美股大跌__财经头条

🤔️小作业：

1.Which of the following best summarizes the main purpose of the article?

A) To offer investment advice for navigating the current market downturn

B) To argue that the current stock-market selloff is worse than past crises

C) To highlight the unique features distinguishing this market selloff from previous ones

D) To criticize the policy and its impact on market performance

无注释原文：

Things that make this stock-market selloff truly unusual

From: Market Watch

U.S. stocks have taken a shellacking since Wednesday, and it can be tough to find historical precedents that neatly line up with the latest market action.

Already, the magnitude of the drop over the past three trading days has drawn comparisons to the 1987 crash and the fallout that followed the failure of Lehman Brothers in September 2008, according to Bespoke Investment Group.

Of course, no two selloffs are exactly alike. But there are many aspects that make the latest stretch of stock-market volatility particularly unusual compared with earlier episodes, several professional investors told MarketWatch.

“There's a lot at play that is uniquely relevant to the volatility that we're seeing right now,” said Jordan Rizzuto, chief investment officer at GammaRoad Capital Partners.

On Sunday night, S&P 500 futures were down by more than 1% at the open for the fourth session in a row. In fact, futures briefly fell by more than 5% before starting to trim their losses.

In the 42 years since the inception of the futures market, this has only happened once before, according to SentimenTrader's Jason Goepfert: On Sept. 16, 2008, the morning after Lehman Brothers failed.

Goepfert also analyzed 15 previous selloffs that displayed a similar pattern to the weakness seen over the past month in stocks. He found few examples where the market saw a decline of this magnitude.

Recently, when U.S. stocks have stumbled, the U.S. Dollar Index has reflexively strengthened. At least, that has generally been the case since the 2008 financial crisis.

But beginning in February, the S&P 500 and the greenback have seen their weakness overlap. As stocks sank further following President Donald Trump's Wednesday tariff unveiling, the dollar tumbled, too.

Steve Englander, head of global G-10 foreign-exchange research and North America macroeconomic strategy at Standard Chartered, spotted a similar pattern that played out as stocks sank following the peak of the dot-com bubble in 2000.

“This time around it's not a liquidity or credit-market issue, so the need to stock up on dollars is limited,” he said.

Another notable detail that sets this selloff apart: The policy decisions that inspired it were almost entirely self-inflicted, said Ben McMillan, chief investment officer at IDX Advisors.

“Trump basically just tossed a grenade into the foxhole and walked away,” McMillan said. “This has been policy-driven, not market-driven.”

Across Wall Street, even many asset managers who have been vocal supporters of Trump have spoken out to urge him to move more gradually when it comes to slapping tariffs on U.S. allies. On Sunday evening, hedge-fund billionaire Bill Ackman said Trump should implement a 90-day timeout to allow for more time to negotiate deals.

- ◆ -

注：完整题目见本文开头；中文文本为官方译文，仅供参考

含注释全文：

Things that make this stock-market selloff truly unusual

From: Market Watch

U.S. stocks have taken ashellackingsince Wednesday, and it can be tough to find historicalprecedentsthat neatly line up with the latest market action.

美国股市自上周三以来遭遇重创，而且很难找到与近期市场走势完全一致的历史先例。

shellacking

shellacking /ʃəˈlæk.ɪŋ/ 表示“彻底的失败”，英文解释为“a complete defeat”举个🌰：They took a shellacking (= were defeated by many points). 他们遭遇彻底的失败。

precedent

precedent /ˈpres.ɪ.dənt/ 表示“先例，前例”，英文解释为“an action, situation, or decision that has already happened and can be used as a reason why a similar action or decision should be performed or made”举个🌰：There are several precedents for promoting people who don't have formal qualifications. 提拔没有正式学历的人是有几个先例的。

Already, themagnitudeof the drop over the past three trading days has drawn comparisons to the 1987 crash and thefalloutthat followed the failure of Lehman Brothers in September 2008, according to Bespoke Investment Group.

Bespoke Investment Group称，过去三个交易日的大幅跌幅已经引发了与1987年美国股市崩盘和2008年9月雷曼兄弟（Lehman Brothers）倒闭后影响的比较。

magnitude

magnitude /ˈmæɡnɪtjuːd/ 1）表示“（尺寸、规模、重要性等）大的程度；巨大；重大，重要性”，英文解释为“the large size or importance of something”举个🌰：They don't seem to grasp the magnitude of the problem. 他们似乎未领会问题的重要性。

2）表示“震级”（the size of an earthquake）

fallout

表示“不良影响，恶果”，英文解释为“the unpleasant results or effects of an action or event”举个🌰：The fallout of the revelations has been immense. 这些被曝光事件产生的负面影响是巨大的。

Of course, no twoselloffsare exactly alike. But there are many aspects that make the latest stretch of stock-marketvolatilityparticularly unusual compared with earlierepisodes, several professional investors told MarketWatch.

当然，没有两次抛售是完全相同的。但几位专业投资者对MarketWatch表示，与之前的几轮抛售相比，近期股市的波动有很多特别不同寻常之处。

selloff

sell-off表示“（股票等的）抛售”，英文解释为“a sale of an investment, such as shares in a company, that causes its value to fall”

volatility

volatility /ˌvɒl.əˈtɪl.ə.ti/ 表示“挥发性；波动性；（突然）恶化；易变，活泼”，英文解释为“the quality of changing easily into a gas;the quality or state of being likely to change suddenly, especially by becoming worse”

episode

在电视/电影节目中，episode /ˈep.ɪ.səʊd/ 表示“一集，一节，片断”（one of the single parts into which a story is divided, especially when it is broadcast on the television or radio），也可以指“事件；（相关的）一连串事件；一段经历”，英文解释为“a single event or group of related events”举个🌰：This latest episode in the fraud scandal has shocked a lot of people. 诈骗丑闻最新爆出的这一事件让很多人瞠目结舌。

还可以指「疾病的发作，发病」，英文解释为：a finite period in which someone is affected by a specified illness.

补充：

📍第几集用的是Episode，第几季则为Season. 你下载美剧时可能就会看到S01E02，就是指的第1季第2集。最后一集 finale：the last part of a piece of music or of a show, event etc （演出的）终场，最后一幕；（音乐的）终曲；（事件等的）结尾。

🎬还有，看剧时新一集开头通常会有的一个说法：previously on ...，...的前情提要，前情回顾。

“There's a lot at play that is uniquely relevant to the volatility that we're seeing right now,” said Jordan Rizzuto, chief investment officer at GammaRoad Capital Partners.

GammaRoad Capital Partners的首席投资官乔丹·里祖托（Jordan Rizzuto）表示：“产生影响的很多因素与我们现在看到的波动性特别相关。”

On Sunday night, S&P 500futureswere down by more than 1% at the open for the fourth session in a row. In fact, futures briefly fell by more than 5% before starting totrimtheir losses.

周日晚间，标普500指数期货开盘连续第四个交易日下跌幅度超过1%。事实上，该股指期货一度下跌超过5%，之后跌幅才开始收窄。

futures

futures表示“期货；期货交易”，英文解释为“agreements for the buying and selling of goods, in which the price is agreed before a particular future time at which the goods will be provided”如：the futures market 期货市场。

trim

trim /trɪm/ 1）表示“修剪”，可以作动词或名词，英文解释为“If you trim something, for example, someone's hair, you cut off small amounts of it in order to make it look neater.”举个🌰：My friend trims my hair every four weeks. 我朋友每隔四周就为我修剪一次头发。

2）表示“削减；除去”，英文解释为“If a government or other organization trims something such as a plan, policy, or amount, they reduce it slightly in extent or size.”举个🌰：American companies looked at ways they could trim these costs. 美国公司研究了他们可能削减成本的方案。

3）trim down表示“（使）变小；缩减”，英文解释为“to become smaller in size; to make sth smaller”举个🌰：Using the diet he's trimmed down from 90 kilos to 70. 通过控制饮食，他的体重从90公斤减到了70公斤。

In the 42 years since theinceptionof the futures market, this has only happened once before, according to SentimenTrader's Jason Goepfert: On Sept. 16, 2008, the morning after Lehman Brothers failed.

据SentimenTrader的贾森·戈普费特（Jason Goepfert）称，在美股股指期货市场诞生以来的42年里，这种情况只发生过一次：2008年9月16日，也就是雷曼兄弟倒闭的次日上午。

inception

inception /ɪnˈsep.ʃən/ 表示“成立，创立”，英文解释为“the beginning of an organization or official activity”举个🌰：Since its inception in 1968, the company has been at the forefront of computer development. 这家公司自从1968年成立以来一直处于计算机开发的最前沿。

戈普费特还分析了过去15次与过去一个月美股疲软走势类似的抛售。他几乎没有找到市场如此大幅度下跌的例子。

Recently, when U.S. stocks havestumbled, the U.S. Dollar Index has reflexively strengthened. At least, that has generally been the case since the 2008 financial crisis.

最近，当美股下跌时，DXY美元指数会条件反射般地走强。至少自2008年金融危机以来，情况大体如此。

stumble

1）作名词，表示“犯错；失足”，英文解释为“a false step, trip, or blunder / the act of stumbling”

2）更多情况用作动词表示“踉跄；绊脚”，英文解释为“If you stumble, you put your foot down awkwardly while you are walking or running and nearly fall over.”举个🌰：He stumbled and almost fell. 他绊了一下，差点儿摔倒。

3）表示“跌跌撞撞地走，蹒跚而行”，英文解释为“to walk in a way that does not seem controlled”举个🌰：We could hear her stumbling about/around the bedroom in the dark. 我们可以听到她摸黑在卧室里跌跌撞撞地走动。

4）固定搭配：stumble on / across / upon sth，表示“偶然发现（碰见）”，英文解释为“to find or discover something by chance and unexpectedly”举个🌰：Researchers have stumbled across a drug that may help patients with Parkinson's disease. 研究人员偶然发现了一种药物，也许可以治疗帕金森病。

stumble into sth表示“偶然开始做（某事）”，英文解释为“to start doing something by chance, without having intended to do it”举个🌰：He had stumbled into teaching English after he finished college. 大学毕业后，因为一个偶然的机会他开始教英语。

But beginning in February, the S&P 500 and thegreenbackhave seen their weakness overlap. As stockssankfurther following President Donald Trump's Wednesday tariff unveiling, the dollar tumbled, too.

但从今年2月份开始，出现了标普500指数和美元同步走弱的局面。在上周三美国总统宣布关税措施后，股市进一步下跌，美元也随之大跌。

greenback

greenback /ˈɡriːn.bæk/ 表示“美钞”，英文解释为“a US dollar”

sink

sink /sɪŋk/ 1）表示“落下，沉下；降低”，英文解释为“to (cause something or someone to) fall or move to a lower level”举个🌰：Student numbers have sunk considerably this year. 今年的学生人数大幅减少。

2）表示“使失败；使陷入麻烦”，英文解释为“to cause something to fail or be in trouble”举个🌰：This rain could sink our plans for the barbecue. 这场雨会让我们的户外烧烤计划泡汤。

Steve Englander, head of global G-10 foreign-exchange research and North Americamacroeconomicstrategy at Standard Chartered, spotted a similar pattern that played out as stocks sank following the peak of thedot-combubble in 2000.

渣打集团（Standard Chartered）全球G10外汇研究和北美宏观经济策略主管史蒂夫·英格兰德（Steve Englander）发现，在2000年互联网泡沫破裂后股市暴跌时，也出现了类似模式。

macroeconomic

macroeconomic /ˌmæk.rəʊ.iːkəˈnɒm.ɪk/ 表示“宏观经济的”，英文解释为“of or connected with financial systems at a national level”

dotcom

dotcom /ˌdɒtˈkɒm/ 表示“网络公司”，英文解释为“a company that does most of its business on the internet”

📍互联网泡沫（又称科网泡沫、dot-com泡沫或dot泡沫）指自1995年至2001年间的投机泡沫，在欧美及亚洲多个国家的股票市场中，与科技及新兴的互联网相关企业股价高速上升的事件。

“This time around it's not aliquidityor credit-market issue, so the need to stock up on dollars is limited,” he said.

他表示：“这一次不是流动性或信贷市场问题，因此囤积美元的需求有限。”

liquidity

liquidity /lɪˈkwɪd.ə.ti/ 1）表示“资产折现力”，英文解释为“the fact of being available in the form of money, rather than investments or property, or of being able to be changed into money easily”举个🌰：The group has excellent liquidity. 该集团具有卓越的资金流动性。

2）表示“流动资金”，英文解释为“money, rather than investments or property, or assets that can be changed into money easily”举个🌰：A firm may be unable to pay its suppliers unless it has spare liquidity. 一家公司除非拥有备用流动资金，否则有可能无力偿还供货商。

Another notable detail that sets this selloff apart: The policy decisions that inspired it were almost entirelyself-inflicted, said Ben McMillan, chief investment officer at IDX Advisors.

IDX Advisors首席投资官本·麦克米伦（Ben McMillan）表示，本轮市场暴跌的另一个显著特点是，引发此轮抛售的政策决定几乎完全是自作自受。

self-inflicted

self-inflicted /ˌself.ɪnˈflɪk.tɪd/ 表示“施加于自身的”，英文解释为“If an injury or a problem is self-inflicted, you have caused it yourself.”如：self-inflicted pain/damage 自己酿成的痛苦/伤害。

“Trump basically justtossedagrenadeinto thefoxholeand walked away,” McMillan said. “This has been policy-driven, not market-driven.”

“他基本上是向散兵坑扔了一枚手榴弹，然后走开了，”麦克米伦说。“这是政策驱动的，而不是市场驱动的。”

toss

toss /tɒs/ 表示“扔，掷，抛”，英文解释为“to throw something, especially something light, with a quick gentle movement of your hand”举个🌰：She crumpled the letter and tossed it into the fire. 她把信揉成一团，扔进了火里。

grenade

grenade /ɡrəˈneɪd/ 表示“手榴弹；枪榴弹”，英文解释为“a small bomb thrown by hand or shot from a gun”如：a hand grenade 手榴弹。

foxhole

foxhole /ˈfɒks.həʊl/ 1）表示“狐狸洞”，英文解释为“a hole where a fox lives”

2）表示“散兵坑”，英文解释为“a small hole dug in the ground during a war or military attack, used by a small group of soldiers as a base for shooting at the enemy and as a shelter from attack”

Across Wall Street, even many asset managers who have been vocal supporters of Trump have spoken out to urge him to move more gradually when it comes to slapping tariffs on U.S. allies. On Sunday evening,hedge-fundbillionaire Bill Ackman said Trump should implement a 90-day timeout to allow for more time to negotiate deals.

在华尔街，就连许多一直公开支持他的资产管理公司也纷纷发声，敦促他在对美国盟友加征关税的问题上采取更加循序渐进的行动。周日晚间，亿万富翁、对冲基金经理比尔·阿克曼（Bill Ackman）表示，他应该实施90天的暂停期，以便有更多时间进行谈判。

hedge-fund

hedge fund /ˈhedʒ ˌfʌnd/ 表示“对冲基金”，英文解释为“a type of investment that can make a lot of profit but involves a large risk”如：a hedge fund manager 对冲基金经理人。

- 词汇盘点 -

shellacking、precedent、magnitude、fallout、selloff、volatility、episode、futures、trim、inception、stumble、greenback、sink、macroeconomic、dotcom、liquidity、self-inflicted、toss、grenade、foxhole、hedge-fund

- 词汇助记 By DeepSeek -

Since the dotcom inception, no episode matched the magnitude of this self-inflicted shellacking—futures sank, a hedge-fund tossed a grenade into its own foxhole, triggering a precedent-setting selloff, greenback volatility, liquidity fallout, and macroeconomic tremors that made markets stumble.

- 推荐阅读 -

日更10年，我是怎么坚持下来的

为了这个合集，准备了整整51个月

「LearnAndRecord」2024盘点

有人听写吗？推荐练听力小程序

- END -

LearnAndRecord

2015年2月8日

2025年4月8日

第3713天

每天持续行动学外语