NEW YORK, NEW YORK - SEPTEMBER 23: Traders work on the floor of the New York Stock Exchange during morning trading on September 23, 2024 in New York City. Javier Milei, President of Argentina, rang the opening bell to recognize the 79th Session of the United Nations General Assembly as stocks opened up slightly up to start the week. (Photo by Michael M. Santiago/Getty Images)Getty ImagesAt the end of every month, quarter, and year I like to step back and review what actually happened in the market. That hel ...

The US tech sector was thrown into turmoil on September 20, 2025, when the Trump administration announced a change in requirements for H-1B visas. Under the new regulation, companies must pay a $100,000 annual fee per H-1B visa application. Following the announcement, Amazon, Microsoft, and Google urged employees abroad to return to the US immediately and keep any dependents from travelling abroad. Although the administration quickly clarified that the changes would not impact current visa holders, the n ...

全球股市表现 - 美国股指期货周一大幅上涨，标普500指数期货上涨0.5%，纳斯达克100指数期货上涨0.7%，罗素2000指数期货上涨0.7%，标普500指数有望创下自2013年以来最好的9月份表现 [1][16] - 科技股和周期股领涨，防御性板块落后，"瑰丽七股"多数在盘前交易中上涨，人工智能主题再次兴起 [1][3] - 欧洲斯托克600指数上涨0.4%，矿业和科技板块表现优异，能源和银行板块是少数下跌的板块之一 [7][20] - 多数亚洲股市上涨，恒生指数在连续三个交易日后首次攀升，创业板指数跳涨近2%，沪深300指数微升0.5% [1][8][46] 个股重大变动 - 亚马逊盘前上涨1%，Alphabet上涨0.8%，Meta上涨0.6%，英伟达上涨0.8%，特斯拉上涨0.7%，微软上涨0.3%，苹果下跌0.2% [3] - 默克公司股价飙升37%，因丹麦生物技术集团Genmab宣布以80亿美元收购该公司 [5] - MoonLake Immunotherapeutics股价暴跌88%，因其治疗化脓性汗腺炎的实验性药物后期临床试验数据令人失望 [5][10] - 西方石油公司股价上涨1.5%，据金融时报报道，该公司正在谈判以至少100亿美元的价格出售其OxyChem石化部门 [5][19] - Tilray股价攀升16%，随着前总统特朗普在社交媒体上发布视频宣传"大麻衍生CBD"对老年人的医疗益处，其他大麻股一同上涨 [5] - 美国稀土公司股价上涨5%，因该公司同意以现金和股票交易收购英国制造商LCM [5] 大宗商品与外汇市场 - 黄金价格创下历史新高，突破每盎司3820美元，推动美国黄金储备市值超过1万亿美元 [1][9][47] - 美元指数下跌0.2%，日元兑美元汇率上涨0.6%，突破149关口，欧元兑美元上涨0.2% [1][12][16] - 人民币因工业利润跃升和中国人民银行的稳健中间价而走强 [1][12] - WTI原油期货下跌约1.5%至每桶64.75美元，因市场预期OPEC+将增加产量 [13][16][29] - 10年期美国国债收益率下跌3个基点至4.14% [1][16] 宏观经济与政策 - 本周数据发布繁忙，周五的非农就业报告预计将显示美国经济在9月份增加5万个就业岗位，失业率预计将稳定在4.3% [3][4] - 美国政府在48小时内面临停摆风险，这可能延迟劳动力市场数据的发布 [1][3][40] - 美联储官员讲话日程密集，本周有12位发言人，包括沃勒、穆萨勒姆和博斯蒂克等 [1][14] - 高盛策略师表示，在美国经济韧性、支持性估值和更鸽派的美联储立场推动下，全球股市有望将涨势延续至年底 [7] 行业与公司动态 - 欧洲矿业股表现优异，美国银行全球研究部分析师因矿山供应面临压力而上调铜价预测 [10] - 葛兰素史克股价上涨高达3.9%，因该制药商表示Luke Miels将接替Emma Walmsley担任CEO，自1月1日起生效 [10] - 汉莎航空股价上涨高达2.3%，因该航空公司在其资本市场日之前概述了新的财务目标 [10] - 诺和诺德股价下跌高达2.9%，摩根士丹利将其股票评级下调至减持，因该公司面临一系列负面催化剂以及美国GLP-1处方增长放缓 [10]

好的，我已经仔细研读了这份美银证券的客户资金流向趋势报告。以下是我的专业分析总结： 报告投资评级 - 报告未对特定行业或股票给出明确的“买入”、“持有”或“卖出”评级，而是通过详尽的资金流向数据分析，揭示了市场风格和板块的轮动趋势，为投资者提供决策参考 [1][9] 核心观点 - 客户整体净卖出美国股票，转向买入ETF，呈现“卖个股、买ETF”的态势，单周个股净流出达52亿美元，为2024年10月以来最大规模，而ETF则录得14亿美元净流入 [9] - 在美联储降息背景下，市场风格出现明显切换，资金从小盘股流向大盘股，从成长股流向价值股，高股息策略受到青睐 [1][9] - 所有类型客户（对冲基金、机构客户、私人客户）三年来首次同步成为净卖家，私人客户更是连续第三周净卖出 [9] - 房地产板块股票连续第四周获得最大资金流入，而科技板块则出现最大资金流出 [9][16] 客户资金流向分析 - 对冲基金净卖出20.36亿美元，主要减持个股（19.75亿美元）[13][23] - 机构客户净卖出14.06亿美元，但通过ETF渠道净买入7.4亿美元 [13][23] - 私人客户净卖出3.19亿美元，连续第三周净卖出，但通过ETF净买入7.59亿美元 [9][23] - 机构客户中的非经纪交易商子类别实际上为净买家（17.38亿美元），而经纪交易商则为净卖家（31.44亿美元）[152] 市值风格流向 - 大盘股遭遇两年来最大规模资金流出，净卖出58.1亿美元，为两个月来首次净流出 [1][2][9] - 中盘股净卖出1.23亿美元 [24][26] - 小盘股和微盘股获得14.72亿美元净流入，为四周内第三次获得资金流入 [9][24][26] - 价值型ETF连续第四周获得资金流入，而成长型ETF五周来首次遭遇资金流出 [9] 行业板块流向 - 11个行业中有8个遭遇资金净流出，科技板块（净流出16.82亿美元）和通信服务板块（净流出8.6亿美元）领跌 [9][16] - 房地产板块表现突出，获得2.75亿美元净流入，连续第四周资金流入 [9][16] - 必需消费品板块获得9500万美元净流入，连续第三周资金流入 [9] - 科技ETF尽管个股遭遇流出，但仍获得1.48亿美元净流入，显示投资者通过ETF渠道配置该板块 [9][18] 企业回购活动 - 企业客户回购活动加速，过去三周符合典型的季节性趋势 [9] - 过去12个月企业客户回购占市值的比例自2025年3月见顶后持续放缓 [9] - 科技板块企业回购最高，达95亿美元，金融板块以44亿美元位居第二 [33] - 企业客户4周平均回购规模在2024年中达到近60亿美元的纪录高位，但此后普遍减速，特别是2025年3月以来 [30][31][32] ETF资金流向详情 - 股票/商品/固定收益ETF均获得资金流入 [40] - 按投资风格，除成长型和多因子/质量型ETF外，其他风格ETF均获资金流入 [45][49] - 按地区分类，美国ETF获得最大资金流入（11.14亿美元），而全球除美国ETF遭遇最大资金流出（4400万美元）[43][49] - 按市值分类，大盘/小盘/宽基ETF获得资金流入，而中盘ETF遭遇资金流出 [47][49]

Does the top warehouse retailer have a shot at joining the 12-zero club?Over the past few years, a handful of high-profile companies saw their market caps top $1 trillion. Many of those stocks -- including Microsoft, Nvidia, and Amazon -- were in the tech sector. Amazon, the top cloud infrastructure company, also became the first online retailer to join the 12-zero club.Yet not a single brick-and-mortar retailer has joined that elite group. Could Costco Wholesale (COST -2.92%), with a market cap of $420 bil ...

In the technology sector, sometimes the most bullish signals come not from a product launch, but from a quiet strategic move on the balance sheet. Dell Technologies TodayDELLDell Technologies$130.79 -0.17 (-0.13%) 52-Week Range$66.25▼$147.66Dividend Yield1.61%P/E Ratio19.23Price Target$147.67Add to WatchlistDell Technologies NYSE: DELL recently provided a perfect example, announcing a $4.5 billion senior notes offering. This is a calculated maneuver by a company operating from a position of strength, strat ...

Key TakeawaysCanadian Prime Minister Mark Carney is actively pursuing a strategy to attract global technology talent, particularly those dislodged from the United States by President Donald Trump's new $100,000 H-1B visa fee, positioning Canada as a preferred destination for skilled workers.The Trump administration's new H-1B visa charge, which took effect recently, has sparked "confusion and panic" across Silicon Valley, with major tech firms like Amazon (AMZN), Apple (AAPL), Google (GOOGL), and Microsoft ...

Asian stock are trading mostly lower on Friday, following the broadly negative cues from Wall Street overnight, as U.S. President Donald Trump announced a new round of tariffs ranging from 25 to 100 percent on upholstered furniture, kitchen cabinets, heavy trucks and branded drugs starting October 1. Asian markets ended mixed on Thursday.Renewed uncertainty about the outlook for interest rates also weighed on the markets following the release of some largely upbeat U.S. economic data.Traders now await the ...

U.S. Federal Reserve Chair Jerome Powell on Tuesday called stocks "fairly highly valued". Sha Hanting / China News Service / VCG via Getty Images Close Key Takeaways The present AI frenzy is often compared with the Dotcom Bubble of the 1990s, a parallel that some investors think was invoked, intentionally or not, by Federal Reserve Chair Jerome Powell on Tuesday. "Equity prices are fairly highly valued,†said Powell when asked during an appearance in Rhode Island about the Fed's risk tolerance. Nonetheless, ...

Nvidia and OpenAI: Is the Tech Boom Eating ItselfChris Newman3 min read·Just nowJust now--I’ll sum up immediately: I don’t know if the AI boom is a bubble (and neither does anyone else), but Nvidia’s announced $100B investment in OpenAI doesn’t tell us anything one way or the other.I was greeted the other day by a torrent of posts on BlueSky suggesting that tech is finally feeding itself by vomiting into its own mouth in a dangerous trend toward vendor financing, and an economy of rich people passing each o ...