摘要：“The unexpectedresurrectionof the trade war triggered a selloff,” said Sam Stovall, chief investment strategist at CFRA Research.
（外刊精读）《华尔街日报》—— 特朗普威胁对中国征收更高关税，美股应声创下六个月来最大单日跌幅！
1.原文
The S&P 500 and Nasdaq composite post their steepest one-day drops in six months
特朗普威胁对中国征收更高关税，抹去了股市本周的涨幅。
标普500指数和纳斯达克综合指数录得六个月来最大单日跌幅。
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）更简约、阅读体验更好！
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U.S. stocks tumbled Friday after President Trump posted on Truth Social that he may cancel a planned meeting with China and is considering “a massive increase in tariffs” on Chinese products.
The selloff was steep enough to wipe out weekly gains by the S&P 500 and the Nasdaq composite.
Stocks had recovered all their April losses and then blew past record after record in recent weeks with investors betting that the worst of the trade war was over. But with one Friday post on Truth Social, President Trump revived fears it may not be.
“The unexpected resurrection of the trade war triggered a selloff,” said Sam Stovall, chief investment strategist at CFRA Research. “What investors are most worried about is this trade war along with softening employment trends resulting in a recession.”
The S&P 500 and the Nasdaq composite both had their worst day since April, falling 2.7% and 3.6%, respectively. The Dow Jones Industrial Average lost nearly 900 points to end the day down 1.9%.
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1.1 翻译
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美国股市周五暴跌，此前特朗普总统在 Truth Social 上发帖称，他可能会取消与中国的一次计划中的会面，并正在考虑对中国产品“大幅提高关税”。
此次抛售非常剧烈，足以抹去标普 500 指数和纳斯达克综合指数的周涨幅。
最近几周，随着投资者押注贸易战最糟糕的时期已经过去，股市已经收复了 4 月份的所有跌幅，随后打破了一个又一个纪录。但随着周五在 Truth Social 上的一个帖子，特朗普总统重新唤起了人们对贸易战可能尚未结束的担忧。
CFRA Research 首席投资策略师萨姆·斯托瓦尔表示：“贸易战的意外死灰复燃引发了抛售。” “投资者最担心的是这场贸易战以及疲软的就业趋势可能导致经济衰退。”
标普 500 指数和纳斯达克综合指数均经历了自 4 月份以来最糟糕的一天，分别下跌了 2.7% 和 3.6%。道琼斯工业平均指数下跌近 900 点，收盘时跌幅为 1.9%。
1.2 重点详解
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1. tumbled (v.)
音标: /'tʌmbəld/词性/释义: 动词（过去式），意为（价格、数量等）暴跌，骤降。用法: 常用于描述股市、物价或支持率等快速且大幅度下降的情况。例句: Housing prices tumbled last quarter following the interest rate hike.例句翻译: 继利率上调后，上个季度房价暴跌。2. massive (adj.)
音标: /'mæsɪv/词性/释义: 形容词，意为巨大的，大规模的，大量的。用法: 用来强调某物的大小、数量或程度非常之大。例句: The company announced a massive restructuring plan that would affect thousands of employees.例句翻译: 该公司宣布了一项将影响数千名员工的大规模重组计划。3. selloff (n.)
音标: /'selɒf/词性/释义: 名词，尤其在金融市场中，指抛售，大批出售（尤指证券），通常会导致价格下跌。用法: 专指为了快速清仓或因市场恐慌而进行的大规模资产出售。例句: A sudden panic in the market caused a sharp selloff of tech stocks.例句翻译: 市场上的突发恐慌导致科技股被大幅抛售。4. wipe out (phr. v.)
音标: /waɪp aʊt/词性/释义: 动词短语，意为彻底消除，抹去，使……一无所有。用法: 指完全清除、摧毁或使之前积累的成果消失。例句: The fire accident wiped out their entire inventory, resulting in huge losses.例句翻译: 这场火灾彻底毁掉了他们的全部库存，造成了巨大损失。5. gains (n.)
音标: /geɪnz/词性/释义: 名词（复数），意为增长，收益，涨幅（尤其指财务或市场价值的增加）。用法: 在金融语境中，特指投资或资产在一段时间内价值的增加。例句: The stock market closed with significant gains after the positive economic report.例句翻译: 在这份积极的经济报告发布后，股市收盘时取得了显著涨幅。6. composite (n./adj.)
音标: /kəm'pɒzɪt/词性/释义: 名词或形容词，意为综合物，合成物；在金融中，如 Nasdaq composite（纳斯达克综合指数），指综合指数。用法: 指由多个不同部分或元素组合而成的整体。例句: The composite index is often viewed as a broader measure of market performance.例句翻译: 该综合指数通常被视为衡量市场表现的更广泛指标。7. blew past (phr. v.)
音标: /bluː pɑːst/词性/释义: 动词短语（过去式），意为超过，突破（某个限制、标准或纪录），飞速通过。用法: 用于描述以极快的速度超过某物或轻易打破一个既定的限制。例句: The sprinter blew past the previous world record in the 100-meter dash.例句翻译: 这位短跑运动员打破了之前的百米赛跑世界纪录。8. betting (v.)
音标: /'betɪŋ/词性/释义: 动词（现在分词），意为押注，打赌；在此处引申为笃定地认为，有信心地预测。用法: 指在不确定性下，投入资金或寄予希望，深信某个结果会发生。例句: Investors are betting on a quick recovery in the housing market next year.例句翻译: 投资者押注明年的房地产市场会迅速复苏。9. revived (v.)
音标: /rɪ'vaɪvd/词性/释义: 动词（过去式），意为恢复，复兴，重新唤起。用法: 指使某物恢复生机、活力、意识或重新流行起来。例句: The old photos revived memories of her childhood.例句翻译: 这些旧照片重新唤起了她童年的回忆。10. resurrection (n.)
音标: /ˌrezə'rekʃən/词性/释义: 名词，意为复活，复兴，死灰复燃。用法: 指某人或某事在消失、沉寂或失败后，再次出现或恢复生机。例句: The unexpected resurrection of the band excited their old fans.例句翻译: 这支乐队的意外复活让他们的老歌迷兴奋不已。Stocks had recovered all their April losses and then blew past record after record in recent weeks with investors betting that the worst of the trade war was over.
句子结构分析主句 1: Stocks had recovered all their April losses.主语: Stocks (股票)谓语: had recovered (已经收复/恢复)宾语: all their April losses (所有四月份的损失)时态: 过去完成时，表示一个动作（收复损失）发生在过去另一个动作（股市大涨）之前。主句 2: (Stocks) then blew past record after record in recent weeks.主语: (Stocks) (承接主句 1 的主语)谓语: then blew past (然后打破了/超过了)宾语: record after record (一个又一个纪录)时间状语: in recent weeks (最近几周)伴随状语/独立主格结构: with investors betting that the worst of the trade war was over.这是一个由 with 引导的独立结构，用来描述主句动作发生时的伴随情况或原因。核心结构: with + 名词/代词 (investors) + 现在分词 (betting)现在分词的宾语从句: that the worst of the trade war was over (贸易战最糟糕的时期已经结束了)。股市已经收复了它们在四月份的所有跌幅，随后在最近几周打破了一个又一个纪录，伴随着投资者们笃定地认为贸易战最糟糕的时期已经过去了。
2. 原文
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Trump said in a second post after markets closed that he would impose a 100% additional tariff on China beginning Nov. 1.
Trump was responding to China’s announcement that it would tighten controls on exports of some rare-earth materials crucial to making electric vehicles, jet fighters and other high-tech products. Shares in Western companies trying to edge into that market shot upward. U.S. chip stocks, meanwhile, were hit hard, with AMD falling 7.7% and Broadcom dropping 5.9%.
Oil prices tumbled to their lowest levels since “Liberation Day.” China is the world’s second-largest consumer of oil. Beijing also moved to impose a special port fee on U.S. vessels and launched an antimonopoly probe into U.S. chip company Qualcomm, shares of which fell 7.3% Friday.
Investors were already a little on edge after two recent auto-sector bankruptcies, said Joseph Brusuelas, chief economist at RSM. Auto-lender Tricolor Holdings and auto-parts supplier First Brands both filed for bankruptcy last month.
2.1 翻译
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特朗普在市场收盘后的第二个帖子中表示，他将从 11 月 1 日开始对中国征收 100% 的额外关税。
特朗普是在回应中国宣布将收紧对某些稀土材料出口的管制，这些材料对制造电动汽车、喷气式战斗机和其他高科技产品至关重要。试图挤进该市场的西方公司股价飙升。与此同时，美国芯片股则遭受重创，其中 AMD 下跌 7.7%，博通下跌 5.9%。
油价暴跌至“解放日”以来的最低水平。中国是世界第二大石油消费国。北京方面还采取行动，对美国船只征收特别港口费用，并对美国芯片公司高通发起反垄断调查，高通的股价周五下跌了 7.3%。
RSM 首席经济学家约瑟夫·布鲁苏拉斯表示，在最近发生两起汽车行业破产事件后，投资者们已经有点紧张不安了。汽车贷款机构 Tricolor Holdings 和汽车零部件供应商 First Brands 都在上个月申请了破产。
2.2 重点详解
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1. tariff (n.)
音标: /'tærɪf/词性/释义: 名词，意为关税，（进出口货物的）税率。用法: 指政府对进口或出口商品征收的税项，通常用于贸易政策和经济报道中。例句: The government decided to lower the tariff on imported medical equipment.例句翻译: 政府决定降低进口医疗设备的关税。2. tighten (v.)
音标: /'taɪtən/词性/释义: 动词，意为收紧，加强，使更严格。用法: 常用于描述对规则、控制或限制进行更严格的实施。例句: Authorities plan to tighten security measures at all major ports.例句翻译: 当局计划收紧所有主要港口的安全措施。3. rare-earth materials (phr.)
音标: /ˌreər 'ɜːθ məˈtɪəriəlz/词性/释义: 词组，意为稀土材料或稀土元素。用法: 专指用于制造高科技产品和军事设备的一组金属元素及其化合物。例句: China is a major global supplier of rare-earth materials.例句翻译: 中国是全球主要的稀土材料供应国。4. edge into (phr. v.)
音标: /edʒ ˈɪntuː/词性/释义: 动词短语，意为逐渐进入，缓慢地渗透进，小心地逼近。用法: 指谨慎或费力地进入一个市场、群体或区域。例句: Smaller companies are trying to edge into the highly competitive smartphone market.例句翻译: 小型公司正试图挤进竞争激烈的智能手机市场。5. shot upward (phr. v.)
音标: /ʃɒt ˈʌpwərd/词性/释义: 动词短语（过去式），意为飙升，猛涨，迅速上升。用法: 形容价格、数量或温度等突然而快速地上升。例句: The stock’s price shot upward immediately after the positive earnings report was released.例句翻译: 积极的盈利报告发布后，该股票价格立即飙升。6. hit hard (phr.)
音标: /hɪt hɑːrd/词性/释义: 动词短语（被动语态中），意为遭受重创，受到严重打击。用法: 指某人或某事物受到严重的负面影响或损害。例句: The tourism industry was hit hard by the global travel restrictions.例句翻译: 旅游业受到全球旅行限制的重创。7. dropping (v.)
音标: /'drɒpɪŋ/词性/释义: 动词（现在分词），意为下跌，下降，减少。用法: 用于描述数量、价值或水平的降低。例句: Enrollment is dropping at many small universities this year.例句翻译: 今年许多小型大学的入学人数正在下降。8. tumbled (v.)
音标: /'tʌmbəld/词性/释义: 动词（过去式），意为（价格、数量等）暴跌，骤降。用法: 常用于描述股市、物价或支持率等快速且大幅度下降的情况。例句: Gold prices tumbled as investors shifted to safer assets.例句翻译: 随着投资者转向更安全的资产，黄金价格暴跌。9. antimonopoly probe (phr.)
音标: /ˌæntɪməˈnɒpəli prəʊb/词性/释义: 词组，意为反垄断调查。用法: 指政府或监管机构对涉嫌限制竞争或形成垄断行为的公司进行的正式调查。例句: The tech giant is facing an extensive antimonopoly probe in several countries.例句翻译: 这家科技巨头在多个国家正面临一项广泛的反垄断调查。10. on edge (phr.)
音标: /ɒn edʒ/词性/释义: 介词短语，意为紧张不安，焦虑，烦躁。用法: 形容人处于担忧、兴奋或愤怒等状态，以至于感到不安或容易被激怒。例句: Everyone was on edge waiting for the election results to be announced.例句翻译: 每个人都紧张不安地等待着选举结果的宣布。Trump was responding to China’s announcement that it would tighten controls on exports of some rare-earth materials crucial to making electric vehicles, jet fighters and other high-tech products.
句子结构分析主句: Trump was responding to China’s announcement.主语: Trump (特朗普)谓语: was responding (正在回应)宾语: China’s announcement (中国的宣布)时态: 过去进行时。同位语从句: that it would tighten controls on exports of some rare-earth materials...这个 that 引导的从句用来解释和说明前面的名词 announcement (宣布)的具体内容。从句主语: it (指代 China)从句谓语: would tighten (将收紧)从句宾语: controls on exports of some rare-earth materials (对一些稀土材料出口的控制)。形容词短语作定语: crucial to making electric vehicles, jet fighters and other high-tech products.crucial to... (对...至关重要的) 是一个形容词短语，修饰前面的名词 rare-earth materials (稀土材料)。to making... 后面是三个并列的名词短语，列举了稀土材料所用到的产品：electric vehicles (电动汽车)、jet fighters (喷气式战斗机) and other high-tech products (以及其他高科技产品)。句子中文大意特朗普是在回应中国的宣布，该宣布称中国将收紧对某些稀土材料出口的管制，而这些材料对制造电动汽车、喷气式战斗机以及其他高科技产品至关重要。
3.原文
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Ten-year Treasurys ended the week at 4.053%, down from 4.118% a week earlier. “Skittish investors needed very little excuse to take profit,” Brusuelas said. Gold, which touched a record high Wednesday before inching down, settled at $3,975.90 a troy ounce.
Stocks held on to most of their 2025 gains. The S&P 500 is up 11% year to date, while the Nasdaq is up 15%. Stovall said he didn’t expect Trump’s comments would be enough to end the bull market.
Some of the selling came from computer-driven portfolios programmed to buy up stocks when markets are calm and sell when volatility rises, said Michael Green, chief strategist at Simplify Asset Management. Those portfolios have been adding stocks more or less since spring when markets calmed after the tariff tantrum. But on Friday, the Cboe Market Volatility Index jumped by 32%, its biggest increase since April.
“These things were a little bit on a hair trigger,” Green said.
Meanwhile the federal government began laying off workers as the government shutdown dragged into its 10th day. Bettors on prediction markets increasingly anticipate the shutdown will drag on through October. The Senate wrapped up late Thursday and won’t return until Tuesday. Senators are informally trading healthcare-funding ideas to try to forge a path forward.
3.1 翻译
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十年期美国国债收益率本周收于 4.053%，低于一周前的 4.118%。布鲁苏拉斯表示：“胆怯的投资者只需要很小的借口就会获利了结。” 黄金在周三触及历史新高后略微小幅下跌，最终收于每金衡盎司 3,975.90 美元。
股市保住了 2025 年的大部分涨幅。标准普尔 500 指数今年迄今上涨了 11%，而纳斯达克指数上涨了 15%。斯托瓦尔表示，他不认为特朗普的言论足以终结牛市。
Simplify Asset Management 首席策略师迈克尔·格林表示，部分抛售来自计算机驱动的投资组合，这些程序被设置为在市场平静时买入股票，在波动性上升时卖出。自春季市场在关税危机平息后，这些投资组合或多或少一直在增持股票。但在周五，芝加哥期权交易所市场波动率指数（Cboe Market Volatility Index）跃升了 32%，是自 4 月份以来的最大涨幅。
格林说：“这些（程序）有点一触即发。”
与此同时，由于政府停摆拖入第 10 天，联邦政府开始裁员。预测市场上的下注者们越来越多地预测停摆将拖到整个十月份。参议院在周四晚些时候结束会议，直到周二才会回来。参议员们正在非正式地讨论医疗保健资金的方案，试图开辟一条前进的道路。
3.2 重点详解
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1. Skittish (adj.)
音标: /'skɪtɪʃ/词性/释义: 形容词，意为胆怯的，易受惊吓的；（指市场、情绪等）容易波动的，不稳定的。用法: 在金融语境中，常用来形容投资者情绪不稳定，容易因小道消息或波动而做出反应。例句: The government’s uncertainty has made the stock market skittish recently.例句翻译: 政府的不确定性使得最近的股票市场容易波动。2. take profit (phr.)
音标: /teɪk ˈprɒfɪt/词性/释义: 词组，意为获利了结，抛售获利（尤指在股价上升后卖出，以锁定收益）。用法: 是一个常见的金融术语，指投资者在资产价格上涨后卖出，从而将账面收益变为实际收益。例句: Many day traders decided to take profit after the share price hit its all-time high.例句翻译: 许多日内交易员在股价触及历史高点后决定获利了结。3. inching down (phr. v.)
音标: /ˈɪnʧɪŋ daʊn/词性/释义: 动词短语（现在分词），意为小幅/缓慢地下降，逐渐退缩。用法: 动词 inch 意为“缓慢移动或极小幅度移动”，常用于形容价格、距离等缓慢的变化。例句: The temperature has been inching down since midnight.例句翻译: 气温自午夜以来一直在缓慢下降。4. settled (v.)
音标: /'setəld/词性/释义: 动词（过去式），在金融中意为收盘，确定价格，最终定价。用法: 常用于指期货、贵金属或其他商品在特定交易日结束时的最终成交或定价。例句: Crude oil settled below $80 a barrel after a day of heavy trading.例句翻译: 经过一天的剧烈交易，原油收盘价低于每桶 80 美元。5. troy ounce (phr.)
音标: /trɔɪ aʊns/词性/释义: 词组，意为金衡盎司。用法: 贵金属（如黄金、白银）和宝石的专用重量单位，约等于 31.1035 克。例句: The price of silver is often quoted per troy ounce.例句翻译: 白银的价格通常按每金衡盎司报价。6. year to date (YTD) (phr.)
音标: /jɪər tuː deɪt/词性/释义: 词组，意为今年迄今，年初至今。用法: 是一个会计和金融术语，指从今年第一个交易日到当前日期的时间段。例句: The company's sales figures are up 5% year to date.例句翻译: 截至今年迄今为止，该公司的销售数字上涨了 5%。7. bull market (phr.)
音标: /bʊl ˈmɑːrkɪt/词性/释义: 词组，意为牛市。用法: 金融术语，指股票、商品或其他资产的价格持续上涨，且普遍乐观情绪占据主导的市场状态。例句: Many analysts believe that the current bull market still has room to run.例句翻译: 许多分析师认为当前的牛市仍有上涨空间。8. volatility (n.)
音标: /ˌvɒlə'tɪləti/词性/释义: 名词，意为波动性，不稳定性；（在金融中）价格波动的幅度。用法: 衡量资产价格变动剧烈程度的指标。例句: High market volatility makes long-term investing more challenging.例句翻译: 高市场波动性使长期投资更具挑战性。9. tariff tantrum (phr.)
音标: /'tærɪf ˈtæntrəm/词性/释义: 词组，意为关税危机/发脾气。用法: 模仿 “Taper Tantrum”（缩减恐慌）的说法，指因关税政策变动或贸易战引发的市场恐慌性抛售和波动。例句: The sudden new trade barriers triggered a fresh round of tariff tantrum in the global supply chain.例句翻译: 突如其来的新贸易壁垒在全球供应链中引发了新一轮的关税危机。10. forge a path forward (phr.)
音标: /fɔːrdʒ ə pɑːθ ˈfɔːrwərd/词性/释义: 词组，意为开辟一条前进的道路，努力创造未来。用法: forge 意为“锻造，努力创建”，指在困难或不确定的情况下，努力寻找或创造出解决方案、策略或前进方向。例句: The committee is meeting to forge a path forward for the struggling organization.例句翻译: 委员会正在开会，以便为这个陷入困境的组织开辟一条前进的道路。Some of the selling came from computer-driven portfolios programmed to buy up stocks when markets are calm and sell when volatility rises, said Michael Green, chief strategist at Simplify Asset Management.
谓语: said (说)主语: Michael Green, chief strategist at Simplify Asset Management (Simplify Asset Management 首席策略师迈克尔·格林)。这是主语和其同位语。Simplify Asset Management 首席策略师迈克尔·格林表示，部分抛售来自于计算机驱动的投资组合，这些程序被设置为在市场平静时买入股票，在波动性上升时卖出。
来源：英语杂货铺
