华尔街飙升：标准普尔 500 指数 3 月份飙升逾 3%

华尔街 3 月份表现强劲，标准普尔 500 指数上涨 3.1%，道琼斯指数上涨 2.1%，纳斯达克指数上涨 1.8%。尽管存在通胀担忧，美联储维持利率不变并预计 2024 年三次降息，其鸽派言论推动了市场走强。积极的经济指标，包括 2023 年第四季度 GDP 年化增长率为 3.4%，增强了人们对美联储早于预期转向的预期。由于地缘政治风险和黄金的避险吸引力，黄金上涨 8.7%。 3 月份表现最好的 ETF 领域包括大麻、白银和黄金开采、加密股票、铜矿商和石油服务，受益于积极的行业发展和市场乐观情绪。

Wall Street's Solid Performance in March: S&P 500 Surges Over 3%

华尔街3月表现稳健：标普500指数飙升逾3%

March proved to be a positive month for the U.S. stock market, with the S&P 500 Index delivering a robust 3.1% gain. This was followed by the Dow Jones Industrial Average, which advanced by 2.1%, and the technology-heavy Nasdaq Composite Index, which rose by 1.8%.

3 月份对美国股市来说是一个积极的月份，标准普尔 500 指数强劲上涨 3.1%。其次是道琼斯工业平均指数上涨 2.1%，以及以科技股为主的纳斯达克综合指数上涨 1.8%。

Dovish Fed Comments Bolster Market Sentiment

鸽派美联储言论提振市场情绪

The Federal Reserve's decision to maintain interest rates unchanged in March played a significant role in keeping the stock market strong. The central bank indicated that it intends to keep rates in the range of 5.25-5.50% for the foreseeable future, assuaging investor concerns about further monetary tightening.

美联储3月份维持利率不变的决定对保持股市强势起到了重要作用。央行表示，打算在可预见的未来将利率维持在5.25-5.50%的区间，缓解投资者对进一步收紧货币政策的担忧。

Fed's Forecasts Suggest Rate Cuts in 2024

美联储预测 2024 年降息

Despite concerns over persistent inflation, the Fed's latest projections indicate that it still anticipates the need for three rate cuts in 2024. This outlook contrasts with earlier expectations of a more limited number of cuts due to recent hotter-than-expected inflation readings.

尽管存在对持续通胀的担忧，美联储的最新预测表明，它仍然预计 2024 年需要三次降息。这一前景与之前因近期通胀数据高于预期而降息次数更为有限的预期形成鲜明对比。

Economic Data Encourages Optimism

经济数据鼓舞乐观情绪

Data released in March reinforced confidence in the U.S. economy. The Federal Reserve's preferred inflation gauge, the core personal consumption expenditures (PCE) price index, rose by 2.5% over the past 12 months, matching market expectations.

3月份公布的数据增强了人们对美国经济的信心。美联储首选的通胀指标——核心个人消费支出(PCE)价格指数在过去12个月上涨了2.5%，符合市场预期。

Additionally, the revised estimate for fourth quarter gross domestic product (GDP) growth in 2023 was revised upwards to 3.4%, indicating a robust economic expansion. These data points contributed to bets for a sooner-than-expected shift towards easing monetary policy.

此外，对2023年第四季度国内生产总值(GDP)增长的修正预测上调至3.4%，表明经济强劲扩张。这些数据点促使人们押注货币政策将早于预期转向宽松货币政策。

Gold Price Climbs Amidst Geopolitical Risks

金价在地缘政治风险中攀升

Gold emerged as a winner in March, with the price of gold bullion rising by 8.7%. This surge was partly attributed to escalating geopolitical tensions, particularly in the Middle East and the ongoing war in Ukraine. Central banks' consistent purchases of gold also supported its value.

3月份黄金成为赢家，金条价格上涨8.7%。这一激增的部分原因是地缘政治紧张局势不断升级，特别是中东地区和乌克兰持续的战争。各国央行持续购买黄金也支撑了其价值。

Winning ETF Sectors in March

3月份获胜的ETF板块

Several sectors stood out within the exchange-traded fund (ETF) market in March:

3 月份交易所交易基金 (ETF) 市场中有几个板块表现突出：

• Marijuana: The Amplify Alternative Harvest ETF (MJ) surged by 24.6%, fueled by growing expectations of a rescheduling of marijuana's legal status.
• Silver and Gold Mining: ETFs such as the iShares MSCI Global Silver and Metals Miners ETF (SLVP) and the U.S. Global GO GOLD and Precious Metal Miners ETF (GOAU) benefited from the rise in precious metal prices.
• Crypto Stocks: The First Trust SkyBridge Crypto Industry and Digital Economy ETF (CRPT) gained 22.9%, reflecting optimism in the cryptocurrency market.
• Copper Miners: The Global X Copper Miners ETF (COPX) jumped by 17.9% due to supply cuts by Chinese smelters, leading to a tighter copper market.
• Oil Services: The Range Global Offshore Oil Services Index ETF (OFOS) climbed by 17.0% as oil prices rallied on strong demand forecasts and geopolitical factors.

大麻：由于人们对大麻合法地位重新安排的预期不断增强，Amplify Alternative Harvest ETF (MJ) 飙升 24.6%。 白银和黄金矿业：iShares MSCI 全球白银和金属矿业 ETF (SLVP) 和美国 ETF 等 ETF全球GO GOLD和贵金属矿业ETF（GOAU）受益于贵金属价格上涨。加密股票：第一信托SkyBridge加密行业和数字经济ETF（CRPT）上涨22.9％，反映了加密货币市场的乐观情绪。铜矿工：由于中国冶炼厂供应减少，导致铜市场趋紧，Global X 铜矿 ETF (COPX) 上涨 17.9%。 石油服务：随着油价上涨，The Range 全球海上石油服务指数 ETF (OFOS) 上涨 17.0%强劲的需求预测和地缘政治因素。