上周四，因市场担忧人工智能明星股股价过高，英伟达等人工智能明星股持续下挫，美国股市正遭遇自春季抛售潮以来最为惨淡的交易日之一。华尔街也开始质疑其寄予厚望的降息计划能否真正落地。
标普500指数下跌1.5%，进一步与上月末创下的历史高点拉开距离，极有可能创下最差单月表现及4月以来第二大单日跌幅——4月特朗普总统宣布“解放日”关税政策引发市场震荡，当时标普500指数大幅跳水。截至美国东部时间下午1点29分，道琼斯工业平均指数较前一日创下的纪录高点下跌565点（跌幅达1.2%），纳斯达克综合指数下跌2.4%。
芯片制造商英伟达股价下跌4.7%，成为拖累市场的最大权重股。其他人工智能明星股同样承压，超微电脑（Super Micro Computer）下跌7.6%，Palantir Technologies下跌6.6%，博通（Broadcom）下跌4.7%。
市场对人工智能明星股能否在惊人涨幅的基础上继续冲高的质疑声日益高涨。例如，本月初，Palantir迄今涨幅已近174%。
尽管就业市场放缓、通胀高企，但人工智能股的惊人涨幅仍是美国股市屡创新高的主要原因之一。不过，其股价飙升至高位，已促使市场将其与2000年的互联网泡沫相提并论——当时泡沫最终破裂，导致标普500指数暴跌近半。
与此同时，因交易员担忧美联储可能不会像此前预期的那样在12月再次降息，美股全面下挫。
华尔街向来对降息青睐有加，因为降息能刺激经济增长、推高资产价格，不过也可能加剧通胀。此前美股之所以能创下纪录高位，部分得益于市场对后续一系列降息的预期，而降息停滞可能会削弱美股表现。
近日市场预期美联储在12月下次会议上降息的可能性急剧下降。芝商所（CME Group）数据显示，交易员目前认为降息概率不足五成（47.6%），较一周前的近70%大幅回落。
美联储官员近期的言论加剧了市场疑虑。
波士顿联邦储备银行行长苏珊·科林斯（Susan Collins）上周三晚间表示，“未来一段时间内”维持利率不变可能是恰当之举。这与其上月支持再次降息的表态形成反转。
由于美国政府长达六周的停摆，就业市场重要数据更新及其他经济强劲信号数据延迟发布，美联储决策难度进一步加大。
从历史表现来看，股市在政府停摆期间大多呈上涨态势，但随着政府恢复经济数据发布，华尔街正准备应对潜在波动。市场担忧，这些数据可能促使美联储暂停降息——降息虽能刺激经济，但也可能引发通胀加剧。
富国银行投资研究所（Wells Fargo Investment Institute）全球股票策略师道格·比斯（Doug Beath）指出：“即将到来的海量数据可能在未来几周引发更多波动。”
华尔街个股表现方面，华特迪士尼公司（The Walt Disney Co.）下跌7.8%，成为领跌个股之一。这家娱乐巨头最新季度利润虽超出分析师预期，但营收未达目标。
思科（Cisco Systems）股价大涨4.9%，原因是这家科技巨头公布的利润和营收均超出分析师预期，一定程度上抵消了迪士尼下跌带来的影响。
债券市场方面，美国国债收益率上升，给股票及其他资产价格带来下行压力。
10年期美国国债收益率从上周三尾盘的4.08%升至4.10%。
海外股市方面，亚洲股市小幅上涨后，欧洲主要股指普遍走低。
日经225指数上涨0.4%，而日本科技巨头软银集团（SoftBank Group）再度下跌3.4%。上周早些时候，软银集团宣布已清仓全部英伟达股份，套现58亿美元，此后股价持续承压。（*）
美联社记者特雷莎·塞罗哈诺（Teresa Cerojano）、马特·奥特（Matt Ott）对本文亦有贡献。
译者：中慧言-王芳
上周四，因市场担忧人工智能明星股股价过高，英伟达等人工智能明星股持续下挫，美国股市正遭遇自春季抛售潮以来最为惨淡的交易日之一。华尔街也开始质疑其寄予厚望的降息计划能否真正落地。
标普500指数下跌1.5%，进一步与上月末创下的历史高点拉开距离，极有可能创下最差单月表现及4月以来第二大单日跌幅——4月特朗普总统宣布“解放日”关税政策引发市场震荡，当时标普500指数大幅跳水。截至美国东部时间下午1点29分，道琼斯工业平均指数较前一日创下的纪录高点下跌565点（跌幅达1.2%），纳斯达克综合指数下跌2.4%。
芯片制造商英伟达股价下跌4.7%，成为拖累市场的最大权重股。其他人工智能明星股同样承压，超微电脑（Super Micro Computer）下跌7.6%，Palantir Technologies下跌6.6%，博通（Broadcom）下跌4.7%。
市场对人工智能明星股能否在惊人涨幅的基础上继续冲高的质疑声日益高涨。例如，本月初，Palantir迄今涨幅已近174%。
尽管就业市场放缓、通胀高企，但人工智能股的惊人涨幅仍是美国股市屡创新高的主要原因之一。不过，其股价飙升至高位，已促使市场将其与2000年的互联网泡沫相提并论——当时泡沫最终破裂，导致标普500指数暴跌近半。
与此同时，因交易员担忧美联储可能不会像此前预期的那样在12月再次降息，美股全面下挫。
华尔街向来对降息青睐有加，因为降息能刺激经济增长、推高资产价格，不过也可能加剧通胀。此前美股之所以能创下纪录高位，部分得益于市场对后续一系列降息的预期，而降息停滞可能会削弱美股表现。
近日市场预期美联储在12月下次会议上降息的可能性急剧下降。芝商所（CME Group）数据显示，交易员目前认为降息概率不足五成（47.6%），较一周前的近70%大幅回落。
美联储官员近期的言论加剧了市场疑虑。
波士顿联邦储备银行行长苏珊·科林斯（Susan Collins）上周三晚间表示，“未来一段时间内”维持利率不变可能是恰当之举。这与其上月支持再次降息的表态形成反转。
由于美国政府长达六周的停摆，就业市场重要数据更新及其他经济强劲信号数据延迟发布，美联储决策难度进一步加大。
从历史表现来看，股市在政府停摆期间大多呈上涨态势，但随着政府恢复经济数据发布，华尔街正准备应对潜在波动。市场担忧，这些数据可能促使美联储暂停降息——降息虽能刺激经济，但也可能引发通胀加剧。
富国银行投资研究所（Wells Fargo Investment Institute）全球股票策略师道格·比斯（Doug Beath）指出：“即将到来的海量数据可能在未来几周引发更多波动。”
华尔街个股表现方面，华特迪士尼公司（The Walt Disney Co.）下跌7.8%，成为领跌个股之一。这家娱乐巨头最新季度利润虽超出分析师预期，但营收未达目标。
思科（Cisco Systems）股价大涨4.9%，原因是这家科技巨头公布的利润和营收均超出分析师预期，一定程度上抵消了迪士尼下跌带来的影响。
债券市场方面，美国国债收益率上升，给股票及其他资产价格带来下行压力。
10年期美国国债收益率从上周三尾盘的4.08%升至4.10%。
海外股市方面，亚洲股市小幅上涨后，欧洲主要股指普遍走低。
日经225指数上涨0.4%，而日本科技巨头软银集团（SoftBank Group）再度下跌3.4%。上周早些时候，软银集团宣布已清仓全部英伟达股份，套现58亿美元，此后股价持续承压。（*）
美联社记者特雷莎·塞罗哈诺（Teresa Cerojano）、马特·奥特（Matt Ott）对本文亦有贡献。
译者：中慧言-王芳
The U.S. stock market is tumbling toward one of its worst days since its springtime sell-off, as Nvidia and other AI superstar stocks keep dropping Thursday on worries their prices shot too high. Wall Street is also questioning whether the coming cuts to interest rates that it’s been banking on will actually happen.
The S&P 500 sank 1.5% and pulled further from its all-time high set late last month. It’s on track for its worst day in a month and its second-worst since plunging in April after President Donald Trump shocked the world with his announcement of “Liberation Day” tariffs. The Dow Jones Industrial Average lost 565 points, or 1.2%, from its own record set the day before, while the Nasdaq composite was down 2.4%, as of 1:29 p.m. Eastern time.
Nvidia was the heaviest weight on the market after the chip company lost 4.7%. Other AI darlings also struggled, including drops of 7.6% for Super Micro Computer, 6.6% for Palantir Technologies and 4.7% for Broadcom.
Questions have been rising about how much more superstar AI stocks can add to already spectacular gains. At the start of this month, Palantir was sporting a stunning rise of nearly 174% for the year so far, for example.
Such sensational performances have been one of the top reasons the U.S. market has hit records despite a slowing job market and high inflation. AI stock prices have shot so high, though, that they’re also drawing comparisons to the 2000 dot-com bubble which ultimately burst and dragged the S&P 500 down by nearly half.
In the meantime, stocks fell across Wall Street as traders worry that the Federal Reserve may not deliver another cut to interest rates in December, as they had been assuming.
Wall Street loves cuts to rates because they can goose the economy and prices for investments, even though they can also worsen inflation. A halt in cuts could undercut U.S. stock prices after they already ran to records in part on expectations for a series of more reductions.
Expectations have sunk sharply in recent days that the Fed will cut its main interest rate at its next meeting in December. Traders now see less than a coin flip’s chance of it, 47.6%, down from nearly 70% a week ago, according to data from CME Group.
Recent comments from Fed officials have helped drive the doubt.
Susan Collins, president of the Federal Reserve Bank of Boston, said late Wednesday that it’s likely appropriate to leave interest rates steady “for some time.” That was a turnaround from her speech last month, when she supported another cut.
The Fed’s job became more difficult recently because of the U.S. government’s six-week shutdown, which delayed many important updates on the job market and other signals about the economy’s strength.
The stock market mostly rose through the shutdown, as it has often done historically, but Wall Street is bracing for potential swings as the government gets back to releasing those updates. The fear is that the data could persuade the Federal Reserve to halt its cuts to interest rates, which can boost the economy but also worsen inflation. Wall Street has
The “looming data deluge may spur additional volatility in the coming weeks,” according to Doug Beath, global equity strategist at Wells Fargo Investment Institute.
On Wall Street, The Walt Disney Co. helped lead the market lower after falling 7.8%. The entertainment giant reported profit for the latest quarter that topped analysts’ expectations, but its revenue fell short.
That helped offset a jump of 4.9% for Cisco Systems after the tech giant delivered profit and revenue that were bigger than analysts estimated.
In the bond market, Treasury yields rose, which put downward pressure on prices for stocks and other investments.
The yield on the 10-year Treasury rose to 4.10% from 4.08% late Wednesday.
In stock markets abroad, indexes sagged in Europe following modest gains in Asia.
Tokyo’s Nikkei 225 index rose 0.4%, even as Japanese tech giant SoftBank Group lost another 3.4%. It’s been struggling since it said earlier this week that it had sold all of its $5.8 billion stake in Nvidia.
AP Writers Teresa Cerojano and Matt Ott contributed.