尾盘：三大股指本周及本月均将录得跌幅

Core Viewpoint - US stock indices continued to decline, with Nvidia's stock dropping for the second consecutive trading day after its earnings report, contributing to a broader downturn in tech stocks and raising concerns about persistent inflation as indicated by the latest producer price index data. UBS downgraded the US stock market rating [1][8]. Market Performance - The Dow Jones fell by 677.87 points, a decrease of 1.37%, closing at 48,821.33 points; the Nasdaq dropped by 281.33 points, down 1.23%, at 22,597.05 points; the S&P 500 index decreased by 56.23 points, a decline of 0.81%, ending at 6,852.63 points [3][10]. - The S&P 500 index fell below its 50-day moving average and the Fibonacci retracement level of 6,850.62 points, indicating potential further pressure on the market if it closes below these levels [3][10]. UBS Downgrade - UBS downgraded the rating of US stocks in a fully invested global equity portfolio to "benchmark," citing concerns over a weakening dollar, high valuations, and increasing risks from Washington's policy instability. The firm expects the euro to rise to 1.22 USD by the end of Q1 [11][12]. - Historically, a 10% decline in the dollar trade-weighted index has led to a 4% underperformance of the US stock market on a non-hedged basis [11]. Inflation Data - The US Producer Price Index (PPI) for January rose faster than expected, with the core PPI (excluding food and energy) increasing by 0.8% month-over-month, surpassing the 0.3% forecast. The overall PPI rose by 0.5%, also exceeding expectations [4][12][13]. - Year-over-year, the core wholesale prices increased by 3.6%, while the overall index rose by 2.9%, both significantly above the Federal Reserve's 2% inflation target, indicating ongoing inflationary pressures in the US economy [13]. Tech Sector Performance - Nvidia's stock fell over 5% following its earnings report, surprising many investors who remained bullish due to strong Q4 performance and an upcoming product cycle. The decline was attributed to concerns over Nvidia's deal with OpenAI and the sustainability of high AI capital expenditures [5][15][16]. - Other notable tech stocks also faced losses, with Salesforce down over 3%, Microsoft down about 1%, and cybersecurity firm Zscaler dropping 9% after disappointing earnings. Concerns about AI's impact on the labor market and the economy contributed to a broader sell-off in the financial sector [16][17]. Monthly Performance - February is expected to end with a 2.5% decline for the Nasdaq, marking its worst monthly performance since March of the previous year. The iShares expanded technology and software sector ETF fell 9% this month, bringing its year-to-date decline to 21% [6][17].