道指重挫逾800点！美债收益率飙升

Core Viewpoint - The U.S. stock market experienced significant declines, with major indices falling sharply due to rising concerns over a new budget proposal that may exacerbate the already large fiscal deficit [1][5]. Group 1: Market Performance - The Dow Jones Industrial Average dropped by 816.80 points, a decline of 1.91%, closing at 41,860.44 points [1]. - The Nasdaq Composite fell by 270.07 points, down 1.41%, ending at 18,872.64 points [1]. - The S&P 500 index decreased by 95.85 points, a drop of 1.61%, closing at 5,844.61 points [1]. Group 2: U.S. Treasury Yield - U.S. long-term Treasury bonds faced heavy selling, leading to a surge in yields as traders worried about the potential worsening of the fiscal deficit due to the new budget proposal [2]. - Investors are betting that long-term U.S. Treasury yields will rise, with some heavily wagering that the 10-year Treasury yield will reach 5% in the coming weeks [2]. - The Chicago Mercantile Exchange reported significant bets on the rise of the 10-year Treasury yield, with new positions costing up to $11 million [2]. Group 3: Mortgage Rates and Applications - Rising Treasury yields have pushed U.S. mortgage rates to a three-month high, resulting in a decline in both home purchase and refinancing applications [3]. - The 30-year mortgage rate increased by 6 basis points to 6.92%, while adjustable-rate mortgages also reached their highest levels since February [3]. - Applications for home purchases and refinancing fell by approximately 5% [3]. Group 4: Budget Proposal Concerns - The market is closely monitoring the progress of a new tax-cut budget proposal pushed by Republican leaders, which faces internal party pressures regarding state and local tax deductions [4]. - President Trump is advocating for the tax-cut proposal to stabilize the economy and gain support for the midterm elections, but it has sparked significant divisions within the Republican Party and strong opposition from Democrats [4]. - The outcome of this budget proposal will significantly impact Trump's economic agenda [4]. Group 5: Economic Outlook - Former U.S. Treasury Secretary Steven Mnuchin expressed greater concern over the expanding budget deficit compared to the trade deficit, urging Washington to prioritize fiscal health [6]. - The U.S. national debt has surpassed $36.2 trillion, raising alarms among economists and credit agencies [6]. - Moody's recently downgraded the U.S. credit rating due to fears that economic growth may not keep pace with rising debt and interest payments [6].