美股齐跌 当地时间7月31日，美国股市高开低走，三大股指集体收跌。尽管微软与Meta财报亮眼提振个股表现， 但整体市场情绪受压。 截至收盘，道指下跌330.30点，跌幅0.74%，报44130.98点；标普500指数下跌23.51点，跌幅0.37%，报 6339.39点，连续第三个交易日收低；纳指小幅下挫7.23点，跌幅0.03%，收于21122.45点。以科技股为 主的纳斯达克100指数下跌127.29点，跌幅0.55%，报23218.12点。 纵观7月，标普500指数上涨2.17%，纳指上涨3.70%，道指微涨0.08%。标普500指数和道指录得连续第 三个月上涨，纳指月线四连阳。 盘面上，标普11个板块多数收跌，保健板块跌幅居前，达2.9%；房地产板块跌1.7%，原材料、金融、 能源、可选消费和科技板块均跌超1%。 热门中概股方面，趣店涨约9%，蔚来涨8%，拼多多ADR小幅上涨，纳斯达克金龙中国指数收涨0.5%， 7月累计上涨约1.1%。 大型科技股走势分化。特斯拉收跌3.38%，谷歌A跌2.36%，英伟达跌0.78%，苹果跌0.71%，亚马逊则 收涨1.70%。 微软涨3.9%，收盘市值未能企稳4万亿 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 编辑 | 七三 美股齐跌 当地时间7月31日，美国股市高开低走，三大股指集体收跌。尽管微软与Meta财报亮眼提振个股表现， 但整体市场情绪受压。 截至收盘，道指下跌330.30点，跌幅0.74%，报44130.98点；标普500指数下跌23.51点，跌幅0.37%，报 6339.39点，连续第三个交易日收低；纳指小幅下挫7.23点，跌幅0.03%，收于21122.45点。以科技股为 主的纳斯达克100指数下跌127.29点，跌幅0.55%，报23218.12点。 纵观7月，标普500指数上涨2.17%，纳指上涨3.70%，道指微涨0.08%。标普500指数和道指录得连续第 三个月上涨，纳指月线四连阳。 盘面上，标普11个板块多数收跌，保健板块跌幅居前，达2.9%；房地产板块跌1.7%，原材料、金融、 能源、可选消费和科技板块均跌超1%。 盘后，苹果发布2025财年第三财季财报，整体表现优于市场预期。截至发稿前，苹果盘后股价上涨 3.2%。亚马逊也于盘后公布第二季度财报，总营收为1677亿美元，同比增长13%，显著高于预期的 1620.9 ...

Core Viewpoint - The U.S. stock market experienced a decline despite strong earnings reports from major tech companies like Microsoft and Meta, indicating a mixed market sentiment [1][2]. Market Performance - On July 31, the Dow Jones Industrial Average fell by 330.30 points (0.74%) to 44,130.98, the S&P 500 dropped by 23.51 points (0.37%) to 6,339.39, marking its third consecutive day of decline, while the Nasdaq Composite decreased by 7.23 points (0.03%) to 21,122.45 [1]. - In July, the S&P 500 rose by 2.17%, the Nasdaq increased by 3.70%, and the Dow saw a slight increase of 0.08%, with the S&P 500 and Dow recording their third consecutive month of gains [2]. Sector Performance - Most sectors in the S&P 500 closed lower, with the healthcare sector leading the decline at 2.9%, followed by real estate at 1.7%, and other sectors such as materials, financials, energy, consumer discretionary, and technology all falling over 1% [3]. Notable Stock Movements - Among popular Chinese stocks, Qudian rose approximately 9%, NIO increased by 8%, and Pinduoduo's ADR saw a slight uptick, with the Nasdaq Golden Dragon China Index rising by 0.5% and accumulating a 1.1% increase in July [4]. - Major tech stocks showed mixed results, with Tesla down 3.38%, Google A down 2.36%, Nvidia down 0.78%, Apple down 0.71%, while Amazon rose by 1.70% [5]. Earnings Reports - Microsoft shares increased by 3.9% after reporting Q4 revenue of $76.44 billion, exceeding market expectations of $73.89 billion, with intelligent cloud revenue at $29.88 billion, also above expectations. Azure's business grew by 39% year-over-year, leading Microsoft to join the "four trillion dollar club" [6][7]. - Meta's stock surged by 11.2% as the company projected Q3 revenue between $47.5 billion and $50.5 billion, significantly above analyst estimates of $46.2 billion, indicating a recovery in generative AI advertising [8]. - Apple reported Q3 revenue of $94.04 billion, a 10% year-over-year increase, surpassing expectations of $89.53 billion, with iPhone revenue at $44.58 billion and Mac revenue at $8.05 billion, both exceeding forecasts [8]. - Amazon's Q2 revenue reached $167.7 billion, a 13% year-over-year increase, significantly above the expected $162.09 billion, with an EPS of $1.68, far exceeding the anticipated $1.33. However, its Q3 operating profit forecast was slightly below analyst expectations [8]. Economic Indicators - The U.S. core Personal Consumption Expenditures (PCE) price index rose by 2.8% year-over-year in June, above the expected 2.7%, while overall PCE increased to 2.6%, marking the second consecutive month of growth [9]. - Labor costs increased by 0.9% month-over-month, and initial jobless claims were reported at 218,000, slightly below expectations [9]. - Market focus is shifting towards the upcoming July non-farm payroll report and tariff negotiations, with comments from President Trump indicating no extension for "lagging" trade partners [10].

Group 1: Market Overview - The U.S. stock market opened high but closed lower on July 31, with all three major indices declining. The Dow Jones Industrial Average fell by 330.30 points (0.74%) to 44,130.98, the S&P 500 dropped by 23.51 points (0.37%) to 6,339.39, and the Nasdaq Composite decreased by 7.23 points (0.03%) to 21,122.45 [1] - In July, the S&P 500 rose by 2.17%, the Nasdaq increased by 3.70%, and the Dow recorded a slight gain of 0.08%. The S&P 500 and Dow have seen three consecutive months of gains, while the Nasdaq has achieved four consecutive monthly increases [1] Group 2: Company Performance - Microsoft reported fourth-quarter revenue of $76.44 billion, exceeding market expectations of $73.89 billion, with cloud revenue reaching $29.88 billion, also above expectations. Azure's growth was 39% year-over-year, leading Microsoft to join the "four trillion dollar club" [2] - Meta's stock surged by 11.2% after the company projected third-quarter revenue between $47.5 billion and $50.5 billion, significantly higher than analyst estimates of $46.2 billion, indicating a recovery in generative AI advertising [2] - Apple reported third-quarter revenue of $94.04 billion, a 10% year-over-year increase, surpassing market expectations of $89.53 billion. iPhone revenue was $44.58 billion, and Mac revenue was $8.05 billion, both exceeding forecasts [2] - Amazon's second-quarter revenue was $167.7 billion, a 13% year-over-year increase, significantly above the expected $162.09 billion. However, its stock fell approximately 6.8% in after-hours trading [3] Group 3: Economic Indicators - The U.S. core Personal Consumption Expenditures (PCE) price index rose by 2.8% year-over-year in June, above the expected 2.7%. The overall PCE increased to 2.6%, marking the second consecutive month of growth [3] - Labor costs increased by 0.9% month-over-month, and initial jobless claims were reported at 218,000, slightly below expectations [3]

分析指出，微软的表现极为出色，实现了强劲的双位数增长，其营收较此前的庞大基数增长了18%，这 一增长主要得益于Azure业务营收的39%大幅增长。运营杠杆效应使得利润率有所提升，这也是每股收 益较一年前增长超过20%的原因。尽管过去一个季度的资本支出达到170亿美元，但自由现金流依然颇 具吸引力。 周四，微软(MSFT.US)开盘涨超6%，续创历史新高，市值突破4万亿美元，成为继英伟达后第二家站上 4万亿美元市值的公司。消息面上，微软2025财年第四季度业绩超市场预期，营收达764.4亿美元(预期 738.3亿美元)，同比增长18%，创近三年最快增速;每股收益3.65美元(预期3.38美元)。净利润从上年同期 的220.4亿美元增至272.3亿美元。 展望未来，微软预计第一财季的营收将在747亿美元至758亿美元之间，中间值752.5亿美元超过了740.9 亿美元的预期值。该公司预计第一财季的预期营业利润率高达46.6%，高于StreetAccount调查的分析师 们所预测的45.7%的水平。 ...