《北威觀測站》  美股風水輪流轉?
《Bellwether Watchpoint》 US Market Rotation In Action 2020.8.12

撰寫:Abby Dzeng

這幾個月來不斷帶著投資人創下一波波新高的 Nasdaq,在週二(8/11)盤中延續第三天跌幅,下滑 1.7% 以 10,782 點作收。相反的,雖然 S&P 500 在收盤前被科技股拉下翻黑,道瓊也在最後一刻下跌 0.4%,但是 S&P 已有連七天的漲勢,從三月低潮上揚了 52% 並離歷史新高僅隔 1.8%,而道瓊則在週二盤中達到 2 萬 8 千點,是二月以來第一次。種種跡象顯示市場準備將鎂光燈從科技股轉至從疫情爆發以來便被忽視的工業、金融股。

雖說投資人已經漸漸習慣科技股領隊帶漲,但其實工業股、金融股在 S&P 指數中佔比很大,也代表這些產業在美國經濟體內有重要的根本地位。隨著美國嘗試解封、重振經濟,這些與經濟發展有強烈關聯、股價卻因新冠疫情而暴跌的產業,與雖然深陷法律問題但仍然不停大漲的科技巨頭相比,可能更有發揮的空間。過去一個月來,工業股上漲了13.7%,而 S&P 500 內的工業股(industrial sector)在週二上漲 1.8%,金融股(financial sector)則上漲 2.6%。

除了近期經濟復甦的相關消息,全球疫苗發展也讓美股激烈反應。普丁先前宣布俄國已成功開發新冠疫苗,雖與美關係不友好卻仍大振美股;而週二盤後,川普也召開記者會宣布將購買 1 億劑美國製藥商 Moderna 開發的實驗疫苗,整個合約值 15.3 億美元。美國政府已與多家製藥商簽署類似合約,包含 Pfizer 與 Johnson and Johnson,希望能在新冠疫苗的競賽中名列前茅。

不過Tesla 在美股週二(8/11)盤後宣佈拆股,造成Tesla 股價在收盤後至目前(台北時間8/12 5:30 PM)上漲6.01%,也因而帶動Nasdaq 期貨價格上揚;今晚的美股再度值得關注。

數據來源:CNBC

US Market Rotation In Action 2020.8.12

By Abby Dzeng

The Nasdaq Composite, which has led investors onto one high after another, continued to fall on Tuesday (8/11) and closed with a 1.7% loss. On the contrary, despite the last minute pullback by tech stocks, S&P 500 held a 7-day winning streak, gaining 52% since its March low and is 1.8% away from a record high. The Dow Jones Industrial Average climbed to 28,000 points midday, the first time since February. More than one indication suggests that the market is rotating its focus from Big Tech to industrials and financials, sectors that were widely neglected since the coronavirus outbreak.

Although investors have grown quite used to the tech sector leading market growth, industrial and financial stocks are actually crucial players in the S&P, meaning that they hold significant roles in the greater US economy. As the States fight to reopen and get its economy back on track, sectors that are closely tied with economic growth but were pulled back by the pandemic might provide more room for growth, in comparison to the Big Tech, who ran a great lap despite their legal troubles. In the past month, S&P Industrial Sector saw a 13.7% growth, and rose 1.8% on Tuesday alone, while its Financial Sector gained 2.6%.

Other than news regarding the economic reopening, the market also reacts strongly to vaccine news. Putin announced the successful development of a Covid vaccine few days ago, causing the US market to rally despite the two nations not being on great terms. Tuesday after the Bell, Trump held a press conference announcing the purchase of 100 million doses of Moderna’s experimental vaccine. The deal was estimated to hold 1.53 billion in value. The US government has signed similar deals with many American pharmaceutical companies, including Pfizer and Johnson and Johnson, in hopes of winning the vaccine race.

However, it’s worth noting that Tesla announced a stock split after the Bell on Tuesday (8/11), sending its stock prices on a 6.01% surge in after market trading (as of 5:30pm Taipei Time). This led Nasdaq Futures into the positives, bringing attention to tonight’s market.

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