股市周度回顾：科技股抛售与价值股轮动下的市场分化

As Goldman'sflows gurus noted:"This week’s tape can only be categorized as adult swim... and then some." 正如⾼盛的资⾦流动专家所指出的："本周的市场⾛势只能被归类为成⼈游泳区……甚⾄更甚。" Traders took a breath to end the week on an optimistic note (ahead of The Super Bowl) after the SaaSpocalypse-driven chaos (combinedwith Warsh's nomination) prompted an explosion in vol across asset-classes (but note that bonds and the broad equity market only sawmodest increases)... 交易员在本周末喘了⼝⽓，以乐观的基调结束本周（超级碗前夕），此前SaaS崩盘驱动的混乱（加上沃什的提名）引发了各资产类别波动率的爆炸式增⻓（但需注意债券和⼴泛股市的波动率仅出现⼩幅上升）... But, after such ashitshow in big-tech, bullion, and bitcoin, some of the week over week changes may surprise you. 但是，在⼤型科技股、贵⾦属和⽐特币经历了如此糟糕的表现之后，⼀些周环⽐变化可能会让你感到意外。 Stocks股票 The Dow and Small Caps ended the week considerably higher(Dow record high) while Nasdaq was the week's laggard. A late daypanic-bid ([perhaps driven by this - *FED'S DALY SAYS 1 OR 2 MORE RATE CUTS MAY BE NEEDED: REUTERS) lifted theS&P 500 tounchanged on the week... 道指和⼩盘股本周收盘⼤幅上涨（道指创历史新⾼），⽽纳斯达克则是本周的落后者。尾盘的恐慌性买盘（[可能是由此驱动的- *美联储戴利表示可能还需要降息1到2次：路透社]）将标普500指数拉升⾄本周持平... 微信公众号 404K微信公众号 404K微信公众号 404K微信公众号 404KWewarned last night that a bounce was coming, andGoldman'sflows gurus suggested "listening to the markets"as they pointed outthat vol metrics signal that investors were"close to max fear"... 我们昨晚警告过反弹即将到来，⾼盛的资⾦流向专家建议"倾听市场"，他们指出波动率指标显示投资者"接近最⼤恐慌"... Source: Goldman Sachs来源：⾼盛微信公众号 404K微信公众号 404K The Dow topped 50,000 for thefirst time ever (tell me about Greenland again?)... 道琼斯指数⾸次突破50,000点（再跟我说说格陵兰的事？）... 微信公众号 404K微信公众号 404K标普500指数⼏乎完美地从100⽇均线反弹，并加速回升⾄50⽇均线上⽅... 微信公众号 404K微信公众号 404KBut Nasdaq remains well below its 100DMA (despite today's big bounce)... 以下是⾼盛交易台对今⽇⾏情的描述： Screenfilled with green today as a week of factor Armageddon comes to a close.微信公众号 404K微信公众号 404K微信公众号 404K微信公众号 404K 今天屏幕上⼀⽚绿⾊，为期⼀周的因⼦末⽇⾛向尾声。 AMZN (-6.9%) and GOOGL (-1.9%) are weighing down Megacap tech, but broadly we are seeingnotable reversals inperformance with ~75% of the SPX trading in the green. 亚⻢逊（-6.9%）和⾕歌（-1.9%）拖累了⼤型科技股，但总体⽽⾔，我们看到表现出现显著反转，约75%的标普500指数成分股飘红。 Standouts at the top of our leaderboard include Bitcoin Sensitive (GSCBBTC1 Index) + 17.1%, Non-profitable Tech(GSXUNPTC Index) +8.1%, Most Short (GSCBMSAL Index) + 7.8%, and Retail Favorites (GSXURFAV Index) +5.9%. 我们排⾏榜上的领涨者包括⽐特币敏感股（GSCBBTC1指数）+17.1%、⾮盈利科技股（GSXUNPTC指数）+8.1%、最多空头股（GSCBMSAL指数）+7.8%以及散户最爱股（GSXURFAV指数）+5.9%。 对冲基⾦资⾦流动成为焦点，其买⼊偏向今早触及+25%，⽬前已回落⾄2%。 Prior to today, the highest HF buy skew recorded over the past 4 weeks was 5.59%.在今天之前，过去4周内记录的最⾼对冲基⾦买⼊偏向为5.59%。 微信公众号 404K微信公众号 404K微信公众号 404K微信公众号 404KIt is worth noting thattoday is thefirst day this week LOs have had a buy-skew. But under the hood, there was lots of pain trades (and lots of gain trades) in equity land. 但在表⾯之下，股市中存在⼤量痛苦交易（以及⼤量获利交易）。 微信公众号 404K微信公众号 404K微信公众号 404K微信公众号 404K*NVIDIA SHARES JUMP 7.8% TO ADD $325 BILLION IN MARKET VALUE*英伟达股价跳涨7.8%，市值增加3250亿美元*STELLANTIS FALLS 24%, MOST ON RECORD, AFTER SURPRISE WRITEDOWNS*Stellantis股价暴跌24%，创历史最⼤跌幅，此前公布意外减值*MOLINA SHARES SINK 26% IN WORST ONE-DAY DROP SINCE JUNE 2012*Molina Healthcare股价暴跌26%，创2012年6⽉以来最⼤单⽇跌幅*AMAZON SHARES POST 12% WEEKLY DECLINE, MOST SINCE 2022*亚⻢逊股价本周下跌12%，为2022年以来最⼤周跌幅*ISHARES SOFTWARE ETF DOWN 8.7% IN WORST WEEKLY DROP SINCE APRIL*ISHARES软件ETF下跌8.7%，创4⽉以来最⼤单周跌幅 Tech and Discretionary stocks were the week's biggest losers while Materials, Energy, and Industrials dominated the gains... 科技股和⾮必需消费品股是本周最⼤输家，⽽材料、能源和⼯业板块领涨... Source: Bloomberg来源：彭博社 That is reflected in the massive outperformance of Value over Growth this week... 这反映在本周价值股相对成⻓股的⼤幅跑赢表现中... Source: Bloomberg来源：彭博社 Mag7 massively underperformed the S&P493...Mag7（七巨头）⼤幅跑输标普493... Microsoft has now given back all its relative outperformance vs the S&P500 going back to November 2022(ChatGPT launch). Thestock is now trading down 30% from its all-time highs... 微软现在已经回吐了⾃2022年11⽉（ChatGPT发布）以来相对标普500的所有超额表现。该股⽬前较历史⾼点下跌30%... Momentum ended the weekflat, rebounding strongly from Tuesday's puke... 动量指数本周持平，在周⼆的暴跌后强劲反弹... 微信公众号 404K微信公众号 404KSource: Bloomberg来源：彭博社 微信公众号 404K微信公众号 404KWe given the last word on equity-land to Goldman's Chris Hussey, who sums things up perfectly: 我们将股市的最后总结交给⾼盛的克⾥斯·赫⻄，他完美地概括道： The direction of travel at the Index level this year has so far been best described as'a circuitous path to nowhere'今年指数层⾯的⾛向迄今为⽌最好的描述是"⼀条迂回曲折却毫⽆进展的道路" ...as investors haveleaned into Value and sold Tech while the S&P 500 has actually gained 1% ytd. ...由于投资者转向价值股并抛售科技股，⽽标普500指数实际上年初⾄今上涨了1%。 TheVIX briefly spiked above 20earlier this week but now sits below 18 again and rates and USD/EUR are also only mildlychanged so far this year. VIX指数本周早些时候曾短暂飙升⾄20以上，但现在⼜回落⾄18以下，⽽且利率和美元/欧元汇率今年以来也仅有⼩幅变化。 But underneath the index level, of course, the story is much different with a big shift in sentiment hitting stocks that arevulnerable to being disrupted by new AI applications. Investors are not liquidating equities to hold in cash though. Instead, they are