上周四，华尔街股市连续第三个交易日收跌，美国股市回吐了今年迄今为止取得的部分涨幅。
标普500指数下跌0.5%，创下一个多月以来的最长连跌纪录。道琼斯工业平均指数下跌173点，跌幅0.4%，纳斯达克综合指数下挫0.5%。不过，所有三大指数仍接近本周初创下的历史高位。
股市承压的原因是，报告显示美国经济可能比经济学家预期的更为强劲。这对职场人士和求职者而言虽是令人鼓舞的消息，但可能会降低美联储（Federal Reserve）在未来几个月内多次降息的可能性。
美联储刚于上周进行了本年度的首次降息，且官员们还预计在明年年底前进行更多次降息。这对华尔街至关重要，因为美国股市自4月以来飙升至创纪录水平，很大程度上是得益于市场对降息的预期。更宽松的利率能够提振经济，并使投资者更愿意为股票和其他投资支付高价。
但经济强于预期可能会缓解美联储的紧迫感，尤其是因为降息可能加剧本已居高不下的通胀风险。如果美联储降息次数不及投资者预期，则会助长对美国股市在经历如此迅猛上涨后估值过高的批评。
金融服务公司BTIG的首席市场技术分析师乔纳森·克朗斯基警告道：“系好安全带。”
克朗斯基在一份研究报告中写道，鉴于市场自满情绪大量积累，且“市场某些领域的弹性近期已达到极限”，股市似乎正处于自4月低点以来最脆弱的境地。
华尔街的最终希望是美国经济能保持一种微妙的平衡：即经济放缓的程度足以说服美联储降息，但又不会过于疲弱以至于引发经济衰退。
债券市场上，国债收益率小幅走高，因为交易员减少了对美联储未来降息次数的押注。10年期国债收益率从周三尾盘的4.16%升至4.17%。
周四发布的其中一份经济报告超出预期，该报告显示，上周美国失业救济金申领人数有所减少。这可能是裁员速度正在放缓的一个信号。
另一份报告指出，美国经济在春季的增长速度快于先前预期；而第三份报告则显示，上月美国耐用制成品订单远超经济学家预期。
在华尔街方面，二手车零售商CarMax股价暴跌20.1%，因其公布的最新季度利润低于分析师预期。本季度其汽车销量低于去年同期。由于上调了对早年发放贷款可能造成损失的预期，该公司也受到影响。
Jabil股价下跌6.7%，尽管其公布的最新季度利润强于分析师预期，这部分得益于人工智能带来的需求。此外，该公司对未来营收和利润的预测也超出了分析师预期。
此类消息通常会推高股价，但Jabil今年迄今涨幅已高达56.6%，是标普500指数同期涨幅的四倍多。
另一家人工智能的受益者甲骨文公司（Oracle）股价回落5.6%。本月早些时候，因宣布签署了多项得益于人工智能的大型合同，其股价一度暴涨，曾创下自1992年以来的最大单日涨幅。
咖啡连锁店星巴克（Starbucks）股价微跌0.5%，此前该公司宣布了一项10亿美元重组计划，包括关闭门店和裁减900个非零售岗位。
华尔街的赢家之一是IBM。汇丰银行（HSBC）宣布与IBM进行了一项前景看好的量子计算试验，以改善债券交易，之后该公司股价上涨5.2%。汇丰银行表示，在预测交易是否能按报价成交方面，他们的预测准确度提升了34%。
各公司正竞相开发量子计算，以解决传统计算机无法解决的复杂问题。
住宅建筑商KB Home在公布最新季度利润强于分析师预期后，股价震荡起伏。该公司首席执行官杰弗里·梅兹格表示，整个季度抵押贷款利率有所下降令他备受鼓舞，这可能会刺激更多潜在客户购房。
基于对美联储即将降息的预期，抵押贷款利率持续下滑。KB Home股价当日最终微跌0.6%。
美联社记者马特·奥特与特蕾莎·塞罗哈诺为本文做出了贡献。（*）
译者：刘进龙
审校：汪皓
上周四，华尔街股市连续第三个交易日收跌，美国股市回吐了今年迄今为止取得的部分涨幅。
标普500指数下跌0.5%，创下一个多月以来的最长连跌纪录。道琼斯工业平均指数下跌173点，跌幅0.4%，纳斯达克综合指数下挫0.5%。不过，所有三大指数仍接近本周初创下的历史高位。
股市承压的原因是，报告显示美国经济可能比经济学家预期的更为强劲。这对职场人士和求职者而言虽是令人鼓舞的消息，但可能会降低美联储（Federal Reserve）在未来几个月内多次降息的可能性。
美联储刚于上周进行了本年度的首次降息，且官员们还预计在明年年底前进行更多次降息。这对华尔街至关重要，因为美国股市自4月以来飙升至创纪录水平，很大程度上是得益于市场对降息的预期。更宽松的利率能够提振经济，并使投资者更愿意为股票和其他投资支付高价。
但经济强于预期可能会缓解美联储的紧迫感，尤其是因为降息可能加剧本已居高不下的通胀风险。如果美联储降息次数不及投资者预期，则会助长对美国股市在经历如此迅猛上涨后估值过高的批评。
金融服务公司BTIG的首席市场技术分析师乔纳森·克朗斯基警告道：“系好安全带。”
克朗斯基在一份研究报告中写道，鉴于市场自满情绪大量积累，且“市场某些领域的弹性近期已达到极限”，股市似乎正处于自4月低点以来最脆弱的境地。
华尔街的最终希望是美国经济能保持一种微妙的平衡：即经济放缓的程度足以说服美联储降息，但又不会过于疲弱以至于引发经济衰退。
债券市场上，国债收益率小幅走高，因为交易员减少了对美联储未来降息次数的押注。10年期国债收益率从周三尾盘的4.16%升至4.17%。
周四发布的其中一份经济报告超出预期，该报告显示，上周美国失业救济金申领人数有所减少。这可能是裁员速度正在放缓的一个信号。
另一份报告指出，美国经济在春季的增长速度快于先前预期；而第三份报告则显示，上月美国耐用制成品订单远超经济学家预期。
在华尔街方面，二手车零售商CarMax股价暴跌20.1%，因其公布的最新季度利润低于分析师预期。本季度其汽车销量低于去年同期。由于上调了对早年发放贷款可能造成损失的预期，该公司也受到影响。
Jabil股价下跌6.7%，尽管其公布的最新季度利润强于分析师预期，这部分得益于人工智能带来的需求。此外，该公司对未来营收和利润的预测也超出了分析师预期。
此类消息通常会推高股价，但Jabil今年迄今涨幅已高达56.6%，是标普500指数同期涨幅的四倍多。
另一家人工智能的受益者甲骨文公司（Oracle）股价回落5.6%。本月早些时候，因宣布签署了多项得益于人工智能的大型合同，其股价一度暴涨，曾创下自1992年以来的最大单日涨幅。
咖啡连锁店星巴克（Starbucks）股价微跌0.5%，此前该公司宣布了一项10亿美元重组计划，包括关闭门店和裁减900个非零售岗位。
华尔街的赢家之一是IBM。汇丰银行（HSBC）宣布与IBM进行了一项前景看好的量子计算试验，以改善债券交易，之后该公司股价上涨5.2%。汇丰银行表示，在预测交易是否能按报价成交方面，他们的预测准确度提升了34%。
各公司正竞相开发量子计算，以解决传统计算机无法解决的复杂问题。
住宅建筑商KB Home在公布最新季度利润强于分析师预期后，股价震荡起伏。该公司首席执行官杰弗里·梅兹格表示，整个季度抵押贷款利率有所下降令他备受鼓舞，这可能会刺激更多潜在客户购房。
基于对美联储即将降息的预期，抵押贷款利率持续下滑。KB Home股价当日最终微跌0.6%。
美联社记者马特·奥特与特蕾莎·塞罗哈诺为本文做出了贡献。（*）
译者：刘进龙
审校：汪皓
Wall Street stumbled to a third straight loss on Thursday as U.S. stocks gave back more of their big gains for the year so far.
The S&P 500 fell 0.5% and marked its longest losing streak in more than a month. The Dow Jones Industrial Average dropped 173 points, or 0.4%, and the Nasdaq composite sank 0.5%. All three indexes are still near their records set at the start of the week, though.
Stocks felt pressure from reports showing the U.S. economy may be stronger than economists thought. While that’s encouraging news for workers and for people looking for jobs, it could make the Federal Reserve less likely to cut interest rates several times in the coming months.
The Fed just delivered its first cut of the year last week, and officials had penciled in more through the end of next year. That was critical for Wall Street after U.S. stocks shot to records since April in large part because of expectations for rate cuts. Easier rates can boost the economy and make investors more willing to pay high prices for stocks and other investments.
But a stronger-than-expected economy could remove some of the Fed’s urgency, particularly because cuts to rates carry the risk of worsening inflation that’s already stubbornly high. If the Fed doesn’t cut rates as often as investors expect, it would empower criticism that the U.S. stock market is too expensive after rising so much, so quickly.
“Buckle up,” warned Jonathan Krinsky, chief market technician at financial services firm BTIG.
Stocks look to be in their most vulnerable position since their April lows given how much complacency has built up and how the rubber band has recently been “as stretched as it gets in some parts of the market,” Krinsky wrote in a research report.
Wall Street’s ultimate hope is that the U.S. economy stays in a delicate balance where it’s slow enough to convince the Fed to cut rates but doesn’t become so weak that it leads to a recession.
Treasury yields ticked higher in the bond market as traders pared bets for the number of upcoming cuts to rates by the Fed. The yield on the 10-year Treasury rose to 4.17% from 4.16% late Wednesday.
One of Thursday’s stronger-than-expected economic reports said that fewer U.S. workers filed for unemployment benefits last week. That could be a signal that the pace of layoffs is slowing.
Another report said the U.S. economy grew at a faster pace during the spring than earlier thought, while a third said orders blew past economists’ expectations last month for U.S. manufactured goods with a relatively long life span.
On Wall Street, CarMax tumbled 20.1% after the seller of used autos reported a weaker profit for the latest quarter than analysts expected. It sold fewer vehicles during the quarter than it had a year earlier. It also was hurt because it increased its expectations for losses from loans made in earlier years.
Jabil fell 6.7% even though it reported a stronger profit for the latest quarter than analysts expected, thanks in part to demand coming because of artificial intelligence. It also gave forecasts for upcoming revenue and profit that topped analysts’ expectations.
Such moves typically send a stock’s price higher, but Jabil came into the day with an already huge gain of 56.6% for the year so far. That was more than quadruple the S&P 500’s rise over the same time.
Another AI winner, Oracle, gave back 5.6%. Earlier this month, it surged to its best day since 1992 after announcing several big contracts signed because of AI.
Starbucks slipped 0.5% after the coffee chain announced a $1 billion plan to restructure, including the closure of stores and the cutting of 900 nonretail jobs.
On the winning side of Wall Street was IBM. It rose 5.2% after HSBC announced a promising trial with IBM of quantum computing in hopes of improving bond trading. The bank said they delivered an improvement of up to 34% in predicting how likely a trade would be filled at a quoted price.
Companies are racing to develop quantum computing in order to solve complex problems beyond the reach of classical computers.
KB Home swung between gains and losses after the homebuilder reported a stronger profit for the latest quarter than analysts expected. CEO Jeffrey Mezger said he was encouraged to see mortgage rates ease through the quarter, which could encourage more potential customers to buy homes.
Mortgage rates have been sinking on expectations for coming cuts to rates by the Fed. KB Home’s stock finished the day with a dip of 0.6%.
AP Writers Matt Ott and Teresa Cerojano contributed.