2025.09. 17 截至收盘，道琼斯工业平均指数下跌125.55点，收于45757.90点，跌幅0.27%；标普500指数下跌 8.52点，收于6606.76点，跌幅0.13%；纳斯达克综合指数下跌14.79点，收于22333.96点，跌幅 0.07%。 大型科技股表现分化，特斯拉上涨2.82%，Meta和亚马逊涨幅超过1%，苹果上涨0.61%；谷歌A微 跌0.18%，微软下跌1.23%，英伟达回落1.61%。 中概股表现亮眼，纳斯达克中国金龙指数上涨1.76%，创下自2022年2月以来新高。蔚来大涨逾 8%，百度涨超7%，京东和爱奇艺涨超3%，阿里巴巴上涨逾2%。 市场普遍预期，美联储将在当地时间17日结束的、为期两天的会议上宣布降息25个基点，以应对近 期就业市场走弱。 本文字数：957，阅读时长大约1.5分钟 作者 | 第一财经 胡弋杰 当地时间9月16日，美股三大指数在震荡交投中小幅收低，投资者在美联储议息会议前保持谨慎。 周二公布的数据显示，美国8月零售销售环比增长0.6%，高于市场预期；核心零售销售环比增长 0.7%，亦强于前值的0.5%。不过，分析人士认为，这一数据不足以改变市场对美联储即将 ...

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Market Performance - The three major U.S. stock indices closed slightly lower amid cautious trading ahead of the Federal Reserve's meeting [1] - The Dow Jones Industrial Average fell by 125.55 points to close at 45,757.90, a decrease of 0.27% [1] - The S&P 500 index dropped by 8.52 points to 6,606.76, down 0.13% [1] - The Nasdaq Composite Index decreased by 14.79 points to 22,333.96, a decline of 0.07% [1] Sector Performance - Large tech stocks showed mixed performance, with Tesla rising by 2.82%, Meta and Amazon increasing by over 1%, and Apple up by 0.61% [1] - Conversely, Google A fell by 0.18%, Microsoft dropped by 1.23%, and Nvidia declined by 1.61% [1] - Among the S&P 500's 11 sectors, six closed lower, with the utilities sector leading the decline at 1.81% [2] Chinese Stocks - The Nasdaq China Golden Dragon Index rose by 1.76%, reaching its highest level since February 2022 [1] - Notable gains included NIO surging over 8%, Baidu rising over 7%, and JD.com and iQIYI increasing by over 3% [1] - Alibaba also saw an increase of over 2% [1] Economic Indicators - U.S. retail sales for August increased by 0.6%, surpassing market expectations, while core retail sales rose by 0.7%, exceeding the previous value of 0.5% [2] - Analysts believe this data is insufficient to alter market expectations regarding an imminent rate cut by the Federal Reserve [2] Bond Market - The Cboe VIX index, which measures market volatility, rose to 16.04, the highest in over a week [3] - The two-year U.S. Treasury yield fell by 2.5 basis points to 3.51%, while the ten-year yield decreased by 0.6 basis points to 4.028% [3] - The spread between the two-year and ten-year Treasury yields is 51.6 basis points [3] Commodity Market - International oil prices increased, with WTI crude futures rising by 1.93% to $64.52 per barrel, and Brent crude futures up by 1.53% to $68.47 per barrel [3] - COMEX gold futures saw a slight increase of 0.16%, closing at $3,725.10 per ounce [3]

Group 1 - The three major U.S. stock indices experienced slight declines as investors remained cautious ahead of the Federal Reserve's decision [2] - The Nasdaq China Golden Dragon Index reached its highest level since February 2022, indicating strong performance in Chinese stocks [2] - U.S. retail sales for August increased by 0.6%, surpassing market expectations, while core retail sales rose by 0.7%, also above the previous value of 0.5% [3] Group 2 - The Cboe VIX index, which measures market volatility, rose to 16.04, marking the highest level in over a week [4] - The two-year U.S. Treasury yield decreased by 2.5 basis points to 3.51%, while the ten-year yield fell by 0.6 basis points to 4.028% [4] - International oil prices increased, with WTI crude futures rising by 1.93% to $64.52 per barrel and Brent crude futures up by 1.53% to $68.47 per barrel [4]

Core Viewpoint - The appointment of Stephen Moore to the Federal Reserve Board is significant as it occurs just before a crucial monetary policy meeting, reflecting the ongoing tension between the White House and the Federal Reserve [1][4]. Group 1: Appointment and Implications - Stephen Moore's nomination was approved by the Senate with a vote of 48 to 47, filling the vacancy left by Adriana Kugler, who resigned unexpectedly [1][3]. - Moore will retain his position as the Chairman of the White House Council of Economic Advisers in a "no-pay leave" status, marking the first time a Federal Reserve Board member holds a simultaneous White House position [3]. - The approval of Moore's nomination is seen as a step towards President Trump's push for lower interest rates from the Federal Reserve [3]. Group 2: Challenges and Concerns - Democratic senators raised concerns about Moore's ability to maintain independence, citing his previous criticisms of the "revolving door" phenomenon between the government and the Federal Reserve [3]. - Republican senators supported Moore, emphasizing his academic background and policy experience, and the need to fill the board to address current economic challenges [3]. - The Federal Reserve Board consists of seven members with 14-year terms, designed to minimize short-term political interference, but recent tensions have raised concerns about the potential for political control over monetary policy [5]. Group 3: Legal and Historical Context - A federal appeals court dismissed the Trump administration's attempt to remove Federal Reserve Governor Lisa Cook, allowing her to continue her role despite previous accusations [4]. - The court's ruling is significant as it underscores the independence of the Federal Reserve, a principle that has historically been upheld in the U.S. [4]. - The ongoing developments reflect an escalation in the relationship between the White House and the Federal Reserve, particularly in light of President Trump's recent calls for immediate and substantial interest rate cuts [4][5].

Market Overview - The U.S. stock market closed lower amid cautious trading as investors awaited the Federal Reserve's interest rate decision, with expectations of a 25 basis point cut due to signs of a weakening job market [1][2] - The S&P 500 and Nasdaq reached all-time highs on Monday, but September is typically seen as a weak month for U.S. stocks, yet all three major indices have recorded gains so far this month [3] Economic Indicators - August retail sales in the U.S. exceeded expectations, indicating resilient consumer demand, but analysts believe this will not alter the Fed's rate cut expectations [1] - The average rate for a 30-year fixed mortgage dropped significantly by 12 basis points to 6.13%, the lowest level since the end of 2022, amid widespread bets on an impending rate cut [3] Sector Performance - All three major indices closed down, with the Dow Jones Industrial Average falling by 125.55 points (0.27%), the S&P 500 down by 8.52 points (0.13%), and the Nasdaq down by 14.79 points (0.07%) [2] - Among the S&P 500's 11 sectors, six sectors declined, with utilities and real estate sectors experiencing the largest drops of 1.81% and 0.66%, respectively [2] Notable Stocks - UnitedHealth (UNH.US) fell by 2.3%, becoming the largest drag on the Dow [2] - Nvidia (NVDA.US) shares dropped by 1.6% due to reports of weak demand for its latest AI chips in the Chinese market [2] - Webtoon Entertainment (WBTN.US) surged by 39% after announcing a partnership with Disney (DIS.US) to launch a new digital comic platform featuring popular IPs [2] - Oracle (ORCL.US) shares rose by 1.5% following news of a U.S.-China agreement regarding TikTok's operations in the U.S. [2] Market Sentiment - Market fear levels increased, with the CBOE Volatility Index (VIX) rising to its highest level in over a week at 16.04 [2] - Analysts suggest that resilient economic data may reinforce hawkish views within the Federal Open Market Committee (FOMC) and could lead to a more hawkish tone from Fed Chair Powell during the upcoming press conference [1]

Group 1: Federal Reserve and Interest Rate Expectations - The Federal Reserve is expected to lower interest rates by 25 basis points, bringing the policy rate to a range of 4% to 4.25% [1] - Wall Street predicts a total of 5 to 6 rate cuts in this cycle, with some speculating a 50 basis point cut in September [1][2] - Recent employment data shows a significant slowdown, with only 22,000 jobs added in August, leading to a 4.3% unemployment rate, the highest in nearly four years [2][3] Group 2: AI Sector Impact on Global Markets - The AI sector is driving a bullish trend in global stock markets, with Oracle's earnings report igniting market enthusiasm [1][4] - Oracle's remaining performance obligations (RPO) surged by 359% year-on-year, indicating strong future revenue potential [5] - The demand for technology exposure among professional investors has increased significantly, particularly in AI-related sectors [5][6] Group 3: Chinese Market Dynamics - Over 90% of U.S. investment institutions expressed willingness to increase allocations to the Chinese market, marking a peak interest level since early 2021 [7] - Structural growth points in China, such as AI and biotechnology, are attracting foreign investment despite macroeconomic concerns [7] - Chinese cloud service providers are expected to see capital expenditure growth significantly outpace the global average, with Tencent's capital spending projected to increase by 119% year-on-year by Q2 2025 [7]

Group 1 - The forum held by Ant Group and Caixin Media focused on the relationship between capital markets and technological innovation, with an emphasis on the current economic situation in China [1] - Professor Sheng Songcheng highlighted that in the current economic climate, adjusting the reserve requirement ratio (RRR) is preferred over interest rate cuts [2][3] - Since 2016, the RRR has been adjusted downwards 23 times, decreasing from 17.5% to 9.0% for major deposit-taking financial institutions, while policy interest rates have only been adjusted 14 times [2] Group 2 - The average weighted reserve requirement ratio for Chinese financial institutions is approximately 6.2%, indicating significant room for further RRR cuts compared to major economies [3] - A 0.5 percentage point reduction in the RRR could release around 1 trillion yuan into the economy, enhancing liquidity [3] - Lowering the RRR can facilitate better coordination between fiscal and monetary policies, as commercial banks hold a significant portion of government bonds [4] Group 3 - Interest rate cuts in China have limited effectiveness in stimulating consumption and investment due to low interest elasticity [5] - The decline in interest rates has led to a reduction in household deposits, with a decrease of 1.11 trillion yuan in July, indicating a relationship between lower interest rates and reduced savings [5][6] - Structural monetary policy tools have been increasingly important, with innovations aimed at supporting weak economic sectors and promoting high-quality economic development [6]

【导读】美股震荡， 中概股大涨 中国基金报记者 泰勒 大家好，今晚继续关注海外市场的表现！ 9月16日晚间，美股三大指数震荡下跌，道指微跌160点，纳指接近平盘，标普500指数微跌。交易员在等待美联储决议之际按 兵不动，暂不进行大的押注。 | 45719.82 | 1/-10 | 22342.08 444 ------ | 6606.38 | 440 | | --- | --- | --- | --- | --- | | 道琼斯指数 -0.36% | | 纳斯达克综合指数 -0.03% | 标普500指数 -0.13% | | 一份稳健的零售销售数据对市场推动有限，美股在历史高位附近摇摆。 美国商务部公布的数据显示，8月份未经通胀调整的 零售购买 额环比增长0.6%。这一增幅超过了经济学家的所有预期。 不包括 汽车 ，销售额增长了0.7%。 | 美元指数 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 汇 DINIW | | | | | | | | 96.7549 -0.6021 -0.6184% | | | | | | | | 09-1 ...

Group 1 - The US dollar index fell by 0.56% to 96.81 points, with the euro rising to 1.1836, the highest level since September 2021 [1] - Spot gold surged above $3700 per ounce, marking a historical high with an increase of $1076 per ounce for the year [1] - The US stock market opened slightly higher, with the Nasdaq up 0.22%, S&P 500 up 0.13%, and Dow Jones up 0.08% [1] Group 2 - WEBTOON stock rose by 32% following Disney's acquisition of a 2% stake in the company [1] - Wolf Speed, a global silicon carbide manufacturer, saw its stock increase by over 6%, doubling its market value in the past three trading days [1] - Oracle's stock rose by over 3%, while the New York Times fell by approximately 2% due to a $15 billion lawsuit filed by former President Trump [1] Group 3 - Stephen Milan is expected to participate in the Federal Reserve meeting starting on September 16, having previously served as a senior economic policy advisor during Trump's first term [2] - Analysts believe that at least three Federal Reserve governors, including Milan, may support a rate cut in the upcoming meeting [2] Group 4 - The market anticipates a 95.8% probability of a 25 basis point rate cut by the Federal Reserve in the September 17 meeting, with a 4.2% chance of a 50 basis point cut [3] - Trump expressed expectations for a "significant rate cut" during the upcoming Federal Reserve meeting, which would be the first cut since December of the previous year [3]