来源 | 富途资讯 美股这几日有些疲态了，尤其是5月21日出现了大幅抛售，标普500ETF-SPDR 、道琼斯指数、纳 斯达克综合指数当日收盘时跌幅分别为1.61%、1.91%、1.41%。 导火索主要是因为最新一轮的美债拍卖表现疲软，拍卖的收益率显著高于市场预期，说明投资者 对此兴趣低迷，加上最近穆迪下调了美国的信用评级，所以市场对美国债务的可持续性担忧加 剧，美债价格下跌、收益率攀升。而且市场还在担忧美国减税会推高美国财政赤字、加速美国债 务的爆表。 除此之外，接下来还有一系列的催化剂都值得关注，都可能会密切影响市场的走势。包括： 美国通胀数据是否会进一步放缓，是否会重燃市场对减息的预期？美国货币政策是否 会受到特朗普的政治干扰？ 关税谈判进入90天暂停期后，能否迎来协议的达成？地缘风险和流动性的变数，又会 带来什么化学反应？ 美股企业盈利是否会达到市场预期，科技巨头的财报能否撑住高估值？美股指数是否 迎来技术调整？ 宏观环境很复杂，谁也料不到股市下一步具体会如何，但接下来几个月，震荡回调估计是少不了 了。不过从长期来看，科技板块仍然会是市场持续关注的一大焦点。 说到科技板块，接下来就说说 今天的重点：英 ...

Market Overview - Moody's downgrade of the US sovereign credit rating from Aaa to Aa1 has raised concerns about US debt, leading to a rise in 30-year US Treasury yields to 5% [2] - The downgrade is attributed to the growing US budget deficit, which shows no signs of narrowing, and has triggered fears in the bond market [2][3] - US stock index futures fell following the downgrade, with the S&P 500 index futures dropping by 1.2% [3] Economic Policies - The Trump tax reform bill has advanced in the House of Representatives, with a key committee approving it, potentially leading to a vote later this week [4] - The bill is valued at several trillion dollars, but faces opposition from conservative Republicans who demand further cuts to Medicaid [4] - Goldman Sachs warns of a potential depreciation of the US dollar due to trade tensions and economic slowdown, predicting a 10% decline against the euro and 9% against the yen and pound by Q1 2025 [4] Investment Trends - Morgan Stanley suggests that investors should buy US stocks that have declined due to the credit rating downgrade, as the trade truce with China reduces recession risks [3] - Emerging market stocks are gaining attention from Wall Street investors, with predictions of a shift towards these markets for the next bull market, as they are expected to outperform US stocks in the coming years [5] Company Performance - Sohu reported Q1 total revenue of $136 million, with a net loss of $16 million, a reduction of over 20% year-on-year [6] - Niu Technologies achieved Q1 revenue of 682 million yuan, a year-on-year increase of 35.1%, with a significant rise in global vehicle sales [6] - Nvidia's CEO Huang Renxun announced new AI products at Computex, including the next-generation GB300 system set to launch in Q3 [7] - Apple is reportedly facing significant challenges in the AI sector, which could threaten its dominance in the smartphone market [8]