“信贷蟑螂”突袭华尔街，纳指创一年来最大月度跌幅｜美股一线

Market Performance - The U.S. stock market faced significant declines, with the S&P 500 down 0.43% to 6878.88 points, the Nasdaq Composite down 0.92% to 22668.21 points, and the Dow Jones Industrial Average down 1.05% to 48977.92 points on February 27 [1] - In February, the Nasdaq fell 3.38%, marking the largest monthly decline since March 2025, while the S&P 500 dropped 0.87% [1] Economic Indicators - The Producer Price Index (PPI) for January increased by 2.9% year-over-year, exceeding the expected 2.6%, and rose 0.5% month-over-month, also above the anticipated 0.3% [2] - Core PPI, excluding volatile food and energy prices, rose 3.6% year-over-year and 0.8% month-over-month, both higher than market expectations [2] Employment Impact - The impact of AI on the job market is evident, with Jack Dorsey announcing that his company Block is cutting nearly half of its workforce due to structural changes driven by AI [2] Investment Strategy Adjustments - UBS downgraded U.S. stocks to "benchmark" in global equity portfolios, citing diminishing factors that previously supported U.S. stock outperformance [2] - Concerns about the dollar's risk are prominent, with predictions of the euro rising to 1.22 against the dollar by the end of Q1 [2] Valuation Concerns - U.S. stocks are trading at a 35% premium compared to international peers, with 60% of industries having valuations above both global benchmarks and their historical levels [3] Credit Market Issues - The collapse of Market Financial Solutions (MFS) has shaken confidence in the private credit market, with notable creditors including Apollo Global Management and Jefferies [3][4] - The KBW Bank Index fell 4.85%, marking its largest single-day drop since April of the previous year, with significant declines in stocks like Goldman Sachs and Jefferies [4] Systemic Risk Warnings - Concerns about potential contagion effects in the credit market are rising, with warnings from industry leaders about similarities to pre-2008 financial crisis conditions [5]