华尔街前瞻：年末能否迎来“圣诞涨势”？投资者期待收官行情为2025年强劲表现锦上添花

Market Overview - Investors are facing market volatility that may keep the market tense until the end of the year, despite an overall positive outlook for major indices in 2025 [2] - The S&P 500 index has slightly declined this month, contrary to the historical trend of strong performance in December [2][7] - Two main themes have caused significant fluctuations in the U.S. stock market: scrutiny over massive investments in artificial intelligence and changing expectations regarding the Federal Reserve's interest rate cuts in 2026 [2][4] Economic Data and Federal Reserve - Recent economic data has reinforced market expectations for potential interest rate cuts by the Federal Reserve, with a mild inflation report providing some market support [2][8] - The unemployment rate in November rose to 4.6%, the highest in over four years, despite a rebound in job growth [8] - The consumer price index showed a lower-than-expected increase, but optimism about cooling inflation may be tempered by data collection delays due to a government shutdown [8][9] Artificial Intelligence Sector - Concerns regarding investments in the artificial intelligence sector have intensified, particularly regarding the timing of returns on substantial infrastructure investments [4][9] - The technology sector, which has a significant weight in major indices, is under pressure due to these concerns, impacting overall market performance [4][9] Sector Performance - Other sectors, including transportation, finance, and small-cap stocks, have shown gains in December, indicating a shift of funds away from the technology sector [10] - The S&P 500 index has increased by over 15% year-to-date and is on track for a third consecutive year of at least 10% growth [9][10]