Stocks swung wildly last week as investors wrestled with the impact of artificial intelligence on various sectors and the overall economy. This coming week is a wildcard after the U.S. and Israel attacked Iran. President Donald Trump said Saturday that "major combat operations" in Iran started overnight, with American and Israeli strikes on military and nuclear targets there. Trump called on the Iranian people to "seize control of your destiny" and overthrow the Islamic leadership regime. Iran has reportedl ...

Core Viewpoint - The article emphasizes the importance of conducting personal in-depth research and due diligence before making investment decisions, highlighting the inherent risks involved in trading [3]. Group 1 - The analysis is intended solely for informational purposes and should not be interpreted as professional investment advice [3]. - There is a clear disclaimer regarding the lack of any stock, option, or derivative positions in the companies mentioned, indicating a neutral stance [2]. - The article expresses the author's personal opinions and does not reflect the views of any affiliated organization [4].

Core Viewpoint - Significant job cuts at Block have raised concerns, but some CEOs and researchers doubt the impending doom scenarios presented in a recent blog post by Citrini [1] Group 1: Company Actions - Block is implementing massive job cuts, which has contributed to heightened anxieties in the market [1] - The scale of the job cuts at Block indicates a potential restructuring or shift in strategy within the company [1] Group 2: Industry Reactions - Despite the alarming news, certain CEOs and industry researchers express skepticism regarding the doomsday predictions, suggesting that the situation may not be as dire as portrayed [1] - The contrasting views within the industry highlight a divide in sentiment regarding the future outlook and stability of companies like Block [1]

Core Viewpoint - Shares of PayPal and Block are currently considered inexpensive compared to their historical valuations, but analyst sentiment is significantly more positive towards one of these companies [1] Company Analysis - PayPal's stock is viewed as undervalued relative to its historical performance, indicating potential for price appreciation [1] - Block, on the other hand, is also seen as cheap but has garnered more enthusiasm from analysts, suggesting a stronger outlook or growth potential compared to PayPal [1]

南方财经 21世纪经济报道记者吴斌 报道 多重暴击下美股再度下挫。美国东部时间2月27日，标普500指数收跌0.43%，报6878.88点；纳斯达克综 合指数跌0.92%，报22668.21点；道琼斯工业平均指数跌1.05%，报48977.92点。 从2月整体表现来看，美股的表现更加糟糕。纳指累计下跌3.38%，标普500指数跌0.87%，均创下2025 年3月以来最大单月跌幅；道指小幅收涨0.17%，勉强实现月线十连阳。 需要注意的是，尽管财报亮眼，英伟达在26日大跌5.45%后，27日再度大跌4.16%，市值再度蒸发1871 亿美元，折合人民币超1万亿元。 实际上，美股面临的利空不只有AI龙头的大跌，一系列阴霾正笼罩美股，打压市场风险偏好。 具体来看，美国1月PPI同比增长2.9%，远高于预期的2.6%；环比增长0.5%，也高于预期的0.3%。剔除 波动较大的食品和能源，1月核心PPI同比上涨3.6%，远高于预期的3%；环比上涨0.8%，也高于预期的 0.3%。 AI的冲击也在影响美国就业市场。推特前CEO杰克·多尔西（Jack Dorsey）26日表示，由于AI从根本上 改变了构建和运营一间公司的意义， ...

来源：华尔街见闻 美国1月PPI环比上涨0.5%，核心PPI更是激增0.8%，PPI超预期重燃通胀忧虑。此外英国抵押贷款公司 爆出高达13亿美元的抵押品缺口，引爆投资者对私募信贷风险的恐慌。 周五道指下挫超1%，狂泻500点，标普500指数下跌0.4%、全月累计下跌近1%，创下自去年3月以来的 最大单月跌幅。纳指收跌210.171点，跌幅0.92%，报22668.212点。 美股金融板块重挫，标普地区银行ETF暴跌5%。高盛跌7.4%，摩根士丹利跌6.2%，富国银行和花旗集 团跌幅超5%。对利率敏感的金融股遭遇了去年4月以来最大跌幅。 美国银行板块周五遭遇今年以来最惨烈单日跌幅之一，AI颠覆担忧与私人信贷风险的叠加压力将金融 股推入新一轮抛售旋涡。 2月27日美股盘中，KBW银行指数一度跌幅达6%，所有23家成分股全线下挫、跌幅均超2.9%，板块整 体回落至去年12月初水平，创下4月贸易动荡以来最大单日跌幅。 此前，在AI引发的股市动荡中，投资级债券市场曾扮演避风港角色。但据彭博数据，全球可比投资级 债券利差本周已扩大近4个基点，为去年11月初以来最大单周波动。 华尔街见闻提及，从多家华尔街机构获得融资的英国 ...

Market Performance - The U.S. stock market faced significant declines, with the S&P 500 down 0.43% to 6878.88 points, the Nasdaq Composite down 0.92% to 22668.21 points, and the Dow Jones Industrial Average down 1.05% to 48977.92 points on February 27 [1] - In February, the Nasdaq fell 3.38%, marking the largest monthly decline since March 2025, while the S&P 500 dropped 0.87% [1] Economic Indicators - The Producer Price Index (PPI) for January increased by 2.9% year-over-year, exceeding the expected 2.6%, and rose 0.5% month-over-month, also above the anticipated 0.3% [2] - Core PPI, excluding volatile food and energy prices, rose 3.6% year-over-year and 0.8% month-over-month, both higher than market expectations [2] Employment Impact - The impact of AI on the job market is evident, with Jack Dorsey announcing that his company Block is cutting nearly half of its workforce due to structural changes driven by AI [2] Investment Strategy Adjustments - UBS downgraded U.S. stocks to "benchmark" in global equity portfolios, citing diminishing factors that previously supported U.S. stock outperformance [2] - Concerns about the dollar's risk are prominent, with predictions of the euro rising to 1.22 against the dollar by the end of Q1 [2] Valuation Concerns - U.S. stocks are trading at a 35% premium compared to international peers, with 60% of industries having valuations above both global benchmarks and their historical levels [3] Credit Market Issues - The collapse of Market Financial Solutions (MFS) has shaken confidence in the private credit market, with notable creditors including Apollo Global Management and Jefferies [3][4] - The KBW Bank Index fell 4.85%, marking its largest single-day drop since April of the previous year, with significant declines in stocks like Goldman Sachs and Jefferies [4] Systemic Risk Warnings - Concerns about potential contagion effects in the credit market are rising, with warnings from industry leaders about similarities to pre-2008 financial crisis conditions [5]

关于block的大裁员，看到一个评论，翻译分享一下： 一家营收 240 亿美元、毛利还在快速增长（+24%）的公司，居然一边裁掉 4，000 人，一边把 2026 年毛利润指引 上调到 122 亿美元。 一家营收 240 亿美元、毛利还在快速增长（+24%）的公司，居然一边裁掉 4，000 人，一边把 2026 年毛利润指引 上调到 122 亿美元。 盘后股价直接飙涨 20%，市值大概瞬间多了 60 亿美元。 折算下来，市场等于是按"每裁掉一个岗位，给公司多算约 150 万美元的企业价值"在定价。 盘后股价直接飙涨 20%，市值大概瞬间多了 60 亿美元。 折算下来，市场等于是按"每裁掉一个岗位，给公司多算约 150 万美元的企业价值"在定价。 关于block的大裁员，看到一个评论，翻译分享一下： ...

科拉诺还表示，虽然1月份非农就业数据好于预期，但自己没有看到有清晰的迹象显示失业不会再走 高。 美国劳工部在27日盘前发布的数据显示，美国1月份终端需求生产者价格指数环比上涨0.5%，高于市场 共识预期的0.3%，前月涨幅从0.5%修订为0.4%，该指数同比涨幅为2.9%，高于市场共识预期的2.8%， 但低于前月的3%。扣除食品和能源，美国1月份核心生产者价格指数环比上涨0.8%，显著高于市场预期 的0.3%和前月的0.4%，该核心指数同比涨幅为3.6%，略低于前月的3.7%。 美国市场服务机构Integrated 合伙公司首席投资官史蒂芬·科拉诺（Stephen Kolano）表示，对担忧人工智 能资本支出、人工智能对行业冲击风险以及私人信贷市场压力的投资者而言，最新的生产者价格指数数 据让情况变得更为复杂。 科拉诺说，看起来通胀更多由服务业驱动，这是企业可能开始把关税成本转嫁给消费者以维护利润率的 一个迹象。通胀问题尚未得到解决。这为美联储货币政策带来困境。今年其余时间货币政策走向因此面 临不确定性。 美国供应管理学会当日发布的数据显示，芝加哥地区2月份制造业采购经理人指数为57.7，高于市场预 期的52 ...

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