海外市场周观察：如何看待美股下跌？

Group 1 - The report highlights that the US stock market experienced a collective decline due to weak economic data and the escalation of Trump's tariff policies, with the S&P 500 index falling by 3.1%, marking the largest weekly drop since September of the previous year [2][9]. - Labor market data was below expectations, with the ADP employment number for February increasing by only 77,000, significantly lower than the expected 140,000, and the non-farm payrolls recording an increase of 151,000, slightly below the forecast of 160,000 [2][10]. - The ISM manufacturing PMI for February dropped to 50.3, close to the threshold indicating contraction, raising concerns about a potential recession [2][10]. Group 2 - The report notes that the Federal Reserve officials have adopted a hawkish stance, with Chairman Powell indicating that there is no rush to cut interest rates until the impacts of Trump's policies become clearer [11][12]. - The report mentions that the Fed's decision-making should avoid overreacting to short-term fluctuations in monthly economic data, with expectations of two rate cuts this year still considered reasonable [11][12]. - Concerns about structural risks accumulating despite a solid economic foundation were raised by various Fed officials, indicating potential threats to the dollar's status as a reserve currency [11][12]. Group 3 - The report tracks global asset performance, noting that the Hang Seng Index had the highest increase at 5.62%, while the Nasdaq Composite Index saw a decline of 3.45% [38][43]. - In the commodities market, COMEX silver recorded the largest gain at 3.56%, while NYMEX light crude oil experienced the most significant drop at 4.15% [56][57]. - The foreign exchange market saw the euro appreciating by 3.79% against the renminbi, while the US dollar depreciated by 0.63% [50][52].