強勁美國就業報告對小型股的壓力

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強勁的美國就業報告對小型股來說是「壞消息」

美國投資網訊 – 美國銀行的分析師表示,在上週強勁的就業報告發布後,美國聯邦儲備局的降息周期已經結束,並對小型股的表現感到謹慎。根據勞工部的數據,12月的非農就業人數增長了256,000個,遠超過分析師的預期,而失業率輕微下降至4.1%。

聯儲官員在2024年將利率削減了一個百分點,並在數據發布前指出,對於今年的進一步降息需謹慎考慮,部分原因是對當選總統特朗普的貿易政策對通脹影響的不確定性。上週五的強勁就業數據——以及勞動市場緊縮的前景——可能會進一步加強價格上漲壓力尚未完全消退的觀點。

這些數據加劇了市場對聯儲今年可能進行幾次降息的懷疑,推高了國債收益率,並施壓於股市。事實上,自特朗普當選總統以來,道瓊斯工業平均指數在11月5日後已下跌0.7%。

與此同時,以小型股為主的羅素2000指數已經跌入修正區域,較11月底的近期高點下跌了10%。小型公司通常對利率預期的波動更為敏感,因為它們通常持有可變利率債務,且資本結構較大型企業脆弱。

美銀分析師在1月12日發給客戶的報告中指出,「良好的就業報告」對小型股來說意味著「壞消息」。

雖然小型股在歷史上通常在聯儲結束降息系列後表現優於大盤,但分析師指出,這些股票目前的估值高於以往降息周期結束時的水平。

小型股與基準10年期美國國債收益率的相對表現關聯度在美銀的數據歷史中也是最負面的。近期,10年期國債收益率已上升至數月來的高點,因投資者降低了對降息的預期。

相較於小型股,中型股被視為「更好的機會」。分析師表示:「中型股擁有更乾淨的資產負債表/較少的再融資風險,更好的基本面(包括對盈利預測的下調不那麼劇烈),以及較低的選舉後政策風險(潛在移民改革下的勞動強度較低,以及來自關稅的每股盈利風險較低)。」

「中型股也受到被動投資者的低持有率影響,更能對沖制度風險。」

這篇報導突顯了當前市場的微妙動態,尤其是在小型股面臨的壓力和中型股的相對優勢之間。隨著市場環境的變化,投資者需要更靈活地調整自己的投資組合,尋找那些在不確定性中依然具備增長潛力的股票。小型股的脆弱性提醒我們,在選擇投資標的時,不僅要考慮估值,還要評估公司在不同經濟環境中的韌性和適應能力。

以上文章由特價GPT API根據網上資料所翻譯及撰寫,過程中沒有任何人類參與 🙂

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