Major U.S. indices experienced significant declines on Friday, driven by a combination of robust employment data and a broad liquidation of technology and semiconductor holdings.

美國主要指數於週五大幅下跌，主因是強勁的就業數據以及科技與半導體持倉的大規模清盤。

The contraction was precipitated by the release of May employment figures, which indicated the addition of 172,000 jobs, substantially exceeding the projected 80,000. This labor market resilience has diminished expectations for imminent Federal Reserve interest rate reductions and introduced the possibility of a rate hike in December, particularly as newly appointed Chair Kevin Warsh prepares for his inaugural policy meeting. Consequently, the 10-year Treasury yield ascended above 4.5%, while the two-year note reached a 15-month peak of 4.147%.

此次萎縮是由5月就業數據觸發，數據顯示增加17.2萬個職位，大幅超過預期的8萬個。勞動力市場的韌性降低了市場對聯準會即將降息的預期，並引入了12月升息的可能性，特別是新任主席Kevin Warsh正準備主持其首次政策會議。因此，10年期美國國債收益率攀升至4.5%以上，而2年期國債則達到15個月高點4.147%。

Sector-specific volatility was concentrated within the semiconductor and artificial intelligence verticals. The Philadelphia Semiconductor Index witnessed its most severe decline since March 2020, with notable losses in Micron Technology (13.3%), Broadcom (13.7% weekly), and Intel (13.5% weekly). While Nvidia's decline was more moderate at 6.2%, the broader 'Magnificent Seven' group faced downward pressure. This trend was exacerbated by earnings reports from Palo Alto Networks and CrowdStrike, which, despite positive results, failed to satisfy elevated market expectations. Conversely, Marvell Technology exhibited an anomalous gain of over 28% following optimistic projections by Nvidia's CEO.

特定產業的波動集中在半導體與人工智能領域。費城半導體指數錄得自2020年3月以來最嚴重的跌幅，其中美光科技（13.3%）、博通（每週13.7%）與英特爾（每週13.5%）跌幅顯著。雖然輝達的跌幅較溫和，為6.2%，但整體的「科技七巨頭」群組面臨下行壓力。Palo Alto Networks與CrowdStrike的財報令情況加劇，儘管結果正面，但未能滿足市場過高的預期。相反，受輝達執行長樂觀預測影響，Marvell Technology 呈現異常增長，漲幅超過28%。

Institutional stability was further challenged by an anticipated surge in equity supply. The imminent initial public offering (IPO) of SpaceX, valued at approximately $1.8 trillion, alongside confidential filings by Anthropic and planned listings by OpenAI, suggests a potential saturation of the market. Furthermore, Alphabet's announcement of an $85 billion stock sale and reports of Meta Platforms contemplating similar capital raises to fund AI infrastructure have raised concerns regarding equity dilution. Analysts suggest that such an excess of new supply may necessitate the liquidation of existing holdings to generate liquidity.

機構穩定性進一步受到預期股權供應激增的挑戰。估值約1.8兆美元的SpaceX即將首次公開募股（IPO），加上Anthropic的秘密申請以及OpenAI的上市計劃，暗示市場可能趨於飽和。此外，Alphabet宣布出售850億美元股票，且有報導稱Meta Platforms正考慮採取類似的融資方式以資助AI基礎建設，引起了對股權稀釋的擔憂。分析師認為，如此大量的新供應可能導致投資者必須清盤現有持倉以產生流動性。

Geopolitical factors continue to exert influence on inflationary pressures. The ongoing conflict involving Iran and the subsequent blockade of the Strait of Hormuz have maintained Brent crude prices at elevated levels, approximately $93.09 per barrel. Although a tentative ceasefire extension was reached, the lack of a finalized agreement persists as a risk factor for energy-driven inflation, which reached a two-year peak of 3.8% in April.

地緣政治因素持續對通貨膨脹壓力產生影響。涉及伊朗的持續衝突以及隨後對霍爾木茲海峽的封鎖，使布倫特原油價格維持在高位，約每桶93.09美元。儘管達成了暫時的停火延期，但缺乏最終協議仍是能源驅動型通膨的風險因素，該通膨率在4月已達到兩年高點3.8%。

The S&P 500 and Nasdaq concluded the week with losses of 2.6% and 4.2% respectively, reflecting a transition from a period of record highs to one of heightened macroeconomic uncertainty.

S&P 500與那斯達克指數本週分別下跌2.6%與4.2%，反映市場從紀錄高點轉向宏觀經濟不確定性增加的時期。