過(guò)去幾周,,科技行業(yè)的投資者遭受了雙重打擊。但9月14日,,情況似乎正在好轉(zhuǎn),。
9月2日,以科技股為主的納斯達(dá)克指數(shù)創(chuàng)下新高,,但出于對(duì)過(guò)度期權(quán)交易和估值過(guò)高的擔(dān)憂,,該指數(shù)很快出現(xiàn)了史上最快的回調(diào),過(guò)去一周下跌近4%,。但在9月14日下午晚些時(shí)候的交易時(shí)段,,納斯達(dá)克指數(shù)上漲約2%,這表明投資者正在走出上一周納斯達(dá)克指數(shù)崩盤(pán)的陰霾,。
上周,,特斯拉(Tesla)和蘋(píng)果(Apple)等大公司拖累了整個(gè)科技行業(yè),但截至9月14日收盤(pán)時(shí),,這兩只股票分別上漲了3%和12%,。
摩根士丹利財(cái)富管理公司(Morgan Stanley Wealth Management)的首席投資官麗莎?莎萊特在9月14日發(fā)布的一篇報(bào)告中寫(xiě)道:“上周科技股暴跌7%屬于技術(shù)性回調(diào),不足以中斷長(zhǎng)期持續(xù)增長(zhǎng)股主導(dǎo)市場(chǎng)的趨勢(shì),?!?/p>
與此同時(shí),高盛(Goldman Sachs)和德意志銀行(Deutsche Bank)的分析師在9月11日的報(bào)告中寫(xiě)道,,9月初的市場(chǎng)下行不會(huì)持續(xù)很長(zhǎng)時(shí)間,,他們預(yù)測(cè)未來(lái)幾個(gè)月,科技股會(huì)繼續(xù)上漲。
富國(guó)銀行投資研究所(Wells Fargo Investment Institute)的薩米爾?薩馬納從技術(shù)的角度指出,,標(biāo)普500和納斯達(dá)克“都能夠維持在6月的水平以上,。從更高的高點(diǎn)和更高的低點(diǎn)的角度……這兩個(gè)股指可以維持在高于6月和7月的水平,是一個(gè)非常鼓舞人心的結(jié)果,?!彼嬖V《財(cái)富》雜志:“目前,市場(chǎng)向投資者透露了很多信息:‘大盤(pán)趨勢(shì)沒(méi)有問(wèn)題,,我們只是經(jīng)歷了一輪上漲和一輪回落,。’”事實(shí)上,,薩馬納指出,,科技股目前實(shí)際上依舊維持在8月中旬的水平。
對(duì)樂(lè)觀的投資者而言,,9月14日的上漲明確表明市場(chǎng)只是陷入瘋狂,,但沒(méi)有出現(xiàn)問(wèn)題。
Commonwealth Financial Network公司的投資組合管理負(fù)責(zé)人彼得?艾斯利告訴《財(cái)富》雜志:“關(guān)于科技股的反彈,,回顧上周的行情你會(huì)發(fā)現(xiàn),,當(dāng)時(shí)的情況更像是一次‘假動(dòng)作’。那只是市場(chǎng)在重新設(shè)置預(yù)期,,重新設(shè)定估值,,而不是源于基本面的變化。我認(rèn)為經(jīng)過(guò)小幅回調(diào)之后,,投資者能夠開(kāi)始意識(shí)到支撐經(jīng)濟(jì)和市場(chǎng)的堅(jiān)實(shí)基礎(chǔ)是多么可靠,。”他認(rèn)為,,9月14日的反彈很大程度上是因?yàn)檫^(guò)去6至12個(gè)月內(nèi)“大幅上漲”的科技股現(xiàn)在與幾周前的水平相比“價(jià)格較低”,,吸引了投資者重新進(jìn)入市場(chǎng)爭(zhēng)相認(rèn)購(gòu)。
薩馬納認(rèn)為,,上周發(fā)行的10年期和30年期國(guó)債“被市場(chǎng)吸收”平息了對(duì)更高利率的擔(dān)憂,,“隨后在周末的大量并購(gòu)交易顯示出首席執(zhí)行官們對(duì)經(jīng)濟(jì)的信心,另外波動(dòng)性指數(shù)和美元等指標(biāo)表明財(cái)政狀況正在好轉(zhuǎn),,”這些是9月14日股市上漲的主要宏觀原因,。他說(shuō):“這些因素幫助提振了投資者的情緒,使市場(chǎng)結(jié)束了過(guò)去一兩周的波動(dòng),,實(shí)現(xiàn)反彈,。”
正如《財(cái)富》雜志在上周的報(bào)道,,依舊有一些看漲的跡象,,可以預(yù)測(cè)出科技股未來(lái)的走向,。(財(cái)富中文網(wǎng))
翻譯:劉進(jìn)龍
審校:汪皓
過(guò)去幾周,科技行業(yè)的投資者遭受了雙重打擊,。但9月14日,,情況似乎正在好轉(zhuǎn)。
9月2日,,以科技股為主的納斯達(dá)克指數(shù)創(chuàng)下新高,,但出于對(duì)過(guò)度期權(quán)交易和估值過(guò)高的擔(dān)憂,該指數(shù)很快出現(xiàn)了史上最快的回調(diào),,過(guò)去一周下跌近4%,。但在9月14日下午晚些時(shí)候的交易時(shí)段,納斯達(dá)克指數(shù)上漲約2%,,這表明投資者正在走出上一周納斯達(dá)克指數(shù)崩盤(pán)的陰霾,。
上周,特斯拉(Tesla)和蘋(píng)果(Apple)等大公司拖累了整個(gè)科技行業(yè),,但截至9月14日收盤(pán)時(shí),,這兩只股票分別上漲了3%和12%。
摩根士丹利財(cái)富管理公司(Morgan Stanley Wealth Management)的首席投資官麗莎?莎萊特在9月14日發(fā)布的一篇報(bào)告中寫(xiě)道:“上周科技股暴跌7%屬于技術(shù)性回調(diào),,不足以中斷長(zhǎng)期持續(xù)增長(zhǎng)股主導(dǎo)市場(chǎng)的趨勢(shì),。”
與此同時(shí),,高盛(Goldman Sachs)和德意志銀行(Deutsche Bank)的分析師在9月11日的報(bào)告中寫(xiě)道,,9月初的市場(chǎng)下行不會(huì)持續(xù)很長(zhǎng)時(shí)間,,他們預(yù)測(cè)未來(lái)幾個(gè)月,,科技股會(huì)繼續(xù)上漲。
富國(guó)銀行投資研究所(Wells Fargo Investment Institute)的薩米爾?薩馬納從技術(shù)的角度指出,,標(biāo)普500和納斯達(dá)克“都能夠維持在6月的水平以上,。從更高的高點(diǎn)和更高的低點(diǎn)的角度……這兩個(gè)股指可以維持在高于6月和7月的水平,是一個(gè)非常鼓舞人心的結(jié)果,?!彼嬖V《財(cái)富》雜志:“目前,市場(chǎng)向投資者透露了很多信息:‘大盤(pán)趨勢(shì)沒(méi)有問(wèn)題,,我們只是經(jīng)歷了一輪上漲和一輪回落,。’”事實(shí)上,,薩馬納指出,,科技股目前實(shí)際上依舊維持在8月中旬的水平。
對(duì)樂(lè)觀的投資者而言,,9月14日的上漲明確表明市場(chǎng)只是陷入瘋狂,,但沒(méi)有出現(xiàn)問(wèn)題。
Commonwealth Financial Network公司的投資組合管理負(fù)責(zé)人彼得?艾斯利告訴《財(cái)富》雜志:“關(guān)于科技股的反彈,回顧上周的行情你會(huì)發(fā)現(xiàn),,當(dāng)時(shí)的情況更像是一次‘假動(dòng)作’,。那只是市場(chǎng)在重新設(shè)置預(yù)期,重新設(shè)定估值,,而不是源于基本面的變化,。我認(rèn)為經(jīng)過(guò)小幅回調(diào)之后,投資者能夠開(kāi)始意識(shí)到支撐經(jīng)濟(jì)和市場(chǎng)的堅(jiān)實(shí)基礎(chǔ)是多么可靠,?!彼J(rèn)為,9月14日的反彈很大程度上是因?yàn)檫^(guò)去6至12個(gè)月內(nèi)“大幅上漲”的科技股現(xiàn)在與幾周前的水平相比“價(jià)格較低”,,吸引了投資者重新進(jìn)入市場(chǎng)爭(zhēng)相認(rèn)購(gòu),。
薩馬納認(rèn)為,上周發(fā)行的10年期和30年期國(guó)債“被市場(chǎng)吸收”平息了對(duì)更高利率的擔(dān)憂,,“隨后在周末的大量并購(gòu)交易顯示出首席執(zhí)行官們對(duì)經(jīng)濟(jì)的信心,,另外波動(dòng)性指數(shù)和美元等指標(biāo)表明財(cái)政狀況正在好轉(zhuǎn),”這些是9月14日股市上漲的主要宏觀原因,。他說(shuō):“這些因素幫助提振了投資者的情緒,,使市場(chǎng)結(jié)束了過(guò)去一兩周的波動(dòng),實(shí)現(xiàn)反彈,?!?/p>
正如《財(cái)富》雜志在上周的報(bào)道,依舊有一些看漲的跡象,,可以預(yù)測(cè)出科技股未來(lái)的走向,。(財(cái)富中文網(wǎng))
翻譯:劉進(jìn)龍
審校:汪皓
Tech investors have been whipsawed the past few weeks. But things appeared to be looking up on September 14.
The tech-heavy Nasdaq hit a new high on Sept. 2, then quickly posted a record speed correction, dropping roughly 4% over the past week on worries of overly exuberant options trading and overheated valuations. But in late afternoon trading on September 14, the index rallied roughly 2% as investors move on from the past week's rout.
Big names like Tesla and Apple, which dragged the sector down last week, posted strong rallies, up 3% and 12% respectively as of September 14's close.
According to Lisa Shalett, Morgan Stanley Wealth Management's chief investment officer, "last week’s 7% technology sell-off was technical in nature and not sufficient to break market leadership trends that have favored long duration secular growth names," she wrote in a note on September 14.
Meanwhile, analysts at Goldman Sachs and Deutsche Bank wrote in notes on September 11 that the early September sell-off is likely short-lived, predicting stocks will likely continue their trek higher in coming months.
From a technical standpoint, Wells Fargo Investment Institute's Sameer Samana points out the S&P 500 and Nasdaq "both were able to hold above the levels we saw in June. From a higher highs, higher lows standpoint, ... the fact you were able to hold at higher levels than June or July is encouraging," he tells Fortune. "Right away, it tells a lot of investors, 'Nothing is wrong with the trend, we just got a blowoff and kind of a pullback'." In fact, Samana points out the sector is still essentially trading at levels hit in mid-August.
And to some bullish investors, the rally on September 14 may be the all-clear that markets were merely frenzied, not in trouble.
"As far as the rebound in tech, you need to look back to last week, which was basically more of a head fake more than anything," Peter Essele, the head of portfolio management at Commonwealth Financial Network, tells Fortune. "It was a resetting of expectations, a resetting of valuations, it was not fundamentally-driven, and I think after that slight downturn, that slight selloff, investors are starting to realize just how much of a solid footing the economy and markets are really on." He believes much of the rally on September 14 is from investors moving back in and snapping up tech names that have "seen pretty significant appreciation" over the past six to 12 months and are "basically on sale" from levels a few weeks ago.
And for Samana, the "absorption" of 10-year and 30-year Treasury issuances last week that quelled fears of higher interest rates "followed by a good bit of M&A over the weekend, which shows confidence on the part of CEOs, and some easing in financial conditions like the volatility indices [and] the dollar" are all bigger macro reasons why markets are climbing higher on September 14. "All are helping sentiment on the day and leading to a rebound from the volatility over the past week or two," he notes.
And as Fortune reported last week, there are still bullish signs indicating where tech stocks may go from here.