影响</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\">\nThe ‘shelter in suburbia’ trade is about to reverse — and these stocks will suffer<blockquote>“郊区避难所”交易即将逆转--这些股票将受到影响</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-06-24 18:14</span>\n</p>\n</h4>\n</header>\n<article>\n<p>  <b>5 reasons the pandemic megatrend is over.</b>  One of the biggest investment stories of the COVID-19 pandemic has been the boom in consumer discretionary stocks with a “shelter in suburbia” theme. From e-commerce platforms to home improvement stores to furniture and housewares merchants, many of the top performers have fit this flavor.</p><p><blockquote><b>疫情大趋势结束的 5 个原因。</b>COVID-19 大流行期间最大的投资故事之一是以 “郊区避难所 ”为主题的非必需消费品股票的繁荣。从电商平台到家装卖场再到家具家居用品商家，不少顶尖表现者都符合这一口味。</blockquote></p><p> Take the broad-based Vanguard Consumer Discretionary Index Fund ETF VCR, +0.66% that surged more than 90% from March 2020 to March 2021. That was thanks to components like home improvement stocks Lowe’s LOW, -0.30% and Home Depot HD, -0.33% alongside retailers like TJX TJX, -0.08%.</p><p><blockquote>以基础广泛的先锋非必需消费品指数基金 ETF VCR 为例，该基金上涨 0.66%，从 2020 年 3 月到 2021 年 3 月飙升 90% 以上。这得益于家装股 Lowe's LOW（-0.30%）和 Home Depot HD（-0.33%）等成分股，以及 TJX TJX（-0.08%）等零售商。</blockquote></p><p> Lately, however, performance has started to lag for many of these names. In fact, since April 1 we’ve seen these three stocks all drift slightly into the red even as the S&amp;P 500 SPX, -0.11% has tacked on about 6% in the same period.</p><p><blockquote>然而，最近，其中许多名字的表现开始落后。事实上，自 4 月 1 日以来，我们已经看到这三只股票都小幅飘红，即使标普500 SPX 指数同期上涨了约 6%，-0.11%。</blockquote></p><p> And some fear that may only be the beginning. As one Wall Street insider said recently in a Bloomberg interview, a “huge unwind” is coming for stay-at-home stocks, including hardware stores and home-goods merchants.</p><p><blockquote>有些恐惧可能只是开始。正如一位华尔街内部人士最近在接受彭博社采访时所说，包括五金店和家居用品商家在内的家居类股票即将 “大幅放松”。</blockquote></p><p> While some big-name “suburbia” trades are still relatively stable, signs of trouble are already emerging at the fringes. Century Communities CCS, -0.34% and Dream Finders Homes DFH, -2.55%, two mid-tier single family homebuilders, have seen shares crash by double digits over the last month. On the furnishings side, appliance giant Whirlpool Corporation WHR, -0.51% and department store Nordstrom JWN, +2.03% are down sharply from their spring highs.</p><p><blockquote>虽然一些大牌 “郊区 ”行业仍相对稳定，但边缘地区已经出现了麻烦的迹象。Century Communities CCS（-0.34%）和Dream Finders Homes DFH（-2.55%）是两家中型单户住宅建筑商，其股价在过去一个月暴跌了两位数。在家具方面，家电巨头惠而浦公司WHR（-0.51%）和百货公司Nordstrom JWN（+2.03%）从春季高点大幅下跌。</blockquote></p><p> <b>Here are five big reasons why:</b></p><p><blockquote><b>以下是五个主要原因：</b></blockquote></p><p> <b>1.</b>&nbsp;<b>The upgrade cycle is over</b></p><p><blockquote><b>1.</b> <b>升级周期结束</b></blockquote></p><p> Last summer, white-collar workers who were stuck at home made note of overdue projects and took advantage of being able to easily meet with contractors. But in many ways, this growth is not sustainable.</p><p><blockquote>去年夏天，被困在家里的白领们注意到了逾期的项目，并利用能够轻松地与承包商会面的优势。但在很多方面，这种增长是不可持续的。</blockquote></p><p> Consider the kind of purchases homeowners were making according to data from the NPD Group. Faucets, kitchen cabinets and even toilets were among the most popular products sold in 2020. Needless to say, even the most profligate homeowners aren’t going to follow this upgrade cycle of remodeling kitchens and bathrooms on an annual basis.</p><p><blockquote>根据NPD集团的数据，考虑房主正在进行的购买类型。水龙头、橱柜甚至马桶都是2020年最受欢迎的产品。不用说，即使是最挥霍的房主也不会遵循这种每年改造厨房和浴室的升级周期。</blockquote></p><p> The same is true for furniture and other home goods. Internet giant Comscore recorded the highest visitation to related websites in history in May 2020 with 133 million web surfers shopping for some kind of home goods. Once again, a new couch or lamp is not an annual purchase — so this trend seems unsustainable for much longer.</p><p><blockquote>家具和其他家居用品也是如此。互联网巨头Comscore在2020年5月创下了相关网站历史上最高的访问量，有1.33亿网民购买了某种家居用品。再说一次，新沙发或灯具不是每年都要买的——所以这种趋势似乎不可持续太久。</blockquote></p><p> <b>2.&nbsp;Valuations are stretched</b></p><p><blockquote><b>2.估值捉襟见肘</b></blockquote></p><p> Speaking of post-pandemic peaks for home-goods purveyors, we’ve seen the financials bear out these big increases via boosted profits and sales. However, we’ve also seen the stock of many related merchants surge even more — stretching their valuations from historical norms.</p><p><blockquote>说到大流行后家居用品供应商的高峰，我们已经看到财务状况通过提高利润和销售额来承受这些大幅增长。然而，我们也看到许多相关商家的股价飙升得更厉害--它们的估值超出了历史常态。</blockquote></p><p> Take TJX. Currently this discount retailer has a forward price-to-earnings ratio of more than 26, compared with a forward P/E of just 21 in spring 2020. Its trailing price-to-sales ratio is now 2.1 compared with 1.4.</p><p><blockquote>以TJX为例。目前，这家折扣零售商的远期市盈率超过 26，而 2020 年春季的远期市盈率仅为 21。其历史市销率目前为 2.1，而之前为 1.4。</blockquote></p><p> What’s more, valuations for previous darlings like TJX are out of line with peers, too. Consider the forward P/E of the overall S&amp;P 500 index is 22 right now, and other similar names like Macy’s M, +0.70% and Big Lots BIG, -3.71% actually have forward P/E ratios well under 10. You can argue TJX is unique, of course… but you also may want to be aware of what “fair value” looks like for many other stocks outside fashionable stay-at-home trades right now.</p><p><blockquote>更重要的是，TJX 等昔日宠儿的估值也与同行不符。考虑到目前整个标普500指数的远期市盈率为 22，而其他类似的公司，如梅西百货 M, +0.70% 和 Big Lots Big, -3.71% 的远期市盈率实际上远低于 10。当然，你可以说 TJX 是独一无二的.但你可能也想知道，目前除了时尚的居家交易之外，许多其他股票的 “公允价值 ”是什么样的。</blockquote></p><p> <b>3.&nbsp;Delays and shortages</b></p><p><blockquote><b>3. 延误和短缺</b></blockquote></p><p> Future growth from pandemic-fueled peaks in these stocks is not impossible, of course. But given supply chain disruptions it seems highly unlikely. There are a host of reasons for these delays, including overseas shipping delays as well as capacity and output crunches that are affecting many industries, but “stay at home” stocks seem particularly hard hit.</p><p><blockquote>当然，这些股票未来从疫情推动的峰值增长并非不可能。但考虑到供应链中断，这似乎不太可能。造成这些延误的原因有很多，包括海外航运延误以及影响许多行业的产能和产量紧缩，但 “宅在家里 ”的股票似乎受到的打击尤为严重。</blockquote></p><p> Home improvement products are simply nowhere to be found, with roughly 94% of builders reporting “at least some serious shortages of appliances” according to the National Association of Home Builders. Another 93% are running short on framing lumber and 87% say it is hard to obtain windows and doors.</p><p><blockquote>根据全国住宅建筑商协会（National Association of Home Builders）的数据，大约 94% 的建筑商表示 “至少存在一些严重的电器短缺”。另有93%的人缺少框架木材，87%的人说很难获得门窗。</blockquote></p><p> Even if you can get past demand concerns, without the raw materials to get to work it’s very hard to see future growth in this category.</p><p><blockquote>即使你能摆脱需求担忧，如果没有原材料来生产，也很难看到这一类别的未来增长。</blockquote></p><p> <b>4.&nbsp;Inflationary pressures</b></p><p><blockquote><b>4. 通货膨胀压力</b></blockquote></p><p> For the people who haven’t already ponied up the cash for a contractor or made their peace with extended delays for their expensive new furniture, there is a pretty big disincentive right now for new shoppers: inflation.</p><p><blockquote>对于那些还没有花钱买承包商，也没有接受昂贵的新家具长期延误的人来说，现在有一个相当大的阻碍因素会阻碍新购物者：通货膨胀。</blockquote></p><p></p><p> The cost of living as measured by the Consumer Price Index jumped 0.6% in May to run at a 5% annual rate. That was not only higher than expectations, but the fastest pace since the summer of 2008. The inflation risks were so pronounced that the Federal Reserve publicly stated it could move up the schedule for expected interest rate increases to keep the risks under wraps.</p><p><blockquote>以消费者价格指数衡量的生活成本在5月份上涨了0.6%，年增长率为5%。这不仅高于预期，而且是自2008年夏天以来最快的速度。通胀风险如此明显，以至于美联储公开表示可能会提前预期加息时间表，以掩盖风险。</blockquote></p><p> Inflation isn’t always a death knell, of course. But it has historically eroded purchasing power and could curtail some of the spending in “stay at home” stocks that we’ve seen in the last year or so.</p><p><blockquote>当然，通货膨胀并不总是丧钟。但从历史上看，它已经侵蚀了购买力，并可能削减我们在过去一年左右看到的 “宅在家里 ”股票的一些支出。</blockquote></p><p> <b>5.&nbsp;Home-equity hubris</b></p><p><blockquote><b>5. 房屋净值傲慢</b></blockquote></p><p> Speaking of red-hot inflation: In May, the median price for U.S. homes topped $350,000 for the first time ever — up 23.6% from 2020. What’s more, a Realtor.com survey showed roughly a third of selling homeowners expect to get more than their asking price, and roughly the same amount expect an offer within a week of listing.</p><p><blockquote>说到炙手可热的通胀：5月份，美国房屋的中位数价格有史以来首次突破35万美元，比2020年上涨了23.6%。此外，Realtor.com 的一项调查显示，大约三分之一的出售房主希望获得高于要价的价格，大约同样数量的房主希望在挂牌一周内收到报价。</blockquote></p><p> Some of this is justifiable. Many articles have been written in recent years about the dearth of supply in attractive markets, and it’s important to acknowledge the remote work of the pandemic has indeed created some disruptive introspection into why people live where they do.</p><p><blockquote>其中一些是合理的。近年来，许多文章都在谈论有吸引力的市场供应短缺的问题，重要的是要承认，大流行病的远程工作确实让人们对人们为何生活在这样的地方进行了一些颠覆性的反思。</blockquote></p><p> But here’s where things get dicey: homeowners who have already spent the expected premium on their home’s price well in advance. According to Freddie Mac, about $152.7 billion in equity loans were taken out on U.S. houses last year, a massive increase of 41.7% from 2019 and the highest refinancing cash-out dollar amount since 2007.</p><p><blockquote>但问题就出在这里： 已经提前支付了房价预期溢价的房主。根据房地美的数据，去年美国房屋的股权贷款约为1527亿美元，比2019年大幅增长41.7%，是自2007年以来最高的再融资套现金额。</blockquote></p><p> Anyone remember what happened to the real-estate market in 2007? Or the similar sense of seller entitlement from those days? There’s no clear signs of a bubble bursting just yet, but there’s real risk American homeowners may be overly optimistic about what their homes are worth — and a chance this home equity loan free-for-all simply isn’t sustainable for much longer.</p><p><blockquote>有人记得2007年房地产市场发生了什么吗？还是当时类似的卖家权利？目前还没有明显的泡沫破裂迹象，但美国房主确实有可能对自己的房屋价值过于乐观--而且这种免费的房屋净值贷款很可能根本无法持续太久。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/the-shelter-in-suburbia-trade-is-about-to-reverse-and-these-stocks-will-suffer-11624457411?siteid=yhoof2\">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",".IXIC":"NASDAQ Composite",".DJI":"道琼斯","SPY":"标普500ETF"},"source_url":"https://www.marketwatch.com/story/the-shelter-in-suburbia-trade-is-about-to-reverse-and-these-stocks-will-suffer-11624457411?siteid=yhoof2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1187819280","content_text":"5 reasons the pandemic megatrend is over.\n\nOne of the biggest investment stories of the COVID-19 pandemic has been the boom in consumer discretionary stocks with a “shelter in suburbia” theme. From e-commerce platforms to home improvement stores to furniture and housewares merchants, many of the top performers have fit this flavor.\nTake the broad-based Vanguard Consumer Discretionary Index Fund ETF VCR, +0.66% that surged more than 90% from March 2020 to March 2021. That was thanks to components like home improvement stocks Lowe’s LOW, -0.30% and Home Depot HD, -0.33% alongside retailers like TJX TJX, -0.08%.\nLately, however, performance has started to lag for many of these names. In fact, since April 1 we’ve seen these three stocks all drift slightly into the red even as the S&P 500 SPX, -0.11% has tacked on about 6% in the same period.\nAnd some fear that may only be the beginning. As one Wall Street insider said recently in a Bloomberg interview, a “huge unwind” is coming for stay-at-home stocks, including hardware stores and home-goods merchants.\nWhile some big-name “suburbia” trades are still relatively stable, signs of trouble are already emerging at the fringes. Century Communities CCS, -0.34% and Dream Finders Homes DFH, -2.55%, two mid-tier single family homebuilders, have seen shares crash by double digits over the last month. On the furnishings side, appliance giant Whirlpool Corporation WHR, -0.51% and department store Nordstrom JWN, +2.03% are down sharply from their spring highs.\nHere are five big reasons why:\n1. The upgrade cycle is over\nLast summer, white-collar workers who were stuck at home made note of overdue projects and took advantage of being able to easily meet with contractors. But in many ways, this growth is not sustainable.\nConsider the kind of purchases homeowners were making according to data from the NPD Group. Faucets, kitchen cabinets and even toilets were among the most popular products sold in 2020. Needless to say, even the most profligate homeowners aren’t going to follow this upgrade cycle of remodeling kitchens and bathrooms on an annual basis.\nThe same is true for furniture and other home goods. Internet giant Comscore recorded the highest visitation to related websites in history in May 2020 with 133 million web surfers shopping for some kind of home goods. Once again, a new couch or lamp is not an annual purchase — so this trend seems unsustainable for much longer.\n2. Valuations are stretched\nSpeaking of post-pandemic peaks for home-goods purveyors, we’ve seen the financials bear out these big increases via boosted profits and sales. However, we’ve also seen the stock of many related merchants surge even more — stretching their valuations from historical norms.\nTake TJX. Currently this discount retailer has a forward price-to-earnings ratio of more than 26, compared with a forward P/E of just 21 in spring 2020. Its trailing price-to-sales ratio is now 2.1 compared with 1.4.\nWhat’s more, valuations for previous darlings like TJX are out of line with peers, too. Consider the forward P/E of the overall S&P 500 index is 22 right now, and other similar names like Macy’s M, +0.70% and Big Lots BIG, -3.71% actually have forward P/E ratios well under 10. You can argue TJX is unique, of course… but you also may want to be aware of what “fair value” looks like for many other stocks outside fashionable stay-at-home trades right now.\n3. Delays and shortages\nFuture growth from pandemic-fueled peaks in these stocks is not impossible, of course. But given supply chain disruptions it seems highly unlikely. There are a host of reasons for these delays, including overseas shipping delays as well as capacity and output crunches that are affecting many industries, but “stay at home” stocks seem particularly hard hit.\nHome improvement products are simply nowhere to be found, with roughly 94% of builders reporting “at least some serious shortages of appliances” according to the National Association of Home Builders. Another 93% are running short on framing lumber and 87% say it is hard to obtain windows and doors.\nEven if you can get past demand concerns, without the raw materials to get to work it’s very hard to see future growth in this category.\n4. Inflationary pressures\nFor the people who haven’t already ponied up the cash for a contractor or made their peace with extended delays for their expensive new furniture, there is a pretty big disincentive right now for new shoppers: inflation.\nThe cost of living as measured by the Consumer Price Index jumped 0.6% in May to run at a 5% annual rate. That was not only higher than expectations, but the fastest pace since the summer of 2008. The inflation risks were so pronounced that the Federal Reserve publicly stated it could move up the schedule for expected interest rate increases to keep the risks under wraps.\nInflation isn’t always a death knell, of course. But it has historically eroded purchasing power and could curtail some of the spending in “stay at home” stocks that we’ve seen in the last year or so.\n5. Home-equity hubris\nSpeaking of red-hot inflation: In May, the median price for U.S. homes topped $350,000 for the first time ever — up 23.6% from 2020. What’s more, a Realtor.com survey showed roughly a third of selling homeowners expect to get more than their asking price, and roughly the same amount expect an offer within a week of listing.\nSome of this is justifiable. Many articles have been written in recent years about the dearth of supply in attractive markets, and it’s important to acknowledge the remote work of the pandemic has indeed created some disruptive introspection into why people live where they do.\nBut here’s where things get dicey: homeowners who have already spent the expected premium on their home’s price well in advance. According to Freddie Mac, about $152.7 billion in equity loans were taken out on U.S. houses last year, a massive increase of 41.7% from 2019 and the highest refinancing cash-out dollar amount since 2007.\nAnyone remember what happened to the real-estate market in 2007? Or the similar sense of seller entitlement from those days? There’s no clear signs of a bubble bursting just yet, but there’s real risk American homeowners may be overly optimistic about what their homes are worth — and a chance this home equity loan free-for-all simply isn’t sustainable for much longer.","news_type":1,"symbols_score_info":{".DJI":0.9,".SPX":0.9,".IXIC":0.9,"SPY":0.9}},"isVote":1,"tweetType":1,"viewCount":3934,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":110584652,"gmtCreate":1622469236176,"gmtModify":1631892451909,"author":{"id":"3562030572969317","authorId":"3562030572969317","name":"Gh0st_ape","avatar":"https://static.tigerbbs.com/152fa5b607690a4522043d4997f48f33","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3562030572969317","authorIdStr":"3562030572969317"},"themes":[],"title":"","htmlText":"Like my comment pls","listText":"Like my comment pls","text":"Like my comment pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/110584652","repostId":"2139846784","repostType":4,"isVote":1,"tweetType":1,"viewCount":758,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":159411317,"gmtCreate":1624976616139,"gmtModify":1631890215141,"author":{"id":"3562030572969317","authorId":"3562030572969317","name":"Gh0st_ape","avatar":"https://static.tigerbbs.com/152fa5b607690a4522043d4997f48f33","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3562030572969317","authorIdStr":"3562030572969317"},"themes":[],"title":"","htmlText":"Like and comment&nbsp;","listText":"Like and comment&nbsp;","text":"Like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/159411317","repostId":"2147343850","repostType":4,"isVote":1,"tweetType":1,"viewCount":2153,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":154154475,"gmtCreate":1625492108497,"gmtModify":1631890215119,"author":{"id":"3562030572969317","authorId":"3562030572969317","name":"Gh0st_ape","avatar":"https://static.tigerbbs.com/152fa5b607690a4522043d4997f48f33","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3562030572969317","authorIdStr":"3562030572969317"},"themes":[],"title":"","htmlText":"Like and comment&nbsp;","listText":"Like and comment&nbsp;","text":"Like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/154154475","repostId":"1109703914","repostType":4,"repost":{"id":"1109703914","kind":"news","pubTimestamp":1625464355,"share":"https://www.laohunote.com/m/news/1109703914?lang=zh_CN&edition=full","pubTime":"2021-07-05 13:52","market":"us","language":"en","title":"Is the Stock Market Open or Closed on Independence Day?<blockquote>独立日股市是开市还是休市？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1109703914","media":"Thestreet","summary":"Independence Day in the U.S. is for many a picnic-and-beach day. But July 4 this year falls on a Sunday, which in the United States isn't a trading day.So will the major markets open or close for the holiday?The New York Stock Exchange and the Nasdaq will, in fact, be closed on Monday, July 5, to celebrate Independence Day.It's one of nine full-closing daysfor the stock market this year.For instance, the stock market will close for Thanksgiving on Thursday, Nov. 25. On Friday, Nov. 26, trading i","content":"<p>Independence Day in the U.S. is for many a picnic-and-beach day. But July 4 this year falls on a Sunday, which in the United States isn't a trading day.</p><p><blockquote>对许多人来说，美国的独立日是野餐和海滩日。但今年的7月4日是星期天，在美国不是交易日。</blockquote></p><p> So will the major markets open or close for the holiday?</p><p><blockquote>那么主要市场在假期会开放还是关闭呢？</blockquote></p><p> The New York Stock Exchange and the Nasdaq will, in fact, be closed on Monday, July 5, to celebrate Independence Day.</p><p><blockquote>事实上，纽约证券交易所和纳斯达克将于7月5日星期一休市，以庆祝独立日。</blockquote></p><p> It's&nbsp;one of nine full-closing daysfor the stock market this year.</p><p><blockquote>这是今年股市九个完整收盘日之一。</blockquote></p><p> For instance, the stock market will close for Thanksgiving on Thursday, Nov. 25. On Friday, Nov. 26, trading is scheduled for a bit more than a half-day, 9:30 a.m. to 1 p.m. ET.</p><p><blockquote>例如，股市将于11月25日星期四感恩节休市。11 月 26 日星期五，交易时间为美国东部时间上午 9:30 至下午 1 点，为期半天多一点。</blockquote></p><p> Normal stock-trading hours run 9:30 a.m. to 4 p.m. ET.</p><p><blockquote>正常股票交易时间为美国东部时间上午 9:30 至下午 4 点。</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>Is the Stock Market Open or Closed on Independence Day?<blockquote>独立日股市是开市还是休市？</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 the Stock Market Open or Closed on Independence Day?<blockquote>独立日股市是开市还是休市？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Thestreet</strong><span class=\"h-time small\">2021-07-05 13:52</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Independence Day in the U.S. is for many a picnic-and-beach day. But July 4 this year falls on a Sunday, which in the United States isn't a trading day.</p><p><blockquote>对许多人来说，美国的独立日是野餐和海滩日。但今年的7月4日是星期天，在美国不是交易日。</blockquote></p><p> So will the major markets open or close for the holiday?</p><p><blockquote>那么主要市场在假期会开放还是关闭呢？</blockquote></p><p> The New York Stock Exchange and the Nasdaq will, in fact, be closed on Monday, July 5, to celebrate Independence Day.</p><p><blockquote>事实上，纽约证券交易所和纳斯达克将于7月5日星期一休市，以庆祝独立日。</blockquote></p><p> It's&nbsp;one of nine full-closing daysfor the stock market this year.</p><p><blockquote>这是今年股市九个完整收盘日之一。</blockquote></p><p> For instance, the stock market will close for Thanksgiving on Thursday, Nov. 25. On Friday, Nov. 26, trading is scheduled for a bit more than a half-day, 9:30 a.m. to 1 p.m. ET.</p><p><blockquote>例如，股市将于11月25日星期四感恩节休市。11 月 26 日星期五，交易时间为美国东部时间上午 9:30 至下午 1 点，为期半天多一点。</blockquote></p><p> Normal stock-trading hours run 9:30 a.m. to 4 p.m. ET.</p><p><blockquote>正常股票交易时间为美国东部时间上午 9:30 至下午 4 点。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.thestreet.com/investing/independence-day-stock-markets-trading-hours\">Thestreet</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.thestreet.com/investing/independence-day-stock-markets-trading-hours","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1109703914","content_text":"Independence Day in the U.S. is for many a picnic-and-beach day. But July 4 this year falls on a Sunday, which in the United States isn't a trading day.\nSo will the major markets open or close for the holiday?\nThe New York Stock Exchange and the Nasdaq will, in fact, be closed on Monday, July 5, to celebrate Independence Day.\nIt's one of nine full-closing daysfor the stock market this year.\nFor instance, the stock market will close for Thanksgiving on Thursday, Nov. 25. On Friday, Nov. 26, trading is scheduled for a bit more than a half-day, 9:30 a.m. to 1 p.m. ET.\nNormal stock-trading hours run 9:30 a.m. to 4 p.m. ET.","news_type":1,"symbols_score_info":{".SPX":0.9,".DJI":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":1651,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":150096417,"gmtCreate":1624873457439,"gmtModify":1631890215153,"author":{"id":"3562030572969317","authorId":"3562030572969317","name":"Gh0st_ape","avatar":"https://static.tigerbbs.com/152fa5b607690a4522043d4997f48f33","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3562030572969317","authorIdStr":"3562030572969317"},"themes":[],"title":"","htmlText":"Like and comment&nbsp;","listText":"Like and comment&nbsp;","text":"Like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/150096417","repostId":"2146007118","repostType":4,"isVote":1,"tweetType":1,"viewCount":2435,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":161209973,"gmtCreate":1623926365492,"gmtModify":1631890215201,"author":{"id":"3562030572969317","authorId":"3562030572969317","name":"Gh0st_ape","avatar":"https://static.tigerbbs.com/152fa5b607690a4522043d4997f48f33","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3562030572969317","authorIdStr":"3562030572969317"},"themes":[],"title":"","htmlText":"Commenting for the coin","listText":"Commenting for the coin","text":"Commenting for the coin","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/161209973","repostId":"2144271757","repostType":4,"isVote":1,"tweetType":1,"viewCount":3632,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":169516930,"gmtCreate":1623842552920,"gmtModify":1631892451869,"author":{"id":"3562030572969317","authorId":"3562030572969317","name":"Gh0st_ape","avatar":"https://static.tigerbbs.com/152fa5b607690a4522043d4997f48f33","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3562030572969317","authorIdStr":"3562030572969317"},"themes":[],"title":"","htmlText":"Like and comment","listText":"Like and comment","text":"Like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/169516930","repostId":"1185142374","repostType":4,"repost":{"id":"1185142374","kind":"news","pubTimestamp":1623811255,"share":"https://www.laohunote.com/m/news/1185142374?lang=zh_CN&edition=full","pubTime":"2021-06-16 10:40","market":"us","language":"en","title":"The Fed Should Talk About Tapering. Here’s What Could Happen to the Stock Market.<blockquote>美联储应该谈论缩减规模。以下是股市可能发生的情况。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1185142374","media":"Barrons","summary":"Investors expect the Federal Reserve to remain supportive of the economy and financial markets. But ","content":"<p>Investors expect the Federal Reserve to remain supportive of the economy and financial markets. But the central bank has limited margin for error, and any miscues on messaging could be costly to the stock market.</p><p><blockquote>投资者预计美联储将继续支持经济和金融市场。但央行的犯错空间有限，任何信息传递失误都可能给股市带来高昂的代价。</blockquote></p><p> Markets do not expect the Fed to make any sudden or drastic changes to its current easy-money policy. The 10-year Treasury bond’s yield has fallen to 1.51% from 1.64% a month ago, even as inflation has run hotter than expected. The Nasdaq 100, an index of large capitalization and fast-growing technology companies,is up more than 5% in the past month. Growth stocks see a significant valuation booster when long-dated bond yields remain low, as growth companies expect growing profits on a particularly long-term basis. But while&nbsp;investors expect the Fed to soon reduce the size of its bond-buying program, which would raise bond prices and lower their yields, most don’t think the Fed will do so immediately or drastically.</p><p><blockquote>市场预计美联储不会对其当前的宽松货币政策做出任何突然或剧烈的改变。尽管通胀高于预期，但 10 年期国债收益率已从一个月前的 1.64% 降至 1.51%。纳斯达克 100 指数是一个大型资本和快速增长的科技公司指数，过去一个月上涨了 5% 以上。当长期债券收益率保持低位时，成长型股票的估值将显着提升，因为成长型公司预计利润将在特别长期的基础上增长。不过，尽管投资者预计美联储将很快缩减债券购买计划的规模，这将提高债券价格并降低债券收益率，但大多数人认为美联储不会立即或大幅缩减债券购买计划。</blockquote></p><p> “It’s pretty clear that the market expects Fed Chair Powell to strongly reiterate his stances,” writes Chris Senyek, chief investment strategist at Wolfe Research.</p><p><blockquote>“沃尔夫研究公司（Wolfe Research）首席投资策略师克里斯-森耶克（Chris Senyek）写道：”很明显，市场预计美联储主席鲍威尔将强烈重申他的立场。</blockquote></p><p> Now, the Fed could stoke a harsh move downwards in tech stocks if it doesn’t choose its words wisely. With the Nasdaq 100 hovering just below a new all-time high set on June 14—accompanied with a 10-year Treasury bond yield that’s well below its 2021 peak of 1.75%—tech stocks are vulnerable to a downward jolt if the Fed misspeaks. Senyek notes that the Fed may indeed be more ready to taper—or reduce the size of its bond-buying program—than some appreciate. He cites the&nbsp;recently hot inflation. To be sure, most market participants see&nbsp;inflation as transitory, a result of a natural year-over-year bounce from low prices during last year’s lockdown. Even so, if the Fed speaks in a way that indicates it will begin tapering before the end of the year—which is the expected timing—stocks could fall sharply.</p><p><blockquote>现在，如果美联储不明智地选择措辞，可能会引发科技股大幅下跌。纳斯达克 100 指数徘徊在 6 月 14 日创下的历史新高以下，而 10 年期国债收益率远低于 2021 年 1.75% 的峰值，如果美联储口误，科技股很容易受到下跌冲击。森耶克指出，美联储确实可能比一些人意识到的更愿意缩减或缩小其债券购买计划的规模。他引用了最近火热的通货膨胀。可以肯定的是，大多数市场参与者都认为通货膨胀是暂时的，这是去年封锁期间物价从低位同比自然反弹的结果。即便如此，如果美联储的讲话表明它将在年底前开始缩减规模（这是预期的时间），股市可能会大幅下跌。</blockquote></p><p> “With both stocks and bonds currently ‘priced for perfection,’ the slightest miscommunication could spark a sharp selloff,” says Senyek, who cites the Nasdsaq 100’s recent rise.</p><p><blockquote>“由于股票和债券目前都是'完美定价'，最轻微的沟通失误都可能引发大幅抛售，”Senyek 列举了纳斯达克 100 指数最近的上涨情况。</blockquote></p><p> Watch to see if the Fed is about to begin tapering, or is merely considering the move in the coming quarters.</p><p><blockquote>关注美联储是否即将开始缩减规模，或者只是考虑在未来几个季度采取这一举措。</blockquote></p><p></p>","source":"lsy1601382232898","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>The Fed Should Talk About Tapering. Here’s What Could Happen to the Stock Market.<blockquote>美联储应该谈论缩减规模。以下是股市可能发生的情况。</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\">\nThe Fed Should Talk About Tapering. Here’s What Could Happen to the Stock Market.<blockquote>美联储应该谈论缩减规模。以下是股市可能发生的情况。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-06-16 10:40</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Investors expect the Federal Reserve to remain supportive of the economy and financial markets. But the central bank has limited margin for error, and any miscues on messaging could be costly to the stock market.</p><p><blockquote>投资者预计美联储将继续支持经济和金融市场。但央行的犯错空间有限，任何信息传递失误都可能给股市带来高昂的代价。</blockquote></p><p> Markets do not expect the Fed to make any sudden or drastic changes to its current easy-money policy. The 10-year Treasury bond’s yield has fallen to 1.51% from 1.64% a month ago, even as inflation has run hotter than expected. The Nasdaq 100, an index of large capitalization and fast-growing technology companies,is up more than 5% in the past month. Growth stocks see a significant valuation booster when long-dated bond yields remain low, as growth companies expect growing profits on a particularly long-term basis. But while&nbsp;investors expect the Fed to soon reduce the size of its bond-buying program, which would raise bond prices and lower their yields, most don’t think the Fed will do so immediately or drastically.</p><p><blockquote>市场预计美联储不会对其当前的宽松货币政策做出任何突然或剧烈的改变。尽管通胀高于预期，但 10 年期国债收益率已从一个月前的 1.64% 降至 1.51%。纳斯达克 100 指数是一个大型资本和快速增长的科技公司指数，过去一个月上涨了 5% 以上。当长期债券收益率保持低位时，成长型股票的估值将显着提升，因为成长型公司预计利润将在特别长期的基础上增长。不过，尽管投资者预计美联储将很快缩减债券购买计划的规模，这将提高债券价格并降低债券收益率，但大多数人认为美联储不会立即或大幅缩减债券购买计划。</blockquote></p><p> “It’s pretty clear that the market expects Fed Chair Powell to strongly reiterate his stances,” writes Chris Senyek, chief investment strategist at Wolfe Research.</p><p><blockquote>“沃尔夫研究公司（Wolfe Research）首席投资策略师克里斯-森耶克（Chris Senyek）写道：”很明显，市场预计美联储主席鲍威尔将强烈重申他的立场。</blockquote></p><p> Now, the Fed could stoke a harsh move downwards in tech stocks if it doesn’t choose its words wisely. With the Nasdaq 100 hovering just below a new all-time high set on June 14—accompanied with a 10-year Treasury bond yield that’s well below its 2021 peak of 1.75%—tech stocks are vulnerable to a downward jolt if the Fed misspeaks. Senyek notes that the Fed may indeed be more ready to taper—or reduce the size of its bond-buying program—than some appreciate. He cites the&nbsp;recently hot inflation. To be sure, most market participants see&nbsp;inflation as transitory, a result of a natural year-over-year bounce from low prices during last year’s lockdown. Even so, if the Fed speaks in a way that indicates it will begin tapering before the end of the year—which is the expected timing—stocks could fall sharply.</p><p><blockquote>现在，如果美联储不明智地选择措辞，可能会引发科技股大幅下跌。纳斯达克 100 指数徘徊在 6 月 14 日创下的历史新高以下，而 10 年期国债收益率远低于 2021 年 1.75% 的峰值，如果美联储口误，科技股很容易受到下跌冲击。森耶克指出，美联储确实可能比一些人意识到的更愿意缩减或缩小其债券购买计划的规模。他引用了最近火热的通货膨胀。可以肯定的是，大多数市场参与者都认为通货膨胀是暂时的，这是去年封锁期间物价从低位同比自然反弹的结果。即便如此，如果美联储的讲话表明它将在年底前开始缩减规模（这是预期的时间），股市可能会大幅下跌。</blockquote></p><p> “With both stocks and bonds currently ‘priced for perfection,’ the slightest miscommunication could spark a sharp selloff,” says Senyek, who cites the Nasdsaq 100’s recent rise.</p><p><blockquote>“由于股票和债券目前都是'完美定价'，最轻微的沟通失误都可能引发大幅抛售，”Senyek 列举了纳斯达克 100 指数最近的上涨情况。</blockquote></p><p> Watch to see if the Fed is about to begin tapering, or is merely considering the move in the coming quarters.</p><p><blockquote>关注美联储是否即将开始缩减规模，或者只是考虑在未来几个季度采取这一举措。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/the-fed-tapering-stock-market-51623777984?mod=RTA\">Barrons</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.barrons.com/articles/the-fed-tapering-stock-market-51623777984?mod=RTA","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1185142374","content_text":"Investors expect the Federal Reserve to remain supportive of the economy and financial markets. But the central bank has limited margin for error, and any miscues on messaging could be costly to the stock market.\nMarkets do not expect the Fed to make any sudden or drastic changes to its current easy-money policy. The 10-year Treasury bond’s yield has fallen to 1.51% from 1.64% a month ago, even as inflation has run hotter than expected. The Nasdaq 100, an index of large capitalization and fast-growing technology companies,is up more than 5% in the past month. Growth stocks see a significant valuation booster when long-dated bond yields remain low, as growth companies expect growing profits on a particularly long-term basis. But while investors expect the Fed to soon reduce the size of its bond-buying program, which would raise bond prices and lower their yields, most don’t think the Fed will do so immediately or drastically.\n“It’s pretty clear that the market expects Fed Chair Powell to strongly reiterate his stances,” writes Chris Senyek, chief investment strategist at Wolfe Research.\nNow, the Fed could stoke a harsh move downwards in tech stocks if it doesn’t choose its words wisely. With the Nasdaq 100 hovering just below a new all-time high set on June 14—accompanied with a 10-year Treasury bond yield that’s well below its 2021 peak of 1.75%—tech stocks are vulnerable to a downward jolt if the Fed misspeaks. Senyek notes that the Fed may indeed be more ready to taper—or reduce the size of its bond-buying program—than some appreciate. He cites the recently hot inflation. To be sure, most market participants see inflation as transitory, a result of a natural year-over-year bounce from low prices during last year’s lockdown. Even so, if the Fed speaks in a way that indicates it will begin tapering before the end of the year—which is the expected timing—stocks could fall sharply.\n“With both stocks and bonds currently ‘priced for perfection,’ the slightest miscommunication could spark a sharp selloff,” says Senyek, who cites the Nasdsaq 100’s recent rise.\nWatch to see if the Fed is about to begin tapering, or is merely considering the move in the coming quarters.","news_type":1,"symbols_score_info":{".SPX":0.9,".IXIC":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":646,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}