博时基金：美股科技股回调，降息预期略上升

Economic Indicators - The US ISM Manufacturing PMI for January 2026 significantly exceeded expectations, recording 52.6%, compared to the expected 48.5% and the previous value of 47.9%, indicating a strong recovery signal in manufacturing [1] - The US ISM Non-Manufacturing PMI for January 2026 remained in expansion, recording 53.8%, aligning with the expected 53.5% but lower than the previous value of 54.4%, indicating moderate growth [1] - The US JOLTS job openings for December 2025 fell to a five-year low of 6.542 million, down by 386,000 from the revised previous value of 6.928 million, and below the expected 7.25 million, suggesting a continued weakening in labor demand [1] - The US ADP private sector employment for January 2026 added only 22,000 jobs, significantly below the expected 45,000 and the revised previous value of 37,000, indicating a notable slowdown in hiring momentum in the private sector [1] Market Performance - The S&P Oil & Gas Index rose by 4.00% over the week from February 2 to 6, while the Nasdaq 100 Index fell by 1.87% and the S&P 500 Index decreased by 0.10%, with 8 out of 11 sectors in the S&P 500 showing gains [2][3] - The S&P 500 Consumer Staples sector led the gains with an increase of 6.04%, while the S&P 500 Consumer Discretionary sector lagged, declining by 4.57% [2][3] Investment Outlook - Following a decline in US stocks, the market showed resilience in economic activity, although employment data was weak, raising concerns about large capital expenditures from AI giants, leading to a pullback in tech stocks [4] - The market anticipates a slight increase in interest rate cut expectations, with the first potential cut possibly occurring in June [4] - As of the latest earnings season, 59% of S&P 500 companies have reported, with 76% exceeding expectations, slightly lower than the 82% from Q3 2025 [4]