2025.07.31 本 美国国债收益率上升，10年期利率上升5.3个基点至4.38%，2年期利率上涨7.6个基点至3.95%。 根据伦 敦证交所的数据，在美联储发表声明后，市场对9月降息的预期攀升至约68%，但在鲍威尔发表评论 后，这一预期降至50%以下。 Meta、微软业绩好于预期 Meta周三盘后公布业绩，营收475.2亿美元，市场预期448.3亿美元。其中广告营收465亿美元，市场预 期440.7亿美元。Reality Labs部门亏损为45亿美元， 市场预期亏损48亿美元。每股收益EPS 7.14美元， 市场预期5.89美元。 文字数：1526，阅读时长大约3分钟 作者 | 第一财经 樊志菁 周三美股涨跌互现， 美国二季度GDP好于预期，投资者关注美联储决议和大型科技股财报。 截至收盘，道指下跌0.38%，至44461.28点，纳指上涨0.15%，收于21129.67点，而标普500指数下跌 0.12%，收于6362.90点。 美联储公布利率决议，维持联邦基金利率不变，符合市场预期。美联储主席鲍威尔表示，9月是否降息 尚未作出决定，美联储需要确保关税因素不会从一次性的价格上涨变成真正的持续通胀问题。 ...

Core Viewpoint - The article discusses the mixed performance of the US stock market, influenced by better-than-expected GDP growth and the Federal Reserve's interest rate decision, while highlighting the strong earnings reports from major tech companies like Meta and Microsoft [1][3]. Economic Overview - The US GDP for Q2 grew by 3%, surpassing the market expectation of 2.4%, rebounding from a 0.5% decline in Q1 [3]. - The growth was primarily driven by a reduction in imports, with domestic demand showing only a slight increase [3]. - The Federal Reserve decided to maintain the federal funds rate, with Chairman Powell indicating uncertainty regarding potential rate cuts in September [3][4]. Company Earnings - **Meta Platforms**: - Reported Q2 revenue of $47.52 billion, exceeding the market expectation of $44.83 billion [6]. - Advertising revenue was $46.5 billion, above the forecast of $44.07 billion [6]. - The Reality Labs division reported a loss of $4.5 billion, better than the anticipated loss of $4.8 billion [6]. - EPS was $7.14, significantly higher than the expected $5.89 [6]. - Q3 revenue is projected between $47.5 billion and $50.5 billion, with full-year spending expected to be between $66 billion and $72 billion [7][8]. - CEO Zuckerberg emphasized the stability of the advertising business to support AI market expansion [9]. - **Microsoft**: - Reported Q2 revenue of $76.44 billion, a year-over-year increase of 18%, surpassing the expected $73.89 billion [10]. - EPS was $3.65, up 24% from the previous year, exceeding the forecast of $3.37 [10]. - The commercial cloud business generated $46.7 billion, a 27% increase, while the intelligent cloud segment brought in $29.9 billion, growing 26% [10]. - Capital expenditures rose by 27% to $24.2 billion, crucial for meeting the rising demand for AI [10]. Market Reactions - Following the earnings reports, Meta's stock surged over 11% in after-hours trading, while Microsoft's stock rose more than 7% [9][10]. - The market's expectations for a rate cut in September fluctuated, initially rising to about 68% but dropping below 50% after Powell's comments [4]. Sector Performance - The tech sector showed mixed results, with notable movements in stocks like Nvidia (+2.1%), Google (+0.4%), and declines in Amazon (-0.35%), Tesla (-0.6%), and Apple (-1.0%) [12]. - The Nasdaq China Golden Dragon Index fell by 1.8%, with significant drops in stocks like Vipshop and Pinduoduo [13]. Commodity Prices - International oil prices increased, with WTI crude rising by 1.14% to $70 per barrel and Brent crude up by 1.01% to $73.24 per barrel [14]. - Gold prices fell below $3,300 per ounce, with futures dropping by 0.85% [15].