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周四，美国股指期货上涨，三大股指期货合约上涨约 0.7%，在前一天因美联储对 2025 年的鹰派展望而大幅下跌近 3% 后有所收复。尤其是道琼斯指数，周三连续第 10 个交易日下跌，创下 1974 年以来最长的连跌纪录。美联储昨日一如预期将联邦基金利率下调 25 个基点，但暗示 2025 年仅降息 50 个基点，仅为 9 月份预测的降幅的一半。数据方面，第三季度 GDP 增长率从 2.8% 上调至 3.1%，初请失业金人数低于预期，为 22 万。企业方面，美光科技发布弱于预期的业绩指引后，其股价在盘前交易中下跌逾 11%。与此同时，大型股在盘前交易中涨跌互现，其中 Nvidia（2%）、亚马逊（1.2%）、Meta（1.6%）、特斯拉（2.7%）和 Alphabet（1.3%）强劲上涨，而苹果（-0.3%）和微软（-0.9%）则出现亏损。

US equities tumbled on Wednesday as the Federal Reserve reduced interest rates by 25 bps but signaled fewer cuts than previously projected for next year, sparking a market sell-off. The S&P 500 and Nasdaq 100 sank by 2.9% and 3.7%, respectively, while Dow Jones, shed 1123 points, booking its 10th consecutive day of losses, its longest losing streak since 1974. The Fed's widely anticipated rate cut to a target range of 4.25%-4.5% was overshadowed by its forecast of just two rate cuts in 2025, fewer than the four previously expected, which dampened investor sentiment. As the central bank lowered its forecast for the unemployment rate and raised expectations for core inflation and economic growth, Treasury yields surged, putting further pressure on stock prices. Semiconductors and healthcare sectors erased earlier gains, leaving all sectors in the red. Nvidia pared it earlier gains to fall 1.1%, while UnitedHealth rose 2.9%, recovering partially from a 20% loss following its CEO’s murder.

周三美联储宣布降息25个基点但暗示明年降息次数低于此前预期，引发市场抛售，美国股市应声下跌。标普500指数和纳斯达克100指数分别下跌2.9%和3.7%，道琼斯指数下跌1123点，连续10天下跌，创下1974年以来最长跌幅。美联储普遍预期将利率目标区间降至4.25%-4.5%，但其预计2025年仅降息两次，低于此前预期的四次，这削弱了投资者的信心。随着美联储下调失业率预期并上调核心通胀和经济增长预期，美国国债收益率飙升，给股价带来进一步压力。半导体和医疗保健板块回吐早前的涨幅，所有板块均出现亏损。 Nvidia 缩减早前的涨幅，下跌 1.1%，而 UnitedHealth 则上涨 2.9%，部分收复了首席执行官遇害后 20% 的损失。

US stocks fell sharply after the Federal Reserve cut rates by 25bps, as expected, but forecasted fewer interest rate cuts next year. The S&P 500 fell 1.3% and the Nasdaq 100 sank 1.7%, while the Dow swung from a 200-point gain to a 500-point loss, poised for its first 10-day loss since 1974. The Summary of Economic Projections showed that FOMC members expect two additional cuts for all of next year according to average estimates, compared to a full percentage point in the last projection from September. The central bank also expects inflation to remain higher despite the higher borrowing costs. This was aligned with recent data showing some resilience for the US economy, while underlying inflation measures remained stubbornly high. Losses were distributed among all major sectors of the stock exchange excluding semiconductors and healthcare. Nvidia and United Healthcare rallied to trim the plunges that set the pace for the Dow's long losing streak.

美联储一如预期降息 25 个基点，但预测明年降息次数减少，随后美国股市大幅下跌。标普 500 指数下跌 1.3%，纳斯达克 100 指数下跌 1.7%，道琼斯指数从上涨 200 点转为下跌 500 点，有望自 1974 年以来首次连续 10 天下跌。经济预测摘要显示，根据平均估计，联邦公开市场委员会成员预计明年全年还将再降息两次，而 9 月份的上次预测则为降息一个百分点。央行还预计，尽管借贷成本上升，但通胀仍将保持较高水平。这与最近的数据显示美国经济具有一定的弹性相符，而基本通胀指标仍然居高不下。除半导体和医疗保健外，股市所有主要板块均出现下跌。英伟达和联合健康保险上涨，收复了道琼斯指数长期连跌的颓势。

The FTSE MIB closed about 0.3% up at 34,400 after a volatile session on Wednesday, halting two straight sessions of decreases, amid cautious optimism ahead of the Fed's final policy decision of the year. While a 25-bps rate cut is widely anticipated, the US central bank is expected to adopt a cautious tone regarding the near-term rate trajectory. Among equities, STMicroelectronics led the gains, rising about 2.5% following Nvidia's rebound and Micron's gains on Wall Street. Banks also performed well overall, with Unicredit (+1.3%) in focus after strengthening its position in Commerzbank. On the flip side, Moncler (-1.6%) was the biggest decliner.

周三，在经历了一个动荡的交易日后，英国富时MIB指数收盘上涨约0.3%，至34,400点，结束了连续两个交易日的下跌，市场在美联储今年最终政策决定前保持谨慎乐观。尽管市场普遍预期美联储将降息25个基点，但预计美联储将对近期利率走势采取谨慎态度。在股票方面，意法半导体领涨，在Nvidia反弹和美光在华尔街上涨后上涨约2.5%。银行股整体表现也不错，其中，裕信银行（+1.3%）成为关注焦点，此前该行加强了对德国商业银行的持股。另一方面，Moncler（-1.6%）跌幅最大。

US stocks were mixed on Wednesday, with the S&P 500 edging marginally higher and the Nasdaq falling 0.1% while the Dow Jones was up by nearly 200 points, ending a nine-session losing streak, its longest since 1978. Investors are focused on the upcoming FOMC decision later in the day, where the Fed is widely expected to announce a 25bps cut to the federal funds rate. Additionally, the Fed will release updated economic projections, including the closely watched "dot plot" which outlines policymakers' expectations for future interest rate movements. On the corporate front, shares of Nvidia were rising almost 3% after falling into correction territory this week. Other megacaps were mixed, with Apple (-0.5%), Microsoft (-1.2%), Amazon (-0.7%), Tesla (-3.3%), and Alphabet (-0.5%) falling while Meta traded around the flatline.

周三，美国股市涨跌互现，标普 500 指数小幅上涨，纳斯达克指数下跌 0.1%，而道琼斯指数上涨近 200 点，结束了连续九个交易日的下跌，这是自 1978 年以来最长的下跌。投资者关注当天晚些时候即将公布的 FOMC 决定，人们普遍预计美联储将宣布将联邦基金利率下调 25 个基点。此外，美联储将发布最新的经济预测，包括备受关注的“点阵图”，该图概述了政策制定者对未来利率走势的预期。在企业方面，英伟达股价在本周跌入回调区间后上涨近 3%。其他大型股涨跌互现，苹果 (-0.5%)、微软 (-1.2%)、亚马逊 (-0.7%)、特斯拉 (-3.3%) 和 Alphabet (-0.5%) 下跌，而 Meta 则持平。

周三，美国股指期货持续波动，投资者为美联储最新货币政策决定做好准备。市场普遍预计美联储将降息 25 个基点，但鉴于持续的通胀压力，2025 年降息幅度可能低于此前预期。周二常规交易中，道琼斯指数下跌 267.6 点，跌幅 0.61%，为连续第九次下跌，为 1978 年以来最长的连续下跌。标普 500 指数和纳斯达克综合指数也出现下跌，分别下跌 0.39% 和 0.32%。标普 11 个板块中有 10 个收盘走低，工业、能源和金融领跌。个股方面，Nvidia（-1.2%）和 Broadcom（-3.9%）等主要科技公司大幅下跌，而特斯拉继续上涨，上涨 3.6%。

周三，美国股指期货持续波动，投资者为美联储最新货币政策决定做好准备。市场普遍预计美联储将降息 25 个基点，但鉴于持续的通胀压力，2025 年降息幅度可能低于此前预期。周二常规交易中，道琼斯指数下跌 267.6 点，跌幅 0.61%，为连续第九次下跌，为 1978 年以来最长的连续下跌。标普 500 指数和纳斯达克综合指数也出现下跌，分别下跌 0.39% 和 0.32%。标普 11 个板块中有 10 个收盘走低，工业、能源和金融领跌。个股方面，Nvidia（-1.2%）和 Broadcom（-3.9%）等主要科技公司大幅下跌，而特斯拉继续上涨，上涨 3.6%。

US stocks fell on Tuesday, with the S&P 500 slipping 0.4% but remaining close to its record high, while the Nasdaq 100 declined 0.3% after hitting a fresh milestone in the previous session. The Dow Jones dropped 267 points, marking its ninth straight loss, the longest losing streak since 1978. Nvidia fell 1.2%, entering correction territory following its recent rally, Broadcom slid 3.9% while Tesla climbed 3.5%, continuing its upward momentum. Additionally, market sentiment took a hit after stronger-than-expected US retail sales data showed a 0.7% increase in November, raising concerns that the Fed might hesitate to ease monetary policy further. Traders are focused on the Federal Reserve's 2025 interest rate outlook, ahead of the Fed’s last rate decision of the year. While a 0.25% rate cut is expected Wednesday, inflation concerns have raised fears of a stock market bubble or economic overheating.

周二美国股市下跌，标普500指数下跌0.4%，但仍接近历史高点，纳斯达克100指数下跌0.3%，此前一交易日创下新高。道琼斯指数下跌267点，连续第九次下跌，为1978年以来最长的连跌。英伟达下跌1.2%，在近期反弹后进入回调区域，博通下跌3.9%，特斯拉上涨3.5%，延续上涨势头。此外，美国零售销售数据显示11月零售额增长0.7%，好于预期，市场人气受到打击，引发人们对美联储可能不愿进一步放松货币政策的担忧。在美联储今年最后一次利率决定之前，交易员们关注美联储2025年的利率前景。尽管周三预计将降息0.25%，但通胀担忧引发了人们对股市泡沫或经济过热的担忧。

U.S. stock futures were in the red on Tuesday, with the Dow Jones sliding over 210 points, extending its losing streak to eight consecutive sessions—the longest since June 2018. Also, contracts on the S&P 500 futures and the Nasdaq 100 slid 0.4% and 0.3%, respectivelly. Traders remain cautious as the two-day FOMC meeting begins, with the Fed expected to announce another 25bps reduction in the fed funds rate tomorrow and provide new economic and policy forecasts. Markets are seeing an 80% chance of three more rate cuts next year. On the corporate front, Nvidia shares continued to decline, falling about 2% in premarket trading and set to extend a nearly 5% drop over the previous three sessions. Shares of Broadcom on the other hand, were little changed after an 11.2% surge on Monday. On the data front, retail sales topped estimates increasing 0.7%, and continuing to point to a resilient US consumer spending.

美国股指期货周二下跌，道琼斯指数下跌超过 210 点，连续八个交易日下跌，为 2018 年 6 月以来最长的下跌周期。此外，标准普尔 500 指数期货和纳斯达克 100 指数期货合约分别下跌 0.4% 和 0.3%。交易员在为期两天的 FOMC 会议开始时保持谨慎，美联储预计将于明天宣布再次将联邦基金利率下调 25 个基点，并提供新的经济和政策预测。市场预计明年再降息三次的可能性为 80%。在企业方面，英伟达股价继续下跌，盘前交易中下跌约 2%，并将延续前三个交易日近 5% 的跌幅。另一方面，博通股价在周一飙升 11.2% 后几乎没有变化。在数据方面，零售额超过预期，增长 0.7%，继续表明美国消费者支出保持强劲。

TrendForce集邦咨询于最新调查指出，近期市场关注NVIDIA （英伟达）GB200整柜式方案（Rack）各项供应进度，由于GB200 Rack在高速互通界面、热设计功耗（TDP）等设计规格皆明显高于市场主流，供应链业者需要更多时间持续调校、优化，预期最快将于2025年第二季后才有机会放量。

周一，标准普尔 500 指数上涨 0.4%，收盘略低于历史高点，而纳斯达克 100 指数上涨 1.3%，首次突破 22,000 点大关，科技股在本周美联储关键会议前推动市场上涨。领涨的是特斯拉 (+6%) 和博通，后者在上周市值突破 1 万亿美元后上涨 11.2%。苹果 (+1.1%) 和 Alphabet (+3.6%) 均创下历史新高，而 Nvidia 下跌 1.7%。MicroStrategy 在被纳入纳斯达克 100 指数之前小幅收跌，而超微电脑下跌 8.2%，准备退出该指数。然而，道琼斯指数下跌 110 点，连续下跌 8 个交易日，原因是联合健康集团 (-4.2%) 的保险部门首席执行官去世后，其受到越来越多的审查和立法压力，拖累。现在的注意力转向美联储，人们普遍预计美联储周三将降息 25 个基点。

In afternoon trading, the S&P 500 rose 0.5%, nearing its record high, while the Nasdaq 100 surged 1.4% to a new milestone, breaking above the 22,000 mark as tech stocks drove the market higher ahead of a pivotal Federal Reserve policy meeting later this week. The Dow Jones edged lower, heading for its eighth straight loss, pressured by UnitedHealth Group’s (-3.7%) struggles amid scrutiny and legislative challenges following the death of its insurance unit CEO. Top gainers included Alphabet (+4.4%), Tesla (+5.1%), and Broadcom, which soared 11% after surpassing a $1 trillion market cap last week. Apple and Alphabet reached fresh all-time highs, while Nvidia slid 2%. MicroStrategy climbed 3.5% ahead of its addition to the Nasdaq 100, while Super Micro Computer dropped 7.7% as it prepared to exit the index. Investors now turn their attention to the Federal Reserve’s upcoming decision, with a widely expected 25-basis-point rate cut anticipated on Wednesday.

下午交易中，标普 500 指数上涨 0.5%，接近历史高点，纳斯达克 100 指数飙升 1.4%，创下新高，突破 22,000 点大关，科技股在本周晚些时候关键的美联储政策会议前推动市场走高。道琼斯指数小幅走低，连续第八次下跌，原因是联合健康集团 (-3.7%) 在其保险部门首席执行官去世后面临审查和立法挑战。涨幅最大的股票包括 Alphabet (+4.4%)、特斯拉 (+5.1%) 和博通，后者在上周市值突破 1 万亿美元后飙升 11%。苹果和 Alphabet 创下历史新高，而 Nvidia 下跌 2%。MicroStrategy 在加入纳斯达克 100 指数前上涨 3.5%，而超微电脑下跌 7.7%，准备退出该指数。投资者现在将注意力转向美联储即将做出的决定，市场普遍预计美联储将于周三降息 25 个基点。

Nvidia 跌至 8 周低点 131.80 美元。过去 4 周内，Nvidia Corporation 下跌了 5.17%，而过去 12 个月内则上涨了 164.99%。

On Friday, the S&P 500 closed mostly flat, while the Nasdaq gained 0.1%. The Dow, however, dropped 86 points, extending its losing streak to seven sessions, marking its longest stretch since 2020. Losses in major tech stocks like Nvidia (-2.2%), Meta (-1.6%), and Amazon (-0.6%) weighed on the market, while Tesla saw a 4.3% surge, closing record high of $436.23. Broadcom surged 24.4%, hitting a $1 trillion market cap after reporting a 220% increase in AI-related revenue, exceeding expectations. This boost lifted semiconductor stocks, including Marvell (+10.8%) and Taiwan Semiconductor (+5%) which booked strong gains. The broader market showed mixed performance, with concerns over the Federal Reserve’s upcoming policy decision and economic conditions limiting further gains. For the week, the S&P 500 was on track for a 0.7% decline, the Dow for a 1.8% drop, while the Nasdaq managed a 0.3% gain, reflecting broader economic uncertainty.

周五，标普 500 指数基本收平，纳指上涨 0.1%。道指下跌 86 点，连续下跌 7 个交易日，创下 2020 年以来最长的下跌周期。Nvidia（-2.2%）、Meta（-1.6%）和亚马逊（-0.6%）等主要科技股下跌，拖累市场，而特斯拉股价上涨 4.3%，收于 436.23 美元的历史新高。博通股价飙升 24.4%，市值突破 1 万亿美元，此前该公司报告称 AI 相关收入增长 220%，超出预期。这一提振提振了半导体股，包括 Marvell（+10.8%）和台湾半导体（+5%），这些股票均录得强劲上涨。大盘表现好坏参半，对美联储即将作出的政策决定和经济状况的担忧限制了进一步上涨。本周，标准普尔 500 指数下跌 0.7%，道琼斯指数下跌 1.8%，而纳斯达克指数上涨 0.3%，反映出更广泛的经济不确定性。

午后交易中，标普 500 指数和纳指徘徊在平线附近，道指下跌逾 50 点，有望在七个交易日内创下 2020 年以来最长的连跌纪录。科技巨头 Nvidia (-2.4%)、Meta (-1.7%) 和亚马逊 (-0.7%) 的下跌严重拖累纳指。不过，博通飙升逾 20%，市值达到 1 万亿美元，受助于年度 AI 相关收入增长 220%，超出预期。这一势头也提振了半导体同行，Marvell (+8.2%) 和台积电 (+4.1%) 强劲上涨。大盘表现喜忧参半，对美联储即将公布的政策决定和经济状况的担忧限制了涨幅。本周，标准普尔 500 指数下跌 0.7%，道琼斯指数下跌 1.8%，纳斯达克指数小幅下跌，凸显出在经济不确定性挥之不去的情况下股市面临的挑战。

US stocks advanced on Friday, with the Nasdaq gaining 0.8% to reach a new record high, fueled by investor enthusiasm for artificial intelligence and the tech sector. The rally was driven by Broadcom’s impressive 19% surge following stronger-than-expected earnings and a remarkable 220% increase in annual AI-related revenue, underscoring soaring demand for AI chips. This upbeat report boosted other semiconductor stocks, with Nvidia (1.2%) and Micron Technology (2.7%) also advancing. Broadcom’s robust outlook fueled confidence in AI’s continued role as a key growth driver, helping the Nasdaq edge toward its fourth straight weekly gain. Meanwhile, the S&P 500 and Dow Jones rebounded slightly but remained on track for weekly losses of around 0.3% and 1.3%, respectively, as lingering concerns over broader economic conditions and next week’s Federal Reserve policy decision capped gains. Traders expect a Fed rate cut but will focus on guidance for potential cuts in early 2025.

周五美国股市上涨，纳斯达克指数上涨 0.8%，创下新高，投资者对人工智能和科技行业的热情推动了这一上涨。博通的盈利好于预期，且人工智能相关年收入增长了 220%，股价飙升 19%，凸显了对人工智能芯片的需求飙升，推动了股市上涨。这份乐观的报告提振了其他半导体股，英伟达 (1.2%) 和美光科技 (2.7%) 也上涨。博通强劲的前景增强了人们对人工智能继续成为关键增长动力的信心，帮助纳斯达克指数连续第四周上涨。与此同时，标准普尔 500 指数和道琼斯指数小幅反弹，但仍有望分别下跌约 0.3% 和 1.3%，因为对整体经济状况的担忧和下周美联储的政策决定限制了涨幅。交易员预计美联储将降息，但将关注 2025 年初可能降息的指引。

周五开盘，美国股指期货上涨，标普 500 期货上涨 0.4%，纳斯达克期货上涨 0.9%，道琼斯期货上涨约 60 点，收复前一天的跌幅。博通公布收益超出预期，年度人工智能收入增长 220%，盘前交易中股价飙升 18%。该公司还预测其人工智能芯片需求强劲。其他人工智能相关芯片制造商也在盘前上涨，包括 Nvidia（+1.8%）、AMD（+1.6%）和美光科技（+2.4%）。本周，标普 500 指数下跌 0.6%，道琼斯指数下跌 1.6%，而纳斯达克指数小幅上涨 0.2%。交易员现在将注意力转向下周美联储的货币政策决定。

根据TrendForce集邦咨询最新调查，强劲的AI应用需求于2024年第三季持续带动Enterprise SSD（企业级固态硬盘）产业增长，由于供应商出货量无法满足市场需要，导致价格上涨，推升产业整体营收季增近30%。由于NVIDIA（英伟达） H系列产品陆续到货，加上Training AI Server（训练用AI服务器）所需订单维持高峰，尤其大容量产品需求旺盛，带动整体采购订单容量季增15%。

The S&P 500 and Nasdaq each closed 0.6% lower on Thursday as a hotter-than-expected U.S. inflation report weighed on market sentiment, with technology shares leading the decline. November's producer price index rose 0.4%, doubling forecasts of 0.2%, underscoring slow progress toward the Federal Reserve’s 2% inflation target. The Dow Jones Industrial Average dropped 234 points, driven by a 3.3% decline in UnitedHealth Group, whose shares have plummeted 14% since the death of its healthcare unit CEO. Other blue-chip stocks, including Caterpillar (-2.1%), Home Depot (-1.7%), and Sherwin-Williams (-1.5%), also suffered losses. Among the tech leaders, Nvidia fell 1.4%, and Adobe plunged 13.6% after issuing a weaker-than-expected 2025 outlook. While markets remain near record highs, these declines highlight growing investor caution amid uneven sector performance and persistent economic uncertainty as the year-end nears.

周四，标普 500 指数和纳斯达克指数均收跌 0.6%，因美国通胀报告好于预期，打压市场人气，科技股领跌。11 月份生产者价格指数上涨 0.4%，为预期的 0.2% 的两倍，凸显出美联储 2% 通胀目标的进展缓慢。道琼斯工业平均指数下跌 234 点，受联合健康集团下跌 3.3% 的拖累，自其医疗保健部门首席执行官去世以来，该集团股价已暴跌 14%。其他蓝筹股也出现下跌，包括卡特彼勒 (-2.1%)、家得宝 (-1.7%) 和宣威-威廉姆斯 (-1.5%)。在科技股领头羊中，英伟达下跌 1.4%，Adobe 暴跌 13.6%，此前该公司发布了弱于预期的 2025 年前景。尽管市场仍接近历史高位，但这些下跌凸显出，在年底临近之际，由于各行业表现不均衡和经济不确定性持续存在，投资者的谨慎情绪日益增强。

12月12日消息，英伟达中国官方微博发声明，称近日社交媒体上传英伟达断供中国为不实传闻。公司表示，中国是NVIDIA重要的市场，未来将持续为中国客户提供最优质、高效的产品与服务。

Nvidia 面临集体诉讼，因被指隐瞒超10亿美元加密矿工销售额

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