随着债券收益率飙升，全球市场暴跌，经济数据预示着鹰派前景

股指开盘大幅走低，标准普尔 500 指数、道琼斯工业指数和纳斯达克 100 指数均跌至 1-1/2 周低点。 10 年期国债收益率触及 4 个月新高，债券收益率走高拖累股市。美国经济数据显示就业机会和工厂订单强劲，增强了美联储采取鹰派政策的理由。比特币大幅下跌，而监管机构未能增加医疗保险支付后，健康保险股暴跌。特斯拉股价也因汽车交付量低于预期而大幅下跌。

Global Markets Open Lower Amid Hawkish Economic Data and Rising Bond Yields

由于鹰派经济数据和债券收益率上升，全球市场开盘走低

Stock markets across the globe opened in the red this morning, with major indices posting significant declines. The S&P 500 plunged 1.06%, the Dow Jones Industrial Average tumbled 1.08%, and the Nasdaq 100 plummeted 1.51%, reaching their lowest levels in a week and a half.

今天上午，全球股市开盘下跌，主要股指大幅下跌。标准普尔500指数暴跌1.06%，道琼斯工业平均指数暴跌1.08%，纳斯达克100指数暴跌1.51%，创一周半以来最低水平。

Rising Bond Yields Weigh on Stocks

债券收益率上升打压股市

A surge in bond yields has been a major headwind for stocks. The yield on the 10-year Treasury note has climbed to its highest level in four months, dampening sentiment as investors reassess the outlook for interest rate cuts by the Federal Reserve.

债券收益率飙升一直是股市的主要阻力。十年期国债收益率已攀升至四个月以来的最高水平，在投资者重新评估美联储降息前景之际打压了市场情绪。

Hawkish Economic Data Clouds Outlook

鹰派经济数据给前景蒙上阴影

Disappointing economic data in the United States has further undermined market optimism. The US Bureau of Labor Statistics reported a surprising increase in job openings in February, defying expectations of a decline. Additionally, factory orders rose more than anticipated, indicating a persistent strength in the labor market and industrial activity.

美国令人失望的经济数据进一步削弱了市场的乐观情绪。美国劳工统计局报告称，2 月份职位空缺数量意外增加，超出了下降的预期。此外，工厂订单增幅超过预期，表明劳动力市场和工业活动持续强劲。

These figures have fueled concerns that the Federal Reserve may adopt a more hawkish stance, potentially delaying the start of interest rate cuts. The market now assigns only a 7% probability of a 25 basis point rate cut at the Federal Open Market Committee (FOMC) meeting on April 30-May 1, and a 64% chance at the subsequent meeting on June 11-12.

这些数据引发了人们的担忧，即美联储可能采取更强硬的立场，从而可能推迟降息的开始。目前，市场预计联邦公开市场委员会(FOMC) 4月30日至5月1日会议降息25个基点的可能性仅为7%，而6月11日至12日的后续会议则有64%的可能性。

Bond Market Slumps

债券市场暴跌

The bond market has been heavily influenced by the stronger-than-expected economic data and higher inflation expectations. The yield on the 10-year T-note has climbed to 4.403%, its highest level in four months, while the 10-year breakeven inflation rate has risen to 2.372%, a one-and-a-half week high.

债券市场受到强于预期的经济数据和较高的通胀预期的严重影响。 10年期国债收益率攀升至4.403%，为四个月来最高水平，而10年期盈亏平衡通胀率则升至2.372%，为一周半高位。

European Bond Yields Rise

欧洲债券收益率上升

European government bond yields have also trended higher. The yield on the 10-year German bund has surged to 2.435%, its highest level in a week and a half, while the yield on the 10-year UK gilt has risen to 4.105%, its highest in two weeks.

欧洲政府债券收益率也呈走高趋势。 10年期德国国债收益率飙升至2.435%，为一周半以来最高水平，而10年期英国国债收益率则升至4.105%，为两周来最高水平。

Key Economic Indicators in Europe

欧洲主要经济指标

In other economic news, the Eurozone Mar S&P manufacturing PMI has been revised upward to 46.1, reflecting a slight improvement in manufacturing activity. However, inflation expectations in the Eurozone have eased in February, with 1-year inflation expectations declining to 3.1% and 3-year inflation expectations remaining unchanged at 2.5%.

其他经济消息方面，欧元区3月标准普尔制造业PMI上修至46.1，反映出制造业活动略有改善。不过，2月份欧元区通胀预期有所放缓，1年期通胀预期降至3.1%，3年期通胀预期维持在2.5%不变。

**German inflation data has also come in weaker than anticipated, with the consumer price index (CPI) rising by 0.6% month-on-month and 2.3% year-on-year, below forecasts.

**德国通胀数据也弱于预期，消费者价格指数（CPI）环比上涨0.6%，同比上涨2.3%，低于预期。

Sector Movers in the US

美国的行业推动者

• Health Insurance: Health insurance stocks have plummeted after US regulators declined to increase payments for private Medicare plans, disappointing industry expectations. Humana (HUM) has declined by more than 13%, leading losses in the S&P 500. CVS Health (CVS) and UnitedHealth Group (UNH) have also posted significant declines in the Dow Jones Industrials.
• Tesla: Tesla (TSLA) has plunged by more than 6% after reporting first-quarter vehicle deliveries of 386,810, well below the consensus estimate of 449,080.
• PVH Corp: PVH Corp (PVH) has plummeted by more than 22% after forecasting a 6% to 7% decline in revenue by 2025, reversing the 2% increase reported last year.
• Verve Therapeutics: Verve Therapeutics (VERV) has tumbled by more than 36% after announcing the pausing of enrollment in a study of its gene-editing treatment for high cholesterol, citing safety concerns.

Homebuilder Stocks Decline

健康保险：美国监管机构拒绝增加私人医疗保险计划的付款，令行业预期失望，健康保险股暴跌。 Humana (HUM) 下跌超过 13%，领跌标准普尔 500 指数。CVS Health (CVS) 和 UnitedHealth Group (UNH) 也在道琼斯工业指数中大幅下跌。 特斯拉：特斯拉 (TSLA) 暴跌报告称，第一季度汽车交付量为 386,810 辆，远低于市场普遍预期的 449,080 辆，同比增长超过 6%。 PVH Corp：PVH Corp (PVH) 预计到 2025 年收入将下降 6% 至 7%，但其股价却暴跌超过 22% ，扭转了去年报告的 2% 的涨幅。 Verve Therapeutics：Verve Therapeutics (VERV) 以安全问题为由，宣布暂停一项针对高胆固醇的基因编辑治疗研究的招募后，股价下跌了 36% 以上。衰退

Homebuilder stocks have retreated today as the rise in the 10-year T-note yield has cast a bearish shadow on housing demand. Lennar (LEN), PulteGroup (PHM), DR Horton (DHI), and Toll Brothers (TOL) have all declined by more than 4%.

由于10年期国债收益率的上升给住房需求蒙上了看跌阴影，房屋建筑商股票今天有所回落。 Lennar (LEN)、PulteGroup (PHM)、DR Horton (DHI) 和 Toll Brothers (TOL) 均下跌超过 4%。

Cryptocurrency-Linked Companies Retreat

加密货币相关公司撤退

Cryptocurrency-linked companies have also experienced losses, with the price of Bitcoin declining by more than 5%. Coinbase Global (COIN), MicroStrategy (MSTR), Marathon Digital (MARA), and Riot Platforms (RIOT) have all lost more than 5%.

加密货币相关公司也遭受损失，比特币价格下跌超过 5%。 Coinbase Global (COIN)、MicroStrategy (MSTR)、Marathon Digital (MARA) 和 Riot Platform (RIOT) 的跌幅均超过 5%。

Earnings Reports

盈利报告

Several companies are scheduled to report earnings today, including Cal-Maine Foods Inc (CALM), Dave & Buster's Entertainment (PLAY), DZS Inc (DZSI), and Paychex Inc (PAYX).

多家公司定于今天公布财报，包括 Cal-Maine Foods Inc (CALM)、Dave & Buster's Entertainment (PLAY)、DZS Inc (DZSI) 和 Paychex Inc (PAYX)。