背景导入：

由于美国联邦储备委员会收紧货币政策令市场人气承压，本周纽约股市继续走低。道琼斯工业平均指数、标准普尔500种股票指数和纳斯达克综合指数本周分别累积下跌2.99%、3.29%和4.21%，纳指更是出现“六连跌”。

Why the stock market slumped and what comes next, according to experts.

专家：股市为何暴跌，其后果如何？

As alarms over inflation and a possible recession sounded in recent months, a stock market rally offered a source of optimism — until this week. The S&P 500 fell 2.1% on Monday, its worst day in more than two months. As of trading on Wednesday afternoon, the index had recovered some of its losses but remained down for the week.

近几个月来，随着通货膨胀和可能的经济衰退的警报响起，股市反弹为人们提供了乐观来源——直到本周。标准普尔500 指数周一下跌了 2.1%，创下两个多月来的最大日跌幅。截至周三下午交易，该指数的部分亏损已复苏，但本周将持续下跌。

The recent drop marks the latest swing of this year's market seesaw. Bouncing back from a historic plunge over the first half of 2022, the S&P 500 rose more than 15% during a two-month period beginning in mid-June. Over that same period, the tech-heavy Nasdaq spiked more than 17% and the Dow Jones Industrial Average rose nearly 14%.

最近的下跌标志着今年股市跷跷板的最新波动。标普 500 指数从 2022 年上半年的历史性暴跌中反弹，从 6 月中旬开始，在两个月期间上涨了 15% 以上。同期，以科技股著称的纳斯达克指数飙升 17% 以上，道琼斯工业平均指数上涨近 14%。

In fact, that rally makes up a key reason for the downturn in recent days, as investors determined that stocks became overpriced, market analysts said.The plunge also stems from fear that the Federal Reserve will continue a series of aggressive rate hikes, which aim to slash inflation by slowing the economy but risk tipping the U.S. into a recession, they added.

股市分析师表示，这种反弹事实上是近几天经济低迷的一个关键原因，因为投资者认为股票价格过高。他们补充说，人们担忧美联储将继续进行一系列加息措施，这也是导致股市暴跌的一个原因。这些加息意在通过放缓经济来削减通货膨胀，但其有可能使美国陷入衰退。

But analysts differed over whether this week's downturn marks a brief hiccup or a sign of more losses to come, suggesting that murky economic data supports varied interpretations about the outlook of the economy and in turn corporate profits, the key focus for stock forecasters.

然而，本周的低迷只是一时问题还是更多亏损的预示迹象？股市分析师对此各执己见，这表明含糊的经济数据为经济前景以及企业利润的各种解释提供了支持，而企业利润是股票预测者的主要关注点。

"Markets don't go up or down forever," Ed Yardeni, the president of market advisory firm Yardeni Research and former chief investment strategist at Deutsche Bank's U.S. equities division, told ABC News. "At some point, buyers get exhausted and new buyers think things have gotten expensive and are waiting for a pullback."

“股市不会永远上涨或下跌，”亚德尼研究公司总裁、德意志银行美股部前首席投资策略师 亚德尼（Ed Yardeni） 告诉 ABC 新闻。“在某些时候，买家会筋疲力尽，新买家会认为东西价格昂贵，他们等着价格下跌。”

"It's a tug of war between the bulls and the bears," he added. "For a while, the bears were gaining ground. Over the last couple months, the bulls gained ground and now we may be at a standoff for a while." The volatility in markets owes in large part to looming concern that sky-high inflation will require the Fed to pursue ongoing, sizable hikes to interest rates, which would slow the economy and risk a recession, the analysts said. Typically, the market has climbed in response to news about slowing inflation and a potential softening of rate increases; inflation spikes and rate moves are a common cause of selloffs.

“这是多头和空头之间的拔河比赛，”他补充说。“空头占据上风一段时间，而在过去的几个月里，多头势如破竹。现在我们可能会陷入僵局一段时间。”股市分析师表示，市场波动很大程度上归因于此：人们担忧高通货膨胀会迫使美联储持续大幅加息，这将减缓经济并面临衰退风险。通常，通货膨胀放缓和加息可能放缓的消息会使得股市上涨；通货膨胀飙升和利率变动是抛售的常见原因。

词汇小结：

• rally：止跌回升

• market seesaw：股市跷跷板

• hiccup：小问题；暂时性耽搁

• equities：普通股

• pullback：价格下跌；需求减少

• selloffs：抛售；贱卖

• Nasdaq：纳斯达克

• Federal Reserve：美联储

• the bulls and the bears：多头和空头

• Dow Jones Industrial Average：道琼斯工业指数

• The S&P 500：标准普尔500 指数

  编辑：ETTBL考办