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2021-12-18

Buy buy buy

EV stocks fell sharply in morning trading ,with Rivian sliding 12%,Lucid Group sliding 7% and General Motors sliding 5%<blockquote>电动汽车股早盘大幅下跌，Rivian下跌 12%，Lucid Group 下跌 7%，通用汽车下跌 5%</blockquote>

2021-08-10

Buy more

抱歉，原内容已删除

2021-08-09

Nice

U.S. Job Openings Hit New Record in June, Surpassing 10 Million<blockquote>美国6月份职位空缺创下新纪录，超过1000万个</blockquote>

2021-08-04

Like this also safe??

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2021-07-26

Sales up but cost up too

抱歉，原内容已删除

2021-07-26

Oh dear my edu now is nothing

抱歉，原内容已删除

2021-07-23

Zzz...

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2021-07-21

12% on stock too????

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2021-07-17

Then buy more

抱歉，原内容已删除

2021-07-16

Sell

抱歉，原内容已删除

2021-07-16

Pls go up....stuck very long

抱歉，原内容已删除

2021-07-15

Omg

抱歉，原内容已删除

2021-07-15

Now not okay

抱歉，原内容已删除

2021-07-14

1Time to short?

抱歉，原内容已删除

2021-07-13

Can chip in now?

抱歉，原内容已删除

2021-07-12

Good tech but coin ?

抱歉，原内容已删除

2021-07-12

Wow like this also can get 80

抱歉，原内容已删除

2021-07-10

Another high...

抱歉，原内容已删除

2021-07-09

Over 100% [财迷]

抱歉，原内容已删除

2021-07-08

Wow..stress

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sliding 7% and General Motors sliding 5%<blockquote>电动汽车股早盘大幅下跌，Rivian下跌 12%，Lucid Group 下跌 7%，通用汽车下跌 5%</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{ 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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\">2021-12-17 22:53</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>EV stocks fell sharply in morning trading ,with Rivian sliding 12%,Lucid Group sliding 7%, Lordstown&nbsp;Motors&nbsp;sliding&nbsp;6%&nbsp;and General Motors sliding 5%.<img src=\"https://static.tigerbbs.com/cd629a366b9a963976bc2a56e7c34763\" tg-width=\"282\" tg-height=\"468\" width=\"100%\" height=\"auto\"></p><p><blockquote>电动汽车股在早盘交易中大幅下跌，Rivian下跌 12%，Lucid Group 下跌 7%，Lordstown Motors 下跌 6%，通用汽车下跌 5%。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"RIVN":"Rivian Automotive, Inc.","LCID":"Lucid Group 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22:42","market":"us","language":"en","title":"U.S. Job Openings Hit New Record in June, Surpassing 10 Million<blockquote>美国6月份职位空缺创下新纪录，超过1000万个</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1178191338","media":"Bloomberg","summary":"(Bloomberg) -- U.S. job openings surged in June by more than forecast to a fresh record high, highli","content":"<p><div> (Bloomberg) -- U.S. job openings surged in June by more than forecast to a fresh record high, highlighting businesses’ persistent struggles to hire enough workers to keep up with rebounding economic ...</p><p><blockquote><div>(彭博社）--美国6月份职位空缺激增，超出预期，创下历史新高，凸显出企业在招聘足够的工人以跟上经济反弹的步伐方面持续存在困难。</div></blockquote></p><p>  <a href=\"https://finance.yahoo.com/news/u-job-openings-hit-record-141357099.html\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://finance.yahoo.com/news/u-job-openings-hit-record-141357099.html\">网页连接</a></blockquote></p><p></p>","source":"lsy1612507957220","collect":0,"html":"<!DOCTYPE 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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. Job Openings Hit New Record in June, Surpassing 10 Million<blockquote>美国6月份职位空缺创下新纪录，超过1000万个</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Bloomberg</strong><span class=\"h-time small\">2021-08-09 22:42</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div> (Bloomberg) -- U.S. job openings surged in June by more than forecast to a fresh record high, highlighting businesses’ persistent struggles to hire enough workers to keep up with rebounding economic ...</p><p><blockquote><div>(彭博社）--美国6月份职位空缺激增，超出预期，创下历史新高，凸显出企业在招聘足够的工人以跟上经济反弹的步伐方面持续存在困难。</div></blockquote></p><p>  <a href=\"https://finance.yahoo.com/news/u-job-openings-hit-record-141357099.html\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://finance.yahoo.com/news/u-job-openings-hit-record-141357099.html\">网页连接</a></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://finance.yahoo.com/news/u-job-openings-hit-record-141357099.html\">Bloomberg</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"},"source_url":"https://finance.yahoo.com/news/u-job-openings-hit-record-141357099.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1178191338","content_text":"(Bloomberg) -- U.S. job openings surged in June by more than forecast to a fresh record high, highlighting businesses’ persistent struggles to hire enough workers to keep up with rebounding economic activity.\nThe number of available positions rose to 10.1 million during the month from an upwardly revised 9.5 million in May, the Labor Department’s Job Openings and Labor Turnover Survey, or JOLTS, showed Monday. Economists in a Bloomberg survey had called for an increase to 9.27 million openings.\nFaced with a snapback in consumer demand for services like travel and dining out, employers have been scrambling to fill a multitude of vacant positions, but the supply of labor remains restrained. Ongoing child care obligations, health concerns and enhanced unemployment benefits have kept some Americans from returning to the workforce.\nLabor supply is expected to increase in the coming months as supplemental federal jobless benefits expire and schools reopen. That said, the rapidly spreading delta variant could delay more significant progress in labor force participation if growing health concerns spur Americans to delay returning to work.\nQuits Rate\nThe number of vacancies exceeded hires by 3.4 million in June, a slightly narrower gap from the record seen a month earlier. 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lor","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/116015960","repostId":"1131294990","repostType":4,"repost":{"id":"1131294990","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":1622762389,"share":"https://www.laohunote.com/m/news/1131294990?lang=zh_CN&edition=full","pubTime":"2021-06-04 07:19","market":"hk","language":"en","title":"Lululemon first-quarter sales rise 88%, topping estimates, as store traffic rebounds<blockquote>由于商店客流量反弹，Lululemon 第一季度销售额增长 88%，超出预期</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1131294990","media":"Tiger Newspress","summary":"KEY POINTSLululemon said fiscal first-quarter revenue soared 88%, topping analysts' estimates, as sh","content":"<p>KEY POINTS</p><p><blockquote>要点</blockquote></p><p><ul><li>Lululemon said fiscal first-quarter revenue soared 88%, topping analysts' estimates, as shopper traffic steadily rebounded to its stores.</li><li>The leggings maker also issued a strong forecast for its fiscal second quarter and for the full year, saying momentum for its brand is growing across all geographies.</li></ul>Lululemon Athleticasaid Thursday its fiscal first-quarter revenue soared 88%, topping analysts' estimates, as shopper traffic steadily rebounded to its stores.</p><p><blockquote><ul><li>Lululemon 表示，随着购物者流量稳步反弹至其商店，第一财季收入飙升 88%，超出分析师预期。</li><li>这家紧身裤制造商还发布了对第二财季和全年的强劲预测，称其品牌在所有地区的发展势头都在增长。</li></ul>Lululemon Athletica 周四表示，随着购物者流量稳步反弹至其商店，其第一财季收入飙升 88%，超出分析师预期。</blockquote></p><p>The athletic apparel maker also issued a strong forecast for its fiscal second quarter and raised full-year estimates, saying momentum for its brand is growing across all geographies.</p><p><blockquote>这家运动服装制造商还发布了第二财季的强劲预测，并上调了全年预期，称其品牌在所有地区的发展势头都在增长。</blockquote></p><p>Its stock rose less than 1% on the news in extended trading.<img src=\"https://static.tigerbbs.com/62509e3df216bb0777d22952e50e84e2\" tg-width=\"688\" tg-height=\"526\" referrerpolicy=\"no-referrer\">Here's how Lululemon did for the period ended May 2, compared with what analysts were anticipating, based on a Refinitiv survey:</p><p><blockquote>消息传出后，其股价在盘后交易中上涨不到 1%。根据 Refinitiv 的调查，以下是 Lululemon 在截至 5 月 2 日的期间的表现与分析师的预期进行了比较：</blockquote></p><p><ul><li>Earnings per share: $1.16 adjusted vs. 91 cents expected</li><li>Revenue: $1.23 billion vs. $1.13 billion expected</li></ul>Net income grew to $145 million, or $1.11 per share, from $28.6 million, or 22 cents per share, a year earlier. Excluding <a href=\"https://laohu8.com/S/AONE\">one</a>-time charges, Lululemon earned $1.16 a share, better than the 91 cents per shares that analysts estimated.<img src=\"https://static.tigerbbs.com/97ea74dff7b224c85a3daaf62b95079e\" tg-width=\"749\" tg-height=\"742\" referrerpolicy=\"no-referrer\">Revenue rose to $1.23 billion from $652&nbsp;million a year earlier,when its stores were temporarily shut. That came in ahead of expectations for $1.13 billion.</p><p><blockquote><ul><li>每股收益：调整后 1.16 美元，预期为 91 美分</li><li>收入：12.3亿美元，预期11.3亿美元</li></ul>净利润从去年同期的 2860 万美元（即每股 22 美分）增长至 1.45 亿美元（即每股 1.11 美元）。不包括<a href=\"https://laohu8.com/S/AONE\">一</a>-扣除时间费用后，Lululemon 每股收益为 1.16 美元，好于分析师预期的每股 91 美分。收入从去年同期的 6.52 亿美元增至 12.3 亿美元，当时其商店暂时关闭。这超出了 11.3 亿美元的预期。</blockquote></p><p>On a two-year basis, sales grew 57%. Lululemon also said its men’s business grew faster from 2019 levels than its women’s.</p><p><blockquote>按两年计算，销售额增长了 57%。Lululemon 还表示，与 2019 年相比，其男士业务的增长速度快于女士业务。</blockquote></p><p>The Covid pandemic has fueled shopper demand for fitness gear to wear around the house and to dress for at-home workouts such as running and spin biking. The trend, which hasn’t appeared to slow down, has benefited companies including Lululemon,NikeandUnder Armour. It has also boosted more traditional retailers such asGap, which recently saidactivewear sales continue to drivesales at both its Athleta and Old Navy banners.</p><p><blockquote>Covid疫情刺激了购物者对健身装备的需求，这些装备可以在家里穿着，也可以在跑步和骑自行车等家庭锻炼时穿着。这一趋势似乎并没有放缓，Lululemon、Nike 和 Under Armour 等公司都从中受益。它还提振了更多传统零售商，如 asGap，该公司最近表示，运动服销售继续推动其 Athleta 和 Old Navy 旗帜的销售。</blockquote></p><p>Lululemon’s direct-to-consumer revenue climbed 55% to $545.1 million year over year. Sales in North America were up 82% and increased 125% internationally.</p><p><blockquote>Lululemon 的直接面向消费者的收入同比增长 55%，达到 5.451 亿美元。北美销售额增长了 82%，国际销售额增长了 125%。</blockquote></p><p>CEO Calvin McDonald told analysts Thursday that Lululemon still expects its international business will grow in size to be equal to its North <a href=\"https://laohu8.com/S/AFG\">American</a> operations in the near future. At the end of 2020, international sales represented only 14% of Lululemon’s total business.</p><p><blockquote>首席执行官卡尔文·麦克唐纳 (Calvin McDonald) 周四对分析师表示，Lululemon 仍预计其国际业务规模将增长至与北方业务规模持平<a href=\"https://laohu8.com/S/AFG\">美国的</a>在不久的将来运营。截至 2020 年底，国际销售额仅占 Lululemon 总业务的 14%。</blockquote></p><p>The company also owns the at-home fitness platform Mirror, a rival toPeloton. Lululemon expects Mirror to drive between $250 million and $275 million in revenue this year.</p><p><blockquote>该公司还拥有家庭健身平台 Mirror，这是 toPeloton 的竞争对手。Lululemon 预计 Mirror 今年的收入将在 2.5 亿美元至 2.75 亿美元之间。</blockquote></p><p>CFO Meghan Frank said momentum has remained strong in recent weeks. The company continues to invest in innovative merchandise to drum up excitement. It recently launched a line ofproducts that use lower-impact dyes, and it is piloting a trade-in and resale program.</p><p><blockquote>首席财务官梅根·弗兰克表示，最近几周势头依然强劲。该公司继续投资创新商品，以激发兴奋感。该公司最近推出了一系列使用低冲击染料的产品，并正在试行以旧换新和转售计划。</blockquote></p><p>For its fiscal second quarter, Lululemon expects adjusted earnings per share to be in a range of $1.10 to $1.15, on sales of $1.3 billion to $1.33 billion. Analysts had been looking for earnings of $1.01 per share on revenue of $1.20 billion, according to a Refinitiv survey.</p><p><blockquote>Lululemon 预计第二财季调整后每股收益将在 1.10 美元至 1.15 美元之间，销售额为 13 亿至 13.3 亿美元。根据 Refinitiv 的一项调查，分析师一直预计营收为 12 亿美元，每股收益为 1.01 美元。</blockquote></p><p>For the year, it’s calling for adjusted earnings of $6.73 to $6.86 per share, on sales of $5.83 billion to $5.91 billion. Analysts expected it to earn $6.48 per share on sales of $5.68 billion.</p><p><blockquote>该公司预计今年调整后每股收益为 6.73 美元至 6.86 美元，销售额为 58.3 亿美元至 59.1 亿美元。分析师预计该公司每股收益为 6.48 美元，销售额为 56.8 亿美元。</blockquote></p><p>Previously, Lululemon had been calling for fiscal 2021 revenue to be in a range of $5.55 billion to $5.65 billion.</p><p><blockquote>此前，Lululemon 一直呼吁 2021 财年收入在 55.5 亿美元至 56.5 亿美元之间。</blockquote></p><p>“We were performing well before the pandemic, I think we led the peer group during the pandemic, and we’re excited about ... our ability to continue to perform post-pandemic,” McDonald said.</p><p><blockquote>“麦克唐纳说：”我们在大流行病之前表现出色，我认为我们在大流行病期间领先于同行群体，我们对......我们在大流行病后继续表现出色的能力感到兴奋。</blockquote></p><p>Lululemon shares are down about 9% year to date. It has a market cap of $41.4 billion.</p><p><blockquote>Lululemon 股价今年迄今已下跌约 9%。它的市值为414亿美元。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Lululemon first-quarter sales rise 88%, topping estimates, as store traffic rebounds<blockquote>由于商店客流量反弹，Lululemon 第一季度销售额增长 88%，超出预期</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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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\">\nLululemon first-quarter sales rise 88%, topping estimates, as store traffic rebounds<blockquote>由于商店客流量反弹，Lululemon 第一季度销售额增长 88%，超出预期</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-06-04 07:19</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>KEY POINTS</p><p><blockquote>要点</blockquote></p><p><ul><li>Lululemon said fiscal first-quarter revenue soared 88%, topping analysts' estimates, as shopper traffic steadily rebounded to its stores.</li><li>The leggings maker also issued a strong forecast for its fiscal second quarter and for the full year, saying momentum for its brand is growing across all geographies.</li></ul>Lululemon Athleticasaid Thursday its fiscal first-quarter revenue soared 88%, topping analysts' estimates, as shopper traffic steadily rebounded to its stores.</p><p><blockquote><ul><li>Lululemon 表示，随着购物者流量稳步反弹至其商店，第一财季收入飙升 88%，超出分析师预期。</li><li>这家紧身裤制造商还发布了对第二财季和全年的强劲预测，称其品牌在所有地区的发展势头都在增长。</li></ul>Lululemon Athletica 周四表示，随着购物者流量稳步反弹至其商店，其第一财季收入飙升 88%，超出分析师预期。</blockquote></p><p>The athletic apparel maker also issued a strong forecast for its fiscal second quarter and raised full-year estimates, saying momentum for its brand is growing across all geographies.</p><p><blockquote>这家运动服装制造商还发布了第二财季的强劲预测，并上调了全年预期，称其品牌在所有地区的发展势头都在增长。</blockquote></p><p>Its stock rose less than 1% on the news in extended trading.<img src=\"https://static.tigerbbs.com/62509e3df216bb0777d22952e50e84e2\" tg-width=\"688\" tg-height=\"526\" referrerpolicy=\"no-referrer\">Here's how Lululemon did for the period ended May 2, compared with what analysts were anticipating, based on a Refinitiv survey:</p><p><blockquote>消息传出后，其股价在盘后交易中上涨不到 1%。根据 Refinitiv 的调查，以下是 Lululemon 在截至 5 月 2 日的期间的表现与分析师的预期进行了比较：</blockquote></p><p><ul><li>Earnings per share: $1.16 adjusted vs. 91 cents expected</li><li>Revenue: $1.23 billion vs. $1.13 billion expected</li></ul>Net income grew to $145 million, or $1.11 per share, from $28.6 million, or 22 cents per share, a year earlier. Excluding <a href=\"https://laohu8.com/S/AONE\">one</a>-time charges, Lululemon earned $1.16 a share, better than the 91 cents per shares that analysts estimated.<img src=\"https://static.tigerbbs.com/97ea74dff7b224c85a3daaf62b95079e\" tg-width=\"749\" tg-height=\"742\" referrerpolicy=\"no-referrer\">Revenue rose to $1.23 billion from $652&nbsp;million a year earlier,when its stores were temporarily shut. That came in ahead of expectations for $1.13 billion.</p><p><blockquote><ul><li>每股收益：调整后 1.16 美元，预期为 91 美分</li><li>收入：12.3亿美元，预期11.3亿美元</li></ul>净利润从去年同期的 2860 万美元（即每股 22 美分）增长至 1.45 亿美元（即每股 1.11 美元）。不包括<a href=\"https://laohu8.com/S/AONE\">一</a>-扣除时间费用后，Lululemon 每股收益为 1.16 美元，好于分析师预期的每股 91 美分。收入从去年同期的 6.52 亿美元增至 12.3 亿美元，当时其商店暂时关闭。这超出了 11.3 亿美元的预期。</blockquote></p><p>On a two-year basis, sales grew 57%. Lululemon also said its men’s business grew faster from 2019 levels than its women’s.</p><p><blockquote>按两年计算，销售额增长了 57%。Lululemon 还表示，与 2019 年相比，其男士业务的增长速度快于女士业务。</blockquote></p><p>The Covid pandemic has fueled shopper demand for fitness gear to wear around the house and to dress for at-home workouts such as running and spin biking. The trend, which hasn’t appeared to slow down, has benefited companies including Lululemon,NikeandUnder Armour. It has also boosted more traditional retailers such asGap, which recently saidactivewear sales continue to drivesales at both its Athleta and Old Navy banners.</p><p><blockquote>Covid疫情刺激了购物者对健身装备的需求，这些装备可以在家里穿着，也可以在跑步和骑自行车等家庭锻炼时穿着。这一趋势似乎并没有放缓，Lululemon、Nike 和 Under Armour 等公司都从中受益。它还提振了更多传统零售商，如 asGap，该公司最近表示，运动服销售继续推动其 Athleta 和 Old Navy 旗帜的销售。</blockquote></p><p>Lululemon’s direct-to-consumer revenue climbed 55% to $545.1 million year over year. Sales in North America were up 82% and increased 125% internationally.</p><p><blockquote>Lululemon 的直接面向消费者的收入同比增长 55%，达到 5.451 亿美元。北美销售额增长了 82%，国际销售额增长了 125%。</blockquote></p><p>CEO Calvin McDonald told analysts Thursday that Lululemon still expects its international business will grow in size to be equal to its North <a href=\"https://laohu8.com/S/AFG\">American</a> operations in the near future. At the end of 2020, international sales represented only 14% of Lululemon’s total business.</p><p><blockquote>首席执行官卡尔文·麦克唐纳 (Calvin McDonald) 周四对分析师表示，Lululemon 仍预计其国际业务规模将增长至与北方业务规模持平<a href=\"https://laohu8.com/S/AFG\">美国的</a>在不久的将来运营。截至 2020 年底，国际销售额仅占 Lululemon 总业务的 14%。</blockquote></p><p>The company also owns the at-home fitness platform Mirror, a rival toPeloton. Lululemon expects Mirror to drive between $250 million and $275 million in revenue this year.</p><p><blockquote>该公司还拥有家庭健身平台 Mirror，这是 toPeloton 的竞争对手。Lululemon 预计 Mirror 今年的收入将在 2.5 亿美元至 2.75 亿美元之间。</blockquote></p><p>CFO Meghan Frank said momentum has remained strong in recent weeks. The company continues to invest in innovative merchandise to drum up excitement. It recently launched a line ofproducts that use lower-impact dyes, and it is piloting a trade-in and resale program.</p><p><blockquote>首席财务官梅根·弗兰克表示，最近几周势头依然强劲。该公司继续投资创新商品，以激发兴奋感。该公司最近推出了一系列使用低冲击染料的产品，并正在试行以旧换新和转售计划。</blockquote></p><p>For its fiscal second quarter, Lululemon expects adjusted earnings per share to be in a range of $1.10 to $1.15, on sales of $1.3 billion to $1.33 billion. Analysts had been looking for earnings of $1.01 per share on revenue of $1.20 billion, according to a Refinitiv survey.</p><p><blockquote>Lululemon 预计第二财季调整后每股收益将在 1.10 美元至 1.15 美元之间，销售额为 13 亿至 13.3 亿美元。根据 Refinitiv 的一项调查，分析师一直预计营收为 12 亿美元，每股收益为 1.01 美元。</blockquote></p><p>For the year, it’s calling for adjusted earnings of $6.73 to $6.86 per share, on sales of $5.83 billion to $5.91 billion. Analysts expected it to earn $6.48 per share on sales of $5.68 billion.</p><p><blockquote>该公司预计今年调整后每股收益为 6.73 美元至 6.86 美元，销售额为 58.3 亿美元至 59.1 亿美元。分析师预计该公司每股收益为 6.48 美元，销售额为 56.8 亿美元。</blockquote></p><p>Previously, Lululemon had been calling for fiscal 2021 revenue to be in a range of $5.55 billion to $5.65 billion.</p><p><blockquote>此前，Lululemon 一直呼吁 2021 财年收入在 55.5 亿美元至 56.5 亿美元之间。</blockquote></p><p>“We were performing well before the pandemic, I think we led the peer group during the pandemic, and we’re excited about ... our ability to continue to perform post-pandemic,” McDonald said.</p><p><blockquote>“麦克唐纳说：”我们在大流行病之前表现出色，我认为我们在大流行病期间领先于同行群体，我们对......我们在大流行病后继续表现出色的能力感到兴奋。</blockquote></p><p>Lululemon shares are down about 9% year to date. It has a market cap of $41.4 billion.</p><p><blockquote>Lululemon 股价今年迄今已下跌约 9%。它的市值为414亿美元。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LULU":"lululemon athletica"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1131294990","content_text":"KEY POINTSLululemon said fiscal first-quarter revenue soared 88%, topping analysts' estimates, as shopper traffic steadily rebounded to its stores.The leggings maker also issued a strong forecast for its fiscal second quarter and for the full year, saying momentum for its brand is growing across all geographies.Lululemon Athleticasaid Thursday its fiscal first-quarter revenue soared 88%, topping analysts' estimates, as shopper traffic steadily rebounded to its stores.The athletic apparel maker also issued a strong forecast for its fiscal second quarter and raised full-year estimates, saying momentum for its brand is growing across all geographies.Its stock rose less than 1% on the news in extended trading.Here's how Lululemon did for the period ended May 2, compared with what analysts were anticipating, based on a Refinitiv survey:Earnings per share: $1.16 adjusted vs. 91 cents expectedRevenue: $1.23 billion vs. $1.13 billion expectedNet income grew to $145 million, or $1.11 per share, from $28.6 million, or 22 cents per share, a year earlier. Excluding one-time charges, Lululemon earned $1.16 a share, better than the 91 cents per shares that analysts estimated.Revenue rose to $1.23 billion from $652 million a year earlier,when its stores were temporarily shut. That came in ahead of expectations for $1.13 billion.On a two-year basis, sales grew 57%. Lululemon also said its men’s business grew faster from 2019 levels than its women’s.The Covid pandemic has fueled shopper demand for fitness gear to wear around the house and to dress for at-home workouts such as running and spin biking. The trend, which hasn’t appeared to slow down, has benefited companies including Lululemon,NikeandUnder Armour. It has also boosted more traditional retailers such asGap, which recently saidactivewear sales continue to drivesales at both its Athleta and Old Navy banners.Lululemon’s direct-to-consumer revenue climbed 55% to $545.1 million year over year. Sales in North America were up 82% and increased 125% internationally.CEO Calvin McDonald told analysts Thursday that Lululemon still expects its international business will grow in size to be equal to its North American operations in the near future. At the end of 2020, international sales represented only 14% of Lululemon’s total business.The company also owns the at-home fitness platform Mirror, a rival toPeloton. Lululemon expects Mirror to drive between $250 million and $275 million in revenue this year.CFO Meghan Frank said momentum has remained strong in recent weeks. The company continues to invest in innovative merchandise to drum up excitement. It recently launched a line ofproducts that use lower-impact dyes, and it is piloting a trade-in and resale program.For its fiscal second quarter, Lululemon expects adjusted earnings per share to be in a range of $1.10 to $1.15, on sales of $1.3 billion to $1.33 billion. Analysts had been looking for earnings of $1.01 per share on revenue of $1.20 billion, according to a Refinitiv survey.For the year, it’s calling for adjusted earnings of $6.73 to $6.86 per share, on sales of $5.83 billion to $5.91 billion. Analysts expected it to earn $6.48 per share on sales of $5.68 billion.Previously, Lululemon had been calling for fiscal 2021 revenue to be in a range of $5.55 billion to $5.65 billion.“We were performing well before the pandemic, I think we led the peer group during the pandemic, and we’re excited about ... our ability to continue to perform post-pandemic,” McDonald said.Lululemon shares are down about 9% year to date. It has a market cap of $41.4 billion.","news_type":1,"symbols_score_info":{"LULU":0.9}},"isVote":1,"tweetType":1,"viewCount":742,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":134454611,"gmtCreate":1622255618533,"gmtModify":1631885486006,"author":{"id":"3571009840536733","authorId":"3571009840536733","name":"HKhin","avatar":"https://static.tigerbbs.com/315ef1291b235114bbffd11981704437","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571009840536733","authorIdStr":"3571009840536733"},"themes":[],"title":"","htmlText":"Time to have another route","listText":"Time to have another route","text":"Time to have another route","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/134454611","repostId":"2138488778","repostType":4,"isVote":1,"tweetType":1,"viewCount":519,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":107896655,"gmtCreate":1620460785477,"gmtModify":1634198572328,"author":{"id":"3571009840536733","authorId":"3571009840536733","name":"HKhin","avatar":"https://static.tigerbbs.com/315ef1291b235114bbffd11981704437","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571009840536733","authorIdStr":"3571009840536733"},"themes":[],"title":"","htmlText":"Always be prepared","listText":"Always be prepared","text":"Always be prepared","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/107896655","repostId":"1122089368","repostType":4,"repost":{"id":"1122089368","kind":"news","pubTimestamp":1620457397,"share":"https://www.laohunote.com/m/news/1122089368?lang=zh_CN&edition=full","pubTime":"2021-05-08 15:03","market":"us","language":"en","title":"What Happens to Stocks and Cryptocurrencies When the Fed Stops Raining Money?<blockquote>当美联储停止投放资金时，股票和加密货币会发生什么？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1122089368","media":"The Wall Street Journal","summary":"To veterans of financial bubbles, there is plenty familiar about the present. Stock valuations are t","content":"<p>To veterans of financial bubbles, there is plenty familiar about the present. Stock valuations are their richest since the dot-com bubble in 2000. Home prices are back to their pre-financial crisis peak. Risky companies can borrow at the lowest rates on record. Individual investors are pouring money into green energy and cryptocurrency.</p><p><blockquote>对于金融泡沫的老手来说，现在有很多熟悉的事情。股票估值是自 2000 年互联网泡沫以来最高的。房价回到了金融危机前的峰值。高风险公司可以以有记录以来最低的利率借款。个人投资者正在向绿色能源和加密货币投入资金。</blockquote></p><p>This boom has some legitimate explanations, from the advances in digital commerce to fiscally greased growth that will likely be the strongest since 1983.</p><p><blockquote>这种繁荣有一些合理的解释，从数字商务的进步到可能是1983年以来最强劲的财政润滑增长。</blockquote></p><p>But there is one driver above all: the Federal Reserve. Easy monetary policy has regularly fueled financial booms, and it is exceptionally easy now. The Fed has kept interest rates near zero for the past year and signaled rates won’t change for at least two more years. It is buying hundreds of billions of dollars of bonds. As a result, the 10-year Treasury bond yield is well below inflation—that is, real yields are deeply negative —for only the second time in 40 years.</p><p><blockquote>但有一个最重要的驱动因素：美联储。宽松的货币政策经常推动金融繁荣，现在尤其容易。美联储在过去一年中一直将利率维持在接近于零的水平，并表示利率至少在未来两年内不会发生变化。它正在购买数千亿美元的债券。因此，10年期国债收益率远低于通胀率——也就是说，实际收益率严重为负——这只是40年来的第二次。</blockquote></p><p>There are good reasons why rates are so low. The Fed acted in response to a pandemic that at its most intense threatened even more damage than the 2007-09 financial crisis. Yet in great part thanks to the Fed and Congress, which has passed some $5 trillion in fiscal stimulus, this recovery looks much healthier than the last. That could undermine the reasons for such low rates, threatening the underpinnings of market.</p><p><blockquote>利率如此之低是有充分理由的。美联储采取了行动来应对疫情，这场疫情在最严重的时候造成的破坏甚至比 2007-09 年金融危机还要大。然而，在很大程度上要归功于美联储和国会通过了约5万亿美元的财政刺激计划，这次复苏看起来比上次要健康得多。这可能会破坏如此低利率的原因，威胁到市场的基础。</blockquote></p><p>“Equity markets at a minimum are priced to perfection on the assumption rates will be low for a long time,” said Harvard University economist Jeremy Stein, who served as a Fed governor alongside now-chairman Jerome Powell. “And certainly you get the sense the Fed is trying really hard to say, ‘Everything is fine, we’re in no rush to raise rates.’ But while I don’t think we’re headed for sustained high inflation it’s completely possible we’ll have several quarters of hot readings on inflation.”</p><p><blockquote>“哈佛大学经济学家杰里米-斯坦（Jeremy Stein）说：”在假设利率将长期处于低位的情况下，股市在最低点的定价是完美的。他曾与现任主席杰罗姆-鲍威尔（Jerome Powell）一起担任美联储理事。“当然，你会感觉到美联储非常努力地说，'一切都很好，我们并不急于加息'。不过，虽然我不认为我们会走向持续的高通胀，但我们完全有可能在几个季度内看到通胀数据。”</blockquote></p><p>Since stocks’ valuations are only justified if interest rates stay extremely low, how do they reprice if the Fed has to tighten monetary policy to combat inflation and bond yields rise one to 1.5 percentage points, he asked. “You could get a serious correction in asset prices.”</p><p><blockquote>他问道，由于只有在利率保持在极低的情况下，股票的估值才是合理的，那么如果美联储不得不收紧货币政策以对抗通货膨胀，而债券收益率上升 1 到 1.5 个百分点，股票如何重新定价？“资产价格可能会出现严重调整”。</blockquote></p><p><b>‘A bit frothy’</b></p><p><blockquote><b>“有点泡沫”</b></blockquote></p><p>The Fed has been here before. In the late 1990s its willingness to cut rates in response to the Asian financial crisis and the near collapse of the hedge fund Long-Term Capital Management was seen by some as an implicit market backstop, inflating the ensuing dot-com bubble. Its low-rate policy in the wake of that collapsed bubble was then blamed for driving up housing prices. Both times Fed officials defended their policy, arguing that to raise rates (or not cut them) simply to prevent bubbles would compromise their main goals of low unemployment and inflation, and do more harm than letting the bubble deflate on its own.</p><p><blockquote>美联储以前来过这里。上世纪90年代末，为了应对亚洲金融危机和对冲基金长期资本管理公司（Long-Term Capital Management）濒临倒闭，它愿意降息，这被一些人视为一种隐性的市场支持，助长了随后的互联网泡沫。泡沫破裂后的低利率政策随后被指责推高了房价。两次美联储官员都为他们的政策辩护，认为仅仅为了防止泡沫而加息（或不降息）将损害他们低失业率和低通胀的主要目标，并且比让泡沫自行破裂造成更大的危害。</blockquote></p><p>As for this year, in a report this week the central bank warned asset “valuations are generally high” and “vulnerable to significant declines should investor risk appetite fall, progress on containing the virus disappoint, or the recovery stall.” On April 28 Mr. Powell acknowledged markets look “a bit frothy” and the Fed might be one of the reasons: “I won’t say it has nothing to do with monetary policy, but it has a tremendous amount to do with vaccination and reopening of the economy.” But he gave no hint the Fed was about to dial back its stimulus: “The economy is a long way from our goals.” A Labor Department report Friday showing that far fewer jobs were created in April than Wall Street expected underlined that.</p><p><blockquote>至于今年，央行在本周的一份报告中警告说，资产 “估值普遍较高”，“如果投资者风险偏好下降、遏制病毒进展令人失望或复苏停滞，资产估值很容易大幅下跌”。4 月 28 日，鲍威尔先生承认市场看起来 “有点泡沫”，美联储可能是原因之一： “我不会说这与货币政策无关，但它与疫苗接种和经济重新开放有很大关系”。但他没有暗示美联储即将缩减刺激计划： “经济距离我们的目标还有很长的路要走”。美国劳工部周五发布的一份报告显示，4 月份新增就业岗位远低于华尔街预期，这凸显了这一点。</blockquote></p><p>The Fed’s choices are heavily influenced by the financial crisis. While the Fed cut rates to near zero and bought bonds then as well, it was battling powerful headwinds as households, banks, and governments sought to pay down debts. That held back spending and pushed inflation below the Fed’s 2% target. Deeper-seated forces such as aging populations also held down growth and interest rates, a combination some dubbed “secular stagnation.”</p><p><blockquote>美联储的选择深受金融危机的影响。尽管美联储将利率降至接近于零并购买了债券，但随着家庭、银行和政府寻求偿还债务，美联储正在应对强大的阻力。这抑制了支出，并将通胀率推至美联储 2% 的目标以下。人口老龄化等根深蒂固的力量也抑制了经济增长和利率，这种组合被一些人称为 “长期停滞”。</blockquote></p><p>The pandemic shutdown a year ago triggered a hit to economic output that was initially worse than the financial crisis. But after two months, economic activity began to recover as restrictions eased and businesses adapted to social distancing. The Fed initiated new lending programs and Congress passed the $2.2 trillion Cares Act. Vaccines arrived sooner than expected. The U.S. economy is likely to hit its pre-pandemic size in the current quarter, two years faster than after the financial crisis.</p><p><blockquote>一年前的疫情关闭引发了对经济产出的打击，最初比金融危机更严重。但两个月后，随着限制的放松和企业适应社交距离，经济活动开始复苏。美联储启动了新的贷款计划，国会通过了2.2万亿美元的Cares法案。疫苗比预期的要早到达。美国经济可能会在本季度达到大流行前的规模，比金融危机后快两年。</blockquote></p><p>And yet even as the outlook has improved, the fiscal and monetary taps remain wide open. Democrats first proposed an additional $3 trillion in stimulus last May when output was expected to fall 6% last year. It actually fell less than half that, but Democrats, after winning both the White House and Congress, pressed ahead with the same size stimulus.</p><p><blockquote>然而，即使前景有所改善，财政和货币机会仍然敞开。去年 5 月，民主党人首次提出额外 3 万亿美元的刺激计划，当时预计去年产出将下降 6%。它实际上下降了不到一半，但民主党人在赢得白宫和国会后，推动了同样规模的刺激计划。</blockquote></p><p></p><p>The Fed began buying bonds in March, 2020 to counter chaotic conditions in markets. In late summer, with markets functioning normally, it extended the program while tilting the rationale toward keeping bond yields low.</p><p><blockquote>美联储于2020年3月开始购买债券，以应对市场的混乱状况。夏末，随着市场运作正常，它延长了该计划，同时将基本原理转向保持较低的债券收益率。</blockquote></p><p>At the same time it unveiled a new framework: After years of inflation running below 2%, it would aim to push inflation not just back to 2% but higher, so that over time average and expected inflation would both stabilize at 2%. To that end, it promised not to raise rates until full employment had been restored and inflation was 2% and headed higher. Officials predicted that would not happen before 2024 and have since stuck to that guidance despite a significantly improving outlook.</p><p><blockquote>与此同时，它公布了一个新框架：在通胀率多年低于 2% 之后，它的目标是将通胀率不仅推回 2%，而且推高，以便随着时间的推移，平均通胀率和预期通胀率都将稳定在 2%。为此，它承诺在恢复充分就业、通货膨胀率为 2% 并继续走高之前不会加息。官员们预测这种情况在 2024 年之前不会发生，尽管前景显着改善，但此后仍坚持这一指导。</blockquote></p><p><b>Running of the bulls</b></p><p><blockquote><b>奔牛</b></blockquote></p><p>This injection of unprecedented monetary and fiscal stimulus into an economy already rebounding thanks to vaccinations is why Wall Street strategists are their most bullish on stocks since before the last financial crisis, according to a survey byBank of AmericaCorp.While profit forecasts have risen briskly, stocks have risen more. The S&amp;P 500 stock index now trades at about 22 times the coming year’s profits, according to FactSet, a level only exceeded at the peak of the dot-com boom in 2000.</p><p><blockquote>美国银行的一项调查显示，向因疫苗接种而已经反弹的经济注入前所未有的货币和财政刺激措施，这就是华尔街策略师自上次金融危机前以来最看好股市的原因。虽然利润预测大幅上升，但股市涨幅更大。根据 FactSet 的数据，标普500股票指数目前的交易价格约为来年利润的 22 倍，这一水平只有在 2000 年互联网繁荣鼎盛时期才超过。</blockquote></p><p>Other asset markets are similarly stretched. Investors are willing to buy the bonds of junk-rated companies at the lowest yields since at least 1995, and the narrowest spread above safe Treasurys since 2007, according to Bloomberg Barclays data. Residential and commercial property prices, adjusted for inflation, are around the peak reached in 2006.</p><p><blockquote>其他资产市场也同样捉襟见肘。彭博巴克莱数据显示，投资者愿意以至少自 1995 年以来最低的收益率以及自 2007 年以来最窄的高于安全国债的利差购买垃圾级公司债券。经通货膨胀调整后，住宅和商业地产价格接近2006年达到的峰值。</blockquote></p><p>Stock and property valuations are more justifiable today than in 2000 or in 2006 because the returns on riskless Treasury bonds are so much lower. In that sense, the Fed’s policies are working precisely as intended: improving both the economic outlook, which is good for profits, housing demand, and corporate creditworthiness; and the appetite for risk.</p><p><blockquote>今天的股票和房地产估值比2000年或2006年更合理，因为无风险国债的回报率要低得多。从这个意义上说，美联储的政策正在按照预期发挥作用：改善经济前景，这对利润、住房需求和企业信誉都有好处；以及对风险的偏好。</blockquote></p><p>Nonetheless, low rates are no longer sufficient to justify some asset valuations. Instead, bulls invoke alternative metrics.</p><p><blockquote>尽管如此，低利率已不足以证明某些资产估值的合理性。相反，多头会调用替代指标。</blockquote></p><p>Bank of America recently noted companies with relatively low carbon emissions and higher water efficiency earn higher valuations. These valuations aren’t the result of superior cash flow or profit prospects, but a tidal wave of funds invested according to environmental, social and governance, or ESG, criteria.</p><p><blockquote>美国银行最近指出，碳排放量相对较低、用水效率较高的公司获得了更高的估值。这些估值并不是现金流或利润前景优越的结果，而是根据环境、社会和治理（ESG）标准投资的资金浪潮。</blockquote></p><p>Conventional valuation is also useless for cryptocurrencies which earn no interest, rent or dividends. Instead, advocates claim digital currencies will displace the fiat currencies issued by central banks as a transaction medium and store of value. “Crypto has the potential to be as revolutionary and widely adopted as the internet,” claims the prospectus of the initial public offering of crypto exchangeCoinbase GlobalInc.,in language reminiscent of internet-related IPOs more than two decades earlier. Cryptocurrencies as of April 29 were worth more than $2 trillion, according to CoinDesk, an information service, roughly equivalent to all U.S. dollars in circulation.</p><p><blockquote>传统估值对于不赚取利息、租金或股息的加密货币也毫无用处。相反，倡导者声称数字货币将取代央行发行的法定货币，成为交易媒介和价值储存手段。加密货币交易所 Coinbase GlobalInc. 的首次公开募股招股说明书称：“加密货币有潜力像互联网一样具有革命性和广泛采用。”根据信息服务机构 CoinDesk 的数据，截至 4 月 29 日，加密货币价值超过 2 万亿美元，大致相当于所有流通中的美元。</blockquote></p><p>Financial innovation is also at work, as it has been in past financial booms. Portfolio insurance, a strategy designed to hedge against market losses, amplified selling during the 1987 stock market crash. In the 1990s, internet stockbrokers fueled tech stocks and in the 2000s, subprime mortgage derivatives helped finance housing. The equivalent today are zero commission brokers such as Robinhood Markets Inc., fractional ownership and social media, all of which have empowered individual investors.</p><p><blockquote>金融创新也在发挥作用，就像过去的金融繁荣一样。投资组合保险是一种旨在对冲市场损失的策略，在 1987 年股市崩盘期间放大了抛售。20 世纪 90 年代，互联网股票经纪人推动了科技股的上涨，21 世纪初，次级抵押贷款衍生品帮助为住房融资。如今，相当于零佣金经纪商，如Robinhood Markets Inc.、部分所有权和社交媒体，所有这些都赋予了个人投资者权力。</blockquote></p><p>Such investors increasingly influence the overall market’s direction, according to a recent report by the Bank for International Settlements, a consortium of the world’s central banks. It found, for example, that since 2017 trading volume in exchange-traded funds that track the S&amp;P 500, a favorite of institutional investors, has flattened while the volume in its component stocks, which individual investors prefer, has climbed. Individuals, it noted, are more likely to buy a company’s shares for reasons unrelated to its underlying business—because, for example, its name is similar to another stock that is on the rise.</p><p><blockquote>根据世界各国央行财团国际清算银行（Bank for International Settlements）最近的一份报告，这类投资者对整体市场的走向产生了越来越大的影响。例如，它发现，自2017年以来，追踪机构投资者最喜欢的标普500的交易所交易基金的交易量已经持平，而个人投资者更喜欢的成分股的交易量已经攀升。报告指出，个人更有可能出于与其基本业务无关的原因购买一家公司的股票--例如，因为该公司的名称与另一只正在上涨的股票相似。</blockquote></p><p>While such speculation is often blamed on the Fed, drawing a direct line is difficult. Not so with fiscal stimulus. Jim Bianco, the head of financial research firm Bianco Research, said flows into exchange-traded funds and mutual funds jumped in March as the Treasury distributed $1,400 stimulus checks. “The first thing you do with your check is deposit it in your account and in 2021 that’s your brokerage account,” said Mr. Bianco.</p><p><blockquote>虽然这种猜测通常归咎于美联储，但很难划清界限。财政刺激并非如此。金融研究公司 Bianco Research 的负责人吉姆·比安科 (Jim Bianco) 表示，随着财政部发放 1,400 美元的刺激支票，3 月份流入交易所交易基金和共同基金的资金激增。“比安科先生说：”你用支票做的第一件事就是把它存入你的账户，到 2021 年，这就是你的经纪账户。</blockquote></p><p><b>Facing the future</b></p><p><blockquote><b>面向未来</b></blockquote></p><p></p><p>It’s impossible to predict how, or even whether, this all ends. It doesn’t have to: High-priced stocks could eventually earn the profits necessary to justify today’s valuations, especially with the economy’s current head of steam. In he meantime, more extreme pockets of speculation may collapse under their own weight as profits disappoint or competition emerges.</p><p><blockquote>我们无法预测这一切将如何结束，甚至是否会结束。事实并非如此： 高价股票最终可能会获得必要的利润，以证明今天的估值是合理的，尤其是在目前经济处于领先地位的情况下。与此同时，随着利润令人失望或竞争的出现，更极端的投机活动可能会在自身压力下崩溃。</blockquote></p><p>Bitcoin once threatened to displace the dollar; now numerous competitors purport to do the same.TeslaInc.was once about the only stock you could buy to bet on electric vehicles; now there is China’s NIO Inc.,NikolaCorp., andFiskerInc.,not to mention established manufacturers such as Volkswagen AG andGeneral MotorsCo.that are rolling out ever more electric models.</p><p><blockquote>比特币曾威胁要取代美元；现在许多竞争对手都声称要做同样的事情。 TeslaInc 曾经是您可以购买的唯一一只押注电动汽车的股票；现在有中国的蔚来公司、尼古拉公司和菲斯克公司，更不用说大众汽车公司和通用汽车公司等老牌制造商了，它们正在推出越来越多的电动车型。</blockquote></p><p>But for assets across the board to fall would likely involve some sort of macroeconomic event, such as a recession, financial crisis, or inflation.</p><p><blockquote>但资产全面下跌可能涉及某种宏观经济事件，例如经济衰退、金融危机或通货膨胀。</blockquote></p><p>The Fed report this past week said the virus remains the biggest threat to the economy and thus the financial system. April’s jobs disappointment was a reminder of how unsettled the economic outlook remains. Still, with the virus in retreat, a recession seems unlikely now. A financial crisis linked to some hidden fragility can’t be ruled out. Still, banks have so much capital and mortgage underwriting is so tight that something similar to the 2007-09 financial crisis, which began with defaulting mortgages, seems remote. If junk bonds, cryptocoins or tech stocks are bought primarily with borrowed money, a plunge in their values could precipitate a wave of forced selling, bankruptcies and potentially a crisis. But that doesn’t seem to have happened. The recent collapse of Archegos Capital Management from reversals on derivatives-based stock investments inflicted losses on its lenders. But it didn’t threaten their survival or trigger contagion to similarly situated firms.</p><p><blockquote>美联储上周的报告称，该病毒仍然是经济乃至金融体系的最大威胁。四月份的就业失望提醒人们，经济前景依然不稳定。尽管如此，随着病毒的消退，经济衰退现在似乎不太可能。不能排除金融危机与某种隐藏的脆弱性有关。尽管如此，银行拥有如此多的资本，抵押贷款承销如此紧张，以至于类似于 2007-09 年金融危机（始于抵押贷款违约）的情况似乎不太可能发生。如果垃圾债券、加密货币或科技股主要是用借来的钱购买的，那么它们的价值暴跌可能会引发一波强制抛售、破产和潜在的危机。但这似乎并没有发生。Archegos Capital Management 最近因衍生品股票投资逆转而倒闭，给其贷款人造成了损失。但这并没有威胁到它们的生存，也没有引发对类似情况的公司的传染。</blockquote></p><p>“Where’s the second Archegos?” said Mr. Bianco. “There hasn’t been one yet.”</p><p><blockquote>“第二个阿奇戈斯在哪里？”比安科先生说。“还没有。”</blockquote></p><p>That leaves inflation. Fear of inflation is widespread now with shortages of semiconductors, lumber, and workers all putting upward pressure on prices and costs. Most forecasters, and the Fed, think those pressures will ease once the economy has reopened and normal spending patterns resume. Nonetheless, the difference between yields on regular and inflation-indexed bond yields suggest investors are expecting inflation in coming years to average about 2.5%. That is hardly a repeat of the 1970s, and compatible with the Fed’s new goal of average 2% inflation over the long term. Nonetheless, it would be a clear break from the sub-2% range of the last decade.</p><p><blockquote>这就留下了通货膨胀。由于半导体、木材和工人短缺，对通货膨胀的担忧现在很普遍，都给价格和成本带来了上行压力。大多数预测者和美联储认为，一旦经济重新开放和正常支出模式恢复正常，这些压力将会缓解。尽管如此，普通债券收益率和通胀指数债券收益率之间的差异表明，投资者预计未来几年的平均通胀率约为 2.5%。这几乎不是 20 世纪 70 年代的重演，也符合美联储提出的长期平均通胀率 2% 的新目标。尽管如此，这将明显突破过去十年低于2%的范围。</blockquote></p><p>Slightly higher inflation would result in the Fed setting short-term interest rates also slightly higher, which need not hurt stock valuations. More worrisome: Long-term bond yields, which are critical to stock values, might rise significantly more. Since the late 1990s, bond and stock prices have tended to move in opposite directions. That is because when inflation isn’t a concern, economic shocks tend to drive both bond yields (which move in the opposite direction to prices) and stock prices down. Bonds thus act as an insurance policy against losses on stocks, for which investors are willing to accept lower yields. If inflation becomes a problem again, then bonds lose that insurance value and their yields will rise. In recent months that stock-bond correlation, in place for most of the last few decades, began to disappear, said Brian Sack, a former Fed economist who is now with hedge fund D.E. Shaw &amp; Co. LP. He attributes that, in part, to inflation concerns.</p><p><blockquote>通胀略有上升将导致美联储将短期利率设定得也略有上升，这不一定会损害股票估值。更令人担忧的是：对股票价值至关重要的长期债券收益率可能会大幅上升。自 20 世纪 90 年代末以来，债券和股票价格往往走向相反的方向。这是因为，当通货膨胀不令人担忧时，经济冲击往往会压低债券收益率（与价格走势相反）和股票价格。因此，债券充当了针对股票损失的保险政策，投资者愿意接受较低的收益率。如果通货膨胀再次成为问题，那么债券就会失去保险价值，收益率就会上升。现任对冲基金 D.E. 的前美联储经济学家布莱恩·萨克 (Brian Sack) 表示，近几个月来，过去几十年大部分时间里存在的股票与债券的相关性开始消失。肖有限公司。他将这部分归因于通货膨胀担忧。</blockquote></p><p>The many years since inflation dominated the financial landscape have led investors to price assets as if inflation never will have that sway again. They may be right. But if the unprecedented combination of monetary and fiscal stimulus succeeds in jolting the economy out of the last decade’s pattern, that complacency could prove quite costly.</p><p><blockquote>多年来，通货膨胀主导了金融格局，这导致投资者对资产定价，就好像通货膨胀永远不会再产生这种影响一样。他们可能是对的。但是，如果史无前例的货币和财政刺激组合成功地将经济从过去十年的模式中拉出来，那么这种自满情绪可能会付出相当大的代价。</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 Happens to Stocks and Cryptocurrencies When the Fed Stops Raining Money?<blockquote>当美联储停止投放资金时，股票和加密货币会发生什么？</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 Happens to Stocks and Cryptocurrencies When the Fed Stops Raining Money?<blockquote>当美联储停止投放资金时，股票和加密货币会发生什么？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">The Wall Street Journal</strong><span class=\"h-time small\">2021-05-08 15:03</span>\n</p>\n</h4>\n</header>\n<article>\n<p>To veterans of financial bubbles, there is plenty familiar about the present. Stock valuations are their richest since the dot-com bubble in 2000. Home prices are back to their pre-financial crisis peak. Risky companies can borrow at the lowest rates on record. Individual investors are pouring money into green energy and cryptocurrency.</p><p><blockquote>对于金融泡沫的老手来说，现在有很多熟悉的事情。股票估值是自 2000 年互联网泡沫以来最高的。房价回到了金融危机前的峰值。高风险公司可以以有记录以来最低的利率借款。个人投资者正在向绿色能源和加密货币投入资金。</blockquote></p><p>This boom has some legitimate explanations, from the advances in digital commerce to fiscally greased growth that will likely be the strongest since 1983.</p><p><blockquote>这种繁荣有一些合理的解释，从数字商务的进步到可能是1983年以来最强劲的财政润滑增长。</blockquote></p><p>But there is one driver above all: the Federal Reserve. Easy monetary policy has regularly fueled financial booms, and it is exceptionally easy now. The Fed has kept interest rates near zero for the past year and signaled rates won’t change for at least two more years. It is buying hundreds of billions of dollars of bonds. As a result, the 10-year Treasury bond yield is well below inflation—that is, real yields are deeply negative —for only the second time in 40 years.</p><p><blockquote>但有一个最重要的驱动因素：美联储。宽松的货币政策经常推动金融繁荣，现在尤其容易。美联储在过去一年中一直将利率维持在接近于零的水平，并表示利率至少在未来两年内不会发生变化。它正在购买数千亿美元的债券。因此，10年期国债收益率远低于通胀率——也就是说，实际收益率严重为负——这只是40年来的第二次。</blockquote></p><p>There are good reasons why rates are so low. The Fed acted in response to a pandemic that at its most intense threatened even more damage than the 2007-09 financial crisis. Yet in great part thanks to the Fed and Congress, which has passed some $5 trillion in fiscal stimulus, this recovery looks much healthier than the last. That could undermine the reasons for such low rates, threatening the underpinnings of market.</p><p><blockquote>利率如此之低是有充分理由的。美联储采取了行动来应对疫情，这场疫情在最严重的时候造成的破坏甚至比 2007-09 年金融危机还要大。然而，在很大程度上要归功于美联储和国会通过了约5万亿美元的财政刺激计划，这次复苏看起来比上次要健康得多。这可能会破坏如此低利率的原因，威胁到市场的基础。</blockquote></p><p>“Equity markets at a minimum are priced to perfection on the assumption rates will be low for a long time,” said Harvard University economist Jeremy Stein, who served as a Fed governor alongside now-chairman Jerome Powell. “And certainly you get the sense the Fed is trying really hard to say, ‘Everything is fine, we’re in no rush to raise rates.’ But while I don’t think we’re headed for sustained high inflation it’s completely possible we’ll have several quarters of hot readings on inflation.”</p><p><blockquote>“哈佛大学经济学家杰里米-斯坦（Jeremy Stein）说：”在假设利率将长期处于低位的情况下，股市在最低点的定价是完美的。他曾与现任主席杰罗姆-鲍威尔（Jerome Powell）一起担任美联储理事。“当然，你会感觉到美联储非常努力地说，'一切都很好，我们并不急于加息'。不过，虽然我不认为我们会走向持续的高通胀，但我们完全有可能在几个季度内看到通胀数据。”</blockquote></p><p>Since stocks’ valuations are only justified if interest rates stay extremely low, how do they reprice if the Fed has to tighten monetary policy to combat inflation and bond yields rise one to 1.5 percentage points, he asked. “You could get a serious correction in asset prices.”</p><p><blockquote>他问道，由于只有在利率保持在极低的情况下，股票的估值才是合理的，那么如果美联储不得不收紧货币政策以对抗通货膨胀，而债券收益率上升 1 到 1.5 个百分点，股票如何重新定价？“资产价格可能会出现严重调整”。</blockquote></p><p><b>‘A bit frothy’</b></p><p><blockquote><b>“有点泡沫”</b></blockquote></p><p>The Fed has been here before. In the late 1990s its willingness to cut rates in response to the Asian financial crisis and the near collapse of the hedge fund Long-Term Capital Management was seen by some as an implicit market backstop, inflating the ensuing dot-com bubble. Its low-rate policy in the wake of that collapsed bubble was then blamed for driving up housing prices. Both times Fed officials defended their policy, arguing that to raise rates (or not cut them) simply to prevent bubbles would compromise their main goals of low unemployment and inflation, and do more harm than letting the bubble deflate on its own.</p><p><blockquote>美联储以前来过这里。上世纪90年代末，为了应对亚洲金融危机和对冲基金长期资本管理公司（Long-Term Capital Management）濒临倒闭，它愿意降息，这被一些人视为一种隐性的市场支持，助长了随后的互联网泡沫。泡沫破裂后的低利率政策随后被指责推高了房价。两次美联储官员都为他们的政策辩护，认为仅仅为了防止泡沫而加息（或不降息）将损害他们低失业率和低通胀的主要目标，并且比让泡沫自行破裂造成更大的危害。</blockquote></p><p>As for this year, in a report this week the central bank warned asset “valuations are generally high” and “vulnerable to significant declines should investor risk appetite fall, progress on containing the virus disappoint, or the recovery stall.” On April 28 Mr. Powell acknowledged markets look “a bit frothy” and the Fed might be one of the reasons: “I won’t say it has nothing to do with monetary policy, but it has a tremendous amount to do with vaccination and reopening of the economy.” But he gave no hint the Fed was about to dial back its stimulus: “The economy is a long way from our goals.” A Labor Department report Friday showing that far fewer jobs were created in April than Wall Street expected underlined that.</p><p><blockquote>至于今年，央行在本周的一份报告中警告说，资产 “估值普遍较高”，“如果投资者风险偏好下降、遏制病毒进展令人失望或复苏停滞，资产估值很容易大幅下跌”。4 月 28 日，鲍威尔先生承认市场看起来 “有点泡沫”，美联储可能是原因之一： “我不会说这与货币政策无关，但它与疫苗接种和经济重新开放有很大关系”。但他没有暗示美联储即将缩减刺激计划： “经济距离我们的目标还有很长的路要走”。美国劳工部周五发布的一份报告显示，4 月份新增就业岗位远低于华尔街预期，这凸显了这一点。</blockquote></p><p>The Fed’s choices are heavily influenced by the financial crisis. While the Fed cut rates to near zero and bought bonds then as well, it was battling powerful headwinds as households, banks, and governments sought to pay down debts. That held back spending and pushed inflation below the Fed’s 2% target. Deeper-seated forces such as aging populations also held down growth and interest rates, a combination some dubbed “secular stagnation.”</p><p><blockquote>美联储的选择深受金融危机的影响。尽管美联储将利率降至接近于零并购买了债券，但随着家庭、银行和政府寻求偿还债务，美联储正在应对强大的阻力。这抑制了支出，并将通胀率推至美联储 2% 的目标以下。人口老龄化等根深蒂固的力量也抑制了经济增长和利率，这种组合被一些人称为 “长期停滞”。</blockquote></p><p>The pandemic shutdown a year ago triggered a hit to economic output that was initially worse than the financial crisis. But after two months, economic activity began to recover as restrictions eased and businesses adapted to social distancing. The Fed initiated new lending programs and Congress passed the $2.2 trillion Cares Act. Vaccines arrived sooner than expected. The U.S. economy is likely to hit its pre-pandemic size in the current quarter, two years faster than after the financial crisis.</p><p><blockquote>一年前的疫情关闭引发了对经济产出的打击，最初比金融危机更严重。但两个月后，随着限制的放松和企业适应社交距离，经济活动开始复苏。美联储启动了新的贷款计划，国会通过了2.2万亿美元的Cares法案。疫苗比预期的要早到达。美国经济可能会在本季度达到大流行前的规模，比金融危机后快两年。</blockquote></p><p>And yet even as the outlook has improved, the fiscal and monetary taps remain wide open. Democrats first proposed an additional $3 trillion in stimulus last May when output was expected to fall 6% last year. It actually fell less than half that, but Democrats, after winning both the White House and Congress, pressed ahead with the same size stimulus.</p><p><blockquote>然而，即使前景有所改善，财政和货币机会仍然敞开。去年 5 月，民主党人首次提出额外 3 万亿美元的刺激计划，当时预计去年产出将下降 6%。它实际上下降了不到一半，但民主党人在赢得白宫和国会后，推动了同样规模的刺激计划。</blockquote></p><p></p><p>The Fed began buying bonds in March, 2020 to counter chaotic conditions in markets. In late summer, with markets functioning normally, it extended the program while tilting the rationale toward keeping bond yields low.</p><p><blockquote>美联储于2020年3月开始购买债券，以应对市场的混乱状况。夏末，随着市场运作正常，它延长了该计划，同时将基本原理转向保持较低的债券收益率。</blockquote></p><p>At the same time it unveiled a new framework: After years of inflation running below 2%, it would aim to push inflation not just back to 2% but higher, so that over time average and expected inflation would both stabilize at 2%. To that end, it promised not to raise rates until full employment had been restored and inflation was 2% and headed higher. Officials predicted that would not happen before 2024 and have since stuck to that guidance despite a significantly improving outlook.</p><p><blockquote>与此同时，它公布了一个新框架：在通胀率多年低于 2% 之后，它的目标是将通胀率不仅推回 2%，而且推高，以便随着时间的推移，平均通胀率和预期通胀率都将稳定在 2%。为此，它承诺在恢复充分就业、通货膨胀率为 2% 并继续走高之前不会加息。官员们预测这种情况在 2024 年之前不会发生，尽管前景显着改善，但此后仍坚持这一指导。</blockquote></p><p><b>Running of the bulls</b></p><p><blockquote><b>奔牛</b></blockquote></p><p>This injection of unprecedented monetary and fiscal stimulus into an economy already rebounding thanks to vaccinations is why Wall Street strategists are their most bullish on stocks since before the last financial crisis, according to a survey byBank of AmericaCorp.While profit forecasts have risen briskly, stocks have risen more. The S&amp;P 500 stock index now trades at about 22 times the coming year’s profits, according to FactSet, a level only exceeded at the peak of the dot-com boom in 2000.</p><p><blockquote>美国银行的一项调查显示，向因疫苗接种而已经反弹的经济注入前所未有的货币和财政刺激措施，这就是华尔街策略师自上次金融危机前以来最看好股市的原因。虽然利润预测大幅上升，但股市涨幅更大。根据 FactSet 的数据，标普500股票指数目前的交易价格约为来年利润的 22 倍，这一水平只有在 2000 年互联网繁荣鼎盛时期才超过。</blockquote></p><p>Other asset markets are similarly stretched. Investors are willing to buy the bonds of junk-rated companies at the lowest yields since at least 1995, and the narrowest spread above safe Treasurys since 2007, according to Bloomberg Barclays data. Residential and commercial property prices, adjusted for inflation, are around the peak reached in 2006.</p><p><blockquote>其他资产市场也同样捉襟见肘。彭博巴克莱数据显示，投资者愿意以至少自 1995 年以来最低的收益率以及自 2007 年以来最窄的高于安全国债的利差购买垃圾级公司债券。经通货膨胀调整后，住宅和商业地产价格接近2006年达到的峰值。</blockquote></p><p>Stock and property valuations are more justifiable today than in 2000 or in 2006 because the returns on riskless Treasury bonds are so much lower. In that sense, the Fed’s policies are working precisely as intended: improving both the economic outlook, which is good for profits, housing demand, and corporate creditworthiness; and the appetite for risk.</p><p><blockquote>今天的股票和房地产估值比2000年或2006年更合理，因为无风险国债的回报率要低得多。从这个意义上说，美联储的政策正在按照预期发挥作用：改善经济前景，这对利润、住房需求和企业信誉都有好处；以及对风险的偏好。</blockquote></p><p>Nonetheless, low rates are no longer sufficient to justify some asset valuations. Instead, bulls invoke alternative metrics.</p><p><blockquote>尽管如此，低利率已不足以证明某些资产估值的合理性。相反，多头会调用替代指标。</blockquote></p><p>Bank of America recently noted companies with relatively low carbon emissions and higher water efficiency earn higher valuations. These valuations aren’t the result of superior cash flow or profit prospects, but a tidal wave of funds invested according to environmental, social and governance, or ESG, criteria.</p><p><blockquote>美国银行最近指出，碳排放量相对较低、用水效率较高的公司获得了更高的估值。这些估值并不是现金流或利润前景优越的结果，而是根据环境、社会和治理（ESG）标准投资的资金浪潮。</blockquote></p><p>Conventional valuation is also useless for cryptocurrencies which earn no interest, rent or dividends. Instead, advocates claim digital currencies will displace the fiat currencies issued by central banks as a transaction medium and store of value. “Crypto has the potential to be as revolutionary and widely adopted as the internet,” claims the prospectus of the initial public offering of crypto exchangeCoinbase GlobalInc.,in language reminiscent of internet-related IPOs more than two decades earlier. Cryptocurrencies as of April 29 were worth more than $2 trillion, according to CoinDesk, an information service, roughly equivalent to all U.S. dollars in circulation.</p><p><blockquote>传统估值对于不赚取利息、租金或股息的加密货币也毫无用处。相反，倡导者声称数字货币将取代央行发行的法定货币，成为交易媒介和价值储存手段。加密货币交易所 Coinbase GlobalInc. 的首次公开募股招股说明书称：“加密货币有潜力像互联网一样具有革命性和广泛采用。”根据信息服务机构 CoinDesk 的数据，截至 4 月 29 日，加密货币价值超过 2 万亿美元，大致相当于所有流通中的美元。</blockquote></p><p>Financial innovation is also at work, as it has been in past financial booms. Portfolio insurance, a strategy designed to hedge against market losses, amplified selling during the 1987 stock market crash. In the 1990s, internet stockbrokers fueled tech stocks and in the 2000s, subprime mortgage derivatives helped finance housing. The equivalent today are zero commission brokers such as Robinhood Markets Inc., fractional ownership and social media, all of which have empowered individual investors.</p><p><blockquote>金融创新也在发挥作用，就像过去的金融繁荣一样。投资组合保险是一种旨在对冲市场损失的策略，在 1987 年股市崩盘期间放大了抛售。20 世纪 90 年代，互联网股票经纪人推动了科技股的上涨，21 世纪初，次级抵押贷款衍生品帮助为住房融资。如今，相当于零佣金经纪商，如Robinhood Markets Inc.、部分所有权和社交媒体，所有这些都赋予了个人投资者权力。</blockquote></p><p>Such investors increasingly influence the overall market’s direction, according to a recent report by the Bank for International Settlements, a consortium of the world’s central banks. It found, for example, that since 2017 trading volume in exchange-traded funds that track the S&amp;P 500, a favorite of institutional investors, has flattened while the volume in its component stocks, which individual investors prefer, has climbed. Individuals, it noted, are more likely to buy a company’s shares for reasons unrelated to its underlying business—because, for example, its name is similar to another stock that is on the rise.</p><p><blockquote>根据世界各国央行财团国际清算银行（Bank for International Settlements）最近的一份报告，这类投资者对整体市场的走向产生了越来越大的影响。例如，它发现，自2017年以来，追踪机构投资者最喜欢的标普500的交易所交易基金的交易量已经持平，而个人投资者更喜欢的成分股的交易量已经攀升。报告指出，个人更有可能出于与其基本业务无关的原因购买一家公司的股票--例如，因为该公司的名称与另一只正在上涨的股票相似。</blockquote></p><p>While such speculation is often blamed on the Fed, drawing a direct line is difficult. Not so with fiscal stimulus. Jim Bianco, the head of financial research firm Bianco Research, said flows into exchange-traded funds and mutual funds jumped in March as the Treasury distributed $1,400 stimulus checks. “The first thing you do with your check is deposit it in your account and in 2021 that’s your brokerage account,” said Mr. Bianco.</p><p><blockquote>虽然这种猜测通常归咎于美联储，但很难划清界限。财政刺激并非如此。金融研究公司 Bianco Research 的负责人吉姆·比安科 (Jim Bianco) 表示，随着财政部发放 1,400 美元的刺激支票，3 月份流入交易所交易基金和共同基金的资金激增。“比安科先生说：”你用支票做的第一件事就是把它存入你的账户，到 2021 年，这就是你的经纪账户。</blockquote></p><p><b>Facing the future</b></p><p><blockquote><b>面向未来</b></blockquote></p><p></p><p>It’s impossible to predict how, or even whether, this all ends. It doesn’t have to: High-priced stocks could eventually earn the profits necessary to justify today’s valuations, especially with the economy’s current head of steam. In he meantime, more extreme pockets of speculation may collapse under their own weight as profits disappoint or competition emerges.</p><p><blockquote>我们无法预测这一切将如何结束，甚至是否会结束。事实并非如此： 高价股票最终可能会获得必要的利润，以证明今天的估值是合理的，尤其是在目前经济处于领先地位的情况下。与此同时，随着利润令人失望或竞争的出现，更极端的投机活动可能会在自身压力下崩溃。</blockquote></p><p>Bitcoin once threatened to displace the dollar; now numerous competitors purport to do the same.TeslaInc.was once about the only stock you could buy to bet on electric vehicles; now there is China’s NIO Inc.,NikolaCorp., andFiskerInc.,not to mention established manufacturers such as Volkswagen AG andGeneral MotorsCo.that are rolling out ever more electric models.</p><p><blockquote>比特币曾威胁要取代美元；现在许多竞争对手都声称要做同样的事情。 TeslaInc 曾经是您可以购买的唯一一只押注电动汽车的股票；现在有中国的蔚来公司、尼古拉公司和菲斯克公司，更不用说大众汽车公司和通用汽车公司等老牌制造商了，它们正在推出越来越多的电动车型。</blockquote></p><p>But for assets across the board to fall would likely involve some sort of macroeconomic event, such as a recession, financial crisis, or inflation.</p><p><blockquote>但资产全面下跌可能涉及某种宏观经济事件，例如经济衰退、金融危机或通货膨胀。</blockquote></p><p>The Fed report this past week said the virus remains the biggest threat to the economy and thus the financial system. April’s jobs disappointment was a reminder of how unsettled the economic outlook remains. Still, with the virus in retreat, a recession seems unlikely now. A financial crisis linked to some hidden fragility can’t be ruled out. Still, banks have so much capital and mortgage underwriting is so tight that something similar to the 2007-09 financial crisis, which began with defaulting mortgages, seems remote. If junk bonds, cryptocoins or tech stocks are bought primarily with borrowed money, a plunge in their values could precipitate a wave of forced selling, bankruptcies and potentially a crisis. But that doesn’t seem to have happened. The recent collapse of Archegos Capital Management from reversals on derivatives-based stock investments inflicted losses on its lenders. But it didn’t threaten their survival or trigger contagion to similarly situated firms.</p><p><blockquote>美联储上周的报告称，该病毒仍然是经济乃至金融体系的最大威胁。四月份的就业失望提醒人们，经济前景依然不稳定。尽管如此，随着病毒的消退，经济衰退现在似乎不太可能。不能排除金融危机与某种隐藏的脆弱性有关。尽管如此，银行拥有如此多的资本，抵押贷款承销如此紧张，以至于类似于 2007-09 年金融危机（始于抵押贷款违约）的情况似乎不太可能发生。如果垃圾债券、加密货币或科技股主要是用借来的钱购买的，那么它们的价值暴跌可能会引发一波强制抛售、破产和潜在的危机。但这似乎并没有发生。Archegos Capital Management 最近因衍生品股票投资逆转而倒闭，给其贷款人造成了损失。但这并没有威胁到它们的生存，也没有引发对类似情况的公司的传染。</blockquote></p><p>“Where’s the second Archegos?” said Mr. Bianco. “There hasn’t been one yet.”</p><p><blockquote>“第二个阿奇戈斯在哪里？”比安科先生说。“还没有。”</blockquote></p><p>That leaves inflation. Fear of inflation is widespread now with shortages of semiconductors, lumber, and workers all putting upward pressure on prices and costs. Most forecasters, and the Fed, think those pressures will ease once the economy has reopened and normal spending patterns resume. Nonetheless, the difference between yields on regular and inflation-indexed bond yields suggest investors are expecting inflation in coming years to average about 2.5%. That is hardly a repeat of the 1970s, and compatible with the Fed’s new goal of average 2% inflation over the long term. Nonetheless, it would be a clear break from the sub-2% range of the last decade.</p><p><blockquote>这就留下了通货膨胀。由于半导体、木材和工人短缺，对通货膨胀的担忧现在很普遍，都给价格和成本带来了上行压力。大多数预测者和美联储认为，一旦经济重新开放和正常支出模式恢复正常，这些压力将会缓解。尽管如此，普通债券收益率和通胀指数债券收益率之间的差异表明，投资者预计未来几年的平均通胀率约为 2.5%。这几乎不是 20 世纪 70 年代的重演，也符合美联储提出的长期平均通胀率 2% 的新目标。尽管如此，这将明显突破过去十年低于2%的范围。</blockquote></p><p>Slightly higher inflation would result in the Fed setting short-term interest rates also slightly higher, which need not hurt stock valuations. More worrisome: Long-term bond yields, which are critical to stock values, might rise significantly more. Since the late 1990s, bond and stock prices have tended to move in opposite directions. That is because when inflation isn’t a concern, economic shocks tend to drive both bond yields (which move in the opposite direction to prices) and stock prices down. Bonds thus act as an insurance policy against losses on stocks, for which investors are willing to accept lower yields. If inflation becomes a problem again, then bonds lose that insurance value and their yields will rise. In recent months that stock-bond correlation, in place for most of the last few decades, began to disappear, said Brian Sack, a former Fed economist who is now with hedge fund D.E. Shaw &amp; Co. LP. He attributes that, in part, to inflation concerns.</p><p><blockquote>通胀略有上升将导致美联储将短期利率设定得也略有上升，这不一定会损害股票估值。更令人担忧的是：对股票价值至关重要的长期债券收益率可能会大幅上升。自 20 世纪 90 年代末以来，债券和股票价格往往走向相反的方向。这是因为，当通货膨胀不令人担忧时，经济冲击往往会压低债券收益率（与价格走势相反）和股票价格。因此，债券充当了针对股票损失的保险政策，投资者愿意接受较低的收益率。如果通货膨胀再次成为问题，那么债券就会失去保险价值，收益率就会上升。现任对冲基金 D.E. 的前美联储经济学家布莱恩·萨克 (Brian Sack) 表示，近几个月来，过去几十年大部分时间里存在的股票与债券的相关性开始消失。肖有限公司。他将这部分归因于通货膨胀担忧。</blockquote></p><p>The many years since inflation dominated the financial landscape have led investors to price assets as if inflation never will have that sway again. They may be right. But if the unprecedented combination of monetary and fiscal stimulus succeeds in jolting the economy out of the last decade’s pattern, that complacency could prove quite costly.</p><p><blockquote>多年来，通货膨胀主导了金融格局，这导致投资者对资产定价，就好像通货膨胀永远不会再产生这种影响一样。他们可能是对的。但是，如果史无前例的货币和财政刺激组合成功地将经济从过去十年的模式中拉出来，那么这种自满情绪可能会付出相当大的代价。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.wsj.com/articles/what-happens-to-stocks-and-cryptocurrencies-when-the-fed-stops-raining-money-11620446420?mod=itp_wsj\">The Wall Street Journal</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":{},"source_url":"https://www.wsj.com/articles/what-happens-to-stocks-and-cryptocurrencies-when-the-fed-stops-raining-money-11620446420?mod=itp_wsj","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1122089368","content_text":"To veterans of financial bubbles, there is plenty familiar about the present. Stock valuations are their richest since the dot-com bubble in 2000. Home prices are back to their pre-financial crisis peak. Risky companies can borrow at the lowest rates on record. Individual investors are pouring money into green energy and cryptocurrency.This boom has some legitimate explanations, from the advances in digital commerce to fiscally greased growth that will likely be the strongest since 1983.But there is one driver above all: the Federal Reserve. Easy monetary policy has regularly fueled financial booms, and it is exceptionally easy now. The Fed has kept interest rates near zero for the past year and signaled rates won’t change for at least two more years. It is buying hundreds of billions of dollars of bonds. As a result, the 10-year Treasury bond yield is well below inflation—that is, real yields are deeply negative —for only the second time in 40 years.There are good reasons why rates are so low. The Fed acted in response to a pandemic that at its most intense threatened even more damage than the 2007-09 financial crisis. Yet in great part thanks to the Fed and Congress, which has passed some $5 trillion in fiscal stimulus, this recovery looks much healthier than the last. That could undermine the reasons for such low rates, threatening the underpinnings of market.“Equity markets at a minimum are priced to perfection on the assumption rates will be low for a long time,” said Harvard University economist Jeremy Stein, who served as a Fed governor alongside now-chairman Jerome Powell. “And certainly you get the sense the Fed is trying really hard to say, ‘Everything is fine, we’re in no rush to raise rates.’ But while I don’t think we’re headed for sustained high inflation it’s completely possible we’ll have several quarters of hot readings on inflation.”Since stocks’ valuations are only justified if interest rates stay extremely low, how do they reprice if the Fed has to tighten monetary policy to combat inflation and bond yields rise one to 1.5 percentage points, he asked. “You could get a serious correction in asset prices.”‘A bit frothy’The Fed has been here before. In the late 1990s its willingness to cut rates in response to the Asian financial crisis and the near collapse of the hedge fund Long-Term Capital Management was seen by some as an implicit market backstop, inflating the ensuing dot-com bubble. Its low-rate policy in the wake of that collapsed bubble was then blamed for driving up housing prices. Both times Fed officials defended their policy, arguing that to raise rates (or not cut them) simply to prevent bubbles would compromise their main goals of low unemployment and inflation, and do more harm than letting the bubble deflate on its own.As for this year, in a report this week the central bank warned asset “valuations are generally high” and “vulnerable to significant declines should investor risk appetite fall, progress on containing the virus disappoint, or the recovery stall.” On April 28 Mr. Powell acknowledged markets look “a bit frothy” and the Fed might be one of the reasons: “I won’t say it has nothing to do with monetary policy, but it has a tremendous amount to do with vaccination and reopening of the economy.” But he gave no hint the Fed was about to dial back its stimulus: “The economy is a long way from our goals.” A Labor Department report Friday showing that far fewer jobs were created in April than Wall Street expected underlined that.The Fed’s choices are heavily influenced by the financial crisis. While the Fed cut rates to near zero and bought bonds then as well, it was battling powerful headwinds as households, banks, and governments sought to pay down debts. That held back spending and pushed inflation below the Fed’s 2% target. Deeper-seated forces such as aging populations also held down growth and interest rates, a combination some dubbed “secular stagnation.”The pandemic shutdown a year ago triggered a hit to economic output that was initially worse than the financial crisis. But after two months, economic activity began to recover as restrictions eased and businesses adapted to social distancing. The Fed initiated new lending programs and Congress passed the $2.2 trillion Cares Act. Vaccines arrived sooner than expected. The U.S. economy is likely to hit its pre-pandemic size in the current quarter, two years faster than after the financial crisis.And yet even as the outlook has improved, the fiscal and monetary taps remain wide open. Democrats first proposed an additional $3 trillion in stimulus last May when output was expected to fall 6% last year. It actually fell less than half that, but Democrats, after winning both the White House and Congress, pressed ahead with the same size stimulus.The Fed began buying bonds in March, 2020 to counter chaotic conditions in markets. In late summer, with markets functioning normally, it extended the program while tilting the rationale toward keeping bond yields low.At the same time it unveiled a new framework: After years of inflation running below 2%, it would aim to push inflation not just back to 2% but higher, so that over time average and expected inflation would both stabilize at 2%. To that end, it promised not to raise rates until full employment had been restored and inflation was 2% and headed higher. Officials predicted that would not happen before 2024 and have since stuck to that guidance despite a significantly improving outlook.Running of the bullsThis injection of unprecedented monetary and fiscal stimulus into an economy already rebounding thanks to vaccinations is why Wall Street strategists are their most bullish on stocks since before the last financial crisis, according to a survey byBank of AmericaCorp.While profit forecasts have risen briskly, stocks have risen more. The S&P 500 stock index now trades at about 22 times the coming year’s profits, according to FactSet, a level only exceeded at the peak of the dot-com boom in 2000.Other asset markets are similarly stretched. Investors are willing to buy the bonds of junk-rated companies at the lowest yields since at least 1995, and the narrowest spread above safe Treasurys since 2007, according to Bloomberg Barclays data. Residential and commercial property prices, adjusted for inflation, are around the peak reached in 2006.Stock and property valuations are more justifiable today than in 2000 or in 2006 because the returns on riskless Treasury bonds are so much lower. In that sense, the Fed’s policies are working precisely as intended: improving both the economic outlook, which is good for profits, housing demand, and corporate creditworthiness; and the appetite for risk.Nonetheless, low rates are no longer sufficient to justify some asset valuations. Instead, bulls invoke alternative metrics.Bank of America recently noted companies with relatively low carbon emissions and higher water efficiency earn higher valuations. These valuations aren’t the result of superior cash flow or profit prospects, but a tidal wave of funds invested according to environmental, social and governance, or ESG, criteria.Conventional valuation is also useless for cryptocurrencies which earn no interest, rent or dividends. Instead, advocates claim digital currencies will displace the fiat currencies issued by central banks as a transaction medium and store of value. “Crypto has the potential to be as revolutionary and widely adopted as the internet,” claims the prospectus of the initial public offering of crypto exchangeCoinbase GlobalInc.,in language reminiscent of internet-related IPOs more than two decades earlier. Cryptocurrencies as of April 29 were worth more than $2 trillion, according to CoinDesk, an information service, roughly equivalent to all U.S. dollars in circulation.Financial innovation is also at work, as it has been in past financial booms. Portfolio insurance, a strategy designed to hedge against market losses, amplified selling during the 1987 stock market crash. In the 1990s, internet stockbrokers fueled tech stocks and in the 2000s, subprime mortgage derivatives helped finance housing. The equivalent today are zero commission brokers such as Robinhood Markets Inc., fractional ownership and social media, all of which have empowered individual investors.Such investors increasingly influence the overall market’s direction, according to a recent report by the Bank for International Settlements, a consortium of the world’s central banks. It found, for example, that since 2017 trading volume in exchange-traded funds that track the S&P 500, a favorite of institutional investors, has flattened while the volume in its component stocks, which individual investors prefer, has climbed. Individuals, it noted, are more likely to buy a company’s shares for reasons unrelated to its underlying business—because, for example, its name is similar to another stock that is on the rise.While such speculation is often blamed on the Fed, drawing a direct line is difficult. Not so with fiscal stimulus. Jim Bianco, the head of financial research firm Bianco Research, said flows into exchange-traded funds and mutual funds jumped in March as the Treasury distributed $1,400 stimulus checks. “The first thing you do with your check is deposit it in your account and in 2021 that’s your brokerage account,” said Mr. Bianco.Facing the futureIt’s impossible to predict how, or even whether, this all ends. It doesn’t have to: High-priced stocks could eventually earn the profits necessary to justify today’s valuations, especially with the economy’s current head of steam. In he meantime, more extreme pockets of speculation may collapse under their own weight as profits disappoint or competition emerges.Bitcoin once threatened to displace the dollar; now numerous competitors purport to do the same.TeslaInc.was once about the only stock you could buy to bet on electric vehicles; now there is China’s NIO Inc.,NikolaCorp., andFiskerInc.,not to mention established manufacturers such as Volkswagen AG andGeneral MotorsCo.that are rolling out ever more electric models.But for assets across the board to fall would likely involve some sort of macroeconomic event, such as a recession, financial crisis, or inflation.The Fed report this past week said the virus remains the biggest threat to the economy and thus the financial system. April’s jobs disappointment was a reminder of how unsettled the economic outlook remains. Still, with the virus in retreat, a recession seems unlikely now. A financial crisis linked to some hidden fragility can’t be ruled out. Still, banks have so much capital and mortgage underwriting is so tight that something similar to the 2007-09 financial crisis, which began with defaulting mortgages, seems remote. If junk bonds, cryptocoins or tech stocks are bought primarily with borrowed money, a plunge in their values could precipitate a wave of forced selling, bankruptcies and potentially a crisis. But that doesn’t seem to have happened. The recent collapse of Archegos Capital Management from reversals on derivatives-based stock investments inflicted losses on its lenders. But it didn’t threaten their survival or trigger contagion to similarly situated firms.“Where’s the second Archegos?” said Mr. Bianco. “There hasn’t been one yet.”That leaves inflation. Fear of inflation is widespread now with shortages of semiconductors, lumber, and workers all putting upward pressure on prices and costs. Most forecasters, and the Fed, think those pressures will ease once the economy has reopened and normal spending patterns resume. Nonetheless, the difference between yields on regular and inflation-indexed bond yields suggest investors are expecting inflation in coming years to average about 2.5%. That is hardly a repeat of the 1970s, and compatible with the Fed’s new goal of average 2% inflation over the long term. Nonetheless, it would be a clear break from the sub-2% range of the last decade.Slightly higher inflation would result in the Fed setting short-term interest rates also slightly higher, which need not hurt stock valuations. More worrisome: Long-term bond yields, which are critical to stock values, might rise significantly more. Since the late 1990s, bond and stock prices have tended to move in opposite directions. That is because when inflation isn’t a concern, economic shocks tend to drive both bond yields (which move in the opposite direction to prices) and stock prices down. Bonds thus act as an insurance policy against losses on stocks, for which investors are willing to accept lower yields. If inflation becomes a problem again, then bonds lose that insurance value and their yields will rise. In recent months that stock-bond correlation, in place for most of the last few decades, began to disappear, said Brian Sack, a former Fed economist who is now with hedge fund D.E. Shaw & Co. LP. He attributes that, in part, to inflation concerns.The many years since inflation dominated the financial landscape have led investors to price assets as if inflation never will have that sway again. They may be right. But if the unprecedented combination of monetary and fiscal stimulus succeeds in jolting the economy out of the last decade’s pattern, that complacency could prove quite costly.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":499,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":340769729,"gmtCreate":1617494816361,"gmtModify":1634520817094,"author":{"id":"3571009840536733","authorId":"3571009840536733","name":"HKhin","avatar":"https://static.tigerbbs.com/315ef1291b235114bbffd11981704437","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571009840536733","authorIdStr":"3571009840536733"},"themes":[],"title":"","htmlText":"When baba can up??","listText":"When baba can up??","text":"When baba can up??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/340769729","repostId":"2124891758","repostType":4,"isVote":1,"tweetType":1,"viewCount":615,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":106395530,"gmtCreate":1620087462520,"gmtModify":1634207972975,"author":{"id":"3571009840536733","authorId":"3571009840536733","name":"HKhin","avatar":"https://static.tigerbbs.com/315ef1291b235114bbffd11981704437","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571009840536733","authorIdStr":"3571009840536733"},"themes":[],"title":"","htmlText":"But drop?","listText":"But drop?","text":"But drop?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/106395530","repostId":"1111515416","repostType":4,"repost":{"id":"1111515416","kind":"news","pubTimestamp":1620053095,"share":"https://www.laohunote.com/m/news/1111515416?lang=zh_CN&edition=full","pubTime":"2021-05-03 22:44","market":"us","language":"en","title":"Li Auto Bumped Up April Deliveries. What That Bigger Number Means for Investors<blockquote>理想汽车提高了四月份的交付量。这个更大的数字对投资者意味着什么</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1111515416","media":"Barron's","summary":"Chinese electric vehicle maker Li Auto had an OK number of deliveries for April—good enough for righ","content":"<p>Chinese electric vehicle maker Li Auto had an OK number of deliveries for April—good enough for right now—but not good enough for the long haul. And that’s why investors are skittish about production levels as the global chip shortage drags on.</p><p><blockquote>中国电动汽车制造商理想汽车 4 月份的交付量还不错，目前来说已经足够了，但从长远来看还不够。这就是为什么随着全球芯片短缺的持续，投资者对生产水平持谨慎态度。</blockquote></p><p> Li Auto (ticker: LI) delivered 5,539 Li ONE SUVs last month, up about 111% year over year. But the year-over-year increase doesn’t matter that much because Li, along with its Chinese EVs peers, is a high-growth company. What’s a bigger deal are the month-to -month sequential changes.</p><p><blockquote>理想汽车（股票代码：LI）上个月交付了 5,539 辆 Li ONE SUV，同比增长约 111%。但同比增长并不重要，因为李和中国电动汽车同行一样，都是一家高增长公司。更重要的是逐月的连续变化。</blockquote></p><p> Li delivered 4,900 ONE SUVs in March, so more autos did come off the assembly line in April, The company’s best delivery month was December, when more than 6,100 vehicles went out the door.</p><p><blockquote>李在 3 月份交付了 4900 辆 ONE SUV，因此 4 月份确实有更多汽车下线，该公司交付量最好的月份是 12 月份，当时有 6100 多辆汽车下线。</blockquote></p><p> The company’s stock hit its 2021 peak—$37.65— in mid-January, a few weeks after the December figure came out. Shares were up almost 2%, to roughly $20, in early trading Monday.</p><p><blockquote>该公司的股价在 1 月中旬达到 2021 年的峰值--37.65 美元--也就是 12 月份的数据公布几周后。周一早盘交易中，股价上涨近 2%，至约 20 美元。</blockquote></p><p> This year has been a tough one, so far, Li stockholders. Shares are down roughly 30% year to date. Higher interest rates, more EV competition in China as well as stagnating deliveries are all reasons for weaker investor sentiment.</p><p><blockquote>今年是艰难的一年，到目前为止，李股东。今年迄今为止，股价已下跌约 30%。利率上升、中国电动汽车竞争加剧以及交付停滞都是投资者情绪疲软的原因。</blockquote></p><p> But deliveries across the industry are being tamped down by the semiconductor shortage. Last week, Ford Motor (F) estimated it will lose 50% of its planned second-quarter production because of a lack of chips. Ford expects to lose billions in 2021 operating profit because of having to slash deliveries.</p><p><blockquote>但由于半导体短缺，整个行业的交付量正在受到抑制。上周，福特汽车 (F) 估计，由于芯片短缺，其第二季度计划产量将损失 50%。由于不得不削减交付量，福特预计 2021 年营业利润将损失数十亿美元。</blockquote></p><p> Like Li, deliveries are bobbing at rivals NIO (NIO) and XPeng (XPEV). All three Chinese EV makers reported their delivery numbers over the weekend.</p><p><blockquote>与李一样，竞争对手蔚来（蔚来）和小鹏汽车（XPEV）的交付量也在波动。这三家中国电动汽车制造商均在周末公布了交付数据。</blockquote></p><p> And like Li stock, both NIO and XPeng shares are down year to date. They, too, were up Monday as investors digested the delivery data.</p><p><blockquote>与理想股票一样，蔚来和小鹏汽车的股价今年迄今均下跌。随着投资者消化交割数据，它们周一也上涨。</blockquote></p><p> Li investors will have a chance to hear more about the outlook for deliveries when Li reports first-quarter results later in May.</p><p><blockquote>当李在 5 月晚些时候公布第一季度业绩时，李投资者将有机会了解更多有关交付前景的信息。</blockquote></p><p></p>","source":"lsy1610680873436","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>Li Auto Bumped Up April Deliveries. What That Bigger Number Means for Investors<blockquote>理想汽车提高了四月份的交付量。这个更大的数字对投资者意味着什么</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\">\nLi Auto Bumped Up April Deliveries. What That Bigger Number Means for Investors<blockquote>理想汽车提高了四月份的交付量。这个更大的数字对投资者意味着什么</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barron's</strong><span class=\"h-time small\">2021-05-03 22:44</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Chinese electric vehicle maker Li Auto had an OK number of deliveries for April—good enough for right now—but not good enough for the long haul. And that’s why investors are skittish about production levels as the global chip shortage drags on.</p><p><blockquote>中国电动汽车制造商理想汽车 4 月份的交付量还不错，目前来说已经足够了，但从长远来看还不够。这就是为什么随着全球芯片短缺的持续，投资者对生产水平持谨慎态度。</blockquote></p><p> Li Auto (ticker: LI) delivered 5,539 Li ONE SUVs last month, up about 111% year over year. But the year-over-year increase doesn’t matter that much because Li, along with its Chinese EVs peers, is a high-growth company. What’s a bigger deal are the month-to -month sequential changes.</p><p><blockquote>理想汽车（股票代码：LI）上个月交付了 5,539 辆 Li ONE SUV，同比增长约 111%。但同比增长并不重要，因为李和中国电动汽车同行一样，都是一家高增长公司。更重要的是逐月的连续变化。</blockquote></p><p> Li delivered 4,900 ONE SUVs in March, so more autos did come off the assembly line in April, The company’s best delivery month was December, when more than 6,100 vehicles went out the door.</p><p><blockquote>李在 3 月份交付了 4900 辆 ONE SUV，因此 4 月份确实有更多汽车下线，该公司交付量最好的月份是 12 月份，当时有 6100 多辆汽车下线。</blockquote></p><p> The company’s stock hit its 2021 peak—$37.65— in mid-January, a few weeks after the December figure came out. Shares were up almost 2%, to roughly $20, in early trading Monday.</p><p><blockquote>该公司的股价在 1 月中旬达到 2021 年的峰值--37.65 美元--也就是 12 月份的数据公布几周后。周一早盘交易中，股价上涨近 2%，至约 20 美元。</blockquote></p><p> This year has been a tough one, so far, Li stockholders. Shares are down roughly 30% year to date. Higher interest rates, more EV competition in China as well as stagnating deliveries are all reasons for weaker investor sentiment.</p><p><blockquote>今年是艰难的一年，到目前为止，李股东。今年迄今为止，股价已下跌约 30%。利率上升、中国电动汽车竞争加剧以及交付停滞都是投资者情绪疲软的原因。</blockquote></p><p> But deliveries across the industry are being tamped down by the semiconductor shortage. Last week, Ford Motor (F) estimated it will lose 50% of its planned second-quarter production because of a lack of chips. Ford expects to lose billions in 2021 operating profit because of having to slash deliveries.</p><p><blockquote>但由于半导体短缺，整个行业的交付量正在受到抑制。上周，福特汽车 (F) 估计，由于芯片短缺，其第二季度计划产量将损失 50%。由于不得不削减交付量，福特预计 2021 年营业利润将损失数十亿美元。</blockquote></p><p> Like Li, deliveries are bobbing at rivals NIO (NIO) and XPeng (XPEV). All three Chinese EV makers reported their delivery numbers over the weekend.</p><p><blockquote>与李一样，竞争对手蔚来（蔚来）和小鹏汽车（XPEV）的交付量也在波动。这三家中国电动汽车制造商均在周末公布了交付数据。</blockquote></p><p> And like Li stock, both NIO and XPeng shares are down year to date. They, too, were up Monday as investors digested the delivery data.</p><p><blockquote>与理想股票一样，蔚来和小鹏汽车的股价今年迄今均下跌。随着投资者消化交割数据，它们周一也上涨。</blockquote></p><p> Li investors will have a chance to hear more about the outlook for deliveries when Li reports first-quarter results later in May.</p><p><blockquote>当李在 5 月晚些时候公布第一季度业绩时，李投资者将有机会了解更多有关交付前景的信息。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/li-auto-bumped-up-april-deliveries-what-that-bigger-number-means-for-investors-51620052154?mod=hp_LATEST\">Barron's</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":{"LI":"理想汽车"},"source_url":"https://www.barrons.com/articles/li-auto-bumped-up-april-deliveries-what-that-bigger-number-means-for-investors-51620052154?mod=hp_LATEST","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1111515416","content_text":"Chinese electric vehicle maker Li Auto had an OK number of deliveries for April—good enough for right now—but not good enough for the long haul. And that’s why investors are skittish about production levels as the global chip shortage drags on.\nLi Auto (ticker: LI) delivered 5,539 Li ONE SUVs last month, up about 111% year over year. But the year-over-year increase doesn’t matter that much because Li, along with its Chinese EVs peers, is a high-growth company. What’s a bigger deal are the month-to -month sequential changes.\nLi delivered 4,900 ONE SUVs in March, so more autos did come off the assembly line in April, The company’s best delivery month was December, when more than 6,100 vehicles went out the door.\nThe company’s stock hit its 2021 peak—$37.65— in mid-January, a few weeks after the December figure came out. Shares were up almost 2%, to roughly $20, in early trading Monday.\nThis year has been a tough one, so far, Li stockholders. Shares are down roughly 30% year to date. Higher interest rates, more EV competition in China as well as stagnating deliveries are all reasons for weaker investor sentiment.\nBut deliveries across the industry are being tamped down by the semiconductor shortage. Last week, Ford Motor (F) estimated it will lose 50% of its planned second-quarter production because of a lack of chips. Ford expects to lose billions in 2021 operating profit because of having to slash deliveries.\nLike Li, deliveries are bobbing at rivals NIO (NIO) and XPeng (XPEV). All three Chinese EV makers reported their delivery numbers over the weekend.\nAnd like Li stock, both NIO and XPeng shares are down year to date. They, too, were up Monday as investors digested the delivery data.\nLi investors will have a chance to hear more about the outlook for deliveries when Li reports first-quarter results later in May.","news_type":1,"symbols_score_info":{"LI":0.9}},"isVote":1,"tweetType":1,"viewCount":605,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":146616261,"gmtCreate":1626075700753,"gmtModify":1631893018793,"author":{"id":"3571009840536733","authorId":"3571009840536733","name":"HKhin","avatar":"https://static.tigerbbs.com/315ef1291b235114bbffd11981704437","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571009840536733","authorIdStr":"3571009840536733"},"themes":[],"title":"","htmlText":"Wow like this also can get 80","listText":"Wow like this also can get 80","text":"Wow like this also can get 80","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/146616261","repostId":"1138094859","repostType":4,"isVote":1,"tweetType":1,"viewCount":784,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":375684797,"gmtCreate":1619333112219,"gmtModify":1634274151361,"author":{"id":"3571009840536733","authorId":"3571009840536733","name":"HKhin","avatar":"https://static.tigerbbs.com/315ef1291b235114bbffd11981704437","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571009840536733","authorIdStr":"3571009840536733"},"themes":[],"title":"","htmlText":"Short term?","listText":"Short term?","text":"Short term?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/375684797","repostId":"2129366791","repostType":4,"isVote":1,"tweetType":1,"viewCount":649,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":699681475,"gmtCreate":1639792069240,"gmtModify":1639792071978,"author":{"id":"3571009840536733","authorId":"3571009840536733","name":"HKhin","avatar":"https://static.tigerbbs.com/315ef1291b235114bbffd11981704437","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571009840536733","authorIdStr":"3571009840536733"},"themes":[],"title":"","htmlText":"Buy buy buy","listText":"Buy buy buy","text":"Buy buy buy","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/699681475","repostId":"1113440959","repostType":4,"repost":{"id":"1113440959","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":1639752802,"share":"https://www.laohunote.com/m/news/1113440959?lang=zh_CN&edition=full","pubTime":"2021-12-17 22:53","market":"us","language":"en","title":"EV stocks fell sharply in morning trading ,with Rivian sliding 12%,Lucid Group sliding 7% and General Motors sliding 5%<blockquote>电动汽车股早盘大幅下跌，Rivian下跌 12%，Lucid Group 下跌 7%，通用汽车下跌 5%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1113440959","media":"Tiger Newspress","summary":"EV stocks fell sharply in morning trading ,with Rivian sliding 12%,Lucid Group sliding 7%, Lordstown","content":"<p>EV stocks fell sharply in morning trading ,with Rivian sliding 12%,Lucid Group sliding 7%, Lordstown&nbsp;Motors&nbsp;sliding&nbsp;6%&nbsp;and General Motors sliding 5%.<img src=\"https://static.tigerbbs.com/cd629a366b9a963976bc2a56e7c34763\" tg-width=\"282\" tg-height=\"468\" width=\"100%\" height=\"auto\"></p><p><blockquote>电动汽车股在早盘交易中大幅下跌，Rivian下跌 12%，Lucid Group 下跌 7%，Lordstown Motors 下跌 6%，通用汽车下跌 5%。</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>EV stocks fell sharply in morning trading ,with Rivian sliding 12%,Lucid Group sliding 7% and General Motors sliding 5%<blockquote>电动汽车股早盘大幅下跌，Rivian下跌 12%，Lucid Group 下跌 7%，通用汽车下跌 5%</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\">\nEV stocks fell sharply in morning trading ,with Rivian sliding 12%,Lucid Group sliding 7% and General Motors sliding 5%<blockquote>电动汽车股早盘大幅下跌，Rivian下跌 12%，Lucid Group 下跌 7%，通用汽车下跌 5%</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\">2021-12-17 22:53</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>EV stocks fell sharply in morning trading ,with Rivian sliding 12%,Lucid Group sliding 7%, Lordstown&nbsp;Motors&nbsp;sliding&nbsp;6%&nbsp;and General Motors sliding 5%.<img src=\"https://static.tigerbbs.com/cd629a366b9a963976bc2a56e7c34763\" tg-width=\"282\" tg-height=\"468\" width=\"100%\" height=\"auto\"></p><p><blockquote>电动汽车股在早盘交易中大幅下跌，Rivian下跌 12%，Lucid Group 下跌 7%，Lordstown Motors 下跌 6%，通用汽车下跌 5%。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"RIVN":"Rivian Automotive, Inc.","LCID":"Lucid Group Inc","GM":"通用汽车"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1113440959","content_text":"EV stocks fell sharply in morning trading ,with Rivian sliding 12%,Lucid Group sliding 7%, Lordstown Motors sliding 6% and General Motors sliding 5%.","news_type":1,"symbols_score_info":{"LCID":0.9,"RIDE":0.9,"GM":0.9,"RIVN":0.9}},"isVote":1,"tweetType":1,"viewCount":3184,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":149973805,"gmtCreate":1625703203407,"gmtModify":1631893018802,"author":{"id":"3571009840536733","authorId":"3571009840536733","name":"HKhin","avatar":"https://static.tigerbbs.com/315ef1291b235114bbffd11981704437","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571009840536733","authorIdStr":"3571009840536733"},"themes":[],"title":"","htmlText":"Higher n higher","listText":"Higher n higher","text":"Higher n higher","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/149973805","repostId":"1193960545","repostType":4,"repost":{"id":"1193960545","kind":"news","pubTimestamp":1625699849,"share":"https://www.laohunote.com/m/news/1193960545?lang=zh_CN&edition=full","pubTime":"2021-07-08 07:17","market":"us","language":"en","title":"S&P 500, Nasdaq post record closing highs after Fed minutes<blockquote>美联储会议纪要后，标普500和纳斯达克创下收盘新高</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1193960545","media":"Reuters","summary":"Fed keen to be \"well positioned\" to act on inflation - minutes\nDow up 0.3%, S&P 500 up 0.3%, Nasdaq ","content":"<p><ul>  <li>Fed keen to be \"well positioned\" to act on inflation - minutes</li>  <li>Dow up 0.3%, S&amp;P 500 up 0.3%, Nasdaq up 0.01%</li> </ul> NEW YORK, July 7 (Reuters) - U.S. stocks ended higher on Wednesday and the S&amp;P 500 and Nasdaq notched record closing highs after minutes from the last Federal Reserve meeting indicated officials may not be ready yet to move on tightening policy.</p><p><blockquote><ul><li>美联储热衷于“处于有利地位”应对通胀 - 会议纪要</li><li>道琼斯指数上涨0.3%，标普500指数上涨0.3%，纳斯达克指数上涨0.01%</li></ul>路透纽约7月7日 - 美国股市周三收高，标普500和纳斯达克创下收盘新高，此前美联储上次会议纪要显示官员们可能尚未准备好继续实施紧缩政策。</blockquote></p><p> According to the minutes of the U.S. central bank's June policy meeting, Fed officials felt substantial further progress on the economic recovery \"was generally seen as not having yet been met,\" but agreed they should be poised to act if inflation or other risks materialized.</p><p><blockquote>根据美联储6月政策会议纪要，美联储官员认为，经济复苏的实质性进一步进展“通常被视为尚未实现”，但同意如果通胀或其他风险出现，他们应该做好采取行动的准备。</blockquote></p><p> \"I read this as effectively a dovish set of notes simply because they don't feel as a group that they have enough certainty around the situation to make any changes at all,\" said Brad McMillan, chief investment officer at Commonwealth Financial Network in Waltham, Massachusetts.</p><p><blockquote>马萨诸塞州沃尔瑟姆联邦金融网络首席投资官布拉德·麦克米伦 (Brad McMillan) 表示：“我认为这实际上是一套鸽派的笔记，因为作为一个群体，他们觉得自己没有足够的确定性来做出任何改变。”</blockquote></p><p> Treasury yields edged lower following the Fed minutes, while stocks mostly edged higher.</p><p><blockquote>美联储会议纪要公布后，美国国债收益率小幅走低，而股市大多小幅走高。</blockquote></p><p> The minutes reflected a divided Fed wrestling with new inflation risks but still relatively high unemployment.</p><p><blockquote>会议纪要反映出美联储在应对新的通胀风险时存在分歧，但失业率仍然相对较高。</blockquote></p><p> After its meeting and statement last month, investors began to anticipate the Fed would move more quickly to tighten than previously expected.</p><p><blockquote>在上个月的会议和声明之后，投资者开始预计美联储将比之前预期更快地收紧货币政策。</blockquote></p><p> Wall Street has been concerned about inflation, with investors moving between economy-linked value stocks and growth names in the past few sessions.</p><p><blockquote>华尔街一直担心通胀，过去几个交易日投资者在与经济相关的价值股和成长型股票之间转换。</blockquote></p><p> Both growth(.RLG)and value stocks(.RLV)gained on Wednesday, while industrials(.SPLRCI)and materials(.SPLRCM)led S&amp;P 500 sector gains.</p><p><blockquote>成长股 (.RLG) 和价值股 (.RLV) 周三均上涨，而工业股 (.SPLRCI) 和材料股 (.SPLRCM) 领涨标普500板块。</blockquote></p><p> The Dow Jones Industrial Average(.DJI)rose 104.42 points, or 0.3%, to 34,681.79, the S&amp;P 500(.SPX)gained 14.59 points, or 0.34%, to 4,358.13 and the Nasdaq Composite(.IXIC)added 1.42 points, or 0.01%, to 14,665.06.<img src=\"https://static.tigerbbs.com/b82724f48859f601746f387b53e8bf71\" tg-width=\"958\" tg-height=\"720\" referrerpolicy=\"no-referrer\">China's market regulator said it has fined a number of internet companies including Didi Global(DIDI.N), Tencent(0700.HK)and Alibaba(9988.HK)for failing to report earlier merger and acquisition deals for approval.read more</p><p><blockquote>道琼斯工业平均指数 (.DJI) 上涨 104.42 点，或 0.3%，至 34,681.79 点；标普500指数 (.SPX) 上涨 14.59 点，或 0.34%，至 4,358.13 点；纳斯达克综合指数 (.IXIC) 上涨 1.42 点，或 0.01%，至 14,665.06。中国市场监管机构表示，已对滴滴全球 (DIDI.N)、腾讯控股 (0700.HK) 和阿里巴巴-SW (9988.HK) 等多家互联网公司处以罚款，原因是它们未能报告早期并购交易以供批准。了解更多</blockquote></p><p> U.S.-listed shares of Didi fell 4.6%, adding to a nearly 20% slump on Tuesday.</p><p><blockquote>滴滴在美国上市的股价下跌 4.6%，周二跌幅近 20%。</blockquote></p><p> Declining issues outnumbered advancing ones on the NYSE by a 1.02-to-1 ratio; on Nasdaq, a 1.92-to-1 ratio favored decliners.</p><p><blockquote>纽约证券交易所下跌发行量与上涨发行量的比例为 1.02 比 1；在纳斯达克，1.92 比 1 的比率有利于下跌者。</blockquote></p><p> The S&amp;P 500 posted 71 new 52-week highs and no new lows; the Nasdaq Composite recorded 84 new highs and 121 new lows.</p><p><blockquote>标普500创下 71 个 52 周新高，没有新低；纳斯达克综合指数创下84个新高和121个新低。</blockquote></p><p> Volume on U.S. exchanges was 10.04 billion shares, compared with the 10.7 billion average for the full session over the last 20 trading days.</p><p><blockquote>美国交易所的成交量为 100.4 亿股，而过去 20 个交易日整个交易日的平均成交量为 107 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, Nasdaq post record closing highs after Fed minutes<blockquote>美联储会议纪要后，标普500和纳斯达克创下收盘新高</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\">\nS&P 500, Nasdaq post record closing highs after Fed minutes<blockquote>美联储会议纪要后，标普500和纳斯达克创下收盘新高</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Reuters</strong><span class=\"h-time small\">2021-07-08 07:17</span>\n</p>\n</h4>\n</header>\n<article>\n<p><ul>  <li>Fed keen to be \"well positioned\" to act on inflation - minutes</li>  <li>Dow up 0.3%, S&amp;P 500 up 0.3%, Nasdaq up 0.01%</li> </ul> NEW YORK, July 7 (Reuters) - U.S. stocks ended higher on Wednesday and the S&amp;P 500 and Nasdaq notched record closing highs after minutes from the last Federal Reserve meeting indicated officials may not be ready yet to move on tightening policy.</p><p><blockquote><ul><li>美联储热衷于“处于有利地位”应对通胀 - 会议纪要</li><li>道琼斯指数上涨0.3%，标普500指数上涨0.3%，纳斯达克指数上涨0.01%</li></ul>路透纽约7月7日 - 美国股市周三收高，标普500和纳斯达克创下收盘新高，此前美联储上次会议纪要显示官员们可能尚未准备好继续实施紧缩政策。</blockquote></p><p> According to the minutes of the U.S. central bank's June policy meeting, Fed officials felt substantial further progress on the economic recovery \"was generally seen as not having yet been met,\" but agreed they should be poised to act if inflation or other risks materialized.</p><p><blockquote>根据美联储6月政策会议纪要，美联储官员认为，经济复苏的实质性进一步进展“通常被视为尚未实现”，但同意如果通胀或其他风险出现，他们应该做好采取行动的准备。</blockquote></p><p> \"I read this as effectively a dovish set of notes simply because they don't feel as a group that they have enough certainty around the situation to make any changes at all,\" said Brad McMillan, chief investment officer at Commonwealth Financial Network in Waltham, Massachusetts.</p><p><blockquote>马萨诸塞州沃尔瑟姆联邦金融网络首席投资官布拉德·麦克米伦 (Brad McMillan) 表示：“我认为这实际上是一套鸽派的笔记，因为作为一个群体，他们觉得自己没有足够的确定性来做出任何改变。”</blockquote></p><p> Treasury yields edged lower following the Fed minutes, while stocks mostly edged higher.</p><p><blockquote>美联储会议纪要公布后，美国国债收益率小幅走低，而股市大多小幅走高。</blockquote></p><p> The minutes reflected a divided Fed wrestling with new inflation risks but still relatively high unemployment.</p><p><blockquote>会议纪要反映出美联储在应对新的通胀风险时存在分歧，但失业率仍然相对较高。</blockquote></p><p> After its meeting and statement last month, investors began to anticipate the Fed would move more quickly to tighten than previously expected.</p><p><blockquote>在上个月的会议和声明之后，投资者开始预计美联储将比之前预期更快地收紧货币政策。</blockquote></p><p> Wall Street has been concerned about inflation, with investors moving between economy-linked value stocks and growth names in the past few sessions.</p><p><blockquote>华尔街一直担心通胀，过去几个交易日投资者在与经济相关的价值股和成长型股票之间转换。</blockquote></p><p> Both growth(.RLG)and value stocks(.RLV)gained on Wednesday, while industrials(.SPLRCI)and materials(.SPLRCM)led S&amp;P 500 sector gains.</p><p><blockquote>成长股 (.RLG) 和价值股 (.RLV) 周三均上涨，而工业股 (.SPLRCI) 和材料股 (.SPLRCM) 领涨标普500板块。</blockquote></p><p> The Dow Jones Industrial Average(.DJI)rose 104.42 points, or 0.3%, to 34,681.79, the S&amp;P 500(.SPX)gained 14.59 points, or 0.34%, to 4,358.13 and the Nasdaq Composite(.IXIC)added 1.42 points, or 0.01%, to 14,665.06.<img src=\"https://static.tigerbbs.com/b82724f48859f601746f387b53e8bf71\" tg-width=\"958\" tg-height=\"720\" referrerpolicy=\"no-referrer\">China's market regulator said it has fined a number of internet companies including Didi Global(DIDI.N), Tencent(0700.HK)and Alibaba(9988.HK)for failing to report earlier merger and acquisition deals for approval.read more</p><p><blockquote>道琼斯工业平均指数 (.DJI) 上涨 104.42 点，或 0.3%，至 34,681.79 点；标普500指数 (.SPX) 上涨 14.59 点，或 0.34%，至 4,358.13 点；纳斯达克综合指数 (.IXIC) 上涨 1.42 点，或 0.01%，至 14,665.06。中国市场监管机构表示，已对滴滴全球 (DIDI.N)、腾讯控股 (0700.HK) 和阿里巴巴-SW (9988.HK) 等多家互联网公司处以罚款，原因是它们未能报告早期并购交易以供批准。了解更多</blockquote></p><p> U.S.-listed shares of Didi fell 4.6%, adding to a nearly 20% slump on Tuesday.</p><p><blockquote>滴滴在美国上市的股价下跌 4.6%，周二跌幅近 20%。</blockquote></p><p> Declining issues outnumbered advancing ones on the NYSE by a 1.02-to-1 ratio; on Nasdaq, a 1.92-to-1 ratio favored decliners.</p><p><blockquote>纽约证券交易所下跌发行量与上涨发行量的比例为 1.02 比 1；在纳斯达克，1.92 比 1 的比率有利于下跌者。</blockquote></p><p> The S&amp;P 500 posted 71 new 52-week highs and no new lows; the Nasdaq Composite recorded 84 new highs and 121 new lows.</p><p><blockquote>标普500创下 71 个 52 周新高，没有新低；纳斯达克综合指数创下84个新高和121个新低。</blockquote></p><p> Volume on U.S. exchanges was 10.04 billion shares, compared with the 10.7 billion average for the full session over the last 20 trading days.</p><p><blockquote>美国交易所的成交量为 100.4 亿股，而过去 20 个交易日整个交易日的平均成交量为 107 亿股。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.reuters.com/business/sp-500-nasdaq-post-record-closing-highs-after-fed-minutes-2021-07-07/\">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":{"161125":"标普500","TQQQ":"纳指三倍做多ETF","SPXU":"三倍做空标普500ETF-ProShares","UPRO":"三倍做多标普500ETF-ProShares","SSO":"2倍做多标普500ETF-ProShares",".IXIC":"NASDAQ Composite","NDAQ":"纳斯达克OMX交易所","IVV":"标普500ETF-iShares","SPY":"标普500ETF","QID":"两倍做空纳斯达克指数ETF-ProShares","SH":"做空标普500-Proshares","OEX":"标普100",".SPX":"S&P 500 Index","PSQ":"做空纳斯达克100指数ETF-ProShares","OEF":"标普100指数ETF-iShares","QQQ":"纳指100ETF","SDS":"两倍做空标普500 ETF-ProShares"},"source_url":"https://www.reuters.com/business/sp-500-nasdaq-post-record-closing-highs-after-fed-minutes-2021-07-07/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1193960545","content_text":"Fed keen to be \"well positioned\" to act on inflation - minutes\nDow up 0.3%, S&P 500 up 0.3%, Nasdaq up 0.01%\n\nNEW YORK, July 7 (Reuters) - U.S. stocks ended higher on Wednesday and the S&P 500 and Nasdaq notched record closing highs after minutes from the last Federal Reserve meeting indicated officials may not be ready yet to move on tightening policy.\nAccording to the minutes of the U.S. central bank's June policy meeting, Fed officials felt substantial further progress on the economic recovery \"was generally seen as not having yet been met,\" but agreed they should be poised to act if inflation or other risks materialized.\n\"I read this as effectively a dovish set of notes simply because they don't feel as a group that they have enough certainty around the situation to make any changes at all,\" said Brad McMillan, chief investment officer at Commonwealth Financial Network in Waltham, Massachusetts.\nTreasury yields edged lower following the Fed minutes, while stocks mostly edged higher.\nThe minutes reflected a divided Fed wrestling with new inflation risks but still relatively high unemployment.\nAfter its meeting and statement last month, investors began to anticipate the Fed would move more quickly to tighten than previously expected.\nWall Street has been concerned about inflation, with investors moving between economy-linked value stocks and growth names in the past few sessions.\nBoth growth(.RLG)and value stocks(.RLV)gained on Wednesday, while industrials(.SPLRCI)and materials(.SPLRCM)led S&P 500 sector gains.\nThe Dow Jones Industrial Average(.DJI)rose 104.42 points, or 0.3%, to 34,681.79, the S&P 500(.SPX)gained 14.59 points, or 0.34%, to 4,358.13 and the Nasdaq Composite(.IXIC)added 1.42 points, or 0.01%, to 14,665.06.China's market regulator said it has fined a number of internet companies including Didi Global(DIDI.N), Tencent(0700.HK)and Alibaba(9988.HK)for failing to report earlier merger and acquisition deals for approval.read more\nU.S.-listed shares of Didi fell 4.6%, adding to a nearly 20% slump on Tuesday.\nDeclining issues outnumbered advancing ones on the NYSE by a 1.02-to-1 ratio; on Nasdaq, a 1.92-to-1 ratio favored decliners.\nThe S&P 500 posted 71 new 52-week highs and no new lows; the Nasdaq Composite recorded 84 new highs and 121 new lows.\nVolume on U.S. exchanges was 10.04 billion shares, compared with the 10.7 billion average for the full session over the last 20 trading days.","news_type":1,"symbols_score_info":{"161125":0.9,".IXIC":0.9,"NDAQ":0.9,"TQQQ":0.9,"SPXU":0.9,"MNQmain":0.9,"QID":0.9,"IVV":0.9,"SH":0.9,"OEX":0.9,"PSQ":0.9,"SDS":0.9,"ESmain":0.9,"UPRO":0.9,"SPY":0.9,"OEF":0.9,".SPX":0.9,"NQmain":0.9,"SSO":0.9,"QQQ":0.9}},"isVote":1,"tweetType":1,"viewCount":624,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}