市场收盘概览：逢低买入者回归

About two minutes away from the end of the trading day, Katie Grifeld and Matt Miller in for Roma Bosik. And here to help take us through the closing bell, we're joined by a global simulcast, Carol Masser and Bailey Lipult. He's in for Tim Stenovic, bringing together all of our audiences, Carol Masser to parse through the most crucial moments of this trading day on this Monday. And the dip buyers, they're back.

交易日结束还有大约两分钟，Katie Grifeld 和 Matt Miller 代替 Roma Bosik。我们邀请了全球同步直播的 Carol Masser 和 Bailey Lipult 来帮助我们回顾收盘情况。Bailey Lipult 代替 Tim Stenovic，与我们所有观众一起，Carol Masser 将解析本周一交易日最关键的时刻。而那些逢低买入者 (Dip buyers: 在市场下跌时买入股票的投资者)，他们回来了。

Carol Masser: Yeah, right. What a different tone from Friday. But, you know, also we got to write a love letter to OpenAI and Broadcom because the semiconductors really some outperformance up about 5%. A lot of it, you know, barely had to do with Broadcom today.

Carol Masser: 是的，没错。与周五的基调截然不同。但是，我们也要给OpenAI (人工智能研究实验室: 专注于人工智能研究和开发的公司) 和博通 (Broadcom: 全球领先的半导体和基础设施软件解决方案供应商) 写一封情书，因为半导体 (Semiconductors: 制造电子元件的关键材料) 行业表现出色，上涨了大约5%。其中很大一部分，你知道，今天几乎都与博通有关。

Matt Miller: And who even cares about a government shutdown in a market like this? Yes, we've not we've barely talked about it today.

Matt Miller: 在这样的市场中，谁还在乎政府关门呢？是的，我们今天几乎没有谈论过它。

Katie Grifeld: Didn't even mention it. Didn't even cross our minds. And yet, the major averages are up almost 2%, S&P up more than one and a half%. And Katie and Matt, guys, the bond market's closed, but stocks are partying.

Katie Grifeld: 甚至都没提。我们都没想起来。然而，主要平均指数上涨了近2%，标普500指数 (S&P 500: 衡量美国大型股表现的股票市场指数) 上涨超过1.5%。Katie 和 Matt，各位，债券市场休市了，但股市却在狂欢。

Matt Miller: Yeah, I think to some extent the administration took the teeth out of that shutdown by agreeing to pay or finding the money to pay the military at least on Wednesday when the next check is due. But I think it's really interesting that we've gone so far so fast. You know, BTI was out with a note yesterday saying that we're still above the 50-day 移动平均线 (Moving average: 技术分析中用于平滑价格数据，识别趋势的指标) and have been for 113 days. That's the third longest stretch since 1990. That's before Bailey and Katie were even born.

Matt Miller: 是的，我认为在某种程度上，政府同意支付或找到了钱来支付军人工资，至少是在周三下一次发薪日，这使得政府关门的影响大大减弱。但我认为我们能如此迅速地走这么远，这非常有趣。你知道，BTI 昨天发布了一份报告，称我们仍然高于50日移动平均线，并且已经持续了113天。这是自1990年以来第三长的时期。那是在 Bailey 和 Katie 出生之前。

Bailey Lipult: That might be true actually. But I mean it's a good point that we have been so strong for so long and we really haven't seen a dip to buy in quite a long time. So of course a lot of this is OpenAI but a lot of this is just folks seizing on a sale right now. And that's definitely was the story of this market action on this Monday. You can see the S&P 500 looks like we're going to finish about 1 and a half% higher. You take a look at the 纳斯达克100指数 (NASDAQ 100: 包含纳斯达克交易所市值最大的100家非金融公司) doing even better. That's a lot of that chip influence coming through there. The NASDAQ finishing 2.2% higher on the day. We show the 道琼斯工业平均指数 (Dow Jones Industrials: 衡量美国30家大型上市公司股票表现的指数) here. I wouldn't. It's not my favorite index, but we'll do it. It's up about 1.3%.

Bailey Lipult: 这可能确实是真的。但我的意思是，我们如此强势已经持续了很长时间，而且很久没有出现可供逢低买入的机会了，这是一个很好的观点。所以，当然，这其中很多是OpenAI的影响，但也有很多人只是抓住现在的销售机会。这无疑是本周一市场走势的主题。你可以看到标普500指数似乎将以大约1.5%的涨幅收盘。再看看纳斯达克指数，表现甚至更好。这其中有很多芯片行业的影响。纳斯达克指数当天收盘上涨2.2%。我们在这里展示道琼斯指数。我不会。它不是我最喜欢的指数，但我们还是会这样做。它上涨了大约1.3%。

Carol Masser: Carol Masser.

Matt Miller: I know what's wrong with the Dow. She likes the small caps.

Matt Miller: 我知道道琼斯指数有什么问题。她喜欢小盘股。

Katie Grifeld: The thing is it's a price weighted index. How much of a signal can you get from that?

Katie Grifeld: 问题是它是一个价格加权指数。你能从中获得多少信号呢？

Matt Miller: Matt Matt, remember way back when we only used to like talk largely about the Dow?

Matt Miller: Matt，你还记得很久以前我们主要只谈论道琼斯指数的时候吗？

Carol Masser: I remember Dow 6000. I know. All right, let's go to the S&P 500. We'll put the Dow aside for a moment. Most names in the index higher, guys, today. 359 gaining ground 142 to the downside. Matt, two unchanged.

Carol Masser: 我记得道琼斯指数6000点的时候。我知道。好吧，我们来看看标普500指数。我们暂时把道琼斯指数放一边。各位，今天指数中的大多数股票都上涨了。359只上涨，142只下跌。Matt，两只持平。

行业表现与个股分析

Matt Miller: Take a look at the industry groups moving higher and you'll see pretty much all of them that aren't defensive did. So, you've got 日常消费品 (Consumer staples: 无论经济状况如何，消费者都会持续购买的必需品) down. And if you look at the S&P, which is, I think Katie agrees, you know, much better yard stick. It's the index you you can see that you had a lot of consumer staples on the downside, Proctor and Gamble, Philip Morris at one point one of the biggest losers on the index. Altria Group also these are things that you know you either need to buy again every month or you're just addicted to so you have no choice. But for the for the most part you had every other group rising healthcare you see down but really just unchanged.

Matt Miller: 看看上涨的行业板块，你会发现几乎所有非防御性板块都上涨了。所以，日常消费品下跌了。如果你看标普指数，我认为Katie也同意，它是一个更好的衡量标准。你可以看到很多日常消费品板块都下跌了，宝洁、菲利普莫里斯一度是指数中最大的输家之一。奥驰亚集团也是，这些东西你知道，你要么每月需要再次购买，要么你就是上瘾了别无选择。但总的来说，其他所有板块都在上涨，医疗保健板块看起来下跌了，但实际上只是持平。

Katie Grifeld: All right guys, let's get to some of the individual gainers. No surprise I'm going to talk about Broadcom. Of course, ticker AVGO up as much as almost 11% finishing the day with a gain of just shy of 10%. Number two gainer in the S&P 500, number one gainer in the NASDAQ 100. No, number two, forgive me. But nonetheless, really just pushed the whole semis sector higher in today's session. This as OpenAI signed a multi-year agreement with Broadcom to collaborate on custom chips and networking equipment. So, it's the latest step in OpenAI's ambitious plan to add computing infrastructure, but it really gave some juice to Broadcom. All right. The other thing that was kind of a broader story today was when you look at 稀土 (Rare earth: 一组17种化学元素的总称，广泛用于高科技产品) and 关键矿产 (Critical minerals: 对国家经济或国家安全至关重要的非燃料矿产) stocks rising following strong gains among Asian peers, fresh tensions between Beijing and Washington over China's exports of critical minerals, fueling bets on alternative suppliers. So, two names I just want to show. Critical uh materials, critical medicals. Yeah. Try this again.

Katie Grifeld: 好的，各位，我们来看看一些个股赢家。不出所料，我要谈谈博通。当然，股票代码AVGO一度上涨近11%，收盘时涨幅略低于10%。它是标普500指数的第二大赢家，纳斯达克100指数的第一大赢家。不，第二大，请原谅我。但尽管如此，它确实推动了整个半导体板块在今天的交易中走高。与此同时，OpenAI与博通签署了一项多年协议，将在定制芯片和网络设备方面进行合作。所以，这是OpenAI雄心勃勃的计算基础设施扩建计划的最新一步，但这确实给了博通一些动力。好的。今天另一个更广泛的故事是，当你看到稀土和关键矿产股票上涨时，这是受到亚洲同类股票强劲上涨的推动，加上北京和华盛顿之间在中国关键矿产出口问题上的新紧张关系，这刺激了对替代供应商的押注。所以，我想展示两个名字。关键材料，关键医疗。是的。再试一次。

Bailey Lipult: Uh shall we try that again? Take two everybody. 3 2 1. Critical metals up almost 55% in today's session. And then MP materials up just about 21%. Remember MP materials is the one that the US government has taken a stake in along with some other investments in raw materials companies. And then I got to mention Warner Brothers up almost 4% here. This as the company according to reports that cited people familiar with the matter rejected Paramount SkyDance's initial 收购要约 (Takeover approach: 一家公司向另一家公司的股东提出的收购其股票的提议) for being too low.

Bailey Lipult: 呃，我们再试一次好吗？各位，第二遍。3 2 1。关键金属股在今天的交易中上涨了近55%。然后MP Materials上涨了大约21%。请记住，MP Materials是美国政府以及其他一些原材料公司投资所持有股份的公司。然后我还要提到华纳兄弟上涨了近4%。据报道，该公司拒绝了派拉蒙Skydance最初的收购要约，因为它出价太低。

财富转移与泰勒·斯威夫特的影响力

Matt Miller: Can I just... go ahead. Can I just interject with a little bit of an editorial comment?

Matt Miller: 我能插一句…请。我能插一句编辑评论吗？

Katie Grifeld: This is very Roma of you. So go ahead.

Katie Grifeld: 你这很像Roma的风格。请说。

Matt Miller: I know I'm like what? I thought I could get through it and then just pass the baton. No, because Carol, because you and Tim were there at screen time last week and I Lucas Shaw's conversation with David Ellison was amazing.

Matt Miller: 我知道我像什么？我以为我能说完然后把接力棒传下去。不，因为Carol，因为你和Tim上周在Screen Time，Lucas Shaw与David Ellison的对话非常精彩。

Carol Masser: It was amazing.

Carol Masser: 确实很精彩。

Matt Miller: I understand so much more about the company, about the industry, about their aim.

Matt Miller: 我对公司、行业和他们的目标有了更多的了解。

Katie Grifeld: That's funny because Laura Martin of Needam said, she goes, "I don't feel like that David Ellison has really laid out his strategy that he keeps making these acquisitions but not kind of saying what the overall strategy is." I'm just just sharing you cuz she talked with us at screen time.

Katie Grifeld: 这很有趣，因为Needham的Laura Martin说，“我感觉David Ellison并没有真正阐明他的战略，他一直在进行这些收购，但没有说明整体战略是什么。”我只是分享给你，因为她在Screen Time和我们谈过。

Matt Miller: I just thought it was good. So good. Go back and listen to it if you haven't. Or buy tickets for next year. Bailey, there were stocks that fell today.

Matt Miller: 我只是觉得它很好。非常好。如果你还没听过，回去听听吧。或者买明年的票。Bailey，今天也有股票下跌。

Bailey Lipult: There are stocks that fell today and the worst performer in the S&P 500 is not in the Dow Jones Industrials. Katie, that is Fastenal. Ticker FAS falling the most since March 2020. This came after 财报 (Earnings: 公司定期发布的财务业绩报告)。CEO told Carol and I that their stock was actually 完美定价 (Priced to perfection: 股票价格已完全反映其所有积极因素，没有进一步上涨空间)，这就是他们下跌的原因。但分析师指出，一些疲软的定价掩盖了实际上并不差的顶线业绩。

Bailey Lipult: 今天有股票下跌，标普500指数中表现最差的股票不在道琼斯工业指数中。Katie，那是Fastenal。股票代码FAS自2020年3月以来跌幅最大。这发生在财报发布之后。首席执行官告诉Carol和我，他们的股票实际上是完美定价的，这就是他们下跌的原因。但分析师指出，一些疲软的定价盖过了实际上还不错的营收业绩。

Katie Grifeld: And I want to call out this second and third worst performers in the S&P 500 casino stocks. We saw both Las Vegas Sands and Win Resorts under pressure each falling more than 6%. Not because people aren't going to Las Vegas, but there's a holiday on the other side of the world and that's 黄金周 (Golden Week: 中国的法定长假，通常指春节、五一和国庆假期)。And we saw 澳门数据 (Macau data: 澳门地区的经济或行业数据，通常指博彩业数据) disappointing. So investors really selling down those two stocks. Again, Las Vegas Sands ticker LVS down more than 6% worst drop since earlier in the month, but closing at the lowest level since June. And guys, I just want to wrap up with one of my favorite stocks to cover. Beyond Meat, ticker BN.

Katie Grifeld: 我想指出标普500指数中表现第二和第三差的股票是赌场股。我们看到拉斯维加斯金沙和永利度假村都面临压力，各自下跌超过6%。不是因为人们不去拉斯维加斯，而是因为世界另一端有一个假期，那就是黄金周。我们看到澳门数据令人失望。所以投资者真的在抛售这两只股票。再次强调，拉斯维加斯金沙股票代码LVS下跌超过6%，是本月初以来最糟糕的跌幅，但收盘价是自6月以来的最低水平。各位，我只想用我最喜欢报道的一只股票来结束。Beyond Meat，股票代码BN。

Bailey Lipult: Is that cuz you like to eat it?

Bailey Lipult: 是因为你喜欢吃它吗？

Katie Grifeld: I do not like to eat it. It's I'm questioning I question it. It's a little concerning how it bleeds, but it was it was at one point one of the best stocks to 首次公开募股 (IPO: 公司首次向公众出售股票) ever.

Katie Grifeld: 我不喜欢吃它。我对此表示质疑。它“流血”的方式有点令人担忧，但它曾一度是史上表现最好的IPO股票之一。

Matt Miller: Very real. It was it was it was you know it's a very logical fundamental argument at least when when the stock was trading for whatever number it was but closing at a record low losing about half its value. This came after 债务投资者 (Debt investors: 购买公司债券或其他债务工具的投资者) 债转股 (Swap their notes for shares: 债务人将所持有的债务转换为公司的股权) 稀释投资者 (Diluting investors: 发行新股导致现有股东所持股份比例下降，从而降低每股收益和价值)。So it does seem like slow burn to the end for Beyond Meat.

Matt Miller: 非常真实。它曾经，你知道，是一个非常合乎逻辑的基本面论点，至少在股票交易价格无论是什么数字的时候是如此，但现在它以创纪录的低点收盘，市值损失了大约一半。这发生在债务投资者将其票据转换为股票，从而稀释了投资者之后。所以，Beyond Meat似乎正在缓慢走向终结。

Bailey Lipult: Yeah, pour out some beet juice for Beyond Meat. The bond market was closed today. It was one of those weird days where equities were open, bonds were closed. I want to take a look at TLT (iShares 20+ Year Treasury Bond ETF: 一种交易所交易基金，追踪长期美国国债的表现) here though. This of course tracks 20-year 国债 (Treasuries: 美国财政部发行的债券，用于为政府支出融资) and beyond. And you can see that it's just about flat on the day. It opened up lower. That would have meant that 收益率 (Yields: 债券投资者获得的收益与债券价格之比) were higher, but you can see it finished just about unchanged. So that sets us up. Well, shall we talk about Taylor Swift though because she did have an impact in the stock market here. I I wonder if Carol if you know the way that Katie talks about Taylor Swift and her impact or her importance.

Bailey Lipult: 是的，为Beyond Meat倒一些甜菜汁吧。今天债券市场休市了。这是那些奇怪的日子之一，股市开盘，债券休市。不过我想看看TLT。这当然追踪20年及以上的国债。你可以看到它今天几乎持平。它开盘走低。那意味着收益率会更高，但你可以看到它收盘时几乎没有变化。所以这为我们奠定了基础。那么，我们来谈谈泰勒·斯威夫特吧，因为她确实对股市产生了影响。我想知道Carol你是否了解Katie谈论泰勒·斯威夫特及其影响或重要性的方式。

Carol Masser: Respectfully.

Carol Masser: 尊敬地。

Katie Grifeld: Um yeah, I call her What do you say? I call her the Bob Dylan of our generation, the millennial generation for millennial women. And I'm willing to back that up. I'm not the biggest Taylor Swift fan out there, Carol. I am a huge fan. But just in terms of her impact, I think that that's a pretty fair characterization.

Katie Grifeld: 嗯，是的，我称她为，你怎么说？我称她为我们这一代人的鲍勃·迪伦，千禧一代女性的鲍勃·迪伦。我愿意支持这个说法。我不是泰勒·斯威夫特最大的粉丝，Carol。我是一个超级粉丝。但就她的影响力而言，我认为这是一个相当公正的评价。

Carol Masser: Well, you know what's interesting? You talk about impact and you know some of it is just what she does up on stage fighting for rights in terms of owning your own material if you will but she's also become pretty wealthy and with money comes influence and I just want to mention I know we're going to go back to Taylor but there's an interesting story on the Bloomberg about how kind of Wall Street's been getting ready for this incredible 财富转移 (Wealth transfer: 财富从一代人或一群人转移到另一代人或另一群人) of like 105 trillion to pass from elderly parents to children but Bailey there's actually a different kind of wealth transfer already underway and we're talking about women who are actually becoming billionaires after the death of their spouses.

Carol Masser: 嗯，你知道有趣的是什么吗？你谈到影响力，你知道其中一部分是她在舞台上为拥有自己的作品权利而奋斗，但她也变得非常富有，有了钱就有了影响力。我只是想提一下，我知道我们还要回到泰勒·斯威夫特的话题，但彭博社有一篇有趣的文章，讲的是华尔街如何为这105万亿美元的巨额财富从年迈的父母转移给子女做准备，但Bailey，实际上还有另一种财富转移正在进行中，我们谈论的是在配偶去世后，女性实际上正在成为亿万富翁。

Bailey Lipult: Yeah. Bloomberg reporting that more than a dozen women in the world's 500 richest people have become billionaires because of that overseeing fortunes totaling 365 billion dollars. That's a lot of money to be.

Bailey Lipult: 是的。彭博社报道，全球500位最富有的人中，有十几位女性因此成为亿万富翁，她们管理的财富总额达3650亿美元。那是一大笔钱。

Carol Masser: Yeah. And it means a lot of influence whether it's you know philanthropy finance consumer goods get like a lot of things. So now we go back to Taylor who is pretty wealthy and she's influential. You know Katie and I we used to co-anchor a show called Bloomberg Open Interest.

Carol Masser: 是的。这意味着巨大的影响力，无论是慈善、金融、消费品还是其他许多方面。所以现在我们回到泰勒·斯威夫特，她非常富有，也很有影响力。你知道，Katie和我曾经共同主持一档名为《彭博公开利息》的节目。

Katie Grifeld: It still airs I'm told.

Katie Grifeld: 我听说它还在播出。

Carol Masser: 9 to11 weekdays. Tune in. Um we talked to Sally Crotch on that program if you recall and she said that um we're going to see like I think massive numbers like 35 or 40 trillion dollars shifted in this 银发海啸 (Silver tsunami: 指随着人口老龄化，大量财富从老年一代转移到年轻一代的现象)。Maybe it was even more. But the lion's share of that is going to shift from the control of men to the control of women. So that's going to be

Carol Masser: 工作日早上9点到11点。敬请收听。嗯，如果你还记得，我们在那个节目中采访了Sally Crotch，她说我们将会看到，我认为是巨大的数字，比如35万亿或40万亿美元的财富将在这次银发海啸中转移。也许会更多。但这其中最大的一部分将从男性的控制转移到女性的控制。所以那将会是

Matt Miller: As it should.

Matt Miller: 本应如此。

Katie Grifeld: It's really interesting too. You think about all the different ripple effects there. One of them being what does this mean for the 理财顾问行业 (Financial advisor community: 提供财务规划、投资建议等服务的专业人士群体)。There are a lot of things that we'll have to adjust to sort of accommodate what that new phase of wealth looks like.

Katie Grifeld: 这也真的很有趣。你考虑一下所有不同的连锁反应。其中之一就是这对理财顾问行业意味着什么。我们有很多事情需要调整，以适应财富新阶段的面貌。

Matt Miller: I heard Carol and Tim talking to April Ruden about this last week.

Matt Miller: 我上周听Carol和Tim和April Ruden谈论过这个。

Carol Masser: Oh my god, I'm so God, I'm just warmed.

Carol Masser: 天啊，我真是太感动了。

Matt Miller: He's your biggest fan.

Matt Miller: 他是你最大的粉丝。

Bailey Lipult: I thought we were going to talk about the 纪录片系列 (Docu-series: 一系列以纪录片形式呈现的节目)。Like

Bailey Lipult: 我以为我们要谈论纪录片系列呢。比如

Katie Grifeld: She's going to make she's going to make a six-part docu-series about the Eras Tour, which regardless of how you feel about her music, even if you think that she only had one good album in her entire catalog, the one about the cardigan and

Katie Grifeld: 她将制作一部关于Eras巡演的六集纪录片系列，无论你对她的音乐感觉如何，即使你认为她在整个作品中只有一个好专辑，就是关于开衫的那张，还有

Matt Miller: Folklore.

Matt Miller: 《民间传说》。

Katie Grifeld: Uh, exactly.

Katie Grifeld: 呃，没错。

Matt Miller: 1989. But sure, you still can't deny the impact that her AOS tour had on, you know, the global economy. Really?

Matt Miller: 《1989》。但当然，你仍然不能否认她的AOS巡演对全球经济产生的影响。真的吗？

Carol Masser: I saw it in Toronto and let me tell you that was a production.

Carol Masser: 我在多伦多看了，我告诉你那真是一场盛大的制作。