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2021-07-19

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Morgan Stanley: This Cycle Will Be "Hotter But Shorter" Than Usual<blockquote>摩根士丹利：这个周期将比往常“更热但更短”</blockquote>

2021-07-17

Finally !!!!!

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2021-07-06

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2021-07-05

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2021-07-04

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2021-07-02

Its been on a high for the longest time

S&P 500 winning streak extends to sixth straight record close<blockquote>标普500连胜纪录延续至六连胜</blockquote>

2021-07-01

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S&P 500 notches fifth straight record closing high, fifth straight quarterly gain<blockquote>标普500连续第五次创下收盘历史新高，连续第五个季度上涨</blockquote>

2021-06-25

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2021-06-19

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2021-06-18

Like and comment please!

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2021-06-16

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2021-06-10

Up up n up!

U.S. stocks gained in Thursday open. Chinese Education Stocks soared<blockquote>美国股市周四开盘上涨。中国教育股飙升</blockquote>

2021-06-08

I have been trying To buy in. But the price keeps going up.

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2021-06-05

Interesting ...

What Are The Short- And Long-Term Outlooks For Apple Stock?<blockquote>苹果股票的短期和长期前景如何？</blockquote>

2021-05-24

I like rice table. Sad to see them exit...

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n comment pls","listText":"Like n comment pls","text":"Like n comment pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/171315001","repostId":"1146536243","repostType":4,"repost":{"id":"1146536243","kind":"news","pubTimestamp":1626683272,"share":"https://www.laohunote.com/m/news/1146536243?lang=zh_CN&edition=full","pubTime":"2021-07-19 16:27","market":"us","language":"en","title":"Morgan Stanley: This Cycle Will Be \"Hotter But Shorter\" Than Usual<blockquote>摩根士丹利：这个周期将比往常“更热但更短”</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1146536243","media":"zerohedge","summary":"This cycle is unusual. Most 'normal' cycles are. We think that the recovery is sustainable and more likely to be ‘hotter and shorter’. Sell Treasuries and trust the expansion.","content":"<p>We think that this economic cycle will be normal, strong and short. Each of these assumptions is being hotly debated by the market. Each is key to our investment strategy.</p><p><blockquote>我们认为本轮经济周期将是正常的、强劲的、短暂的。这些假设中的每一个都受到了市场的激烈争论。每一个都是我们投资策略的关键。</blockquote></p><p> The debate over cycle 'normalcy' is self-explanatory. The pandemic created, without exaggeration, the single sharpest decline in output in recorded history. Then activity raced back, helped by policy support. The case for viewing this situation as unique, and distinct from other cyclical experiences, is based on the view that a fall and rise this violent never allowed for a traditional 'reset'.</p><p><blockquote>关于周期“常态”的争论是不言自明的。毫不夸张地说，疫情创造了有记录以来产出最急剧下降的一次。随后，在政策支持的帮助下，活动迅速回升。将这种情况视为独特的，不同于其他周期性经历的理由是，这种剧烈的下跌和上涨从来不允许传统的“重置”。</blockquote></p><p> But 'normal' in markets is a funny concept, with the rough edges of memory often smoothed and polished by the passage of time. The cycle of 2003-07 ended with the largest banking and housing crisis since the Great Depression. The cycle of 1992-2000 ended with the bursting of an enormous equity bubble, widespread accounting fraud and unspeakable tragedy. 'Normal' cycles are nice in theory, harder in practice.</p><p><blockquote>但市场上的“正常”是一个有趣的概念，记忆的粗糙边缘往往会随着时间的推移而变得平滑和打磨。2003-07年的周期以大萧条以来最大的银行和房地产危机告终。1992-2000年的周期以巨大的股票泡沫破裂、广泛的会计欺诈和难以言表的悲剧而告终。“正常”周期在理论上很好，但在实践中更难。</blockquote></p><p> Instead, let’s consider why we use the term ‘cycle’ at all. Economies and markets tend to follow cyclical patterns, patterns that tend to show up in market performance. It is those patterns we care about, and if they still apply, they can provide a useful guide in uncertain terrain.</p><p><blockquote>相反，让我们考虑一下为什么要使用 “周期 ”这个词。经济和市场倾向于遵循周期性模式，这种模式往往会出现在市场表现中。我们关心的是这些模式，如果它们仍然适用，它们可以在不确定的地形中提供有用的指导。</blockquote></p><p> Was last year’s recession preceded by late-cycle conditions such as an inverted yield curve, low volatility, low unemployment, high consumer confidence and narrowing equity market breadth? It was. Did the resulting troughs in equities, credit, yields and yield curves match the usual cadence between market and economic lows? They did. And were the leaders of the ensuing rally the usual early-cycle winners, like small and cyclical stocks, high yield credit and industrial metals? They were.</p><p><blockquote>去年的经济衰退之前是否存在收益率曲线倒挂、低波动性、低失业率、高消费者信心和股市广度收窄等后期周期条件？确实如此。由此产生的股票、信贷、收益率和收益率曲线的低谷是否与市场和经济低点之间的通常节奏相匹配？他们做到了。随后反弹的领头羊是通常的早期周期赢家吗，比如小盘股和周期性股票、高收益信贷和工业金属？他们是。</blockquote></p><p> If it walks like a duck and quacks like a duck, we think that it’s a normal cycle. Or as normal as these things realistically are.&nbsp;If a lot of 'normal' cycle behavior has played out so far, it should&nbsp;<i>continue</i>&nbsp;to do so.</p><p><blockquote>如果它像鸭子一样走路，像鸭子一样嘎嘎叫，我们认为这是一个正常的循环。或者像这些事情实际上一样正常。如果到目前为止已经出现了很多“正常”的循环行为，它应该<i>继续</i>这样做。</blockquote></p><p> Specifically, this relates to patterns of performance as the market recovers. And as that recovery advances, those patterns should shift. As noted by my colleague Michael Wilson, we think that we are moving to a mid-cycle market, despite being just 16 months removed from the lows of economic activity. We see a number of similarities between current conditions and 1H04, a mid-cycle period that followed a large, reflationary rally. And importantly, despite recent fears about growth, we think that the global recovery will keep pushing on (see&nbsp;The Growth Scare Anniversary, July 11, 2021).</p><p><blockquote>具体来说，这与市场复苏时的表现模式有关。随着复苏进展，这些模式应该会改变。正如我的同事迈克尔·威尔逊 (Michael Wilson) 指出的那样，我们认为我们正在进入周期中期市场，尽管距离经济活动低点仅 16 个月。我们看到当前情况与 2004 年上半年有许多相似之处，上半年是继大规模通货膨胀反弹之后的中期周期。重要的是，尽管最近对增长感到担忧，但我们认为全球复苏将继续推进（参见2021年7月11日的增长恐慌周年纪念日）。</blockquote></p><p> Because one can always find an indicator that fits their particular cycle view, we’ve long been fans of a composite. That’s our ‘cycle model’, which combines ten US metrics across macro, the credit cycle and corporate aggression to gauge where we are in the market cycle. After moving into late-cycle ‘downturn’ in June 2019, and early-cycle ‘repair’ in April 2020, it’s rocketed higher.<b>It has risen so fast that it’s blown right past what should be the next phase ('recovery'), and moved right into ‘expansion’.</b></p><p><blockquote>因为总能找到适合自己特定周期观点的指标，所以我们一直都喜欢复合指标。这就是我们的 “周期模型”，它结合了宏观经济、信贷周期和企业侵略性的十项美国指标，以衡量我们在市场周期中的位置。在 2019 年 6 月进入周期后期 “低迷 ”和 2020 年 4 月进入周期早期 “修复 ”之后，该指数一路飙升。<b>它的崛起如此之快，以至于刚刚度过了下一阶段（'复苏'），直接进入了'扩张'。</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/41879c4f66b33597ee236bdd52841004\" tg-width=\"904\" tg-height=\"490\" referrerpolicy=\"no-referrer\">Thisis unusual. ‘Expansion’ is meant to capture conditions that are 'better than normal, and improving',<b>and since 1980, it has taken an average of 35 months to get there after 'downturn' ends</b>. Its speedy arrival speaks to a speedy recovery powered by enormous policy support.<b>It also hints at another possibility:&nbsp;this hotter cycle could be shorter.</b>This is our thesis, and it’s showing up in our quantitative measure.</p><p><blockquote>不寻常的论文。“扩展 ”意味着捕捉 “比正常情况更好，并且正在改善 ”的条件、<b>自1980年以来，“经济衰退”结束后平均需要35个月才能到达那里</b>它的迅速到来表明，在巨大的政策支持下，经济正在迅速复苏。<b>这也暗示了另一种可能性：这个更热的周期可能会更短。</b>这就是我们的论点，也体现在我们的定量测量中。</blockquote></p><p> All this has a number of implications:</p><p><blockquote>所有这些都有许多含义：</blockquote></p><p></p><p> <ul>  <li><b>The shorter the cycle, the worse for credit relative to other risky assets; credit enjoys fewer of the gains from the 'boom', is exposed if the next downturn is early, and faces more supply as corporate confidence increases</b>. In the ‘expansion’ phase of our cycle model, US IG and HY credit N12M excess returns are 29bp and 161bp worse than average, respectively.</li>  <li><b>In many of those periods, more mixed credit performance occurs despite default rates remaining low</b>. Investors should try to take default risk over spread risk: our credit strategists like owning CDX HY 0-15%, and hedging with CDX IG payer spreads.</li>  <li><b>In equities, we think that our model supports more balance in portfolios</b>. We like healthcare in both the US and Europe as a sector with several nice factor exposures: quality, low valuation, high carry and low volatility. Globally, equities in Europe and Japan have tended to outperform 'mid-cycle', and we think that they can do so again.</li>  <li><b>Interest rates are too pessimistic on the recovery. US 10-year Treasury N12M returns are 97bp worse than average during the ‘expansion’ phase of our cycle model</b>. Guneet Dhingra and our US interest rate strategy team have moved underweight US 10-year Treasuries, and we in turn have moved back underweight government bonds in our global asset allocation.</li> </ul> This cycle is unusual. Most 'normal' cycles are. We think that the recovery is sustainable and more likely to be ‘hotter and shorter’. Sell Treasuries and trust the expansion.</p><p><blockquote><ul><li><b>周期越短，相对于其他风险资产，信贷越差；信贷从“繁荣”中获得的收益较少，如果下一次经济衰退提前，信贷就会面临风险，并且随着企业信心的增强，信贷将面临更多供应</b>.在我们的周期模型的“扩张”阶段，美国IG和HY信贷N1200万超额回报率分别比平均水平差29bp和161bp。</li><li><b>在其中许多时期，尽管违约率仍然很低，但信贷表现更加喜忧参半</b>投资者应尝试承担违约风险而不是利差风险：我们的信贷策略师喜欢持有 CDX HY 0-15%，并用 CDX IG 付款人利差进行对冲。</li><li><b>在股票方面，我们认为我们的模型支持投资组合的更大平衡</b>我们喜欢美国和欧洲的医疗保健行业，因为它有几个有利的因素：质量、低估值、高套利和低波动性。从全球来看，欧洲和日本的股市往往表现优于“周期中期”，我们认为它们可以再次做到这一点。</li><li><b>利率对复苏过于悲观。在我们的周期模型的“扩张”阶段，美国10年期国债1200万奈拉的收益率比平均水平低97个基点</b>. Guneet Dhingra 和我们的美国利率策略团队已将跑输大盘美国 10 年期国债移至我们的全球资产配置中，我们反过来又将跑输大盘国债移回。</li></ul>这个周期是不寻常的。大多数“正常”周期是。我们认为复苏是可持续的，而且更有可能“更热、更短”。出售国债并相信扩张。</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>Morgan Stanley: This Cycle Will Be \"Hotter But Shorter\" Than Usual<blockquote>摩根士丹利：这个周期将比往常“更热但更短”</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\">\nMorgan Stanley: This Cycle Will Be \"Hotter But Shorter\" Than Usual<blockquote>摩根士丹利：这个周期将比往常“更热但更短”</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">zerohedge</strong><span class=\"h-time small\">2021-07-19 16:27</span>\n</p>\n</h4>\n</header>\n<article>\n<p>We think that this economic cycle will be normal, strong and short. Each of these assumptions is being hotly debated by the market. Each is key to our investment strategy.</p><p><blockquote>我们认为本轮经济周期将是正常的、强劲的、短暂的。这些假设中的每一个都受到了市场的激烈争论。每一个都是我们投资策略的关键。</blockquote></p><p> The debate over cycle 'normalcy' is self-explanatory. The pandemic created, without exaggeration, the single sharpest decline in output in recorded history. Then activity raced back, helped by policy support. The case for viewing this situation as unique, and distinct from other cyclical experiences, is based on the view that a fall and rise this violent never allowed for a traditional 'reset'.</p><p><blockquote>关于周期“常态”的争论是不言自明的。毫不夸张地说，疫情创造了有记录以来产出最急剧下降的一次。随后，在政策支持的帮助下，活动迅速回升。将这种情况视为独特的，不同于其他周期性经历的理由是，这种剧烈的下跌和上涨从来不允许传统的“重置”。</blockquote></p><p> But 'normal' in markets is a funny concept, with the rough edges of memory often smoothed and polished by the passage of time. The cycle of 2003-07 ended with the largest banking and housing crisis since the Great Depression. The cycle of 1992-2000 ended with the bursting of an enormous equity bubble, widespread accounting fraud and unspeakable tragedy. 'Normal' cycles are nice in theory, harder in practice.</p><p><blockquote>但市场上的“正常”是一个有趣的概念，记忆的粗糙边缘往往会随着时间的推移而变得平滑和打磨。2003-07年的周期以大萧条以来最大的银行和房地产危机告终。1992-2000年的周期以巨大的股票泡沫破裂、广泛的会计欺诈和难以言表的悲剧而告终。“正常”周期在理论上很好，但在实践中更难。</blockquote></p><p> Instead, let’s consider why we use the term ‘cycle’ at all. Economies and markets tend to follow cyclical patterns, patterns that tend to show up in market performance. It is those patterns we care about, and if they still apply, they can provide a useful guide in uncertain terrain.</p><p><blockquote>相反，让我们考虑一下为什么要使用 “周期 ”这个词。经济和市场倾向于遵循周期性模式，这种模式往往会出现在市场表现中。我们关心的是这些模式，如果它们仍然适用，它们可以在不确定的地形中提供有用的指导。</blockquote></p><p> Was last year’s recession preceded by late-cycle conditions such as an inverted yield curve, low volatility, low unemployment, high consumer confidence and narrowing equity market breadth? It was. Did the resulting troughs in equities, credit, yields and yield curves match the usual cadence between market and economic lows? They did. And were the leaders of the ensuing rally the usual early-cycle winners, like small and cyclical stocks, high yield credit and industrial metals? They were.</p><p><blockquote>去年的经济衰退之前是否存在收益率曲线倒挂、低波动性、低失业率、高消费者信心和股市广度收窄等后期周期条件？确实如此。由此产生的股票、信贷、收益率和收益率曲线的低谷是否与市场和经济低点之间的通常节奏相匹配？他们做到了。随后反弹的领头羊是通常的早期周期赢家吗，比如小盘股和周期性股票、高收益信贷和工业金属？他们是。</blockquote></p><p> If it walks like a duck and quacks like a duck, we think that it’s a normal cycle. Or as normal as these things realistically are.&nbsp;If a lot of 'normal' cycle behavior has played out so far, it should&nbsp;<i>continue</i>&nbsp;to do so.</p><p><blockquote>如果它像鸭子一样走路，像鸭子一样嘎嘎叫，我们认为这是一个正常的循环。或者像这些事情实际上一样正常。如果到目前为止已经出现了很多“正常”的循环行为，它应该<i>继续</i>这样做。</blockquote></p><p> Specifically, this relates to patterns of performance as the market recovers. And as that recovery advances, those patterns should shift. As noted by my colleague Michael Wilson, we think that we are moving to a mid-cycle market, despite being just 16 months removed from the lows of economic activity. We see a number of similarities between current conditions and 1H04, a mid-cycle period that followed a large, reflationary rally. And importantly, despite recent fears about growth, we think that the global recovery will keep pushing on (see&nbsp;The Growth Scare Anniversary, July 11, 2021).</p><p><blockquote>具体来说，这与市场复苏时的表现模式有关。随着复苏进展，这些模式应该会改变。正如我的同事迈克尔·威尔逊 (Michael Wilson) 指出的那样，我们认为我们正在进入周期中期市场，尽管距离经济活动低点仅 16 个月。我们看到当前情况与 2004 年上半年有许多相似之处，上半年是继大规模通货膨胀反弹之后的中期周期。重要的是，尽管最近对增长感到担忧，但我们认为全球复苏将继续推进（参见2021年7月11日的增长恐慌周年纪念日）。</blockquote></p><p> Because one can always find an indicator that fits their particular cycle view, we’ve long been fans of a composite. That’s our ‘cycle model’, which combines ten US metrics across macro, the credit cycle and corporate aggression to gauge where we are in the market cycle. After moving into late-cycle ‘downturn’ in June 2019, and early-cycle ‘repair’ in April 2020, it’s rocketed higher.<b>It has risen so fast that it’s blown right past what should be the next phase ('recovery'), and moved right into ‘expansion’.</b></p><p><blockquote>因为总能找到适合自己特定周期观点的指标，所以我们一直都喜欢复合指标。这就是我们的 “周期模型”，它结合了宏观经济、信贷周期和企业侵略性的十项美国指标，以衡量我们在市场周期中的位置。在 2019 年 6 月进入周期后期 “低迷 ”和 2020 年 4 月进入周期早期 “修复 ”之后，该指数一路飙升。<b>它的崛起如此之快，以至于刚刚度过了下一阶段（'复苏'），直接进入了'扩张'。</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/41879c4f66b33597ee236bdd52841004\" tg-width=\"904\" tg-height=\"490\" referrerpolicy=\"no-referrer\">Thisis unusual. ‘Expansion’ is meant to capture conditions that are 'better than normal, and improving',<b>and since 1980, it has taken an average of 35 months to get there after 'downturn' ends</b>. Its speedy arrival speaks to a speedy recovery powered by enormous policy support.<b>It also hints at another possibility:&nbsp;this hotter cycle could be shorter.</b>This is our thesis, and it’s showing up in our quantitative measure.</p><p><blockquote>不寻常的论文。“扩展 ”意味着捕捉 “比正常情况更好，并且正在改善 ”的条件、<b>自1980年以来，“经济衰退”结束后平均需要35个月才能到达那里</b>它的迅速到来表明，在巨大的政策支持下，经济正在迅速复苏。<b>这也暗示了另一种可能性：这个更热的周期可能会更短。</b>这就是我们的论点，也体现在我们的定量测量中。</blockquote></p><p> All this has a number of implications:</p><p><blockquote>所有这些都有许多含义：</blockquote></p><p></p><p> <ul>  <li><b>The shorter the cycle, the worse for credit relative to other risky assets; credit enjoys fewer of the gains from the 'boom', is exposed if the next downturn is early, and faces more supply as corporate confidence increases</b>. In the ‘expansion’ phase of our cycle model, US IG and HY credit N12M excess returns are 29bp and 161bp worse than average, respectively.</li>  <li><b>In many of those periods, more mixed credit performance occurs despite default rates remaining low</b>. Investors should try to take default risk over spread risk: our credit strategists like owning CDX HY 0-15%, and hedging with CDX IG payer spreads.</li>  <li><b>In equities, we think that our model supports more balance in portfolios</b>. We like healthcare in both the US and Europe as a sector with several nice factor exposures: quality, low valuation, high carry and low volatility. Globally, equities in Europe and Japan have tended to outperform 'mid-cycle', and we think that they can do so again.</li>  <li><b>Interest rates are too pessimistic on the recovery. US 10-year Treasury N12M returns are 97bp worse than average during the ‘expansion’ phase of our cycle model</b>. Guneet Dhingra and our US interest rate strategy team have moved underweight US 10-year Treasuries, and we in turn have moved back underweight government bonds in our global asset allocation.</li> </ul> This cycle is unusual. Most 'normal' cycles are. We think that the recovery is sustainable and more likely to be ‘hotter and shorter’. Sell Treasuries and trust the expansion.</p><p><blockquote><ul><li><b>周期越短，相对于其他风险资产，信贷越差；信贷从“繁荣”中获得的收益较少，如果下一次经济衰退提前，信贷就会面临风险，并且随着企业信心的增强，信贷将面临更多供应</b>.在我们的周期模型的“扩张”阶段，美国IG和HY信贷N1200万超额回报率分别比平均水平差29bp和161bp。</li><li><b>在其中许多时期，尽管违约率仍然很低，但信贷表现更加喜忧参半</b>投资者应尝试承担违约风险而不是利差风险：我们的信贷策略师喜欢持有 CDX HY 0-15%，并用 CDX IG 付款人利差进行对冲。</li><li><b>在股票方面，我们认为我们的模型支持投资组合的更大平衡</b>我们喜欢美国和欧洲的医疗保健行业，因为它有几个有利的因素：质量、低估值、高套利和低波动性。从全球来看，欧洲和日本的股市往往表现优于“周期中期”，我们认为它们可以再次做到这一点。</li><li><b>利率对复苏过于悲观。在我们的周期模型的“扩张”阶段，美国10年期国债1200万奈拉的收益率比平均水平低97个基点</b>. Guneet Dhingra 和我们的美国利率策略团队已将跑输大盘美国 10 年期国债移至我们的全球资产配置中，我们反过来又将跑输大盘国债移回。</li></ul>这个周期是不寻常的。大多数“正常”周期是。我们认为复苏是可持续的，而且更有可能“更热、更短”。出售国债并相信扩张。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.zerohedge.com/markets/morgan-stanley-cycle-will-be-hotter-shorter-usual\">zerohedge</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":{".DJI":"道琼斯",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index","SPY":"标普500ETF"},"source_url":"https://www.zerohedge.com/markets/morgan-stanley-cycle-will-be-hotter-shorter-usual","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1146536243","content_text":"We think that this economic cycle will be normal, strong and short. Each of these assumptions is being hotly debated by the market. Each is key to our investment strategy.\nThe debate over cycle 'normalcy' is self-explanatory. The pandemic created, without exaggeration, the single sharpest decline in output in recorded history. Then activity raced back, helped by policy support. The case for viewing this situation as unique, and distinct from other cyclical experiences, is based on the view that a fall and rise this violent never allowed for a traditional 'reset'.\nBut 'normal' in markets is a funny concept, with the rough edges of memory often smoothed and polished by the passage of time. The cycle of 2003-07 ended with the largest banking and housing crisis since the Great Depression. The cycle of 1992-2000 ended with the bursting of an enormous equity bubble, widespread accounting fraud and unspeakable tragedy. 'Normal' cycles are nice in theory, harder in practice.\nInstead, let’s consider why we use the term ‘cycle’ at all. Economies and markets tend to follow cyclical patterns, patterns that tend to show up in market performance. It is those patterns we care about, and if they still apply, they can provide a useful guide in uncertain terrain.\nWas last year’s recession preceded by late-cycle conditions such as an inverted yield curve, low volatility, low unemployment, high consumer confidence and narrowing equity market breadth? It was. Did the resulting troughs in equities, credit, yields and yield curves match the usual cadence between market and economic lows? They did. And were the leaders of the ensuing rally the usual early-cycle winners, like small and cyclical stocks, high yield credit and industrial metals? They were.\nIf it walks like a duck and quacks like a duck, we think that it’s a normal cycle. Or as normal as these things realistically are. If a lot of 'normal' cycle behavior has played out so far, it should continue to do so.\nSpecifically, this relates to patterns of performance as the market recovers. And as that recovery advances, those patterns should shift. As noted by my colleague Michael Wilson, we think that we are moving to a mid-cycle market, despite being just 16 months removed from the lows of economic activity. We see a number of similarities between current conditions and 1H04, a mid-cycle period that followed a large, reflationary rally. And importantly, despite recent fears about growth, we think that the global recovery will keep pushing on (see The Growth Scare Anniversary, July 11, 2021).\nBecause one can always find an indicator that fits their particular cycle view, we’ve long been fans of a composite. That’s our ‘cycle model’, which combines ten US metrics across macro, the credit cycle and corporate aggression to gauge where we are in the market cycle. After moving into late-cycle ‘downturn’ in June 2019, and early-cycle ‘repair’ in April 2020, it’s rocketed higher.It has risen so fast that it’s blown right past what should be the next phase ('recovery'), and moved right into ‘expansion’.\nThisis unusual. ‘Expansion’ is meant to capture conditions that are 'better than normal, and improving',and since 1980, it has taken an average of 35 months to get there after 'downturn' ends. Its speedy arrival speaks to a speedy recovery powered by enormous policy support.It also hints at another possibility: this hotter cycle could be shorter.This is our thesis, and it’s showing up in our quantitative measure.\nAll this has a number of implications:\n\nThe shorter the cycle, the worse for credit relative to other risky assets; credit enjoys fewer of the gains from the 'boom', is exposed if the next downturn is early, and faces more supply as corporate confidence increases. In the ‘expansion’ phase of our cycle model, US IG and HY credit N12M excess returns are 29bp and 161bp worse than average, respectively.\nIn many of those periods, more mixed credit performance occurs despite default rates remaining low. Investors should try to take default risk over spread risk: our credit strategists like owning CDX HY 0-15%, and hedging with CDX IG payer spreads.\nIn equities, we think that our model supports more balance in portfolios. We like healthcare in both the US and Europe as a sector with several nice factor exposures: quality, low valuation, high carry and low volatility. Globally, equities in Europe and Japan have tended to outperform 'mid-cycle', and we think that they can do so again.\nInterest rates are too pessimistic on the recovery. US 10-year Treasury N12M returns are 97bp worse than average during the ‘expansion’ phase of our cycle model. Guneet Dhingra and our US interest rate strategy team have moved underweight US 10-year Treasuries, and we in turn have moved back underweight government bonds in our global asset allocation.\n\nThis cycle is unusual. Most 'normal' cycles are. We think that the recovery is sustainable and more likely to be ‘hotter and shorter’. Sell Treasuries and trust the expansion.","news_type":1,"symbols_score_info":{".DJI":0.9,".SPX":0.9,".IXIC":0.9,"SPY":0.9}},"isVote":1,"tweetType":1,"viewCount":2783,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":179268187,"gmtCreate":1626535325049,"gmtModify":1631889390381,"author":{"id":"3570015338387280","authorId":"3570015338387280","name":"Addie","avatar":"https://static.tigerbbs.com/5a502409c8516af8e327ef78450d4a04","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570015338387280","idStr":"3570015338387280"},"themes":[],"title":"","htmlText":"Finally !!!!!&nbsp;","listText":"Finally !!!!!&nbsp;","text":"Finally !!!!!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/179268187","repostId":"1198202103","repostType":4,"isVote":1,"tweetType":1,"viewCount":3480,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":157206987,"gmtCreate":1625582182749,"gmtModify":1631889390379,"author":{"id":"3570015338387280","authorId":"3570015338387280","name":"Addie","avatar":"https://static.tigerbbs.com/5a502409c8516af8e327ef78450d4a04","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570015338387280","idStr":"3570015338387280"},"themes":[],"title":"","htmlText":"Like n comment pls&nbsp;","listText":"Like n comment pls&nbsp;","text":"Like n comment pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/157206987","repostId":"1142505116","repostType":4,"isVote":1,"tweetType":1,"viewCount":4412,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":154060999,"gmtCreate":1625460844711,"gmtModify":1631889390374,"author":{"id":"3570015338387280","authorId":"3570015338387280","name":"Addie","avatar":"https://static.tigerbbs.com/5a502409c8516af8e327ef78450d4a04","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570015338387280","idStr":"3570015338387280"},"themes":[],"title":"","htmlText":"Like n comment pls","listText":"Like n comment pls","text":"Like n comment pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/154060999","repostId":"1169840279","repostType":4,"isVote":1,"tweetType":1,"viewCount":3410,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":155949984,"gmtCreate":1625371346448,"gmtModify":1631889390381,"author":{"id":"3570015338387280","authorId":"3570015338387280","name":"Addie","avatar":"https://static.tigerbbs.com/5a502409c8516af8e327ef78450d4a04","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570015338387280","idStr":"3570015338387280"},"themes":[],"title":"","htmlText":"Like n comment pls&nbsp;","listText":"Like n comment pls&nbsp;","text":"Like n comment pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/155949984","repostId":"1160702483","repostType":4,"isVote":1,"tweetType":1,"viewCount":3537,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":156837472,"gmtCreate":1625209472296,"gmtModify":1631889390381,"author":{"id":"3570015338387280","authorId":"3570015338387280","name":"Addie","avatar":"https://static.tigerbbs.com/5a502409c8516af8e327ef78450d4a04","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570015338387280","idStr":"3570015338387280"},"themes":[],"title":"","htmlText":"Its been on a high for the longest time&nbsp;","listText":"Its been on a high for the longest time&nbsp;","text":"Its been on a high for the longest time","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/156837472","repostId":"1175817125","repostType":4,"repost":{"id":"1175817125","kind":"news","pubTimestamp":1625180880,"share":"https://www.laohunote.com/m/news/1175817125?lang=zh_CN&edition=full","pubTime":"2021-07-02 07:08","market":"us","language":"en","title":"S&P 500 winning streak extends to sixth straight record close<blockquote>标普500连胜纪录延续至六连胜</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1175817125","media":"Reuters","summary":"NEW YORK  - The S&P 500 reached its sixth consecutive all-time closing high on Thursday, as a new quarter and the second half of the year began with upbeat economic data and a broad-based rally.Investors now eye Friday’s much-anticipated employment report.The bellwether index is enjoying its longest winning streak since early February, and the last time it logged six straight all-time highs was last August.“Historical data shows if you have a strong first half, the second half of the year was ac","content":"<p>NEW YORK (Reuters) - The S&amp;P 500 reached its sixth consecutive all-time closing high on Thursday, as a new quarter and the second half of the year began with upbeat economic data and a broad-based rally.</p><p><blockquote>纽约（路透社） - 标普500周四连续第六次创下历史收盘高点，新季度和下半年以乐观的经济数据和广泛的反弹开始。</blockquote></p><p> Investors now eye Friday’s much-anticipated employment report.</p><p><blockquote>投资者现在关注周五备受期待的就业报告。</blockquote></p><p> The bellwether index is enjoying its longest winning streak since early February, and the last time it logged six straight all-time highs was last August.</p><p><blockquote>领头羊指数正在享受自 2 月初以来最长的连涨纪录，上一次连续六次创下历史新高是在去年 8 月。</blockquote></p><p> “Historical data shows if you have a strong first half, the second half of the year was actually going even stronger,” said Ross Mayfield, investment strategy analyst with Baird Private Wealth.</p><p><blockquote>“贝尔德私人财富公司（Baird Private Wealth）的投资策略分析师罗斯-梅菲尔德（Ross Mayfield）说：”历史数据显示，如果上半年表现强劲，那么下半年实际上会更加强劲。</blockquote></p><p> All three major U.S. stock indexes ended the session in positive territory, but a decline in tech shares - led by microchips - tempered the Nasdaq’s gain.</p><p><blockquote>美国三大股指均以正值收盘，但以微芯片为首的科技股下跌削弱了纳斯达克的涨幅。</blockquote></p><p> The Philadelphia SE Semiconductor index slid 1.5%</p><p><blockquote>费城东南半导体指数下跌 1.5%</blockquote></p><p> “For markets so far this year, boring is beautiful,” said David Carter, chief investment officer at Lenox Wealth Advisors in New York. “Economic growth has been strong enough to support prices and many asset classes are trading with historically low volatility.”</p><p><blockquote>“纽约鲁诺财富顾问公司首席投资官大卫-卡特（David Carter）说：”对于今年到目前为止的市场来说，无聊就是美好。“经济增长强劲，足以支撑价格，许多资产类别的交易波动性处于历史低位。”</blockquote></p><p> “It feels like investors left for the Fourth of July weekend about three months ago.”</p><p><blockquote>“感觉就像三个月前的国庆节周末，投资者就离开了”。</blockquote></p><p> The ongoing worker shortage, attributed to federal emergency unemployment benefits, a childcare shortage and lingering pandemic fears, was a common theme in the day’s economic data.</p><p><blockquote>由于联邦紧急失业救济金、儿童保育短缺和挥之不去的大流行病担忧，持续的工人短缺是当天经济数据中的一个共同主题。</blockquote></p><p> Jobless claims continued their downward trajectory according to the Labor Department, touching their lowest level since the pandemic shutdown, and a report from Challenger, Gray &amp; Christmas showed planned layoffs by U.S. firms were down 88% from last year, hitting a 21-year low.</p><p><blockquote>根据劳工部的数据，申请失业救济人数继续下降，达到疫情关闭以来的最低水平，Challenger, Gray &amp; Christmas 的一份报告显示，美国公司计划裁员人数比去年下降了 88%，创下 21 年来的最低水平。</blockquote></p><p> Activity at U.S. factories expanded at a slightly decelerated pace in June, according to the Institute for Supply Management’s (ISM) purchasing managers’ index (PMI), with the employment component dipping into contraction for the first time since November. The prices paid index, driven higher by the current demand/supply imbalance, soared to its highest level since 1979, according to ISM.</p><p><blockquote>根据美国供应管理协会（ISM）的采购经理人指数（PMI），6 月份美国工厂活动扩张速度略有放缓，就业部分自 11 月以来首次陷入收缩。根据ISM的数据，受当前供需失衡的推动，价格指数飙升至1979年以来的最高水平。</blockquote></p><p> “The employment and manufacturing data released today supported the idea of continued growth but at a decelerated rate,” Carter added.</p><p><blockquote>“卡特补充说：”今天公布的就业和制造业数据支持了经济持续增长但增速放缓的观点。</blockquote></p><p> Friday’s hotly anticipated jobs report is expected to show payrolls growing by 700,000 and unemployment inching down to 5.7%. A robust upside surprise could lead the U.S. Federal Reserve to adjust its timetable for tapering its securities purchases and raising key interest rates.</p><p><blockquote>周五备受期待的就业报告预计将显示就业人数增加 70 万人，失业率将小幅下降至 5.7%。强劲的上行意外可能会导致美联储调整缩减证券购买规模和提高关键利率的时间表。</blockquote></p><p> “Too-strong economic data could perversely be a bad thing for markets if it caused the Fed to raise rates faster than expected,” Carter said. “Weak employment data may actually be welcomed.”</p><p><blockquote>“卡特说：”如果过于强劲的经济数据导致美联储加息速度快于预期，那么对市场来说可能是一件坏事。“疲软的就业数据实际上可能是受欢迎的。”</blockquote></p><p> The Dow Jones Industrial Average rose 131.02 points, or 0.38%, to 34,633.53, the S&amp;P 500 gained 22.44 points, or 0.52%, to 4,319.94 and the Nasdaq Composite added 18.42 points, or 0.13%, to 14,522.38.</p><p><blockquote>道琼斯工业平均指数上涨 131.02 点，或 0.38%，至 34,633.53 点；标普500指数上涨 22.44 点，或 0.52%，至 4,319.94 点；纳斯达克综合指数上涨 18.42 点，或 0.13%，至 14,522.38 点。</blockquote></p><p> Of the 11 major sectors in the S&amp;P 500, consumer staples was the sole loser, shedding 0.3%.</p><p><blockquote>在标普500的11个主要行业中，必需消费品是唯一的输家，下跌了0.3%。</blockquote></p><p> Walgreens Boots Alliance Inc dropped 7.4% after it said it expects to administer fewer COVID-19 vaccine shots in the fourth quarter.</p><p><blockquote>沃尔格林博姿联盟公司股价下跌 7.4%，此前该公司表示预计第四季度将减少 COVID-19 疫苗注射量。</blockquote></p><p> Didi Global Inc jumped 16.0%, on its second day of trading as a U.S.-listed company.</p><p><blockquote>滴滴全球公司作为美国上市公司上市的第二天股价上涨 16.0%。</blockquote></p><p> Micron Technology Inc slid by 5.7% following a report that Texas Instruments would buy Micron’s Lehi, Utah, factory for $900 million.</p><p><blockquote>有报道称德州仪器将以 9 亿美元收购美光位于犹他州利希的工厂，美光科技公司下跌了 5.7%。</blockquote></p><p> Advancing issues outnumbered declining ones on the NYSE by a 1.78-to-1 ratio; on Nasdaq, a 1.32-to-1 ratio favored advancers.</p><p><blockquote>纽约证券交易所上涨发行量超过下跌发行量，比例为 1.78 比 1；在纳斯达克，1.32比1的比率有利于进步人士。</blockquote></p><p> The S&amp;P 500 posted 36 new 52-week highs and no new lows; the Nasdaq Composite recorded 78 new highs and 30 new lows.</p><p><blockquote>标普500创下 36 个 52 周新高，没有新低；纳斯达克综合指数创下78个新高和30个新低。</blockquote></p><p> Volume on U.S. exchanges was 9.53 billion shares, compared with the 10.9 billion average over the last 20 trading days.</p><p><blockquote>美国交易所的成交量为 95.3 亿股，而过去 20 个交易日的平均成交量为 109 亿股。</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>S&P 500 winning streak extends to sixth straight record close<blockquote>标普500连胜纪录延续至六连胜</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; 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}\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\">\nS&P 500 winning streak extends to sixth straight record close<blockquote>标普500连胜纪录延续至六连胜</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Reuters</strong><span class=\"h-time small\">2021-07-02 07:08</span>\n</p>\n</h4>\n</header>\n<article>\n<p>NEW YORK (Reuters) - The S&amp;P 500 reached its sixth consecutive all-time closing high on Thursday, as a new quarter and the second half of the year began with upbeat economic data and a broad-based rally.</p><p><blockquote>纽约（路透社） - 标普500周四连续第六次创下历史收盘高点，新季度和下半年以乐观的经济数据和广泛的反弹开始。</blockquote></p><p> Investors now eye Friday’s much-anticipated employment report.</p><p><blockquote>投资者现在关注周五备受期待的就业报告。</blockquote></p><p> The bellwether index is enjoying its longest winning streak since early February, and the last time it logged six straight all-time highs was last August.</p><p><blockquote>领头羊指数正在享受自 2 月初以来最长的连涨纪录，上一次连续六次创下历史新高是在去年 8 月。</blockquote></p><p> “Historical data shows if you have a strong first half, the second half of the year was actually going even stronger,” said Ross Mayfield, investment strategy analyst with Baird Private Wealth.</p><p><blockquote>“贝尔德私人财富公司（Baird Private Wealth）的投资策略分析师罗斯-梅菲尔德（Ross Mayfield）说：”历史数据显示，如果上半年表现强劲，那么下半年实际上会更加强劲。</blockquote></p><p> All three major U.S. stock indexes ended the session in positive territory, but a decline in tech shares - led by microchips - tempered the Nasdaq’s gain.</p><p><blockquote>美国三大股指均以正值收盘，但以微芯片为首的科技股下跌削弱了纳斯达克的涨幅。</blockquote></p><p> The Philadelphia SE Semiconductor index slid 1.5%</p><p><blockquote>费城东南半导体指数下跌 1.5%</blockquote></p><p> “For markets so far this year, boring is beautiful,” said David Carter, chief investment officer at Lenox Wealth Advisors in New York. “Economic growth has been strong enough to support prices and many asset classes are trading with historically low volatility.”</p><p><blockquote>“纽约鲁诺财富顾问公司首席投资官大卫-卡特（David Carter）说：”对于今年到目前为止的市场来说，无聊就是美好。“经济增长强劲，足以支撑价格，许多资产类别的交易波动性处于历史低位。”</blockquote></p><p> “It feels like investors left for the Fourth of July weekend about three months ago.”</p><p><blockquote>“感觉就像三个月前的国庆节周末，投资者就离开了”。</blockquote></p><p> The ongoing worker shortage, attributed to federal emergency unemployment benefits, a childcare shortage and lingering pandemic fears, was a common theme in the day’s economic data.</p><p><blockquote>由于联邦紧急失业救济金、儿童保育短缺和挥之不去的大流行病担忧，持续的工人短缺是当天经济数据中的一个共同主题。</blockquote></p><p> Jobless claims continued their downward trajectory according to the Labor Department, touching their lowest level since the pandemic shutdown, and a report from Challenger, Gray &amp; Christmas showed planned layoffs by U.S. firms were down 88% from last year, hitting a 21-year low.</p><p><blockquote>根据劳工部的数据，申请失业救济人数继续下降，达到疫情关闭以来的最低水平，Challenger, Gray &amp; Christmas 的一份报告显示，美国公司计划裁员人数比去年下降了 88%，创下 21 年来的最低水平。</blockquote></p><p> Activity at U.S. factories expanded at a slightly decelerated pace in June, according to the Institute for Supply Management’s (ISM) purchasing managers’ index (PMI), with the employment component dipping into contraction for the first time since November. The prices paid index, driven higher by the current demand/supply imbalance, soared to its highest level since 1979, according to ISM.</p><p><blockquote>根据美国供应管理协会（ISM）的采购经理人指数（PMI），6 月份美国工厂活动扩张速度略有放缓，就业部分自 11 月以来首次陷入收缩。根据ISM的数据，受当前供需失衡的推动，价格指数飙升至1979年以来的最高水平。</blockquote></p><p> “The employment and manufacturing data released today supported the idea of continued growth but at a decelerated rate,” Carter added.</p><p><blockquote>“卡特补充说：”今天公布的就业和制造业数据支持了经济持续增长但增速放缓的观点。</blockquote></p><p> Friday’s hotly anticipated jobs report is expected to show payrolls growing by 700,000 and unemployment inching down to 5.7%. A robust upside surprise could lead the U.S. Federal Reserve to adjust its timetable for tapering its securities purchases and raising key interest rates.</p><p><blockquote>周五备受期待的就业报告预计将显示就业人数增加 70 万人，失业率将小幅下降至 5.7%。强劲的上行意外可能会导致美联储调整缩减证券购买规模和提高关键利率的时间表。</blockquote></p><p> “Too-strong economic data could perversely be a bad thing for markets if it caused the Fed to raise rates faster than expected,” Carter said. “Weak employment data may actually be welcomed.”</p><p><blockquote>“卡特说：”如果过于强劲的经济数据导致美联储加息速度快于预期，那么对市场来说可能是一件坏事。“疲软的就业数据实际上可能是受欢迎的。”</blockquote></p><p> The Dow Jones Industrial Average rose 131.02 points, or 0.38%, to 34,633.53, the S&amp;P 500 gained 22.44 points, or 0.52%, to 4,319.94 and the Nasdaq Composite added 18.42 points, or 0.13%, to 14,522.38.</p><p><blockquote>道琼斯工业平均指数上涨 131.02 点，或 0.38%，至 34,633.53 点；标普500指数上涨 22.44 点，或 0.52%，至 4,319.94 点；纳斯达克综合指数上涨 18.42 点，或 0.13%，至 14,522.38 点。</blockquote></p><p> Of the 11 major sectors in the S&amp;P 500, consumer staples was the sole loser, shedding 0.3%.</p><p><blockquote>在标普500的11个主要行业中，必需消费品是唯一的输家，下跌了0.3%。</blockquote></p><p> Walgreens Boots Alliance Inc dropped 7.4% after it said it expects to administer fewer COVID-19 vaccine shots in the fourth quarter.</p><p><blockquote>沃尔格林博姿联盟公司股价下跌 7.4%，此前该公司表示预计第四季度将减少 COVID-19 疫苗注射量。</blockquote></p><p> Didi Global Inc jumped 16.0%, on its second day of trading as a U.S.-listed company.</p><p><blockquote>滴滴全球公司作为美国上市公司上市的第二天股价上涨 16.0%。</blockquote></p><p> Micron Technology Inc slid by 5.7% following a report that Texas Instruments would buy Micron’s Lehi, Utah, factory for $900 million.</p><p><blockquote>有报道称德州仪器将以 9 亿美元收购美光位于犹他州利希的工厂，美光科技公司下跌了 5.7%。</blockquote></p><p> Advancing issues outnumbered declining ones on the NYSE by a 1.78-to-1 ratio; on Nasdaq, a 1.32-to-1 ratio favored advancers.</p><p><blockquote>纽约证券交易所上涨发行量超过下跌发行量，比例为 1.78 比 1；在纳斯达克，1.32比1的比率有利于进步人士。</blockquote></p><p> The S&amp;P 500 posted 36 new 52-week highs and no new lows; the Nasdaq Composite recorded 78 new highs and 30 new lows.</p><p><blockquote>标普500创下 36 个 52 周新高，没有新低；纳斯达克综合指数创下78个新高和30个新低。</blockquote></p><p> Volume on U.S. exchanges was 9.53 billion shares, compared with the 10.9 billion average over the last 20 trading days.</p><p><blockquote>美国交易所的成交量为 95.3 亿股，而过去 20 个交易日的平均成交量为 109 亿股。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.reuters.com/article/usa-stocks/us-stocks-sp-500-winning-streak-extends-to-sixth-straight-record-close-idUSL2N2OD332\">Reuters</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"},"source_url":"https://www.reuters.com/article/usa-stocks/us-stocks-sp-500-winning-streak-extends-to-sixth-straight-record-close-idUSL2N2OD332","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1175817125","content_text":"NEW YORK (Reuters) - The S&P 500 reached its sixth consecutive all-time closing high on Thursday, as a new quarter and the second half of the year began with upbeat economic data and a broad-based rally.\nInvestors now eye Friday’s much-anticipated employment report.\nThe bellwether index is enjoying its longest winning streak since early February, and the last time it logged six straight all-time highs was last August.\n“Historical data shows if you have a strong first half, the second half of the year was actually going even stronger,” said Ross Mayfield, investment strategy analyst with Baird Private Wealth.\nAll three major U.S. stock indexes ended the session in positive territory, but a decline in tech shares - led by microchips - tempered the Nasdaq’s gain.\nThe Philadelphia SE Semiconductor index slid 1.5%\n“For markets so far this year, boring is beautiful,” said David Carter, chief investment officer at Lenox Wealth Advisors in New York. “Economic growth has been strong enough to support prices and many asset classes are trading with historically low volatility.”\n“It feels like investors left for the Fourth of July weekend about three months ago.”\nThe ongoing worker shortage, attributed to federal emergency unemployment benefits, a childcare shortage and lingering pandemic fears, was a common theme in the day’s economic data.\nJobless claims continued their downward trajectory according to the Labor Department, touching their lowest level since the pandemic shutdown, and a report from Challenger, Gray & Christmas showed planned layoffs by U.S. firms were down 88% from last year, hitting a 21-year low.\nActivity at U.S. factories expanded at a slightly decelerated pace in June, according to the Institute for Supply Management’s (ISM) purchasing managers’ index (PMI), with the employment component dipping into contraction for the first time since November. The prices paid index, driven higher by the current demand/supply imbalance, soared to its highest level since 1979, according to ISM.\n“The employment and manufacturing data released today supported the idea of continued growth but at a decelerated rate,” Carter added.\nFriday’s hotly anticipated jobs report is expected to show payrolls growing by 700,000 and unemployment inching down to 5.7%. A robust upside surprise could lead the U.S. Federal Reserve to adjust its timetable for tapering its securities purchases and raising key interest rates.\n“Too-strong economic data could perversely be a bad thing for markets if it caused the Fed to raise rates faster than expected,” Carter said. “Weak employment data may actually be welcomed.”\nThe Dow Jones Industrial Average rose 131.02 points, or 0.38%, to 34,633.53, the S&P 500 gained 22.44 points, or 0.52%, to 4,319.94 and the Nasdaq Composite added 18.42 points, or 0.13%, to 14,522.38.\nOf the 11 major sectors in the S&P 500, consumer staples was the sole loser, shedding 0.3%.\nWalgreens Boots Alliance Inc dropped 7.4% after it said it expects to administer fewer COVID-19 vaccine shots in the fourth quarter.\nDidi Global Inc jumped 16.0%, on its second day of trading as a U.S.-listed company.\nMicron Technology Inc slid by 5.7% following a report that Texas Instruments would buy Micron’s Lehi, Utah, factory for $900 million.\nAdvancing issues outnumbered declining ones on the NYSE by a 1.78-to-1 ratio; on Nasdaq, a 1.32-to-1 ratio favored advancers.\nThe S&P 500 posted 36 new 52-week highs and no new lows; the Nasdaq Composite recorded 78 new highs and 30 new lows.\nVolume on U.S. exchanges was 9.53 billion shares, compared with the 10.9 billion average over the last 20 trading days.","news_type":1,"symbols_score_info":{".DJI":0.9,".SPX":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":2748,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":151782258,"gmtCreate":1625107172274,"gmtModify":1631889390409,"author":{"id":"3570015338387280","authorId":"3570015338387280","name":"Addie","avatar":"https://static.tigerbbs.com/5a502409c8516af8e327ef78450d4a04","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570015338387280","idStr":"3570015338387280"},"themes":[],"title":"","htmlText":"Like and comment pls&nbsp;","listText":"Like and comment pls&nbsp;","text":"Like and comment pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/151782258","repostId":"1178516480","repostType":4,"repost":{"id":"1178516480","kind":"news","pubTimestamp":1625094708,"share":"https://www.laohunote.com/m/news/1178516480?lang=zh_CN&edition=full","pubTime":"2021-07-01 07:11","market":"us","language":"en","title":"S&P 500 notches fifth straight record closing high, fifth straight quarterly gain<blockquote>标普500连续第五次创下收盘历史新高，连续第五个季度上涨</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1178516480","media":"Reuters","summary":"NEW YORK (Reuters) - The S&P 500 nabbed its fifth straight record closing high on Wednesday as inves","content":"<p>NEW YORK (Reuters) - The S&amp;P 500 nabbed its fifth straight record closing high on Wednesday as investors ended the month and the quarter by largely shrugging off positive economic data and looking toward Friday’s highly anticipated employment report.</p><p><blockquote>纽约（路透社）--标普500周三连续第五次创下收盘新高，投资者在结束本月和本季度时基本上对积极的经济数据不屑一顾，转而关注周五备受期待的就业报告。</blockquote></p><p> In the last session of 2021’s first half, the indexes were languid and range-bound, with the blue-chip Dow posting gains, while the Nasdaq edged lower.</p><p><blockquote>在 2021 年上半年的最后一个交易日，各指数表现低迷，区间震荡，蓝筹股道琼斯指数上涨，而纳斯达克指数则小幅走低。</blockquote></p><p> All three indexes posted their fifth consecutive quarterly gains, with the S&amp;P rising 8.2%, the Nasdaq advancing 9.5% and the Dow rising 4.6%. The S&amp;P 500 registered its second-best first-half performance since 1998, rising 14.5%.</p><p><blockquote>这三个指数均连续第五个季度上涨，其中标准普尔指数上涨 8.2%，纳斯达克指数上涨 9.5%，道琼斯指数上涨 4.6%。标普500上半年表现创1998年以来第二好，上涨14.5%。</blockquote></p><p> “It’s been a good quarter,” said Robert Pavlik, senior portfolio manager at Dakota Wealth in Fairfield, Connecticut. “As of last night’s close, the S&amp;P has gained more than 14% year-to-date, topping the Dow and the Nasdaq. That indicates that the stock market is having a broad rally.”</p><p><blockquote>“康涅狄格州费尔菲尔德 Dakota Wealth 高级投资组合经理罗伯特-帕夫利克（Robert Pavlik）说：”这是一个不错的季度。“截至昨晚收盘，标准普尔指数今年迄今已上涨超过 14%，超过道琼斯指数和纳斯达克指数。这表明股市正在全面反弹。”</blockquote></p><p> For the month, the bellwether S&amp;P 500 notched its fifth consecutive advance, while the Dow snapped its four-month winning streak to end slightly lower. The Nasdaq also gained ground in June.</p><p><blockquote>本月，领头羊标普500指数连续第五次上涨，而道琼斯指数则结束了四个月的连涨，收盘小幅走低。纳斯达克在6月份也取得了进展。</blockquote></p><p> This month, investor appetite shifted away from economically sensitive cyclicals in favor of growth stocks.</p><p><blockquote>本月，投资者的兴趣从对经济敏感的周期性股票转向成长型股票。</blockquote></p><p> “Leading sectors year-to-date are what you’d expect,” Pavlik added. “Energy, financials and industrials, and that speaks to an economic environment that’s in the early stages of a cycle.”</p><p><blockquote>“帕夫利克补充说：”今年迄今为止的领先行业是你所期望的。“能源、金融和工业，这表明经济环境正处于周期的早期阶段”。</blockquote></p><p> “(Investors) started the switch back to growth (stocks) after people started to buy in to (Fed Chair Jerome) Powell’s comments that focus on transitory inflation,” Pavlik added.</p><p><blockquote>“帕夫利克补充说：”在人们开始接受（美联储主席杰罗姆）鲍威尔关注短暂通胀的言论后，（投资者）开始转向成长型（股票）。</blockquote></p><p> “Some of the reopening trades have gotten a bit long in the tooth and that’s leading people back to growth.”</p><p><blockquote>“一些重新开放的行业已经有点长了，这正在引导人们恢复增长”。</blockquote></p><p> (Graphic: Growths stocks outperform value in June, narrow YTD gap, )</p><p><blockquote>（图表：6 月份成长型股票跑赢价值，年初至今差距缩小）</blockquote></p><p> <img src=\"https://static.tigerbbs.com/5b82b4dfdc765d913811f9d8572e60f6\" tg-width=\"964\" tg-height=\"723\" referrerpolicy=\"no-referrer\">“The overall stock market continues to be on a tear, with very consistent gains for quite some time,” said Tim Ghriskey, chief investment strategist at Inverness Counsel in New York. “Valuations, while certainly high by historical standards, have been at a fairly consistent level, benefiting from the economic recovery.”</p><p><blockquote>“纽约因弗内斯律师事务所首席投资策略师蒂姆-格里斯基（Tim Ghriskey）说：”整体股市继续上涨，在相当长一段时间内涨幅非常稳定。“虽然按历史标准来看，估值肯定很高，但受益于经济复苏，估值一直处于相当稳定的水平。”</blockquote></p><p> The private sector added 692,000 jobs in June, breezing past expectations, according to payroll processor ADP. The number is 92,000 higher than the private payroll adds economists predict from the Labor Department’s more comprehensive employment report due on Friday.</p><p><blockquote>根据薪资处理商 ADP 的数据，6 月份私营部门新增就业岗位 692,000 个，轻松超出预期。经济学家在劳工部将于周五发布的更全面的就业报告中补充说，这一数字比私人就业人数高出 9.2 万人。</blockquote></p><p> The Dow Jones Industrial Average rose 210.22 points, or 0.61%, to 34,502.51, the S&amp;P 500 gained 5.7 points, or 0.13%, to 4,297.5 and the Nasdaq Composite dropped 24.38 points, or 0.17%, to 14,503.95.</p><p><blockquote>道琼斯工业平均指数上涨 210.22 点，或 0.61%，至 34,502.51 点；标普500指数上涨 5.7 点，或 0.13%，至 4,297.5 点；纳斯达克综合指数下跌 24.38 点，或 0.17%，至 14,503.95 点。</blockquote></p><p> Among the 11 major sectors in the S&amp;P, six ended the session higher, with energy enjoying the biggest percentage gain. Real estate was the day’s biggest loser.</p><p><blockquote>在标准普尔的 11 个主要板块中，有 6 个板块收高，其中能源板块涨幅最大。房地产是当天最大的输家。</blockquote></p><p> Boeing Co gained 1.6% after Germany’s defense ministry announced it would buy five of the planemaker’s P-8A maritime control aircraft, coming on the heels of United Airlines unveiling its largest-ever order for new planes.</p><p><blockquote>在德国国防部宣布将购买该飞机制造商的五架 P-8A 海上管制飞机后，波音公司股价上涨了 1.6%。</blockquote></p><p> Walmart jumped 2.7% after announcing on Tuesday that it would start selling a prescription-only insulin analog.</p><p><blockquote>沃尔玛周二宣布将开始销售仅限处方的胰岛素类似物，股价上涨 2.7%。</blockquote></p><p> Micron Technology advanced 2.5% ahead of its quarterly earnings release, but was relatively unchanged in after-hours trading following the chipmaker’s quarterly results.</p><p><blockquote>美光科技在发布季度财报前上涨了 2.5%，但在芯片制造商公布季度财报后的盘后交易中股价相对持平。</blockquote></p><p> Advancing issues outnumbered declining ones on the NYSE by a 1.35-to-1 ratio; on Nasdaq, a 1.19-to-1 ratio favored decliners.</p><p><blockquote>纽约证券交易所上涨发行量超过下跌发行量，比例为 1.35 比 1；在纳斯达克，1.19 比 1 的比率有利于下跌者。</blockquote></p><p> The S&amp;P 500 posted 20 new 52-week highs and no new lows; the Nasdaq Composite recorded 70 new highs and 36 new lows.</p><p><blockquote>标普500创下20个52周新高，没有新低；纳斯达克综合指数创下70个新高和36个新低。</blockquote></p><p> Volume on U.S. exchanges was 10.85 billion shares, compared with the 11.05 billion average over the last 20 trading days.</p><p><blockquote>美国交易所的成交量为 108.5 亿股，而过去 20 个交易日的平均成交量为 110.5 亿股。</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>S&P 500 notches fifth straight record closing high, fifth straight quarterly gain<blockquote>标普500连续第五次创下收盘历史新高，连续第五个季度上涨</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; 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}\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\">\nS&P 500 notches fifth straight record closing high, fifth straight quarterly gain<blockquote>标普500连续第五次创下收盘历史新高，连续第五个季度上涨</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Reuters</strong><span class=\"h-time small\">2021-07-01 07:11</span>\n</p>\n</h4>\n</header>\n<article>\n<p>NEW YORK (Reuters) - The S&amp;P 500 nabbed its fifth straight record closing high on Wednesday as investors ended the month and the quarter by largely shrugging off positive economic data and looking toward Friday’s highly anticipated employment report.</p><p><blockquote>纽约（路透社）--标普500周三连续第五次创下收盘新高，投资者在结束本月和本季度时基本上对积极的经济数据不屑一顾，转而关注周五备受期待的就业报告。</blockquote></p><p> In the last session of 2021’s first half, the indexes were languid and range-bound, with the blue-chip Dow posting gains, while the Nasdaq edged lower.</p><p><blockquote>在 2021 年上半年的最后一个交易日，各指数表现低迷，区间震荡，蓝筹股道琼斯指数上涨，而纳斯达克指数则小幅走低。</blockquote></p><p> All three indexes posted their fifth consecutive quarterly gains, with the S&amp;P rising 8.2%, the Nasdaq advancing 9.5% and the Dow rising 4.6%. The S&amp;P 500 registered its second-best first-half performance since 1998, rising 14.5%.</p><p><blockquote>这三个指数均连续第五个季度上涨，其中标准普尔指数上涨 8.2%，纳斯达克指数上涨 9.5%，道琼斯指数上涨 4.6%。标普500上半年表现创1998年以来第二好，上涨14.5%。</blockquote></p><p> “It’s been a good quarter,” said Robert Pavlik, senior portfolio manager at Dakota Wealth in Fairfield, Connecticut. “As of last night’s close, the S&amp;P has gained more than 14% year-to-date, topping the Dow and the Nasdaq. That indicates that the stock market is having a broad rally.”</p><p><blockquote>“康涅狄格州费尔菲尔德 Dakota Wealth 高级投资组合经理罗伯特-帕夫利克（Robert Pavlik）说：”这是一个不错的季度。“截至昨晚收盘，标准普尔指数今年迄今已上涨超过 14%，超过道琼斯指数和纳斯达克指数。这表明股市正在全面反弹。”</blockquote></p><p> For the month, the bellwether S&amp;P 500 notched its fifth consecutive advance, while the Dow snapped its four-month winning streak to end slightly lower. The Nasdaq also gained ground in June.</p><p><blockquote>本月，领头羊标普500指数连续第五次上涨，而道琼斯指数则结束了四个月的连涨，收盘小幅走低。纳斯达克在6月份也取得了进展。</blockquote></p><p> This month, investor appetite shifted away from economically sensitive cyclicals in favor of growth stocks.</p><p><blockquote>本月，投资者的兴趣从对经济敏感的周期性股票转向成长型股票。</blockquote></p><p> “Leading sectors year-to-date are what you’d expect,” Pavlik added. “Energy, financials and industrials, and that speaks to an economic environment that’s in the early stages of a cycle.”</p><p><blockquote>“帕夫利克补充说：”今年迄今为止的领先行业是你所期望的。“能源、金融和工业，这表明经济环境正处于周期的早期阶段”。</blockquote></p><p> “(Investors) started the switch back to growth (stocks) after people started to buy in to (Fed Chair Jerome) Powell’s comments that focus on transitory inflation,” Pavlik added.</p><p><blockquote>“帕夫利克补充说：”在人们开始接受（美联储主席杰罗姆）鲍威尔关注短暂通胀的言论后，（投资者）开始转向成长型（股票）。</blockquote></p><p> “Some of the reopening trades have gotten a bit long in the tooth and that’s leading people back to growth.”</p><p><blockquote>“一些重新开放的行业已经有点长了，这正在引导人们恢复增长”。</blockquote></p><p> (Graphic: Growths stocks outperform value in June, narrow YTD gap, )</p><p><blockquote>（图表：6 月份成长型股票跑赢价值，年初至今差距缩小）</blockquote></p><p> <img src=\"https://static.tigerbbs.com/5b82b4dfdc765d913811f9d8572e60f6\" tg-width=\"964\" tg-height=\"723\" referrerpolicy=\"no-referrer\">“The overall stock market continues to be on a tear, with very consistent gains for quite some time,” said Tim Ghriskey, chief investment strategist at Inverness Counsel in New York. “Valuations, while certainly high by historical standards, have been at a fairly consistent level, benefiting from the economic recovery.”</p><p><blockquote>“纽约因弗内斯律师事务所首席投资策略师蒂姆-格里斯基（Tim Ghriskey）说：”整体股市继续上涨，在相当长一段时间内涨幅非常稳定。“虽然按历史标准来看，估值肯定很高，但受益于经济复苏，估值一直处于相当稳定的水平。”</blockquote></p><p> The private sector added 692,000 jobs in June, breezing past expectations, according to payroll processor ADP. The number is 92,000 higher than the private payroll adds economists predict from the Labor Department’s more comprehensive employment report due on Friday.</p><p><blockquote>根据薪资处理商 ADP 的数据，6 月份私营部门新增就业岗位 692,000 个，轻松超出预期。经济学家在劳工部将于周五发布的更全面的就业报告中补充说，这一数字比私人就业人数高出 9.2 万人。</blockquote></p><p> The Dow Jones Industrial Average rose 210.22 points, or 0.61%, to 34,502.51, the S&amp;P 500 gained 5.7 points, or 0.13%, to 4,297.5 and the Nasdaq Composite dropped 24.38 points, or 0.17%, to 14,503.95.</p><p><blockquote>道琼斯工业平均指数上涨 210.22 点，或 0.61%，至 34,502.51 点；标普500指数上涨 5.7 点，或 0.13%，至 4,297.5 点；纳斯达克综合指数下跌 24.38 点，或 0.17%，至 14,503.95 点。</blockquote></p><p> Among the 11 major sectors in the S&amp;P, six ended the session higher, with energy enjoying the biggest percentage gain. Real estate was the day’s biggest loser.</p><p><blockquote>在标准普尔的 11 个主要板块中，有 6 个板块收高，其中能源板块涨幅最大。房地产是当天最大的输家。</blockquote></p><p> Boeing Co gained 1.6% after Germany’s defense ministry announced it would buy five of the planemaker’s P-8A maritime control aircraft, coming on the heels of United Airlines unveiling its largest-ever order for new planes.</p><p><blockquote>在德国国防部宣布将购买该飞机制造商的五架 P-8A 海上管制飞机后，波音公司股价上涨了 1.6%。</blockquote></p><p> Walmart jumped 2.7% after announcing on Tuesday that it would start selling a prescription-only insulin analog.</p><p><blockquote>沃尔玛周二宣布将开始销售仅限处方的胰岛素类似物，股价上涨 2.7%。</blockquote></p><p> Micron Technology advanced 2.5% ahead of its quarterly earnings release, but was relatively unchanged in after-hours trading following the chipmaker’s quarterly results.</p><p><blockquote>美光科技在发布季度财报前上涨了 2.5%，但在芯片制造商公布季度财报后的盘后交易中股价相对持平。</blockquote></p><p> Advancing issues outnumbered declining ones on the NYSE by a 1.35-to-1 ratio; on Nasdaq, a 1.19-to-1 ratio favored decliners.</p><p><blockquote>纽约证券交易所上涨发行量超过下跌发行量，比例为 1.35 比 1；在纳斯达克，1.19 比 1 的比率有利于下跌者。</blockquote></p><p> The S&amp;P 500 posted 20 new 52-week highs and no new lows; the Nasdaq Composite recorded 70 new highs and 36 new lows.</p><p><blockquote>标普500创下20个52周新高，没有新低；纳斯达克综合指数创下70个新高和36个新低。</blockquote></p><p> Volume on U.S. exchanges was 10.85 billion shares, compared with the 11.05 billion average over the last 20 trading days.</p><p><blockquote>美国交易所的成交量为 108.5 亿股，而过去 20 个交易日的平均成交量为 110.5 亿股。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.reuters.com/article/us-usa-stocks/sp-500-notches-fifth-straight-record-closing-high-fifth-straight-quarterly-gain-idUSKCN2E619R\">Reuters</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":{".DJI":"道琼斯",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index"},"source_url":"https://www.reuters.com/article/us-usa-stocks/sp-500-notches-fifth-straight-record-closing-high-fifth-straight-quarterly-gain-idUSKCN2E619R","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1178516480","content_text":"NEW YORK (Reuters) - The S&P 500 nabbed its fifth straight record closing high on Wednesday as investors ended the month and the quarter by largely shrugging off positive economic data and looking toward Friday’s highly anticipated employment report.\nIn the last session of 2021’s first half, the indexes were languid and range-bound, with the blue-chip Dow posting gains, while the Nasdaq edged lower.\nAll three indexes posted their fifth consecutive quarterly gains, with the S&P rising 8.2%, the Nasdaq advancing 9.5% and the Dow rising 4.6%. The S&P 500 registered its second-best first-half performance since 1998, rising 14.5%.\n“It’s been a good quarter,” said Robert Pavlik, senior portfolio manager at Dakota Wealth in Fairfield, Connecticut. “As of last night’s close, the S&P has gained more than 14% year-to-date, topping the Dow and the Nasdaq. That indicates that the stock market is having a broad rally.”\nFor the month, the bellwether S&P 500 notched its fifth consecutive advance, while the Dow snapped its four-month winning streak to end slightly lower. The Nasdaq also gained ground in June.\nThis month, investor appetite shifted away from economically sensitive cyclicals in favor of growth stocks.\n“Leading sectors year-to-date are what you’d expect,” Pavlik added. “Energy, financials and industrials, and that speaks to an economic environment that’s in the early stages of a cycle.”\n“(Investors) started the switch back to growth (stocks) after people started to buy in to (Fed Chair Jerome) Powell’s comments that focus on transitory inflation,” Pavlik added.\n“Some of the reopening trades have gotten a bit long in the tooth and that’s leading people back to growth.”\n(Graphic: Growths stocks outperform value in June, narrow YTD gap, )\n“The overall stock market continues to be on a tear, with very consistent gains for quite some time,” said Tim Ghriskey, chief investment strategist at Inverness Counsel in New York. “Valuations, while certainly high by historical standards, have been at a fairly consistent level, benefiting from the economic recovery.”\nThe private sector added 692,000 jobs in June, breezing past expectations, according to payroll processor ADP. The number is 92,000 higher than the private payroll adds economists predict from the Labor Department’s more comprehensive employment report due on Friday.\nThe Dow Jones Industrial Average rose 210.22 points, or 0.61%, to 34,502.51, the S&P 500 gained 5.7 points, or 0.13%, to 4,297.5 and the Nasdaq Composite dropped 24.38 points, or 0.17%, to 14,503.95.\nAmong the 11 major sectors in the S&P, six ended the session higher, with energy enjoying the biggest percentage gain. Real estate was the day’s biggest loser.\nBoeing Co gained 1.6% after Germany’s defense ministry announced it would buy five of the planemaker’s P-8A maritime control aircraft, coming on the heels of United Airlines unveiling its largest-ever order for new planes.\nWalmart jumped 2.7% after announcing on Tuesday that it would start selling a prescription-only insulin analog.\nMicron Technology advanced 2.5% ahead of its quarterly earnings release, but was relatively unchanged in after-hours trading following the chipmaker’s quarterly results.\nAdvancing issues outnumbered declining ones on the NYSE by a 1.35-to-1 ratio; on Nasdaq, a 1.19-to-1 ratio favored decliners.\nThe S&P 500 posted 20 new 52-week highs and no new lows; the Nasdaq Composite recorded 70 new highs and 36 new lows.\nVolume on U.S. exchanges was 10.85 billion shares, compared with the 11.05 billion average over the last 20 trading days.","news_type":1,"symbols_score_info":{".DJI":0.9,".SPX":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":2202,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":122442021,"gmtCreate":1624631430663,"gmtModify":1631889390409,"author":{"id":"3570015338387280","authorId":"3570015338387280","name":"Addie","avatar":"https://static.tigerbbs.com/5a502409c8516af8e327ef78450d4a04","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570015338387280","idStr":"3570015338387280"},"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":5,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/122442021","repostId":"2146023165","repostType":4,"isVote":1,"tweetType":1,"viewCount":1684,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":165055645,"gmtCreate":1624082865087,"gmtModify":1631889390413,"author":{"id":"3570015338387280","authorId":"3570015338387280","name":"Addie","avatar":"https://static.tigerbbs.com/5a502409c8516af8e327ef78450d4a04","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570015338387280","idStr":"3570015338387280"},"themes":[],"title":"","htmlText":"Like n comment pls&nbsp;","listText":"Like n comment pls&nbsp;","text":"Like n comment pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/165055645","repostId":"1156696708","repostType":4,"isVote":1,"tweetType":1,"viewCount":4418,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":166000284,"gmtCreate":1623984879048,"gmtModify":1631889390417,"author":{"id":"3570015338387280","authorId":"3570015338387280","name":"Addie","avatar":"https://static.tigerbbs.com/5a502409c8516af8e327ef78450d4a04","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570015338387280","idStr":"3570015338387280"},"themes":[],"title":"","htmlText":"Like and comment please!&nbsp;","listText":"Like and comment please!&nbsp;","text":"Like and comment please!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":5,"repostSize":0,"link":"https://laohu8.com/post/166000284","repostId":"2144286417","repostType":4,"isVote":1,"tweetType":1,"viewCount":2610,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":169813527,"gmtCreate":1623826959969,"gmtModify":1634027483050,"author":{"id":"3570015338387280","authorId":"3570015338387280","name":"Addie","avatar":"https://static.tigerbbs.com/5a502409c8516af8e327ef78450d4a04","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570015338387280","idStr":"3570015338387280"},"themes":[],"title":"","htmlText":"Like and comment pls&nbsp;","listText":"Like and comment pls&nbsp;","text":"Like and comment pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/169813527","repostId":"1182315358","repostType":4,"isVote":1,"tweetType":1,"viewCount":875,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":183539100,"gmtCreate":1623335112900,"gmtModify":1634034434443,"author":{"id":"3570015338387280","authorId":"3570015338387280","name":"Addie","avatar":"https://static.tigerbbs.com/5a502409c8516af8e327ef78450d4a04","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570015338387280","idStr":"3570015338387280"},"themes":[],"title":"","htmlText":"Up up n up!&nbsp;","listText":"Up up n up!&nbsp;","text":"Up up n up!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/183539100","repostId":"1180064020","repostType":2,"repost":{"id":"1180064020","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":1623331902,"share":"https://www.laohunote.com/m/news/1180064020?lang=zh_CN&edition=full","pubTime":"2021-06-10 21:31","market":"us","language":"en","title":"U.S. stocks gained in Thursday open. Chinese Education Stocks soared<blockquote>美国股市周四开盘上涨。中国教育股飙升</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1180064020","media":"Tiger Newspress","summary":"(June 10) U.S. stocks gained in Thursday open. Chinese Education Stocks soared.\nAirline stocks rally","content":"<p>(June 10)&nbsp;U.S. stocks gained in Thursday open.&nbsp;Chinese Education Stocks soared.</p><p><blockquote>（6月10日）美国股市周四开盘上涨。中国教育股飙升。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/3319d3b4d9de022c9ba1cf2e2452ee50\" tg-width=\"307\" tg-height=\"241\" referrerpolicy=\"no-referrer\">Airline stocks rally.</p><p><blockquote>航空股上涨。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/918397d0861786d9643834f404915b8f\" tg-width=\"303\" tg-height=\"364\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Video-game retailer and meme stock GameStop fell over 6%&nbsp;in morning trading even after the company tapped formerAmazon executive Matt Furlong to be its next CEOand said that sales rose 25% last quarter. The company also said it may sell up to 5 million additional shares.</p><p><blockquote>视频游戏零售商和模因股票游戏驿站在早盘交易中下跌超过 6%，尽管该公司任命亚马逊前高管马特·弗隆 (Matt Furlong) 为下一任首席执行官，并表示上季度销售额增长了 25%。该公司还表示，可能会额外出售最多500万股股票。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/5437e23fe0b63fa6886cf840ceac1e81\" tg-width=\"700\" tg-height=\"584\" referrerpolicy=\"no-referrer\">U.S. stocks climbed on Thursday as investors shrugged off a key inflation report that showed a bigger-than-expected increase in price pressures.</p><p><blockquote>美国股市周四攀升，因投资者对显示物价压力增幅超出预期的关键通胀报告置之不理。</blockquote></p><p> The Dow Jones Industrial Average rose 200 points, while theS&amp;P 500edged 0.4% higher. The Nasdaq Composite traded 0.2% higher even with bond yields rising.</p><p><blockquote>道琼斯工业平均指数上涨 200 点，标准普尔 500 指数小幅上涨 0.4%。尽管债券收益率上升，纳斯达克综合指数仍上涨 0.2%。</blockquote></p><p> Consumer prices for May accelerated at their fastest pace since the summer of 2008 amid the economic recovery from the pandemic-triggered recession,the Labor Department reported Thursday.</p><p><blockquote>美国劳工部周四报告称， 随着经济从疫情引发的衰退中复苏， 5月份消费者价格以2008年夏季以来最快的速度加速。</blockquote></p><p> The consumer price index, which represents a basket including food, energy, groceries across a spectrum of goods, rose 5% from a year ago. Economists surveyed by Dow Jones had been expecting a gain of 4.7%.</p><p><blockquote>消费者价格指数代表了包括食品、能源、杂货等一系列商品在内的一篮子商品，比一年前上涨了5%。道琼斯调查的经济学家此前预计涨幅为 4.7%。</blockquote></p><p> Fears of spiking inflation have weighed on the stock market in the last month, with investors worried the jump in prices will raise costs for companies, spark a move higher in interest rates and cause the Federal Reserve to remove its easy money policies.</p><p><blockquote>上个月，对通胀飙升的担忧给股市带来压力，投资者担心价格上涨将增加企业成本，引发加息，并导致美联储取消宽松货币政策。</blockquote></p><p> “This CPI isn’t likely to change the narrative dramatically and there are still indications that inflation momentum is set to abate in the coming months,” Adam Crisafulli, founder of Vital Knowledge, said in a note Thursday.</p><p><blockquote>“Vital Knowledge 创始人亚当-克里萨富利（Adam Crisafulli）在周四的一份报告中说：”这一 CPI 不太可能大幅改变这一说法，而且仍有迹象表明，未来几个月通胀势头将减弱。</blockquote></p><p> Many economists also said the surge in used car costs for the month could have skewed the inflation reading. Used car and truck prices jumped more than 7%, accounting for one-third of the total increase for the month, according to the BLS. The jump in used car prices likely reflects a temporary phenomenon related to the pandemic and auto supply.</p><p><blockquote>许多经济学家还表示，本月二手车成本的飙升可能会扭曲通胀数据。根据 BLS 的数据，二手车和卡车价格上涨超过 7%，占该月总涨幅的三分之一。二手车价格的上涨可能反映了与疫情和汽车供应相关的暂时现象。</blockquote></p><p> UPS shares rose about 1% in premarket trading afteran upgrade from JPMorgan. Shares of Boeing and Delta Air Lines were also higher in premarket trading.</p><p><blockquote>摩根大通上调评级后，UPS 股价在盘前交易中上涨约 1%。波音和达美航空公司的股价在盘前交易中也走高。</blockquote></p><p> U.S. markets continued to trade within a tight range on Wednesday, with all three major indexes ending the day within 0.5% of Tuesday’s closing levels. The Dow, S&amp;P 500 and Nasdaq Composite all fell during regular trading, ending the session further away from their respective all-time highs.</p><p><blockquote>美国市场周三继续窄幅波动，三大股指收盘跌幅均在周二收盘价的0.5%以内。道琼斯综合指数、标普500综合指数和纳斯达克综合指数在常规交易中均下跌，收盘时距离各自的历史高点更远。</blockquote></p><p> The S&amp;P 500 remains closest to its benchmark and is just 0.44% away from a new all-time high. The Dow and Nasdaq are roughly 2% away from records.</p><p><blockquote>标普500仍然最接近其基准，距离历史新高仅 0.44%。道琼斯指数和纳斯达克指数距离创纪录大约还有 2%。</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>U.S. stocks gained in Thursday open. Chinese Education Stocks soared<blockquote>美国股市周四开盘上涨。中国教育股飙升</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\">\nU.S. stocks gained in Thursday open. Chinese Education Stocks soared<blockquote>美国股市周四开盘上涨。中国教育股飙升</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\">2021-06-10 21:31</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>(June 10)&nbsp;U.S. stocks gained in Thursday open.&nbsp;Chinese Education Stocks soared.</p><p><blockquote>（6月10日）美国股市周四开盘上涨。中国教育股飙升。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/3319d3b4d9de022c9ba1cf2e2452ee50\" tg-width=\"307\" tg-height=\"241\" referrerpolicy=\"no-referrer\">Airline stocks rally.</p><p><blockquote>航空股上涨。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/918397d0861786d9643834f404915b8f\" tg-width=\"303\" tg-height=\"364\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Video-game retailer and meme stock GameStop fell over 6%&nbsp;in morning trading even after the company tapped formerAmazon executive Matt Furlong to be its next CEOand said that sales rose 25% last quarter. The company also said it may sell up to 5 million additional shares.</p><p><blockquote>视频游戏零售商和模因股票游戏驿站在早盘交易中下跌超过 6%，尽管该公司任命亚马逊前高管马特·弗隆 (Matt Furlong) 为下一任首席执行官，并表示上季度销售额增长了 25%。该公司还表示，可能会额外出售最多500万股股票。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/5437e23fe0b63fa6886cf840ceac1e81\" tg-width=\"700\" tg-height=\"584\" referrerpolicy=\"no-referrer\">U.S. stocks climbed on Thursday as investors shrugged off a key inflation report that showed a bigger-than-expected increase in price pressures.</p><p><blockquote>美国股市周四攀升，因投资者对显示物价压力增幅超出预期的关键通胀报告置之不理。</blockquote></p><p> The Dow Jones Industrial Average rose 200 points, while theS&amp;P 500edged 0.4% higher. The Nasdaq Composite traded 0.2% higher even with bond yields rising.</p><p><blockquote>道琼斯工业平均指数上涨 200 点，标准普尔 500 指数小幅上涨 0.4%。尽管债券收益率上升，纳斯达克综合指数仍上涨 0.2%。</blockquote></p><p> Consumer prices for May accelerated at their fastest pace since the summer of 2008 amid the economic recovery from the pandemic-triggered recession,the Labor Department reported Thursday.</p><p><blockquote>美国劳工部周四报告称， 随着经济从疫情引发的衰退中复苏， 5月份消费者价格以2008年夏季以来最快的速度加速。</blockquote></p><p> The consumer price index, which represents a basket including food, energy, groceries across a spectrum of goods, rose 5% from a year ago. Economists surveyed by Dow Jones had been expecting a gain of 4.7%.</p><p><blockquote>消费者价格指数代表了包括食品、能源、杂货等一系列商品在内的一篮子商品，比一年前上涨了5%。道琼斯调查的经济学家此前预计涨幅为 4.7%。</blockquote></p><p> Fears of spiking inflation have weighed on the stock market in the last month, with investors worried the jump in prices will raise costs for companies, spark a move higher in interest rates and cause the Federal Reserve to remove its easy money policies.</p><p><blockquote>上个月，对通胀飙升的担忧给股市带来压力，投资者担心价格上涨将增加企业成本，引发加息，并导致美联储取消宽松货币政策。</blockquote></p><p> “This CPI isn’t likely to change the narrative dramatically and there are still indications that inflation momentum is set to abate in the coming months,” Adam Crisafulli, founder of Vital Knowledge, said in a note Thursday.</p><p><blockquote>“Vital Knowledge 创始人亚当-克里萨富利（Adam Crisafulli）在周四的一份报告中说：”这一 CPI 不太可能大幅改变这一说法，而且仍有迹象表明，未来几个月通胀势头将减弱。</blockquote></p><p> Many economists also said the surge in used car costs for the month could have skewed the inflation reading. Used car and truck prices jumped more than 7%, accounting for one-third of the total increase for the month, according to the BLS. The jump in used car prices likely reflects a temporary phenomenon related to the pandemic and auto supply.</p><p><blockquote>许多经济学家还表示，本月二手车成本的飙升可能会扭曲通胀数据。根据 BLS 的数据，二手车和卡车价格上涨超过 7%，占该月总涨幅的三分之一。二手车价格的上涨可能反映了与疫情和汽车供应相关的暂时现象。</blockquote></p><p> UPS shares rose about 1% in premarket trading afteran upgrade from JPMorgan. Shares of Boeing and Delta Air Lines were also higher in premarket trading.</p><p><blockquote>摩根大通上调评级后，UPS 股价在盘前交易中上涨约 1%。波音和达美航空公司的股价在盘前交易中也走高。</blockquote></p><p> U.S. markets continued to trade within a tight range on Wednesday, with all three major indexes ending the day within 0.5% of Tuesday’s closing levels. The Dow, S&amp;P 500 and Nasdaq Composite all fell during regular trading, ending the session further away from their respective all-time highs.</p><p><blockquote>美国市场周三继续窄幅波动，三大股指收盘跌幅均在周二收盘价的0.5%以内。道琼斯综合指数、标普500综合指数和纳斯达克综合指数在常规交易中均下跌，收盘时距离各自的历史高点更远。</blockquote></p><p> The S&amp;P 500 remains closest to its benchmark and is just 0.44% away from a new all-time high. The Dow and Nasdaq are roughly 2% away from records.</p><p><blockquote>标普500仍然最接近其基准，距离历史新高仅 0.44%。道琼斯指数和纳斯达克指数距离创纪录大约还有 2%。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite","SPY":"标普500ETF",".DJI":"道琼斯",".SPX":"S&P 500 Index"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1180064020","content_text":"(June 10) U.S. stocks gained in Thursday open. Chinese Education Stocks soared.\nAirline stocks rally.\n\nVideo-game retailer and meme stock GameStop fell over 6% in morning trading even after the company tapped formerAmazon executive Matt Furlong to be its next CEOand said that sales rose 25% last quarter. The company also said it may sell up to 5 million additional shares.\nU.S. stocks climbed on Thursday as investors shrugged off a key inflation report that showed a bigger-than-expected increase in price pressures.\nThe Dow Jones Industrial Average rose 200 points, while theS&P 500edged 0.4% higher. The Nasdaq Composite traded 0.2% higher even with bond yields rising.\nConsumer prices for May accelerated at their fastest pace since the summer of 2008 amid the economic recovery from the pandemic-triggered recession,the Labor Department reported Thursday.\nThe consumer price index, which represents a basket including food, energy, groceries across a spectrum of goods, rose 5% from a year ago. Economists surveyed by Dow Jones had been expecting a gain of 4.7%.\nFears of spiking inflation have weighed on the stock market in the last month, with investors worried the jump in prices will raise costs for companies, spark a move higher in interest rates and cause the Federal Reserve to remove its easy money policies.\n“This CPI isn’t likely to change the narrative dramatically and there are still indications that inflation momentum is set to abate in the coming months,” Adam Crisafulli, founder of Vital Knowledge, said in a note Thursday.\nMany economists also said the surge in used car costs for the month could have skewed the inflation reading. Used car and truck prices jumped more than 7%, accounting for one-third of the total increase for the month, according to the BLS. The jump in used car prices likely reflects a temporary phenomenon related to the pandemic and auto supply.\nUPS shares rose about 1% in premarket trading afteran upgrade from JPMorgan. Shares of Boeing and Delta Air Lines were also higher in premarket trading.\nU.S. markets continued to trade within a tight range on Wednesday, with all three major indexes ending the day within 0.5% of Tuesday’s closing levels. The Dow, S&P 500 and Nasdaq Composite all fell during regular trading, ending the session further away from their respective all-time highs.\nThe S&P 500 remains closest to its benchmark and is just 0.44% away from a new all-time high. The Dow and Nasdaq are roughly 2% away from records.","news_type":1,"symbols_score_info":{".IXIC":0.9,".DJI":0.9,"SPY":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":701,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":117129612,"gmtCreate":1623123882536,"gmtModify":1634036681534,"author":{"id":"3570015338387280","authorId":"3570015338387280","name":"Addie","avatar":"https://static.tigerbbs.com/5a502409c8516af8e327ef78450d4a04","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570015338387280","idStr":"3570015338387280"},"themes":[],"title":"","htmlText":"I have been trying To buy in. But the price keeps going up.&nbsp;","listText":"I have been trying To buy in. But the price keeps going up.&nbsp;","text":"I have been trying To buy in. But the price keeps going up.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/117129612","repostId":"2141253134","repostType":2,"isVote":1,"tweetType":1,"viewCount":831,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":112417747,"gmtCreate":1622901944589,"gmtModify":1634096988112,"author":{"id":"3570015338387280","authorId":"3570015338387280","name":"Addie","avatar":"https://static.tigerbbs.com/5a502409c8516af8e327ef78450d4a04","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570015338387280","idStr":"3570015338387280"},"themes":[],"title":"","htmlText":"Interesting ...&nbsp;","listText":"Interesting ...&nbsp;","text":"Interesting ...","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/112417747","repostId":"1194036411","repostType":2,"repost":{"id":"1194036411","kind":"news","weMediaInfo":{"introduction":"Stock Market Quotes, Business News, Financial News, Trading Ideas, and Stock Research by Professionals","home_visible":0,"media_name":"Benzinga Earnings","id":"1052270027","head_image":"https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa"},"pubTimestamp":1622852714,"share":"https://www.laohunote.com/m/news/1194036411?lang=zh_CN&edition=full","pubTime":"2021-06-05 08:25","market":"us","language":"en","title":"What Are The Short- And Long-Term Outlooks For Apple Stock?<blockquote>苹果股票的短期和长期前景如何？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1194036411","media":"Benzinga Earnings","summary":"With Apple Inc.'s (NASDAQ:AAPL) recent underperformance, the panel on CNBC's \"Fast Money Halftime Re","content":"<p><img src=\"https://static.tigerbbs.com/a5e718489c14a810bc6ba301179aacd0\" tg-width=\"720\" tg-height=\"378\"></p><p><blockquote></blockquote></p><p> With&nbsp;<b>Apple Inc.'s</b>&nbsp;(NASDAQ:AAPL)&nbsp;recent underperformance, the panel on&nbsp;CNBC's \"Fast Money Halftime Report\" on Friday discussed possible&nbsp;outlooks.</p><p><blockquote>与<b>苹果公司</b>（纳斯达克股票代码：AAPL）近期表现不佳，CNBC 周五“快钱中场报告”小组讨论了可能的前景。</blockquote></p><p> <b>Short-Term Catalyst:</b>Although Apple has traded sideways recently, its Worldwide Developers Conference could be the catalyst that takes the stock higher,&nbsp;Market Rebellion co-founder Pete Najarian told CNBC.</p><p><blockquote><b>短期催化剂：</b>Market Rebellion 联合创始人皮特·纳贾里安 (Pete Najarian) 告诉 CNBC，尽管苹果最近横盘整理，但其全球开发者大会可能是推动该股走高的催化剂。</blockquote></p><p> Apple's margins, earnings and free cash flow are all increasing, he&nbsp;said, adding that after its recent pause, the stock seems primed for another move to the upside.</p><p><blockquote>他表示，苹果的利润率、盈利和自由现金流都在增加，并补充说，在最近暂停之后，该股似乎已经准备好再次上涨。</blockquote></p><p> Najarian bought&nbsp;Apple call options this week after seeing a spike in call buying activity.</p><p><blockquote>在看到看涨期权购买活动激增后，纳贾里安本周购买了苹果看涨期权期权。</blockquote></p><p> Apple is scheduled to have its&nbsp;Worldwide Developers Conference&nbsp;on June 7.</p><p><blockquote>苹果定于6月7日举行全球开发者大会。</blockquote></p><p> <b>Long-Term Outlook:</b>Cerity Partners' Jim Lebenthal has&nbsp;a longer-term outlook on Apple.</p><p><blockquote><b>长期展望：</b>Cerity Partners 的 Jim Lebenthal 对苹果有着更长远的看法。</blockquote></p><p> Apple has grown at a 40% compound annual growth rate over the last five years, Lebenthal told CNBC.</p><p><blockquote>莱本塔尔告诉 CNBC，苹果在过去五年中以 40% 的复合年增长率增长。</blockquote></p><p> The stock has been \"stuck in the mud\" for the last nine months, he said, adding that he expects the stock to trend higher after it announces&nbsp;another blowout&nbsp;earnings report during the next earnings season.</p><p><blockquote>他表示，该股在过去九个月里一直“陷入困境”，并补充说，他预计该股在下一个财报季宣布另一份井喷收益报告后将呈上涨趋势。</blockquote></p><p> Apple is buying back shares while the stock sits at depressed levels, which will benefit the company's earnings power, he noted.</p><p><blockquote>他指出，苹果正在股票处于低迷水平时回购股票，这将有利于公司的盈利能力。</blockquote></p><p> Over the next one to three years, the stock will trade much higher, Lebenthal said, adding he expects the stock to trade at $150 per share by the end of 2021.</p><p><blockquote>Lebenthal 表示，未来一到三年内，该股的交易价格将大幅上涨，并补充说，他预计到 2021 年底，该股的交易价格将达到每股 150 美元。</blockquote></p><p> <b>AAPL Price Action:</b>Apple has traded as high as $145.09 and as low as $80.19 over a 52-week period. It is down 5.31% year-to-date.</p><p><blockquote><b>AAPL价格走势：</b>52 周内，苹果的交易价格最高可达 145.09 美元，最低可达 80.19 美元。今年迄今已下跌 5.31%。</blockquote></p><p> At last check Friday at publication, the stock was up 1.90% at $125.89.</p><p><blockquote>截至周五发布时的最后一次检查，该股上涨 1.90%，至 125.89 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>What Are The Short- And Long-Term Outlooks For Apple Stock?<blockquote>苹果股票的短期和长期前景如何？</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\">\nWhat Are The Short- And Long-Term Outlooks For Apple Stock?<blockquote>苹果股票的短期和长期前景如何？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<div class=\"head\" \">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Benzinga Earnings </p>\n<p class=\"h-time smaller\">2021-06-05 08:25</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<p><img src=\"https://static.tigerbbs.com/a5e718489c14a810bc6ba301179aacd0\" tg-width=\"720\" tg-height=\"378\"></p><p><blockquote></blockquote></p><p> With&nbsp;<b>Apple Inc.'s</b>&nbsp;(NASDAQ:AAPL)&nbsp;recent underperformance, the panel on&nbsp;CNBC's \"Fast Money Halftime Report\" on Friday discussed possible&nbsp;outlooks.</p><p><blockquote>与<b>苹果公司</b>（纳斯达克股票代码：AAPL）近期表现不佳，CNBC 周五“快钱中场报告”小组讨论了可能的前景。</blockquote></p><p> <b>Short-Term Catalyst:</b>Although Apple has traded sideways recently, its Worldwide Developers Conference could be the catalyst that takes the stock higher,&nbsp;Market Rebellion co-founder Pete Najarian told CNBC.</p><p><blockquote><b>短期催化剂：</b>Market Rebellion 联合创始人皮特·纳贾里安 (Pete Najarian) 告诉 CNBC，尽管苹果最近横盘整理，但其全球开发者大会可能是推动该股走高的催化剂。</blockquote></p><p> Apple's margins, earnings and free cash flow are all increasing, he&nbsp;said, adding that after its recent pause, the stock seems primed for another move to the upside.</p><p><blockquote>他表示，苹果的利润率、盈利和自由现金流都在增加，并补充说，在最近暂停之后，该股似乎已经准备好再次上涨。</blockquote></p><p> Najarian bought&nbsp;Apple call options this week after seeing a spike in call buying activity.</p><p><blockquote>在看到看涨期权购买活动激增后，纳贾里安本周购买了苹果看涨期权期权。</blockquote></p><p> Apple is scheduled to have its&nbsp;Worldwide Developers Conference&nbsp;on June 7.</p><p><blockquote>苹果定于6月7日举行全球开发者大会。</blockquote></p><p> <b>Long-Term Outlook:</b>Cerity Partners' Jim Lebenthal has&nbsp;a longer-term outlook on Apple.</p><p><blockquote><b>长期展望：</b>Cerity Partners 的 Jim Lebenthal 对苹果有着更长远的看法。</blockquote></p><p> Apple has grown at a 40% compound annual growth rate over the last five years, Lebenthal told CNBC.</p><p><blockquote>莱本塔尔告诉 CNBC，苹果在过去五年中以 40% 的复合年增长率增长。</blockquote></p><p> The stock has been \"stuck in the mud\" for the last nine months, he said, adding that he expects the stock to trend higher after it announces&nbsp;another blowout&nbsp;earnings report during the next earnings season.</p><p><blockquote>他表示，该股在过去九个月里一直“陷入困境”，并补充说，他预计该股在下一个财报季宣布另一份井喷收益报告后将呈上涨趋势。</blockquote></p><p> Apple is buying back shares while the stock sits at depressed levels, which will benefit the company's earnings power, he noted.</p><p><blockquote>他指出，苹果正在股票处于低迷水平时回购股票，这将有利于公司的盈利能力。</blockquote></p><p> Over the next one to three years, the stock will trade much higher, Lebenthal said, adding he expects the stock to trade at $150 per share by the end of 2021.</p><p><blockquote>Lebenthal 表示，未来一到三年内，该股的交易价格将大幅上涨，并补充说，他预计到 2021 年底，该股的交易价格将达到每股 150 美元。</blockquote></p><p> <b>AAPL Price Action:</b>Apple has traded as high as $145.09 and as low as $80.19 over a 52-week period. It is down 5.31% year-to-date.</p><p><blockquote><b>AAPL价格走势：</b>52 周内，苹果的交易价格最高可达 145.09 美元，最低可达 80.19 美元。今年迄今已下跌 5.31%。</blockquote></p><p> At last check Friday at publication, the stock was up 1.90% at $125.89.</p><p><blockquote>截至周五发布时的最后一次检查，该股上涨 1.90%，至 125.89 美元。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1194036411","content_text":"With Apple Inc.'s (NASDAQ:AAPL) recent underperformance, the panel on CNBC's \"Fast Money Halftime Report\" on Friday discussed possible outlooks.\nShort-Term Catalyst:Although Apple has traded sideways recently, its Worldwide Developers Conference could be the catalyst that takes the stock higher, Market Rebellion co-founder Pete Najarian told CNBC.\nApple's margins, earnings and free cash flow are all increasing, he said, adding that after its recent pause, the stock seems primed for another move to the upside.\nNajarian bought Apple call options this week after seeing a spike in call buying activity.\nApple is scheduled to have its Worldwide Developers Conference on June 7.\nLong-Term Outlook:Cerity Partners' Jim Lebenthal has a longer-term outlook on Apple.\nApple has grown at a 40% compound annual growth rate over the last five years, Lebenthal told CNBC.\nThe stock has been \"stuck in the mud\" for the last nine months, he said, adding that he expects the stock to trend higher after it announces another blowout earnings report during the next earnings season.\nApple is buying back shares while the stock sits at depressed levels, which will benefit the company's earnings power, he noted.\nOver the next one to three years, the stock will trade much higher, Lebenthal said, adding he expects the stock to trade at $150 per share by the end of 2021.\nAAPL Price Action:Apple has traded as high as $145.09 and as low as $80.19 over a 52-week period. It is down 5.31% year-to-date.\nAt last check Friday at publication, the stock was up 1.90% at $125.89.","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":815,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":131825642,"gmtCreate":1621847479086,"gmtModify":1634186124638,"author":{"id":"3570015338387280","authorId":"3570015338387280","name":"Addie","avatar":"https://static.tigerbbs.com/5a502409c8516af8e327ef78450d4a04","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570015338387280","idStr":"3570015338387280"},"themes":[],"title":"","htmlText":"I like rice table. Sad to see them exit...&nbsp;","listText":"I like rice table. Sad to see them exit...&nbsp;","text":"I like rice table. Sad to see them exit...","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/131825642","repostId":"1131645185","repostType":4,"isVote":1,"tweetType":1,"viewCount":819,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":166000284,"gmtCreate":1623984879048,"gmtModify":1631889390417,"author":{"id":"3570015338387280","authorId":"3570015338387280","name":"Addie","avatar":"https://static.tigerbbs.com/5a502409c8516af8e327ef78450d4a04","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570015338387280","idStr":"3570015338387280"},"themes":[],"title":"","htmlText":"Like and comment please!&nbsp;","listText":"Like and comment please!&nbsp;","text":"Like and comment please!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":5,"repostSize":0,"link":"https://laohu8.com/post/166000284","repostId":"2144286417","repostType":4,"isVote":1,"tweetType":1,"viewCount":2610,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":122442021,"gmtCreate":1624631430663,"gmtModify":1631889390409,"author":{"id":"3570015338387280","authorId":"3570015338387280","name":"Addie","avatar":"https://static.tigerbbs.com/5a502409c8516af8e327ef78450d4a04","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570015338387280","idStr":"3570015338387280"},"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":5,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/122442021","repostId":"2146023165","repostType":4,"isVote":1,"tweetType":1,"viewCount":1684,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":179268187,"gmtCreate":1626535325049,"gmtModify":1631889390381,"author":{"id":"3570015338387280","authorId":"3570015338387280","name":"Addie","avatar":"https://static.tigerbbs.com/5a502409c8516af8e327ef78450d4a04","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570015338387280","idStr":"3570015338387280"},"themes":[],"title":"","htmlText":"Finally !!!!!&nbsp;","listText":"Finally !!!!!&nbsp;","text":"Finally !!!!!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/179268187","repostId":"1198202103","repostType":4,"isVote":1,"tweetType":1,"viewCount":3480,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":154060999,"gmtCreate":1625460844711,"gmtModify":1631889390374,"author":{"id":"3570015338387280","authorId":"3570015338387280","name":"Addie","avatar":"https://static.tigerbbs.com/5a502409c8516af8e327ef78450d4a04","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570015338387280","idStr":"3570015338387280"},"themes":[],"title":"","htmlText":"Like n comment pls","listText":"Like n comment pls","text":"Like n comment pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/154060999","repostId":"1169840279","repostType":4,"isVote":1,"tweetType":1,"viewCount":3410,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":155949984,"gmtCreate":1625371346448,"gmtModify":1631889390381,"author":{"id":"3570015338387280","authorId":"3570015338387280","name":"Addie","avatar":"https://static.tigerbbs.com/5a502409c8516af8e327ef78450d4a04","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570015338387280","idStr":"3570015338387280"},"themes":[],"title":"","htmlText":"Like n comment pls&nbsp;","listText":"Like n comment pls&nbsp;","text":"Like n comment pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/155949984","repostId":"1160702483","repostType":4,"isVote":1,"tweetType":1,"viewCount":3537,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":156837472,"gmtCreate":1625209472296,"gmtModify":1631889390381,"author":{"id":"3570015338387280","authorId":"3570015338387280","name":"Addie","avatar":"https://static.tigerbbs.com/5a502409c8516af8e327ef78450d4a04","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570015338387280","idStr":"3570015338387280"},"themes":[],"title":"","htmlText":"Its been on a high for the longest time&nbsp;","listText":"Its been on a high for the longest time&nbsp;","text":"Its been on a high for the longest time","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/156837472","repostId":"1175817125","repostType":4,"repost":{"id":"1175817125","kind":"news","pubTimestamp":1625180880,"share":"https://www.laohunote.com/m/news/1175817125?lang=zh_CN&edition=full","pubTime":"2021-07-02 07:08","market":"us","language":"en","title":"S&P 500 winning streak extends to sixth straight record close<blockquote>标普500连胜纪录延续至六连胜</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1175817125","media":"Reuters","summary":"NEW YORK  - The S&P 500 reached its sixth consecutive all-time closing high on Thursday, as a new quarter and the second half of the year began with upbeat economic data and a broad-based rally.Investors now eye Friday’s much-anticipated employment report.The bellwether index is enjoying its longest winning streak since early February, and the last time it logged six straight all-time highs was last August.“Historical data shows if you have a strong first half, the second half of the year was ac","content":"<p>NEW YORK (Reuters) - The S&amp;P 500 reached its sixth consecutive all-time closing high on Thursday, as a new quarter and the second half of the year began with upbeat economic data and a broad-based rally.</p><p><blockquote>纽约（路透社） - 标普500周四连续第六次创下历史收盘高点，新季度和下半年以乐观的经济数据和广泛的反弹开始。</blockquote></p><p> Investors now eye Friday’s much-anticipated employment report.</p><p><blockquote>投资者现在关注周五备受期待的就业报告。</blockquote></p><p> The bellwether index is enjoying its longest winning streak since early February, and the last time it logged six straight all-time highs was last August.</p><p><blockquote>领头羊指数正在享受自 2 月初以来最长的连涨纪录，上一次连续六次创下历史新高是在去年 8 月。</blockquote></p><p> “Historical data shows if you have a strong first half, the second half of the year was actually going even stronger,” said Ross Mayfield, investment strategy analyst with Baird Private Wealth.</p><p><blockquote>“贝尔德私人财富公司（Baird Private Wealth）的投资策略分析师罗斯-梅菲尔德（Ross Mayfield）说：”历史数据显示，如果上半年表现强劲，那么下半年实际上会更加强劲。</blockquote></p><p> All three major U.S. stock indexes ended the session in positive territory, but a decline in tech shares - led by microchips - tempered the Nasdaq’s gain.</p><p><blockquote>美国三大股指均以正值收盘，但以微芯片为首的科技股下跌削弱了纳斯达克的涨幅。</blockquote></p><p> The Philadelphia SE Semiconductor index slid 1.5%</p><p><blockquote>费城东南半导体指数下跌 1.5%</blockquote></p><p> “For markets so far this year, boring is beautiful,” said David Carter, chief investment officer at Lenox Wealth Advisors in New York. “Economic growth has been strong enough to support prices and many asset classes are trading with historically low volatility.”</p><p><blockquote>“纽约鲁诺财富顾问公司首席投资官大卫-卡特（David Carter）说：”对于今年到目前为止的市场来说，无聊就是美好。“经济增长强劲，足以支撑价格，许多资产类别的交易波动性处于历史低位。”</blockquote></p><p> “It feels like investors left for the Fourth of July weekend about three months ago.”</p><p><blockquote>“感觉就像三个月前的国庆节周末，投资者就离开了”。</blockquote></p><p> The ongoing worker shortage, attributed to federal emergency unemployment benefits, a childcare shortage and lingering pandemic fears, was a common theme in the day’s economic data.</p><p><blockquote>由于联邦紧急失业救济金、儿童保育短缺和挥之不去的大流行病担忧，持续的工人短缺是当天经济数据中的一个共同主题。</blockquote></p><p> Jobless claims continued their downward trajectory according to the Labor Department, touching their lowest level since the pandemic shutdown, and a report from Challenger, Gray &amp; Christmas showed planned layoffs by U.S. firms were down 88% from last year, hitting a 21-year low.</p><p><blockquote>根据劳工部的数据，申请失业救济人数继续下降，达到疫情关闭以来的最低水平，Challenger, Gray &amp; Christmas 的一份报告显示，美国公司计划裁员人数比去年下降了 88%，创下 21 年来的最低水平。</blockquote></p><p> Activity at U.S. factories expanded at a slightly decelerated pace in June, according to the Institute for Supply Management’s (ISM) purchasing managers’ index (PMI), with the employment component dipping into contraction for the first time since November. The prices paid index, driven higher by the current demand/supply imbalance, soared to its highest level since 1979, according to ISM.</p><p><blockquote>根据美国供应管理协会（ISM）的采购经理人指数（PMI），6 月份美国工厂活动扩张速度略有放缓，就业部分自 11 月以来首次陷入收缩。根据ISM的数据，受当前供需失衡的推动，价格指数飙升至1979年以来的最高水平。</blockquote></p><p> “The employment and manufacturing data released today supported the idea of continued growth but at a decelerated rate,” Carter added.</p><p><blockquote>“卡特补充说：”今天公布的就业和制造业数据支持了经济持续增长但增速放缓的观点。</blockquote></p><p> Friday’s hotly anticipated jobs report is expected to show payrolls growing by 700,000 and unemployment inching down to 5.7%. A robust upside surprise could lead the U.S. Federal Reserve to adjust its timetable for tapering its securities purchases and raising key interest rates.</p><p><blockquote>周五备受期待的就业报告预计将显示就业人数增加 70 万人，失业率将小幅下降至 5.7%。强劲的上行意外可能会导致美联储调整缩减证券购买规模和提高关键利率的时间表。</blockquote></p><p> “Too-strong economic data could perversely be a bad thing for markets if it caused the Fed to raise rates faster than expected,” Carter said. “Weak employment data may actually be welcomed.”</p><p><blockquote>“卡特说：”如果过于强劲的经济数据导致美联储加息速度快于预期，那么对市场来说可能是一件坏事。“疲软的就业数据实际上可能是受欢迎的。”</blockquote></p><p> The Dow Jones Industrial Average rose 131.02 points, or 0.38%, to 34,633.53, the S&amp;P 500 gained 22.44 points, or 0.52%, to 4,319.94 and the Nasdaq Composite added 18.42 points, or 0.13%, to 14,522.38.</p><p><blockquote>道琼斯工业平均指数上涨 131.02 点，或 0.38%，至 34,633.53 点；标普500指数上涨 22.44 点，或 0.52%，至 4,319.94 点；纳斯达克综合指数上涨 18.42 点，或 0.13%，至 14,522.38 点。</blockquote></p><p> Of the 11 major sectors in the S&amp;P 500, consumer staples was the sole loser, shedding 0.3%.</p><p><blockquote>在标普500的11个主要行业中，必需消费品是唯一的输家，下跌了0.3%。</blockquote></p><p> Walgreens Boots Alliance Inc dropped 7.4% after it said it expects to administer fewer COVID-19 vaccine shots in the fourth quarter.</p><p><blockquote>沃尔格林博姿联盟公司股价下跌 7.4%，此前该公司表示预计第四季度将减少 COVID-19 疫苗注射量。</blockquote></p><p> Didi Global Inc jumped 16.0%, on its second day of trading as a U.S.-listed company.</p><p><blockquote>滴滴全球公司作为美国上市公司上市的第二天股价上涨 16.0%。</blockquote></p><p> Micron Technology Inc slid by 5.7% following a report that Texas Instruments would buy Micron’s Lehi, Utah, factory for $900 million.</p><p><blockquote>有报道称德州仪器将以 9 亿美元收购美光位于犹他州利希的工厂，美光科技公司下跌了 5.7%。</blockquote></p><p> Advancing issues outnumbered declining ones on the NYSE by a 1.78-to-1 ratio; on Nasdaq, a 1.32-to-1 ratio favored advancers.</p><p><blockquote>纽约证券交易所上涨发行量超过下跌发行量，比例为 1.78 比 1；在纳斯达克，1.32比1的比率有利于进步人士。</blockquote></p><p> The S&amp;P 500 posted 36 new 52-week highs and no new lows; the Nasdaq Composite recorded 78 new highs and 30 new lows.</p><p><blockquote>标普500创下 36 个 52 周新高，没有新低；纳斯达克综合指数创下78个新高和30个新低。</blockquote></p><p> Volume on U.S. exchanges was 9.53 billion shares, compared with the 10.9 billion average over the last 20 trading days.</p><p><blockquote>美国交易所的成交量为 95.3 亿股，而过去 20 个交易日的平均成交量为 109 亿股。</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>S&P 500 winning streak extends to sixth straight record close<blockquote>标普500连胜纪录延续至六连胜</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; 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}\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\">\nS&P 500 winning streak extends to sixth straight record close<blockquote>标普500连胜纪录延续至六连胜</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Reuters</strong><span class=\"h-time small\">2021-07-02 07:08</span>\n</p>\n</h4>\n</header>\n<article>\n<p>NEW YORK (Reuters) - The S&amp;P 500 reached its sixth consecutive all-time closing high on Thursday, as a new quarter and the second half of the year began with upbeat economic data and a broad-based rally.</p><p><blockquote>纽约（路透社） - 标普500周四连续第六次创下历史收盘高点，新季度和下半年以乐观的经济数据和广泛的反弹开始。</blockquote></p><p> Investors now eye Friday’s much-anticipated employment report.</p><p><blockquote>投资者现在关注周五备受期待的就业报告。</blockquote></p><p> The bellwether index is enjoying its longest winning streak since early February, and the last time it logged six straight all-time highs was last August.</p><p><blockquote>领头羊指数正在享受自 2 月初以来最长的连涨纪录，上一次连续六次创下历史新高是在去年 8 月。</blockquote></p><p> “Historical data shows if you have a strong first half, the second half of the year was actually going even stronger,” said Ross Mayfield, investment strategy analyst with Baird Private Wealth.</p><p><blockquote>“贝尔德私人财富公司（Baird Private Wealth）的投资策略分析师罗斯-梅菲尔德（Ross Mayfield）说：”历史数据显示，如果上半年表现强劲，那么下半年实际上会更加强劲。</blockquote></p><p> All three major U.S. stock indexes ended the session in positive territory, but a decline in tech shares - led by microchips - tempered the Nasdaq’s gain.</p><p><blockquote>美国三大股指均以正值收盘，但以微芯片为首的科技股下跌削弱了纳斯达克的涨幅。</blockquote></p><p> The Philadelphia SE Semiconductor index slid 1.5%</p><p><blockquote>费城东南半导体指数下跌 1.5%</blockquote></p><p> “For markets so far this year, boring is beautiful,” said David Carter, chief investment officer at Lenox Wealth Advisors in New York. “Economic growth has been strong enough to support prices and many asset classes are trading with historically low volatility.”</p><p><blockquote>“纽约鲁诺财富顾问公司首席投资官大卫-卡特（David Carter）说：”对于今年到目前为止的市场来说，无聊就是美好。“经济增长强劲，足以支撑价格，许多资产类别的交易波动性处于历史低位。”</blockquote></p><p> “It feels like investors left for the Fourth of July weekend about three months ago.”</p><p><blockquote>“感觉就像三个月前的国庆节周末，投资者就离开了”。</blockquote></p><p> The ongoing worker shortage, attributed to federal emergency unemployment benefits, a childcare shortage and lingering pandemic fears, was a common theme in the day’s economic data.</p><p><blockquote>由于联邦紧急失业救济金、儿童保育短缺和挥之不去的大流行病担忧，持续的工人短缺是当天经济数据中的一个共同主题。</blockquote></p><p> Jobless claims continued their downward trajectory according to the Labor Department, touching their lowest level since the pandemic shutdown, and a report from Challenger, Gray &amp; Christmas showed planned layoffs by U.S. firms were down 88% from last year, hitting a 21-year low.</p><p><blockquote>根据劳工部的数据，申请失业救济人数继续下降，达到疫情关闭以来的最低水平，Challenger, Gray &amp; Christmas 的一份报告显示，美国公司计划裁员人数比去年下降了 88%，创下 21 年来的最低水平。</blockquote></p><p> Activity at U.S. factories expanded at a slightly decelerated pace in June, according to the Institute for Supply Management’s (ISM) purchasing managers’ index (PMI), with the employment component dipping into contraction for the first time since November. The prices paid index, driven higher by the current demand/supply imbalance, soared to its highest level since 1979, according to ISM.</p><p><blockquote>根据美国供应管理协会（ISM）的采购经理人指数（PMI），6 月份美国工厂活动扩张速度略有放缓，就业部分自 11 月以来首次陷入收缩。根据ISM的数据，受当前供需失衡的推动，价格指数飙升至1979年以来的最高水平。</blockquote></p><p> “The employment and manufacturing data released today supported the idea of continued growth but at a decelerated rate,” Carter added.</p><p><blockquote>“卡特补充说：”今天公布的就业和制造业数据支持了经济持续增长但增速放缓的观点。</blockquote></p><p> Friday’s hotly anticipated jobs report is expected to show payrolls growing by 700,000 and unemployment inching down to 5.7%. A robust upside surprise could lead the U.S. Federal Reserve to adjust its timetable for tapering its securities purchases and raising key interest rates.</p><p><blockquote>周五备受期待的就业报告预计将显示就业人数增加 70 万人，失业率将小幅下降至 5.7%。强劲的上行意外可能会导致美联储调整缩减证券购买规模和提高关键利率的时间表。</blockquote></p><p> “Too-strong economic data could perversely be a bad thing for markets if it caused the Fed to raise rates faster than expected,” Carter said. “Weak employment data may actually be welcomed.”</p><p><blockquote>“卡特说：”如果过于强劲的经济数据导致美联储加息速度快于预期，那么对市场来说可能是一件坏事。“疲软的就业数据实际上可能是受欢迎的。”</blockquote></p><p> The Dow Jones Industrial Average rose 131.02 points, or 0.38%, to 34,633.53, the S&amp;P 500 gained 22.44 points, or 0.52%, to 4,319.94 and the Nasdaq Composite added 18.42 points, or 0.13%, to 14,522.38.</p><p><blockquote>道琼斯工业平均指数上涨 131.02 点，或 0.38%，至 34,633.53 点；标普500指数上涨 22.44 点，或 0.52%，至 4,319.94 点；纳斯达克综合指数上涨 18.42 点，或 0.13%，至 14,522.38 点。</blockquote></p><p> Of the 11 major sectors in the S&amp;P 500, consumer staples was the sole loser, shedding 0.3%.</p><p><blockquote>在标普500的11个主要行业中，必需消费品是唯一的输家，下跌了0.3%。</blockquote></p><p> Walgreens Boots Alliance Inc dropped 7.4% after it said it expects to administer fewer COVID-19 vaccine shots in the fourth quarter.</p><p><blockquote>沃尔格林博姿联盟公司股价下跌 7.4%，此前该公司表示预计第四季度将减少 COVID-19 疫苗注射量。</blockquote></p><p> Didi Global Inc jumped 16.0%, on its second day of trading as a U.S.-listed company.</p><p><blockquote>滴滴全球公司作为美国上市公司上市的第二天股价上涨 16.0%。</blockquote></p><p> Micron Technology Inc slid by 5.7% following a report that Texas Instruments would buy Micron’s Lehi, Utah, factory for $900 million.</p><p><blockquote>有报道称德州仪器将以 9 亿美元收购美光位于犹他州利希的工厂，美光科技公司下跌了 5.7%。</blockquote></p><p> Advancing issues outnumbered declining ones on the NYSE by a 1.78-to-1 ratio; on Nasdaq, a 1.32-to-1 ratio favored advancers.</p><p><blockquote>纽约证券交易所上涨发行量超过下跌发行量，比例为 1.78 比 1；在纳斯达克，1.32比1的比率有利于进步人士。</blockquote></p><p> The S&amp;P 500 posted 36 new 52-week highs and no new lows; the Nasdaq Composite recorded 78 new highs and 30 new lows.</p><p><blockquote>标普500创下 36 个 52 周新高，没有新低；纳斯达克综合指数创下78个新高和30个新低。</blockquote></p><p> Volume on U.S. exchanges was 9.53 billion shares, compared with the 10.9 billion average over the last 20 trading days.</p><p><blockquote>美国交易所的成交量为 95.3 亿股，而过去 20 个交易日的平均成交量为 109 亿股。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.reuters.com/article/usa-stocks/us-stocks-sp-500-winning-streak-extends-to-sixth-straight-record-close-idUSL2N2OD332\">Reuters</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"},"source_url":"https://www.reuters.com/article/usa-stocks/us-stocks-sp-500-winning-streak-extends-to-sixth-straight-record-close-idUSL2N2OD332","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1175817125","content_text":"NEW YORK (Reuters) - The S&P 500 reached its sixth consecutive all-time closing high on Thursday, as a new quarter and the second half of the year began with upbeat economic data and a broad-based rally.\nInvestors now eye Friday’s much-anticipated employment report.\nThe bellwether index is enjoying its longest winning streak since early February, and the last time it logged six straight all-time highs was last August.\n“Historical data shows if you have a strong first half, the second half of the year was actually going even stronger,” said Ross Mayfield, investment strategy analyst with Baird Private Wealth.\nAll three major U.S. stock indexes ended the session in positive territory, but a decline in tech shares - led by microchips - tempered the Nasdaq’s gain.\nThe Philadelphia SE Semiconductor index slid 1.5%\n“For markets so far this year, boring is beautiful,” said David Carter, chief investment officer at Lenox Wealth Advisors in New York. “Economic growth has been strong enough to support prices and many asset classes are trading with historically low volatility.”\n“It feels like investors left for the Fourth of July weekend about three months ago.”\nThe ongoing worker shortage, attributed to federal emergency unemployment benefits, a childcare shortage and lingering pandemic fears, was a common theme in the day’s economic data.\nJobless claims continued their downward trajectory according to the Labor Department, touching their lowest level since the pandemic shutdown, and a report from Challenger, Gray & Christmas showed planned layoffs by U.S. firms were down 88% from last year, hitting a 21-year low.\nActivity at U.S. factories expanded at a slightly decelerated pace in June, according to the Institute for Supply Management’s (ISM) purchasing managers’ index (PMI), with the employment component dipping into contraction for the first time since November. The prices paid index, driven higher by the current demand/supply imbalance, soared to its highest level since 1979, according to ISM.\n“The employment and manufacturing data released today supported the idea of continued growth but at a decelerated rate,” Carter added.\nFriday’s hotly anticipated jobs report is expected to show payrolls growing by 700,000 and unemployment inching down to 5.7%. A robust upside surprise could lead the U.S. Federal Reserve to adjust its timetable for tapering its securities purchases and raising key interest rates.\n“Too-strong economic data could perversely be a bad thing for markets if it caused the Fed to raise rates faster than expected,” Carter said. “Weak employment data may actually be welcomed.”\nThe Dow Jones Industrial Average rose 131.02 points, or 0.38%, to 34,633.53, the S&P 500 gained 22.44 points, or 0.52%, to 4,319.94 and the Nasdaq Composite added 18.42 points, or 0.13%, to 14,522.38.\nOf the 11 major sectors in the S&P 500, consumer staples was the sole loser, shedding 0.3%.\nWalgreens Boots Alliance Inc dropped 7.4% after it said it expects to administer fewer COVID-19 vaccine shots in the fourth quarter.\nDidi Global Inc jumped 16.0%, on its second day of trading as a U.S.-listed company.\nMicron Technology Inc slid by 5.7% following a report that Texas Instruments would buy Micron’s Lehi, Utah, factory for $900 million.\nAdvancing issues outnumbered declining ones on the NYSE by a 1.78-to-1 ratio; on Nasdaq, a 1.32-to-1 ratio favored advancers.\nThe S&P 500 posted 36 new 52-week highs and no new lows; the Nasdaq Composite recorded 78 new highs and 30 new lows.\nVolume on U.S. exchanges was 9.53 billion shares, compared with the 10.9 billion average over the last 20 trading days.","news_type":1,"symbols_score_info":{".DJI":0.9,".SPX":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":2748,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":151782258,"gmtCreate":1625107172274,"gmtModify":1631889390409,"author":{"id":"3570015338387280","authorId":"3570015338387280","name":"Addie","avatar":"https://static.tigerbbs.com/5a502409c8516af8e327ef78450d4a04","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570015338387280","idStr":"3570015338387280"},"themes":[],"title":"","htmlText":"Like and comment pls&nbsp;","listText":"Like and comment pls&nbsp;","text":"Like and comment pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/151782258","repostId":"1178516480","repostType":4,"repost":{"id":"1178516480","kind":"news","pubTimestamp":1625094708,"share":"https://www.laohunote.com/m/news/1178516480?lang=zh_CN&edition=full","pubTime":"2021-07-01 07:11","market":"us","language":"en","title":"S&P 500 notches fifth straight record closing high, fifth straight quarterly gain<blockquote>标普500连续第五次创下收盘历史新高，连续第五个季度上涨</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1178516480","media":"Reuters","summary":"NEW YORK (Reuters) - The S&P 500 nabbed its fifth straight record closing high on Wednesday as inves","content":"<p>NEW YORK (Reuters) - The S&amp;P 500 nabbed its fifth straight record closing high on Wednesday as investors ended the month and the quarter by largely shrugging off positive economic data and looking toward Friday’s highly anticipated employment report.</p><p><blockquote>纽约（路透社）--标普500周三连续第五次创下收盘新高，投资者在结束本月和本季度时基本上对积极的经济数据不屑一顾，转而关注周五备受期待的就业报告。</blockquote></p><p> In the last session of 2021’s first half, the indexes were languid and range-bound, with the blue-chip Dow posting gains, while the Nasdaq edged lower.</p><p><blockquote>在 2021 年上半年的最后一个交易日，各指数表现低迷，区间震荡，蓝筹股道琼斯指数上涨，而纳斯达克指数则小幅走低。</blockquote></p><p> All three indexes posted their fifth consecutive quarterly gains, with the S&amp;P rising 8.2%, the Nasdaq advancing 9.5% and the Dow rising 4.6%. The S&amp;P 500 registered its second-best first-half performance since 1998, rising 14.5%.</p><p><blockquote>这三个指数均连续第五个季度上涨，其中标准普尔指数上涨 8.2%，纳斯达克指数上涨 9.5%，道琼斯指数上涨 4.6%。标普500上半年表现创1998年以来第二好，上涨14.5%。</blockquote></p><p> “It’s been a good quarter,” said Robert Pavlik, senior portfolio manager at Dakota Wealth in Fairfield, Connecticut. “As of last night’s close, the S&amp;P has gained more than 14% year-to-date, topping the Dow and the Nasdaq. That indicates that the stock market is having a broad rally.”</p><p><blockquote>“康涅狄格州费尔菲尔德 Dakota Wealth 高级投资组合经理罗伯特-帕夫利克（Robert Pavlik）说：”这是一个不错的季度。“截至昨晚收盘，标准普尔指数今年迄今已上涨超过 14%，超过道琼斯指数和纳斯达克指数。这表明股市正在全面反弹。”</blockquote></p><p> For the month, the bellwether S&amp;P 500 notched its fifth consecutive advance, while the Dow snapped its four-month winning streak to end slightly lower. The Nasdaq also gained ground in June.</p><p><blockquote>本月，领头羊标普500指数连续第五次上涨，而道琼斯指数则结束了四个月的连涨，收盘小幅走低。纳斯达克在6月份也取得了进展。</blockquote></p><p> This month, investor appetite shifted away from economically sensitive cyclicals in favor of growth stocks.</p><p><blockquote>本月，投资者的兴趣从对经济敏感的周期性股票转向成长型股票。</blockquote></p><p> “Leading sectors year-to-date are what you’d expect,” Pavlik added. “Energy, financials and industrials, and that speaks to an economic environment that’s in the early stages of a cycle.”</p><p><blockquote>“帕夫利克补充说：”今年迄今为止的领先行业是你所期望的。“能源、金融和工业，这表明经济环境正处于周期的早期阶段”。</blockquote></p><p> “(Investors) started the switch back to growth (stocks) after people started to buy in to (Fed Chair Jerome) Powell’s comments that focus on transitory inflation,” Pavlik added.</p><p><blockquote>“帕夫利克补充说：”在人们开始接受（美联储主席杰罗姆）鲍威尔关注短暂通胀的言论后，（投资者）开始转向成长型（股票）。</blockquote></p><p> “Some of the reopening trades have gotten a bit long in the tooth and that’s leading people back to growth.”</p><p><blockquote>“一些重新开放的行业已经有点长了，这正在引导人们恢复增长”。</blockquote></p><p> (Graphic: Growths stocks outperform value in June, narrow YTD gap, )</p><p><blockquote>（图表：6 月份成长型股票跑赢价值，年初至今差距缩小）</blockquote></p><p> <img src=\"https://static.tigerbbs.com/5b82b4dfdc765d913811f9d8572e60f6\" tg-width=\"964\" tg-height=\"723\" referrerpolicy=\"no-referrer\">“The overall stock market continues to be on a tear, with very consistent gains for quite some time,” said Tim Ghriskey, chief investment strategist at Inverness Counsel in New York. “Valuations, while certainly high by historical standards, have been at a fairly consistent level, benefiting from the economic recovery.”</p><p><blockquote>“纽约因弗内斯律师事务所首席投资策略师蒂姆-格里斯基（Tim Ghriskey）说：”整体股市继续上涨，在相当长一段时间内涨幅非常稳定。“虽然按历史标准来看，估值肯定很高，但受益于经济复苏，估值一直处于相当稳定的水平。”</blockquote></p><p> The private sector added 692,000 jobs in June, breezing past expectations, according to payroll processor ADP. The number is 92,000 higher than the private payroll adds economists predict from the Labor Department’s more comprehensive employment report due on Friday.</p><p><blockquote>根据薪资处理商 ADP 的数据，6 月份私营部门新增就业岗位 692,000 个，轻松超出预期。经济学家在劳工部将于周五发布的更全面的就业报告中补充说，这一数字比私人就业人数高出 9.2 万人。</blockquote></p><p> The Dow Jones Industrial Average rose 210.22 points, or 0.61%, to 34,502.51, the S&amp;P 500 gained 5.7 points, or 0.13%, to 4,297.5 and the Nasdaq Composite dropped 24.38 points, or 0.17%, to 14,503.95.</p><p><blockquote>道琼斯工业平均指数上涨 210.22 点，或 0.61%，至 34,502.51 点；标普500指数上涨 5.7 点，或 0.13%，至 4,297.5 点；纳斯达克综合指数下跌 24.38 点，或 0.17%，至 14,503.95 点。</blockquote></p><p> Among the 11 major sectors in the S&amp;P, six ended the session higher, with energy enjoying the biggest percentage gain. Real estate was the day’s biggest loser.</p><p><blockquote>在标准普尔的 11 个主要板块中，有 6 个板块收高，其中能源板块涨幅最大。房地产是当天最大的输家。</blockquote></p><p> Boeing Co gained 1.6% after Germany’s defense ministry announced it would buy five of the planemaker’s P-8A maritime control aircraft, coming on the heels of United Airlines unveiling its largest-ever order for new planes.</p><p><blockquote>在德国国防部宣布将购买该飞机制造商的五架 P-8A 海上管制飞机后，波音公司股价上涨了 1.6%。</blockquote></p><p> Walmart jumped 2.7% after announcing on Tuesday that it would start selling a prescription-only insulin analog.</p><p><blockquote>沃尔玛周二宣布将开始销售仅限处方的胰岛素类似物，股价上涨 2.7%。</blockquote></p><p> Micron Technology advanced 2.5% ahead of its quarterly earnings release, but was relatively unchanged in after-hours trading following the chipmaker’s quarterly results.</p><p><blockquote>美光科技在发布季度财报前上涨了 2.5%，但在芯片制造商公布季度财报后的盘后交易中股价相对持平。</blockquote></p><p> Advancing issues outnumbered declining ones on the NYSE by a 1.35-to-1 ratio; on Nasdaq, a 1.19-to-1 ratio favored decliners.</p><p><blockquote>纽约证券交易所上涨发行量超过下跌发行量，比例为 1.35 比 1；在纳斯达克，1.19 比 1 的比率有利于下跌者。</blockquote></p><p> The S&amp;P 500 posted 20 new 52-week highs and no new lows; the Nasdaq Composite recorded 70 new highs and 36 new lows.</p><p><blockquote>标普500创下20个52周新高，没有新低；纳斯达克综合指数创下70个新高和36个新低。</blockquote></p><p> Volume on U.S. exchanges was 10.85 billion shares, compared with the 11.05 billion average over the last 20 trading days.</p><p><blockquote>美国交易所的成交量为 108.5 亿股，而过去 20 个交易日的平均成交量为 110.5 亿股。</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>S&P 500 notches fifth straight record closing high, fifth straight quarterly gain<blockquote>标普500连续第五次创下收盘历史新高，连续第五个季度上涨</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; 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}\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\">\nS&P 500 notches fifth straight record closing high, fifth straight quarterly gain<blockquote>标普500连续第五次创下收盘历史新高，连续第五个季度上涨</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Reuters</strong><span class=\"h-time small\">2021-07-01 07:11</span>\n</p>\n</h4>\n</header>\n<article>\n<p>NEW YORK (Reuters) - The S&amp;P 500 nabbed its fifth straight record closing high on Wednesday as investors ended the month and the quarter by largely shrugging off positive economic data and looking toward Friday’s highly anticipated employment report.</p><p><blockquote>纽约（路透社）--标普500周三连续第五次创下收盘新高，投资者在结束本月和本季度时基本上对积极的经济数据不屑一顾，转而关注周五备受期待的就业报告。</blockquote></p><p> In the last session of 2021’s first half, the indexes were languid and range-bound, with the blue-chip Dow posting gains, while the Nasdaq edged lower.</p><p><blockquote>在 2021 年上半年的最后一个交易日，各指数表现低迷，区间震荡，蓝筹股道琼斯指数上涨，而纳斯达克指数则小幅走低。</blockquote></p><p> All three indexes posted their fifth consecutive quarterly gains, with the S&amp;P rising 8.2%, the Nasdaq advancing 9.5% and the Dow rising 4.6%. The S&amp;P 500 registered its second-best first-half performance since 1998, rising 14.5%.</p><p><blockquote>这三个指数均连续第五个季度上涨，其中标准普尔指数上涨 8.2%，纳斯达克指数上涨 9.5%，道琼斯指数上涨 4.6%。标普500上半年表现创1998年以来第二好，上涨14.5%。</blockquote></p><p> “It’s been a good quarter,” said Robert Pavlik, senior portfolio manager at Dakota Wealth in Fairfield, Connecticut. “As of last night’s close, the S&amp;P has gained more than 14% year-to-date, topping the Dow and the Nasdaq. That indicates that the stock market is having a broad rally.”</p><p><blockquote>“康涅狄格州费尔菲尔德 Dakota Wealth 高级投资组合经理罗伯特-帕夫利克（Robert Pavlik）说：”这是一个不错的季度。“截至昨晚收盘，标准普尔指数今年迄今已上涨超过 14%，超过道琼斯指数和纳斯达克指数。这表明股市正在全面反弹。”</blockquote></p><p> For the month, the bellwether S&amp;P 500 notched its fifth consecutive advance, while the Dow snapped its four-month winning streak to end slightly lower. The Nasdaq also gained ground in June.</p><p><blockquote>本月，领头羊标普500指数连续第五次上涨，而道琼斯指数则结束了四个月的连涨，收盘小幅走低。纳斯达克在6月份也取得了进展。</blockquote></p><p> This month, investor appetite shifted away from economically sensitive cyclicals in favor of growth stocks.</p><p><blockquote>本月，投资者的兴趣从对经济敏感的周期性股票转向成长型股票。</blockquote></p><p> “Leading sectors year-to-date are what you’d expect,” Pavlik added. “Energy, financials and industrials, and that speaks to an economic environment that’s in the early stages of a cycle.”</p><p><blockquote>“帕夫利克补充说：”今年迄今为止的领先行业是你所期望的。“能源、金融和工业，这表明经济环境正处于周期的早期阶段”。</blockquote></p><p> “(Investors) started the switch back to growth (stocks) after people started to buy in to (Fed Chair Jerome) Powell’s comments that focus on transitory inflation,” Pavlik added.</p><p><blockquote>“帕夫利克补充说：”在人们开始接受（美联储主席杰罗姆）鲍威尔关注短暂通胀的言论后，（投资者）开始转向成长型（股票）。</blockquote></p><p> “Some of the reopening trades have gotten a bit long in the tooth and that’s leading people back to growth.”</p><p><blockquote>“一些重新开放的行业已经有点长了，这正在引导人们恢复增长”。</blockquote></p><p> (Graphic: Growths stocks outperform value in June, narrow YTD gap, )</p><p><blockquote>（图表：6 月份成长型股票跑赢价值，年初至今差距缩小）</blockquote></p><p> <img src=\"https://static.tigerbbs.com/5b82b4dfdc765d913811f9d8572e60f6\" tg-width=\"964\" tg-height=\"723\" referrerpolicy=\"no-referrer\">“The overall stock market continues to be on a tear, with very consistent gains for quite some time,” said Tim Ghriskey, chief investment strategist at Inverness Counsel in New York. “Valuations, while certainly high by historical standards, have been at a fairly consistent level, benefiting from the economic recovery.”</p><p><blockquote>“纽约因弗内斯律师事务所首席投资策略师蒂姆-格里斯基（Tim Ghriskey）说：”整体股市继续上涨，在相当长一段时间内涨幅非常稳定。“虽然按历史标准来看，估值肯定很高，但受益于经济复苏，估值一直处于相当稳定的水平。”</blockquote></p><p> The private sector added 692,000 jobs in June, breezing past expectations, according to payroll processor ADP. The number is 92,000 higher than the private payroll adds economists predict from the Labor Department’s more comprehensive employment report due on Friday.</p><p><blockquote>根据薪资处理商 ADP 的数据，6 月份私营部门新增就业岗位 692,000 个，轻松超出预期。经济学家在劳工部将于周五发布的更全面的就业报告中补充说，这一数字比私人就业人数高出 9.2 万人。</blockquote></p><p> The Dow Jones Industrial Average rose 210.22 points, or 0.61%, to 34,502.51, the S&amp;P 500 gained 5.7 points, or 0.13%, to 4,297.5 and the Nasdaq Composite dropped 24.38 points, or 0.17%, to 14,503.95.</p><p><blockquote>道琼斯工业平均指数上涨 210.22 点，或 0.61%，至 34,502.51 点；标普500指数上涨 5.7 点，或 0.13%，至 4,297.5 点；纳斯达克综合指数下跌 24.38 点，或 0.17%，至 14,503.95 点。</blockquote></p><p> Among the 11 major sectors in the S&amp;P, six ended the session higher, with energy enjoying the biggest percentage gain. Real estate was the day’s biggest loser.</p><p><blockquote>在标准普尔的 11 个主要板块中，有 6 个板块收高，其中能源板块涨幅最大。房地产是当天最大的输家。</blockquote></p><p> Boeing Co gained 1.6% after Germany’s defense ministry announced it would buy five of the planemaker’s P-8A maritime control aircraft, coming on the heels of United Airlines unveiling its largest-ever order for new planes.</p><p><blockquote>在德国国防部宣布将购买该飞机制造商的五架 P-8A 海上管制飞机后，波音公司股价上涨了 1.6%。</blockquote></p><p> Walmart jumped 2.7% after announcing on Tuesday that it would start selling a prescription-only insulin analog.</p><p><blockquote>沃尔玛周二宣布将开始销售仅限处方的胰岛素类似物，股价上涨 2.7%。</blockquote></p><p> Micron Technology advanced 2.5% ahead of its quarterly earnings release, but was relatively unchanged in after-hours trading following the chipmaker’s quarterly results.</p><p><blockquote>美光科技在发布季度财报前上涨了 2.5%，但在芯片制造商公布季度财报后的盘后交易中股价相对持平。</blockquote></p><p> Advancing issues outnumbered declining ones on the NYSE by a 1.35-to-1 ratio; on Nasdaq, a 1.19-to-1 ratio favored decliners.</p><p><blockquote>纽约证券交易所上涨发行量超过下跌发行量，比例为 1.35 比 1；在纳斯达克，1.19 比 1 的比率有利于下跌者。</blockquote></p><p> The S&amp;P 500 posted 20 new 52-week highs and no new lows; the Nasdaq Composite recorded 70 new highs and 36 new lows.</p><p><blockquote>标普500创下20个52周新高，没有新低；纳斯达克综合指数创下70个新高和36个新低。</blockquote></p><p> Volume on U.S. exchanges was 10.85 billion shares, compared with the 11.05 billion average over the last 20 trading days.</p><p><blockquote>美国交易所的成交量为 108.5 亿股，而过去 20 个交易日的平均成交量为 110.5 亿股。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.reuters.com/article/us-usa-stocks/sp-500-notches-fifth-straight-record-closing-high-fifth-straight-quarterly-gain-idUSKCN2E619R\">Reuters</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":{".DJI":"道琼斯",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index"},"source_url":"https://www.reuters.com/article/us-usa-stocks/sp-500-notches-fifth-straight-record-closing-high-fifth-straight-quarterly-gain-idUSKCN2E619R","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1178516480","content_text":"NEW YORK (Reuters) - The S&P 500 nabbed its fifth straight record closing high on Wednesday as investors ended the month and the quarter by largely shrugging off positive economic data and looking toward Friday’s highly anticipated employment report.\nIn the last session of 2021’s first half, the indexes were languid and range-bound, with the blue-chip Dow posting gains, while the Nasdaq edged lower.\nAll three indexes posted their fifth consecutive quarterly gains, with the S&P rising 8.2%, the Nasdaq advancing 9.5% and the Dow rising 4.6%. The S&P 500 registered its second-best first-half performance since 1998, rising 14.5%.\n“It’s been a good quarter,” said Robert Pavlik, senior portfolio manager at Dakota Wealth in Fairfield, Connecticut. “As of last night’s close, the S&P has gained more than 14% year-to-date, topping the Dow and the Nasdaq. That indicates that the stock market is having a broad rally.”\nFor the month, the bellwether S&P 500 notched its fifth consecutive advance, while the Dow snapped its four-month winning streak to end slightly lower. The Nasdaq also gained ground in June.\nThis month, investor appetite shifted away from economically sensitive cyclicals in favor of growth stocks.\n“Leading sectors year-to-date are what you’d expect,” Pavlik added. “Energy, financials and industrials, and that speaks to an economic environment that’s in the early stages of a cycle.”\n“(Investors) started the switch back to growth (stocks) after people started to buy in to (Fed Chair Jerome) Powell’s comments that focus on transitory inflation,” Pavlik added.\n“Some of the reopening trades have gotten a bit long in the tooth and that’s leading people back to growth.”\n(Graphic: Growths stocks outperform value in June, narrow YTD gap, )\n“The overall stock market continues to be on a tear, with very consistent gains for quite some time,” said Tim Ghriskey, chief investment strategist at Inverness Counsel in New York. “Valuations, while certainly high by historical standards, have been at a fairly consistent level, benefiting from the economic recovery.”\nThe private sector added 692,000 jobs in June, breezing past expectations, according to payroll processor ADP. The number is 92,000 higher than the private payroll adds economists predict from the Labor Department’s more comprehensive employment report due on Friday.\nThe Dow Jones Industrial Average rose 210.22 points, or 0.61%, to 34,502.51, the S&P 500 gained 5.7 points, or 0.13%, to 4,297.5 and the Nasdaq Composite dropped 24.38 points, or 0.17%, to 14,503.95.\nAmong the 11 major sectors in the S&P, six ended the session higher, with energy enjoying the biggest percentage gain. Real estate was the day’s biggest loser.\nBoeing Co gained 1.6% after Germany’s defense ministry announced it would buy five of the planemaker’s P-8A maritime control aircraft, coming on the heels of United Airlines unveiling its largest-ever order for new planes.\nWalmart jumped 2.7% after announcing on Tuesday that it would start selling a prescription-only insulin analog.\nMicron Technology advanced 2.5% ahead of its quarterly earnings release, but was relatively unchanged in after-hours trading following the chipmaker’s quarterly results.\nAdvancing issues outnumbered declining ones on the NYSE by a 1.35-to-1 ratio; on Nasdaq, a 1.19-to-1 ratio favored decliners.\nThe S&P 500 posted 20 new 52-week highs and no new lows; the Nasdaq Composite recorded 70 new highs and 36 new lows.\nVolume on U.S. exchanges was 10.85 billion shares, compared with the 11.05 billion average over the last 20 trading days.","news_type":1,"symbols_score_info":{".DJI":0.9,".SPX":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":2202,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":169813527,"gmtCreate":1623826959969,"gmtModify":1634027483050,"author":{"id":"3570015338387280","authorId":"3570015338387280","name":"Addie","avatar":"https://static.tigerbbs.com/5a502409c8516af8e327ef78450d4a04","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570015338387280","idStr":"3570015338387280"},"themes":[],"title":"","htmlText":"Like and comment pls&nbsp;","listText":"Like and comment pls&nbsp;","text":"Like and comment pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/169813527","repostId":"1182315358","repostType":4,"isVote":1,"tweetType":1,"viewCount":875,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":171315001,"gmtCreate":1626706157803,"gmtModify":1631889390381,"author":{"id":"3570015338387280","authorId":"3570015338387280","name":"Addie","avatar":"https://static.tigerbbs.com/5a502409c8516af8e327ef78450d4a04","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570015338387280","idStr":"3570015338387280"},"themes":[],"title":"","htmlText":"Like n comment pls","listText":"Like n comment pls","text":"Like n comment pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/171315001","repostId":"1146536243","repostType":4,"repost":{"id":"1146536243","kind":"news","pubTimestamp":1626683272,"share":"https://www.laohunote.com/m/news/1146536243?lang=zh_CN&edition=full","pubTime":"2021-07-19 16:27","market":"us","language":"en","title":"Morgan Stanley: This Cycle Will Be \"Hotter But Shorter\" Than Usual<blockquote>摩根士丹利：这个周期将比往常“更热但更短”</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1146536243","media":"zerohedge","summary":"This cycle is unusual. Most 'normal' cycles are. We think that the recovery is sustainable and more likely to be ‘hotter and shorter’. Sell Treasuries and trust the expansion.","content":"<p>We think that this economic cycle will be normal, strong and short. Each of these assumptions is being hotly debated by the market. Each is key to our investment strategy.</p><p><blockquote>我们认为本轮经济周期将是正常的、强劲的、短暂的。这些假设中的每一个都受到了市场的激烈争论。每一个都是我们投资策略的关键。</blockquote></p><p> The debate over cycle 'normalcy' is self-explanatory. The pandemic created, without exaggeration, the single sharpest decline in output in recorded history. Then activity raced back, helped by policy support. The case for viewing this situation as unique, and distinct from other cyclical experiences, is based on the view that a fall and rise this violent never allowed for a traditional 'reset'.</p><p><blockquote>关于周期“常态”的争论是不言自明的。毫不夸张地说，疫情创造了有记录以来产出最急剧下降的一次。随后，在政策支持的帮助下，活动迅速回升。将这种情况视为独特的，不同于其他周期性经历的理由是，这种剧烈的下跌和上涨从来不允许传统的“重置”。</blockquote></p><p> But 'normal' in markets is a funny concept, with the rough edges of memory often smoothed and polished by the passage of time. The cycle of 2003-07 ended with the largest banking and housing crisis since the Great Depression. The cycle of 1992-2000 ended with the bursting of an enormous equity bubble, widespread accounting fraud and unspeakable tragedy. 'Normal' cycles are nice in theory, harder in practice.</p><p><blockquote>但市场上的“正常”是一个有趣的概念，记忆的粗糙边缘往往会随着时间的推移而变得平滑和打磨。2003-07年的周期以大萧条以来最大的银行和房地产危机告终。1992-2000年的周期以巨大的股票泡沫破裂、广泛的会计欺诈和难以言表的悲剧而告终。“正常”周期在理论上很好，但在实践中更难。</blockquote></p><p> Instead, let’s consider why we use the term ‘cycle’ at all. Economies and markets tend to follow cyclical patterns, patterns that tend to show up in market performance. It is those patterns we care about, and if they still apply, they can provide a useful guide in uncertain terrain.</p><p><blockquote>相反，让我们考虑一下为什么要使用 “周期 ”这个词。经济和市场倾向于遵循周期性模式，这种模式往往会出现在市场表现中。我们关心的是这些模式，如果它们仍然适用，它们可以在不确定的地形中提供有用的指导。</blockquote></p><p> Was last year’s recession preceded by late-cycle conditions such as an inverted yield curve, low volatility, low unemployment, high consumer confidence and narrowing equity market breadth? It was. Did the resulting troughs in equities, credit, yields and yield curves match the usual cadence between market and economic lows? They did. And were the leaders of the ensuing rally the usual early-cycle winners, like small and cyclical stocks, high yield credit and industrial metals? They were.</p><p><blockquote>去年的经济衰退之前是否存在收益率曲线倒挂、低波动性、低失业率、高消费者信心和股市广度收窄等后期周期条件？确实如此。由此产生的股票、信贷、收益率和收益率曲线的低谷是否与市场和经济低点之间的通常节奏相匹配？他们做到了。随后反弹的领头羊是通常的早期周期赢家吗，比如小盘股和周期性股票、高收益信贷和工业金属？他们是。</blockquote></p><p> If it walks like a duck and quacks like a duck, we think that it’s a normal cycle. Or as normal as these things realistically are.&nbsp;If a lot of 'normal' cycle behavior has played out so far, it should&nbsp;<i>continue</i>&nbsp;to do so.</p><p><blockquote>如果它像鸭子一样走路，像鸭子一样嘎嘎叫，我们认为这是一个正常的循环。或者像这些事情实际上一样正常。如果到目前为止已经出现了很多“正常”的循环行为，它应该<i>继续</i>这样做。</blockquote></p><p> Specifically, this relates to patterns of performance as the market recovers. And as that recovery advances, those patterns should shift. As noted by my colleague Michael Wilson, we think that we are moving to a mid-cycle market, despite being just 16 months removed from the lows of economic activity. We see a number of similarities between current conditions and 1H04, a mid-cycle period that followed a large, reflationary rally. And importantly, despite recent fears about growth, we think that the global recovery will keep pushing on (see&nbsp;The Growth Scare Anniversary, July 11, 2021).</p><p><blockquote>具体来说，这与市场复苏时的表现模式有关。随着复苏进展，这些模式应该会改变。正如我的同事迈克尔·威尔逊 (Michael Wilson) 指出的那样，我们认为我们正在进入周期中期市场，尽管距离经济活动低点仅 16 个月。我们看到当前情况与 2004 年上半年有许多相似之处，上半年是继大规模通货膨胀反弹之后的中期周期。重要的是，尽管最近对增长感到担忧，但我们认为全球复苏将继续推进（参见2021年7月11日的增长恐慌周年纪念日）。</blockquote></p><p> Because one can always find an indicator that fits their particular cycle view, we’ve long been fans of a composite. That’s our ‘cycle model’, which combines ten US metrics across macro, the credit cycle and corporate aggression to gauge where we are in the market cycle. After moving into late-cycle ‘downturn’ in June 2019, and early-cycle ‘repair’ in April 2020, it’s rocketed higher.<b>It has risen so fast that it’s blown right past what should be the next phase ('recovery'), and moved right into ‘expansion’.</b></p><p><blockquote>因为总能找到适合自己特定周期观点的指标，所以我们一直都喜欢复合指标。这就是我们的 “周期模型”，它结合了宏观经济、信贷周期和企业侵略性的十项美国指标，以衡量我们在市场周期中的位置。在 2019 年 6 月进入周期后期 “低迷 ”和 2020 年 4 月进入周期早期 “修复 ”之后，该指数一路飙升。<b>它的崛起如此之快，以至于刚刚度过了下一阶段（'复苏'），直接进入了'扩张'。</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/41879c4f66b33597ee236bdd52841004\" tg-width=\"904\" tg-height=\"490\" referrerpolicy=\"no-referrer\">Thisis unusual. ‘Expansion’ is meant to capture conditions that are 'better than normal, and improving',<b>and since 1980, it has taken an average of 35 months to get there after 'downturn' ends</b>. Its speedy arrival speaks to a speedy recovery powered by enormous policy support.<b>It also hints at another possibility:&nbsp;this hotter cycle could be shorter.</b>This is our thesis, and it’s showing up in our quantitative measure.</p><p><blockquote>不寻常的论文。“扩展 ”意味着捕捉 “比正常情况更好，并且正在改善 ”的条件、<b>自1980年以来，“经济衰退”结束后平均需要35个月才能到达那里</b>它的迅速到来表明，在巨大的政策支持下，经济正在迅速复苏。<b>这也暗示了另一种可能性：这个更热的周期可能会更短。</b>这就是我们的论点，也体现在我们的定量测量中。</blockquote></p><p> All this has a number of implications:</p><p><blockquote>所有这些都有许多含义：</blockquote></p><p></p><p> <ul>  <li><b>The shorter the cycle, the worse for credit relative to other risky assets; credit enjoys fewer of the gains from the 'boom', is exposed if the next downturn is early, and faces more supply as corporate confidence increases</b>. In the ‘expansion’ phase of our cycle model, US IG and HY credit N12M excess returns are 29bp and 161bp worse than average, respectively.</li>  <li><b>In many of those periods, more mixed credit performance occurs despite default rates remaining low</b>. Investors should try to take default risk over spread risk: our credit strategists like owning CDX HY 0-15%, and hedging with CDX IG payer spreads.</li>  <li><b>In equities, we think that our model supports more balance in portfolios</b>. We like healthcare in both the US and Europe as a sector with several nice factor exposures: quality, low valuation, high carry and low volatility. Globally, equities in Europe and Japan have tended to outperform 'mid-cycle', and we think that they can do so again.</li>  <li><b>Interest rates are too pessimistic on the recovery. US 10-year Treasury N12M returns are 97bp worse than average during the ‘expansion’ phase of our cycle model</b>. Guneet Dhingra and our US interest rate strategy team have moved underweight US 10-year Treasuries, and we in turn have moved back underweight government bonds in our global asset allocation.</li> </ul> This cycle is unusual. Most 'normal' cycles are. We think that the recovery is sustainable and more likely to be ‘hotter and shorter’. Sell Treasuries and trust the expansion.</p><p><blockquote><ul><li><b>周期越短，相对于其他风险资产，信贷越差；信贷从“繁荣”中获得的收益较少，如果下一次经济衰退提前，信贷就会面临风险，并且随着企业信心的增强，信贷将面临更多供应</b>.在我们的周期模型的“扩张”阶段，美国IG和HY信贷N1200万超额回报率分别比平均水平差29bp和161bp。</li><li><b>在其中许多时期，尽管违约率仍然很低，但信贷表现更加喜忧参半</b>投资者应尝试承担违约风险而不是利差风险：我们的信贷策略师喜欢持有 CDX HY 0-15%，并用 CDX IG 付款人利差进行对冲。</li><li><b>在股票方面，我们认为我们的模型支持投资组合的更大平衡</b>我们喜欢美国和欧洲的医疗保健行业，因为它有几个有利的因素：质量、低估值、高套利和低波动性。从全球来看，欧洲和日本的股市往往表现优于“周期中期”，我们认为它们可以再次做到这一点。</li><li><b>利率对复苏过于悲观。在我们的周期模型的“扩张”阶段，美国10年期国债1200万奈拉的收益率比平均水平低97个基点</b>. Guneet Dhingra 和我们的美国利率策略团队已将跑输大盘美国 10 年期国债移至我们的全球资产配置中，我们反过来又将跑输大盘国债移回。</li></ul>这个周期是不寻常的。大多数“正常”周期是。我们认为复苏是可持续的，而且更有可能“更热、更短”。出售国债并相信扩张。</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>Morgan Stanley: This Cycle Will Be \"Hotter But Shorter\" Than Usual<blockquote>摩根士丹利：这个周期将比往常“更热但更短”</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\">\nMorgan Stanley: This Cycle Will Be \"Hotter But Shorter\" Than Usual<blockquote>摩根士丹利：这个周期将比往常“更热但更短”</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">zerohedge</strong><span class=\"h-time small\">2021-07-19 16:27</span>\n</p>\n</h4>\n</header>\n<article>\n<p>We think that this economic cycle will be normal, strong and short. Each of these assumptions is being hotly debated by the market. Each is key to our investment strategy.</p><p><blockquote>我们认为本轮经济周期将是正常的、强劲的、短暂的。这些假设中的每一个都受到了市场的激烈争论。每一个都是我们投资策略的关键。</blockquote></p><p> The debate over cycle 'normalcy' is self-explanatory. The pandemic created, without exaggeration, the single sharpest decline in output in recorded history. Then activity raced back, helped by policy support. The case for viewing this situation as unique, and distinct from other cyclical experiences, is based on the view that a fall and rise this violent never allowed for a traditional 'reset'.</p><p><blockquote>关于周期“常态”的争论是不言自明的。毫不夸张地说，疫情创造了有记录以来产出最急剧下降的一次。随后，在政策支持的帮助下，活动迅速回升。将这种情况视为独特的，不同于其他周期性经历的理由是，这种剧烈的下跌和上涨从来不允许传统的“重置”。</blockquote></p><p> But 'normal' in markets is a funny concept, with the rough edges of memory often smoothed and polished by the passage of time. The cycle of 2003-07 ended with the largest banking and housing crisis since the Great Depression. The cycle of 1992-2000 ended with the bursting of an enormous equity bubble, widespread accounting fraud and unspeakable tragedy. 'Normal' cycles are nice in theory, harder in practice.</p><p><blockquote>但市场上的“正常”是一个有趣的概念，记忆的粗糙边缘往往会随着时间的推移而变得平滑和打磨。2003-07年的周期以大萧条以来最大的银行和房地产危机告终。1992-2000年的周期以巨大的股票泡沫破裂、广泛的会计欺诈和难以言表的悲剧而告终。“正常”周期在理论上很好，但在实践中更难。</blockquote></p><p> Instead, let’s consider why we use the term ‘cycle’ at all. Economies and markets tend to follow cyclical patterns, patterns that tend to show up in market performance. It is those patterns we care about, and if they still apply, they can provide a useful guide in uncertain terrain.</p><p><blockquote>相反，让我们考虑一下为什么要使用 “周期 ”这个词。经济和市场倾向于遵循周期性模式，这种模式往往会出现在市场表现中。我们关心的是这些模式，如果它们仍然适用，它们可以在不确定的地形中提供有用的指导。</blockquote></p><p> Was last year’s recession preceded by late-cycle conditions such as an inverted yield curve, low volatility, low unemployment, high consumer confidence and narrowing equity market breadth? It was. Did the resulting troughs in equities, credit, yields and yield curves match the usual cadence between market and economic lows? They did. And were the leaders of the ensuing rally the usual early-cycle winners, like small and cyclical stocks, high yield credit and industrial metals? They were.</p><p><blockquote>去年的经济衰退之前是否存在收益率曲线倒挂、低波动性、低失业率、高消费者信心和股市广度收窄等后期周期条件？确实如此。由此产生的股票、信贷、收益率和收益率曲线的低谷是否与市场和经济低点之间的通常节奏相匹配？他们做到了。随后反弹的领头羊是通常的早期周期赢家吗，比如小盘股和周期性股票、高收益信贷和工业金属？他们是。</blockquote></p><p> If it walks like a duck and quacks like a duck, we think that it’s a normal cycle. Or as normal as these things realistically are.&nbsp;If a lot of 'normal' cycle behavior has played out so far, it should&nbsp;<i>continue</i>&nbsp;to do so.</p><p><blockquote>如果它像鸭子一样走路，像鸭子一样嘎嘎叫，我们认为这是一个正常的循环。或者像这些事情实际上一样正常。如果到目前为止已经出现了很多“正常”的循环行为，它应该<i>继续</i>这样做。</blockquote></p><p> Specifically, this relates to patterns of performance as the market recovers. And as that recovery advances, those patterns should shift. As noted by my colleague Michael Wilson, we think that we are moving to a mid-cycle market, despite being just 16 months removed from the lows of economic activity. We see a number of similarities between current conditions and 1H04, a mid-cycle period that followed a large, reflationary rally. And importantly, despite recent fears about growth, we think that the global recovery will keep pushing on (see&nbsp;The Growth Scare Anniversary, July 11, 2021).</p><p><blockquote>具体来说，这与市场复苏时的表现模式有关。随着复苏进展，这些模式应该会改变。正如我的同事迈克尔·威尔逊 (Michael Wilson) 指出的那样，我们认为我们正在进入周期中期市场，尽管距离经济活动低点仅 16 个月。我们看到当前情况与 2004 年上半年有许多相似之处，上半年是继大规模通货膨胀反弹之后的中期周期。重要的是，尽管最近对增长感到担忧，但我们认为全球复苏将继续推进（参见2021年7月11日的增长恐慌周年纪念日）。</blockquote></p><p> Because one can always find an indicator that fits their particular cycle view, we’ve long been fans of a composite. That’s our ‘cycle model’, which combines ten US metrics across macro, the credit cycle and corporate aggression to gauge where we are in the market cycle. After moving into late-cycle ‘downturn’ in June 2019, and early-cycle ‘repair’ in April 2020, it’s rocketed higher.<b>It has risen so fast that it’s blown right past what should be the next phase ('recovery'), and moved right into ‘expansion’.</b></p><p><blockquote>因为总能找到适合自己特定周期观点的指标，所以我们一直都喜欢复合指标。这就是我们的 “周期模型”，它结合了宏观经济、信贷周期和企业侵略性的十项美国指标，以衡量我们在市场周期中的位置。在 2019 年 6 月进入周期后期 “低迷 ”和 2020 年 4 月进入周期早期 “修复 ”之后，该指数一路飙升。<b>它的崛起如此之快，以至于刚刚度过了下一阶段（'复苏'），直接进入了'扩张'。</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/41879c4f66b33597ee236bdd52841004\" tg-width=\"904\" tg-height=\"490\" referrerpolicy=\"no-referrer\">Thisis unusual. ‘Expansion’ is meant to capture conditions that are 'better than normal, and improving',<b>and since 1980, it has taken an average of 35 months to get there after 'downturn' ends</b>. Its speedy arrival speaks to a speedy recovery powered by enormous policy support.<b>It also hints at another possibility:&nbsp;this hotter cycle could be shorter.</b>This is our thesis, and it’s showing up in our quantitative measure.</p><p><blockquote>不寻常的论文。“扩展 ”意味着捕捉 “比正常情况更好，并且正在改善 ”的条件、<b>自1980年以来，“经济衰退”结束后平均需要35个月才能到达那里</b>它的迅速到来表明，在巨大的政策支持下，经济正在迅速复苏。<b>这也暗示了另一种可能性：这个更热的周期可能会更短。</b>这就是我们的论点，也体现在我们的定量测量中。</blockquote></p><p> All this has a number of implications:</p><p><blockquote>所有这些都有许多含义：</blockquote></p><p></p><p> <ul>  <li><b>The shorter the cycle, the worse for credit relative to other risky assets; credit enjoys fewer of the gains from the 'boom', is exposed if the next downturn is early, and faces more supply as corporate confidence increases</b>. In the ‘expansion’ phase of our cycle model, US IG and HY credit N12M excess returns are 29bp and 161bp worse than average, respectively.</li>  <li><b>In many of those periods, more mixed credit performance occurs despite default rates remaining low</b>. Investors should try to take default risk over spread risk: our credit strategists like owning CDX HY 0-15%, and hedging with CDX IG payer spreads.</li>  <li><b>In equities, we think that our model supports more balance in portfolios</b>. We like healthcare in both the US and Europe as a sector with several nice factor exposures: quality, low valuation, high carry and low volatility. Globally, equities in Europe and Japan have tended to outperform 'mid-cycle', and we think that they can do so again.</li>  <li><b>Interest rates are too pessimistic on the recovery. US 10-year Treasury N12M returns are 97bp worse than average during the ‘expansion’ phase of our cycle model</b>. Guneet Dhingra and our US interest rate strategy team have moved underweight US 10-year Treasuries, and we in turn have moved back underweight government bonds in our global asset allocation.</li> </ul> This cycle is unusual. Most 'normal' cycles are. We think that the recovery is sustainable and more likely to be ‘hotter and shorter’. Sell Treasuries and trust the expansion.</p><p><blockquote><ul><li><b>周期越短，相对于其他风险资产，信贷越差；信贷从“繁荣”中获得的收益较少，如果下一次经济衰退提前，信贷就会面临风险，并且随着企业信心的增强，信贷将面临更多供应</b>.在我们的周期模型的“扩张”阶段，美国IG和HY信贷N1200万超额回报率分别比平均水平差29bp和161bp。</li><li><b>在其中许多时期，尽管违约率仍然很低，但信贷表现更加喜忧参半</b>投资者应尝试承担违约风险而不是利差风险：我们的信贷策略师喜欢持有 CDX HY 0-15%，并用 CDX IG 付款人利差进行对冲。</li><li><b>在股票方面，我们认为我们的模型支持投资组合的更大平衡</b>我们喜欢美国和欧洲的医疗保健行业，因为它有几个有利的因素：质量、低估值、高套利和低波动性。从全球来看，欧洲和日本的股市往往表现优于“周期中期”，我们认为它们可以再次做到这一点。</li><li><b>利率对复苏过于悲观。在我们的周期模型的“扩张”阶段，美国10年期国债1200万奈拉的收益率比平均水平低97个基点</b>. Guneet Dhingra 和我们的美国利率策略团队已将跑输大盘美国 10 年期国债移至我们的全球资产配置中，我们反过来又将跑输大盘国债移回。</li></ul>这个周期是不寻常的。大多数“正常”周期是。我们认为复苏是可持续的，而且更有可能“更热、更短”。出售国债并相信扩张。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.zerohedge.com/markets/morgan-stanley-cycle-will-be-hotter-shorter-usual\">zerohedge</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":{".DJI":"道琼斯",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index","SPY":"标普500ETF"},"source_url":"https://www.zerohedge.com/markets/morgan-stanley-cycle-will-be-hotter-shorter-usual","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1146536243","content_text":"We think that this economic cycle will be normal, strong and short. Each of these assumptions is being hotly debated by the market. Each is key to our investment strategy.\nThe debate over cycle 'normalcy' is self-explanatory. The pandemic created, without exaggeration, the single sharpest decline in output in recorded history. Then activity raced back, helped by policy support. The case for viewing this situation as unique, and distinct from other cyclical experiences, is based on the view that a fall and rise this violent never allowed for a traditional 'reset'.\nBut 'normal' in markets is a funny concept, with the rough edges of memory often smoothed and polished by the passage of time. The cycle of 2003-07 ended with the largest banking and housing crisis since the Great Depression. The cycle of 1992-2000 ended with the bursting of an enormous equity bubble, widespread accounting fraud and unspeakable tragedy. 'Normal' cycles are nice in theory, harder in practice.\nInstead, let’s consider why we use the term ‘cycle’ at all. Economies and markets tend to follow cyclical patterns, patterns that tend to show up in market performance. It is those patterns we care about, and if they still apply, they can provide a useful guide in uncertain terrain.\nWas last year’s recession preceded by late-cycle conditions such as an inverted yield curve, low volatility, low unemployment, high consumer confidence and narrowing equity market breadth? It was. Did the resulting troughs in equities, credit, yields and yield curves match the usual cadence between market and economic lows? They did. And were the leaders of the ensuing rally the usual early-cycle winners, like small and cyclical stocks, high yield credit and industrial metals? They were.\nIf it walks like a duck and quacks like a duck, we think that it’s a normal cycle. Or as normal as these things realistically are. If a lot of 'normal' cycle behavior has played out so far, it should continue to do so.\nSpecifically, this relates to patterns of performance as the market recovers. And as that recovery advances, those patterns should shift. As noted by my colleague Michael Wilson, we think that we are moving to a mid-cycle market, despite being just 16 months removed from the lows of economic activity. We see a number of similarities between current conditions and 1H04, a mid-cycle period that followed a large, reflationary rally. And importantly, despite recent fears about growth, we think that the global recovery will keep pushing on (see The Growth Scare Anniversary, July 11, 2021).\nBecause one can always find an indicator that fits their particular cycle view, we’ve long been fans of a composite. That’s our ‘cycle model’, which combines ten US metrics across macro, the credit cycle and corporate aggression to gauge where we are in the market cycle. After moving into late-cycle ‘downturn’ in June 2019, and early-cycle ‘repair’ in April 2020, it’s rocketed higher.It has risen so fast that it’s blown right past what should be the next phase ('recovery'), and moved right into ‘expansion’.\nThisis unusual. ‘Expansion’ is meant to capture conditions that are 'better than normal, and improving',and since 1980, it has taken an average of 35 months to get there after 'downturn' ends. Its speedy arrival speaks to a speedy recovery powered by enormous policy support.It also hints at another possibility: this hotter cycle could be shorter.This is our thesis, and it’s showing up in our quantitative measure.\nAll this has a number of implications:\n\nThe shorter the cycle, the worse for credit relative to other risky assets; credit enjoys fewer of the gains from the 'boom', is exposed if the next downturn is early, and faces more supply as corporate confidence increases. In the ‘expansion’ phase of our cycle model, US IG and HY credit N12M excess returns are 29bp and 161bp worse than average, respectively.\nIn many of those periods, more mixed credit performance occurs despite default rates remaining low. Investors should try to take default risk over spread risk: our credit strategists like owning CDX HY 0-15%, and hedging with CDX IG payer spreads.\nIn equities, we think that our model supports more balance in portfolios. We like healthcare in both the US and Europe as a sector with several nice factor exposures: quality, low valuation, high carry and low volatility. Globally, equities in Europe and Japan have tended to outperform 'mid-cycle', and we think that they can do so again.\nInterest rates are too pessimistic on the recovery. US 10-year Treasury N12M returns are 97bp worse than average during the ‘expansion’ phase of our cycle model. Guneet Dhingra and our US interest rate strategy team have moved underweight US 10-year Treasuries, and we in turn have moved back underweight government bonds in our global asset allocation.\n\nThis cycle is unusual. Most 'normal' cycles are. We think that the recovery is sustainable and more likely to be ‘hotter and shorter’. Sell Treasuries and trust the expansion.","news_type":1,"symbols_score_info":{".DJI":0.9,".SPX":0.9,".IXIC":0.9,"SPY":0.9}},"isVote":1,"tweetType":1,"viewCount":2783,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":157206987,"gmtCreate":1625582182749,"gmtModify":1631889390379,"author":{"id":"3570015338387280","authorId":"3570015338387280","name":"Addie","avatar":"https://static.tigerbbs.com/5a502409c8516af8e327ef78450d4a04","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570015338387280","idStr":"3570015338387280"},"themes":[],"title":"","htmlText":"Like n comment pls&nbsp;","listText":"Like n comment pls&nbsp;","text":"Like n comment pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/157206987","repostId":"1142505116","repostType":4,"isVote":1,"tweetType":1,"viewCount":4412,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}