由於債券殖利率上升，全球股市下跌；健康保險公司、特斯拉領頭羊下跌

今天早上股市暴跌，標準普爾 500 指數、道瓊工業指數和納斯達克 100 指數等主要指數跌至 1-1/2 週低點。債券殖利率上升，尤其是觸及四個月高點的10年期公債殖利率，正在打壓股市。市場對聯準會降息的可能性較不樂觀，預計下次 FOMC 會議降息的可能性只有 7%。儘管一些海外市場漲跌互現，歐洲斯托克 50 指數和上證綜指收盤走低，但日經指數小幅走高。

Global Equity Markets Experience Moderate Decline; Higher Bond Yields Impact Stocks

全球股市溫和下跌；較高的債券殖利率影響股票

The S&P 500 Index (SPY) opened lower this morning, losing 1.02% of its value. The Dow Jones Industrial Average (DIA) followed a similar trend, falling by 1.09%, while the Nasdaq 100 Index (QQQ) experienced a more pronounced decline of 1.47%.

標普 500 指數 (SPY) 今天早上開盤走低，下跌 1.02%。道瓊工業指數（DIA）也出現類似趨勢，下跌 1.09%，而納斯達克 100 指數（QQQ）跌幅更為明顯，下跌 1.47%。

This retreat marks a slide to 1-1/2 week lows for all three major indices. Higher bond yields have significantly influenced the decline in stock prices. Today, the 10-year Treasury note (T-note) yield reached its highest point in four months. This negative carryover stemmed from Monday's strong performance by the US Mar ISM Manufacturing Index, which expanded at its fastest pace in 1-1/2 years. This economic indicator has dampened the outlook for potential interest rate cuts by the Federal Reserve (Fed).

此次回撤標誌著所有三大指數均跌至 1-1/2 週低點。債券殖利率上升對股價下跌產生了重大影響。今天，10年期公債殖利率達到四個月來的最高點。這種負結轉源自於週一美國3月ISM製造業指數的強勁表現，該指數以1-1/2年來最快的速度擴張。這項經濟指標削弱了聯準會（Fed）潛在降息的前景。

Currently, the markets estimate a 7% probability of a 25 basis point rate cut at the next FOMC meeting scheduled for April 30th - May 1st. However, the probability rises to 60% for the subsequent meeting on June 11th - 12th.

目前，市場預計 4 月 30 日至 5 月 1 日舉行的下一次 FOMC 會議降息 25 個基點的可能性為 7%。然而，6 月 11 日至 12 日舉行的後續會議的機率上升至 60%。

Overseas Markets Exhibit Mixed Performance

海外市場表現參差不齊

European stock markets presented a mixed picture today. The Euro Stoxx 50 Index fell by 0.78%, retreating from its 23-year high. In Asia, China's Shanghai Composite Index closed marginally lower by 0.08%. Conversely, Japan's Nikkei Stock Index rose slightly, gaining 0.09%.

今天歐洲股市的情況好壞參半。歐洲斯托克 50 指數下跌 0.78%，從 23 年高點回落。在亞洲，中國上證綜合指數收盤小幅下跌 0.08%。相反，日本日經指數小漲，上漲0.09%。

Interest Rates Continue to Rise

利率持續上升

June 10-year T-notes (ZNM24) experienced a decline of 13 ticks this morning. However, the 10-year T-note yield rose by 7.8 basis points to 4.387%. T-note prices fell to their lowest level in two weeks for nearest-futures contracts. The 10-year T-note yield, meanwhile, reached a four-month high of 4.403%.

6 月 10 年期公債 (ZNM24) 今天早上下跌了 13 個基點。然而，10年期公債殖利率上升7.8個基點至4.387%。最近期貨合約的國債價格跌至兩週來的最低點。同時，10年期公債殖利率達到4.403%的四個月高點。

T-notes continue to face pressure due to carryover from Monday's strong Mar ISM Manufacturing Index and Mar ISM Prices Paid Sub-Index readings, both of which reached 1-1/2 year highs. These hawkish economic indicators suggest that the Fed may postpone the commencement of rate cuts. Additionally, rising inflation expectations are further weighing on T-note prices, as today's 10-year breakeven inflation rate reached its highest level in 1-1/2 weeks, climbing to 2.372%.

由於週一強勁的 3 月 ISM 製造業指數和 3 月 ISM 支付價格分類指數數據的結轉，國債繼續面臨壓力，這兩項指數均創 1-1/2 年高點。這些鷹派的經濟指標顯示聯準會可能會推遲開始降息。此外，不斷上升的通膨預期進一步打壓國債價格，今天的10年期盈虧平衡通膨率達到1-1/2週以來的最高水平，攀升至2.372%。

European government bond yields also demonstrated an upward trend. The 10-year German Bund yield climbed to a 1-1/2 week high of 2.425%, marking an increase of 12.5 basis points to stand at 2.422%. Similarly, the 10-year UK Gilt yield rose to a two-week high of 4.089%, representing a gain of 15.5 basis points to reach 4.088%.

歐洲政府公債殖利率也呈現上升趨勢。 10 年期德國公債殖利率攀升至 1-1/2 週高點 2.425%，上漲 12.5 個基點至 2.422%。同樣，英國10年期公債殖利率升至兩週高點4.089%，上漲15.5個基點至4.088%。

Revised Economic Data and Inflation Expectations in the Eurozone

歐元區修正後的經濟數據和通膨預期

The Eurozone Mar S&P Manufacturing PMI was revised upward by 0.4 points to 46.1, from its previously reported value of 45.7. However, inflation expectations in the region showed mixed signals. ECB Feb 1-year inflation expectations declined from 3.3% in January to 3.1%, marking the lowest level in two years. On the other hand, Feb 3-year inflation expectations remained unchanged at 2.5%, surpassing expectations of a decrease to 2.4%.

歐元區 3 月標準普爾製造業 PMI 上調 0.4 點至 46.1，較先前公佈的 45.7 值上調 0.4 點。然而，該地區的通膨預期顯示出複雜的訊號。歐洲央行2月份1年期通膨預期從1月的3.3%下降至3.1%，創下兩年來的最低水準。另一方面，2 月 3 年通膨預期維持在 2.5%不變，超出預期下降至 2.4%。

German Mar CPI (EU harmonized) rose by 0.6% on a month-over-month basis and 2.3% on a year-over-year basis, falling short of expectations of 0.7% and 2.4%, respectively.

德國3月CPI（歐盟統一）較上季上漲0.6%，較去年同期上漲2.3%，分別低於預期的0.7%和2.4%。

Notable Movers in US Stock Market

美國股市的顯著推動者

Health insurance companies faced significant pressure today after US regulators failed to increase payments for private Medicare plans as anticipated. Humana (HUM), with its higher exposure to this segment, led the decline in the S&P 500, falling by more than 10%. Other major insurers, including CVS Health (CVS) and UnitedHealth Group (UNH), also suffered losses of over 6% and 5%, respectively, contributing to the decline in the Dow Jones Industrial Average.

由於美國監管機構未能按預期增加私人醫療保險計劃的付款，健康保險公司今天面臨巨大壓力。 Humana (HUM) 對該細分市場的曝險較高，引領標準普爾 500 指數下跌，跌幅超過 10%。 CVS Health (CVS) 和 UnitedHealth Group (UNH) 等其他主要保險公司的損失也分別超過 6% 和 5%，導致道瓊工業指數下跌。

PVH Corp (PVH) witnessed a drop of over 22% after announcing a projected 6-7% decline in 2025 revenue, contrasting with last year's 2% growth. Verve Therapeutics (VERV) experienced a sharp decline of more than 31% following safety concerns raised about its gene-editing treatment for high cholesterol, leading to a pause in patient enrollment.

PVH Corp (PVH) 宣布 2025 年營收預計將下降 6-7%，與去年 2% 的成長形成鮮明對比，股價下跌超過 22%。 Verve Therapeutics (VERV) 的高膽固醇基因編輯療法引發安全擔憂，導致患者入組暫停，股價急劇下跌 31% 以上。

Tesla (TSLA) led the Nasdaq 100 lower with a loss of over 5%. The automaker reported Q1 vehicle deliveries of 386,810, significantly below the consensus estimate of 449,080. Autodesk (ADSK) also fell by over 3% after it delayed filing its 10-K annual report due to an internal investigation into its cash flow and margin practices.

特斯拉 (TSLA) 領跌納斯達克 100 指數，跌幅超過 5%。該汽車製造商公佈第一季汽車交付量為 386,810 輛，遠低於市場普遍預期的 449,080 輛。 Autodesk (ADSK) 由於對其現金流量和利潤率做法進行內部調查而推遲提交 10-K 年度報告，股價也下跌了 3% 以上。

Rising 10-year T-note yields, a bearish factor for housing demand, impacted homebuilding stocks today. As a result, Lennar (LEN), PulteGroup (PHM), DR Horton (DHI), and Toll Brothers (TOL) all lost more than 4% in value.

十年期公債殖利率上升是房屋需求的利空因素，影響了今天的房屋建築股。結果，Lennar (LEN)、PulteGroup (PHM)、DR Horton (DHI) 和 Toll Brothers (TOL) 的市值均下跌超過 4%。

Cryptocurrency-linked companies retreated in today's trading session, as the price of Bitcoin dropped by more than 6% to a one-week low. Coinbase Global (COIN), MicroStrategy (MSTR), Marathon Digital (MARA), and Riot Platforms (RIOT) each fell by over 5%.

加密貨幣相關公司在今天的交易時段出現回落，比特幣價格下跌超過 6% 至一週低點。 Coinbase Global (COIN)、MicroStrategy (MSTR)、Marathon Digital (MARA) 和 Riot Platform (RIOT) 均下跌超過 5%。

Biomea Fusion (BMEA) experienced a decline of over 15% after JPMorgan Chase downgraded the stock to neutral from overweight, citing preliminary data from a diabetes trial.

摩根大通引用一項糖尿病試驗的初步數據，將該股評級從增持下調至中性後，Biomea Fusion (BMEA) 股價下跌超過 15%。

Conversely, energy stocks and energy service providers gained ground today, supported by a rise in the price of WTI crude oil by over 1% to a 5-1/4 month high. Occidental Petroleum (OXY) led the gainers in the S&P 500 with an increase of more than 2%. Chevron (CVX) also made gains, leading the Dow Jones Industrial Average with an increase of more than 1%. Additionally, Exxon Mobil (XOM), Phillips 66 (PSX), ConocoPhillips (COP), and Valero Energy (VLO) all rose by over 1%.

相反，在 WTI 原油價格上漲超過 1% 至 5-1/4 個月高點的支撐下，能源股和能源服務提供者今天上漲。西方石油公司 (OXY) 在標準普爾 500 指數中領漲，漲幅超過 2%。雪佛龍 (CVX) 也有所上漲，漲幅超過 1%，領先道瓊工業平均指數。此外，埃克森美孚 (XOM)、Phillips 66 (PSX)、康菲石油公司 (COP) 和瓦萊羅能源 (VLO) 均上漲超過 1%。

Roivant Sciences Ltd (ROIV) climbed by over 6% after its board authorized a share repurchase program worth up to $1.5 billion. Olema Pharmaceuticals (OLMA) gained over 1% after Goldman Sachs initiated coverage with a buy recommendation and a price target of $24.

Roivant Sciences Ltd (ROIV) 董事會批准價值高達 15 億美元的股票回購計畫後，該公司股價上漲超過 6%。在高盛首次給予買進建議和 24 美元目標價後，Olema Pharmaceuticals (OLMA) 上漲超過 1%。

McCormick & Co (MKC) and Estee Lauder (EL) also experienced gains of nearly 1% and over 1%, respectively, following upgrades by Argus Research and Citigroup.

在阿格斯研究公司和花旗集團上調評級後，味好美公司 (MKC) 和雅詩蘭黛公司 (EL) 的漲幅也分別接近 1% 和超過 1%。

Mining stocks gained today, benefiting from a record high in gold prices and 1-1/2 week highs in copper and silver prices. Freeport McMoRan (FCX), Newmont (NEM), and Southern Copper (SCCO) all increased by over 0.5%.

礦業股今天上漲，受惠於金價創歷史新高以及銅價和銀價創1-1/2週高點。自由港麥克莫蘭 (FCX)、紐蒙特 (NEM) 和南方銅業 (SCCO) 均上漲超過 0.5%。

Earnings Reports Expected on April 2nd, 2024

預計 2024 年 4 月 2 日發布收益報告

Several companies are expected to release their earnings reports on April 2nd, 2024, including:

預計多家公司將於 2024 年 4 月 2 日發布收益報告，其中包括：

• Cal-Maine Foods Inc (CALM)
• Dave & Buster's Entertainment (PLAY)
• DZS Inc (DZSI)
• Paychex Inc (PAYX)

Cal-Maine Foods Inc (CALM)Dave & Buster's Entertainment (PLAY)DZS Inc (DZSI)Paychex Inc (PAYX)