As America approaches its 250th birthday, the Dow Jones Industrial Average — the oldest U.S. stock market index — capped a holiday-shortened week at fresh record highs, surpassing 52,500 points on Thursday.
在美國即將迎來建國250周年之際，作為美國曆史最悠久的股市指數，道瓊斯工業平均指數在因假期縮短的一周內創下歷史新高，於周四突破52,500點。
The rally reflected a great rotation from AI capex names into the blue-chip industrials, benefiting from that same spending wave.
此次上漲反映出資金正從人工智慧資本支出相關股票大幅輪動至藍籌工業股，後者同樣受益於這波支出浪潮。
TheSPDR Dow Jones Industrial Average ETF(NYSE:DIA) has now risen 8.77% year-to-date, slightly outperforming theSPDR S&P 500 ETF Trust(NYSE:SPY).
SPDR Dow Jones Industrial Average ETF（紐約證券交易所代碼：DIA）今年以來已上漲8.77%，略優於標普500指數ETF-SPDR（紐約證券交易所代碼：SPY）。
Semiconductors pulled back for the second straight week, with theiShares Semiconductor ETF(NASDAQ:SOXX) slumping over 5%. The tech-heavyInvesco QQQ Trust(NASDAQ:QQQ) had a flat performance, dragged by chipmakers.
半導體類股連續第二周回落，iShares Semiconductor ETF（納斯達克代碼：SOXX）下跌逾5%。以科技股為主的納指100ETF-Invesco QQQ Trust（納斯達克代碼：QQQ）表現平淡，受晶片製造商拖累。
Chart: Dow Bottomed At 6,460 Points In March 2009 – It Has Risen 8-Fold Since Then
圖表：道指在2009年3月觸底於6,460點——此後已上漲8倍
Jobs Cool, Rate Hike Off The Table
就業降溫，加息已不在考慮之列
Job growth cooled sharply in June, with payrolls rising just 57,000 — well below the 115,000 consensus and down from a revised 129,000 in May. April was also cut by 31,000, bringing combined revisions to a net minus 74,000.
6月就業增長顯著放緩，新增非農就業崗位僅57,000，遠低於市場預期的115,000，也低於5月經修正後的129,000。4月數據亦被下調31,000人，使兩個月合計修正值淨減少74,000人。
The unemployment rate ticked down to 4.2%, but only because labor force participation fell to 61.5%, the lowest since March 2021.
失業率小幅下降至4.2%，但這僅是因為勞動力參與率降至61.5%，為2021年3月以來最低水平。
That was exactly what markets needed to quell rate-hike fears. The odds of a July move collapsed to roughly 20%, and traders now fully price the next hike only by December.
這正是市場所需，以緩解對加息的擔憂。7月加息的機率驟降至約20%，交易員目前完全定價下一次加息要等到12月。
Bettors on Polymarket now price in only a 10% chance of a hike in July.
Polymarket上的投注者目前預計7月加息的可能性僅為10%。
Read Also:U.S. Jobs Increase by 57,000 in June, Missing Estimate for 110,000
另見：美國6月新增就業崗位57,000個，低於預期的110,000個
Warsh Debuts In Sintra
Warsh在辛特拉首次亮相
In his first international appearance, Fed ChairKevin Warshwarned investors at the ECB Forum in Sintra not to expect an accommodating central bank while inflation sits above 2%.
在首次國際亮相中，聯準會主席Kevin Warsh在辛特拉舉行的歐洲央行論壇上警告投資者，在通膨高於2%的情況下，不要指望央行會採取寬鬆政策。
Anyone in households, business or financial markets expecting the Fed to tolerate inflation above 2%, he said, "would be disappointed."
他表示，任何來自家庭、企業或金融市場的參與者，若期待聯準會容忍通膨高於2%，「將會感到失望。」
Yet he also flagged that inflation expectations have "moderated" since his May 22 swearing-in — a subtle dovish hint.
但他也指出，自5月22日宣誓就職以來，通膨預期已「有所緩和」——這是一個微妙的鴿派信號。
The moderation reflects the continued collapse in oil prices. WTI crude tumbled to $67 a barrel this week, fully erasing the war premium built up since the Iran conflict began in February, as transits through the Strait of Hormuz normalized.
這種緩和反映了油價的持續下跌。本周，WTI原油價格跌至每桶$67，完全抹去了自2月伊朗衝突爆發以來累積的戰爭溢價，因荷姆茲海峽的航運已恢復正常。
Read Also:Fed's Warsh Calls Inflation 'Too High' — But July Rate-Hike Odds Cool
延伸閱讀：聯準會Warsh稱通膨「過高」——但7月加息機率降溫
Magnificent Seven Rebound After Black June
「輝煌七巨頭」在黑色六月後反彈
After a brutal June, the Magnificent Seven rebounded across the board.Microsoft Corp.(NASDAQ:MSFT) led the way, up 6.7% on the week following its worst month since 2000.
在經歷了慘淡的六月之後，美股「七巨頭」全線上漲。微軟公司（納斯達克代碼：MSFT）領漲，本周上漲6.7%，此前該公司剛剛經歷了自2000年以來最糟糕的一個月。
Among the week's gainers,Apple Inc.(NASDAQ:AAPL) added 4.7% andMeta Platforms Inc.(NASDAQ:META) rose 5.8%.
本周漲幅居前的個股中，蘋果公司（納斯達克代碼：AAPL）上漲4.7%，Meta Platforms Inc.（納斯達克代碼：META）上漲5.8%。
Nike's Tariff-Powered Beat
耐克受關稅推動業績超預期
Nike Inc.(NASDAQ:NKE) reported fourth-quarter revenue of $10.97 billion, beating estimates. Headline EPS of $0.72 towered over the $0.13 consensus, but the beat was inflated by a $986 million IEEPA tariff refund — worth $0.52 per share. Strip that out and adjusted EPS came to $0.20, still above expectations.
耐克（NASDAQ:NKE）公佈第四財季營收為$109.7億，超出市場預期。報告每股收益（EPS）為$0.72，遠高於市場普遍預期的$0.13，但該超預期部分受到一筆金額為$9.86億的《國際緊急經濟權力法》（IEEPA）關稅退款推動——相當於每股$0.52。剔除該影響後，調整後每股收益為$0.20，仍高於預期。
Despite weakening sales in China, the stock rallied over 7% for the week.
儘管在中國的銷售額有所下滑，該股本周仍上漲逾7%。 (Benzinga)