Dow Jones Industrial Average Falls 400+ Points, S&P 500 and Nasdaq Sink Almost 1% on CPI Data
Dow Jones Industrial Average Falls 400+ Points, S&P 500 and Nasdaq Sink Almost 1% on CPI Data
The broad indexes fell after the U.S. Labor Department reported before the bell that the March Consumer Price Index – which measures retail inflation – rose 3.5% year over year. That’s hotter than the 3.4% that economists Dow Jones surveyed had expected. By Jerry Kronenberg | Moomoo News
作者：傑裏·克羅嫩伯格 | Moomoo 新聞
The $Dow Jones Industrial Average (.DJI.US)$ fell more than 400 points Wednesday, while the $S&P 500 Index (.SPX.US)$ and $Nasdaq Composite Index (.IXIC.US)$ sank nearly 1% after a stronger-than-expected March inflation report dampened hopes for Federal Reserve interest-rate cuts.
這個 $道瓊斯指數 (.DJI.US)$ 週三下跌超過400點，而 $標普500指數 (.SPX.US)$ 和 $納斯達克綜合指數 (.IXIC.US)$ 在3月份強於預期的通脹報告抑制了聯儲局降息的希望之後，下跌了近1％。
The Dow shed 422.16 points (1.1%) to a 38,461.51 close, while S&P 500 gave up 49.27 ticks (1%) to 5,160.61 and the $Nasdaq Composite Index (.IXIC.US)$ dropped 136.28 points (0.9%) to 16,170.36.
道瓊斯指數下跌422.16點（1.1％），收於38,461.51點，而標準普爾500指數下跌49.27點（1％），至5,160.61點，$納斯達克綜合指數 (.IXIC.US)$ 下跌136.28點（0.9％），至16,170.36點。
The broad indexes fell after the U.S. Labor Department reported before the bell that the March Consumer Price Index – which measures retail inflation – rose 3.5% year over year. That’s hotter than the 3.4% that economists Dow Jones surveyed had expected.
美國勞工部在盤前報告稱，衡量零售通脹的3月消費者物價指數同比上漲3.5％，此後，整體指數下跌。這比道瓊斯調查的經濟學家預期的3.4％還要高。
Core CPI, which excluded volatile food and energy prices, likewise gained 3.8% year on year – exceeding the 3.7% consensus that analysts had forecast.
不包括波動的食品和能源價格的核心消費者價格指數同樣同比上漲3.8％，超過了分析師預測的3.7％的共識。
The hotter readings cut back market hopes for reductions in the Fed’s benchmark Federal Funds rate.
較高的數據削弱了市場降低聯儲局基準聯邦基金利率的希望。
Many market watchers had been hoping the Fed would cut rates early and often in 2024, but the CME FedWatch tool showed only a 16.4% probability as of Wednesday that the central bank will cut the Fed Funds rate at its June meeting.
許多市場觀察家一直希望聯儲局在2024年儘早降息，而且經常在2024年降息，但CME FedWatch工具顯示，截至週三，央行在6月會議上下調聯邦基金利率的可能性僅爲16.4％。
Meanwhile, Goldman Sachs analysts scaled back their projections of three quarter-point rate cuts this year to just two, while Barclay's now only expects one.
同時，高盛分析師將今年三次降息四分之一點的預測縮減至僅兩次，而巴克萊現在只預期一次降息。
Falling interest rates historically help stocks by making bond and money-market yields less attractive to investors.
從歷史上看，利率下降會降低債券和貨幣市場收益率對投資者的吸引力，從而幫助股票。
However, the higher inflation reading -- along with hawkish minutes released Wednesday from the FOMC's March meeting -- sent the $U.S. 10-Year Treasury Notes Yield (US10Y.BD)$ rising 18.2 basis points to 4.548%.
但是，較高的通脹數據，以及聯邦公開市場委員會週三公佈的鷹派會議紀要，使通貨膨脹率上升 $美國10年期國債收益率 (US10Y.BD)$ 上漲18.2個點子至4.548％。
Conversely, the prospect of “higher for longer” interest rates sent many stocks lower – particularly in the real-estate sector, which historically favors lower mortgage rates.
相反，“長期更高” 利率的前景使許多股票走低，尤其是房地產行業，該行業歷來傾向於降低抵押貸款利率。
For example, mortgage firm $Rocket (RKT.US)$ shed 12.8% to $12.30, while home-selling platform $Opendoor Technologies (OPEN.US)$ sank 10.6% to $2.45.
例如，抵押貸款公司 $Rocket (RKT.US)$ 下跌12.8％，至12.30美元，而房屋銷售平台 $Opendoor Technologies (OPEN.US)$ 下跌10.6％，至2.45美元。
