💹 全球行情日报 | 2026-03-02（收盘版）

解读

今天的主叙事很清楚：地缘冲突把油价瞬间抬上来，市场立刻进入“通胀二次抬头 + 风险偏好收缩”的定价框架。A股相对抗跌（资源、军工拉动），港股则被科网权重拖累明显；美股还没开盘，延续上一交易日的“金融 + 科技承压、能源和防御走强”的风险规避结构。

A股（收盘）

指数（涨跌幅 / 日内振幅=高-低，括号内为高低点）：

• 上证指数：4182.59（+0.47%）；振幅 1.38%（4188.77 / 4131.37）
• 深证成指：14465.79（-0.20%）；振幅 1.55%（14509.69 / 14285.67）
• 创业板指：3294.16（-0.49%）；振幅 1.90%（3319.91 / 3257.05）
• 沪深300：4728.67（+0.38%）；振幅 1.45%（4735.41 / 4667.28）

当日主线（板块，至少 3 个）：

• 领涨：油气开采及服务（+12.23%）、贵金属（+10.69%）、石油加工贸易（+5.33%）
• 领跌：文化传媒（-4.12%）、游戏（-4.07%）、影视院线（-4.02%）

概念侧（辅助验证“钱往哪儿去”）：

• 领涨概念：可燃冰（+8.90%）、页岩气（+5.45%）、俄乌冲突概念（+5.23%）
• 领跌概念：无人零售（-4.41%）、Sora概念(文生视频)（-4.31%）、知识产权保护（-4.26%）

怎么理解今天的A股：

• 这不是“全面做多”的市场，而是资金在“高波动成长”与“地缘/通胀受益”之间重新排队。资源（油气、贵金属）+ 军工/航运上行，本质是对油价与不确定性的对冲。
• 创业板与软件/传媒方向明显承压，说明风险偏好没回来——更像“结构性防御”，不是“趋势性上攻”。

港股（收盘）

指数/代表性ETF（Stooq）：

• 恒生指数（^HSI）：26059.85（-2.14%）；振幅 1.94%（26401.46 / 25883.56）
• 代表性 ETF（2800.HK，Tracker Fund）：Stooq 当日（2026-03-02）未更新，最新可得为 2026-02-27：26.90（+1.20%）；高低 26.94 / 26.58（流程待修复：港股 ETF 日更滞后）

当日主线（用“可交易的权重/子行业”来讲）：

• 上涨方向：
  • 油气：中海油（00883，+5.61%）、中石油（00857，+4.09%）、中石化（00386，+2.57%）
  • 黄金/资源：招金矿业（01818，+5.97%）、紫金矿业（02899，+2.31%）、洛阳钼业（03993，+2.57%）
  • 汽车链：比亚迪股份（01211，+4.37%）
• 下跌方向：
  • 科网/平台：阿里巴巴-W（09988，-4.55%）、美团-W（03690，-4.62%）、小米-W（01810，-5.04%）、快手-W（01024，-3.34%）、百度-SW（09888，-4.20%）
  • 金融（高权重拖累）：中银香港（02388，-4.72%）、建设银行（00939，-2.63%）、工商银行（01398，-1.55%）
  • 消费电子链：舜宇光学（02382，-5.06%）

港股这盘的“关键点”：

• 恒指下跌更多是“权重结构问题”（平台 + 金融同时弱），即便油气和黄金很强，也很难把指数托起来。
• Stooq 对部分港股个股/ETF 返回 No data 或更新滞后（例如 0700.HK 未返回、2800.HK 未更新到 03/02）——已在流程里显式标注为“待修复项”。

美股（未开盘，使用上一交易日 2026-02-27 收盘）

指数/代表性ETF（Stooq）：

• 标普500（^SPX）：6878.88（-0.43%）；振幅 0.74%（6882.96 / 6831.74）
• 纳指100（^NDX）：24960.04（-0.30%）；振幅 0.96%（24987.96 / 24747.25）
• 道指（^DJI）：48977.92（-1.05%）；振幅 1.16%（49253.57 / 48678.78）

当日主线（板块/风格，至少 3 个）：

• 上涨：能源（XLE +1.58%）、医疗（XLV +1.77%）、日常消费（XLP +1.29%）、公用事业（XLU +1.17%）
• 下跌：科技（XLK -1.60%）、金融（XLF -2.04%）、半导体（SOXX -1.26%、SMH -1.37%）

这就是很典型的“风险收缩 + 防御/资源占优”的结构盘。

今日关键驱动（至少 5 条，每条都给到“影响谁 / 为什么 / 交易上怎么用”）

1) 中东冲突升级，霍尔木兹海峡运输风险上升，油价急拉

• 影响谁：油气（A股油服/油气、港股三桶油、美股能源），同时压制航空/出行/高估值成长
• 为什么：市场为“供应中断 + 保险/航运成本上升”定价，并把它视为新的通胀冲击
• 交易上怎么用：短线顺势做多能源/黄金（或用能源强于科技的配对：多XLE、空XLK）；如果油价继续上冲，科技反弹更像“卖出点”而不是“追多点”

2) 油价冲击可能不是“一天行情”，风险溢价会在价格里停留一段时间

• 影响谁：原油相关资产（油服、油运、化工上游），以及所有对通胀/利率敏感的长久期资产
• 为什么：分析师给出的“风险溢价”与极端情景（>100美元）讨论，意味着市场会持续盯“航运是否恢复、流量是否受限”
• 交易上怎么用：把“油价是否回落”当作风险偏好是否修复的第一观察指标；油价不上不下时，偏防御的结构（资源 + 高分红）胜率更高

3) 美国PPI超预期强化“降息推迟”，科技/金融一起受压

• 影响谁：美股科技（估值对利率更敏感）、金融（信用事件 + 风险溢价上升）、以及新兴市场风险偏好
• 为什么：PPI（尤其核心）走强让市场更难相信短期快速宽松；同时关税/成本传导让“再通胀”叙事更粘
• 交易上怎么用：美股策略上优先防御（医疗/必选/公用）或资源；做成长的话要么等利率预期拐头，要么做“龙头相对收益”（例如用指数对冲的多单）

4) AI情绪降温：NVDA 财报强但股价走弱，拖累芯片链条

• 影响谁：NVDA/AMD/AVGO/TSM/ASML 等半导体链，以及AI软件/算力概念
• 为什么：市场开始从“业绩增速”转向问“投入回报（ROI）”和“竞争格局”，短线资金选择获利了结
• 交易上怎么用：AI/半导体的交易信号更看“龙头能否止跌并放量反转”；没出现之前，反弹更适合降仓/做保护性对冲（SOXX/SMH）

5) 中国两会临近：政策更像“定调 + 15五年规划信号”，而非单一大刺激

• 影响谁：A股“资源安全/军工/能源”短线占优；内需与政策线（换新、服务消费、财政工具）会成为预期交易的载体
• 为什么：市场会围绕增长目标、财政赤字/专项债、地产与地方债表述来做“预期差”
• 交易上怎么用：提前把观察指标列清（增长目标是否下调、赤字是否扩张、地产措辞是否更强），用“触发条件”来决定是追资源延续还是等成长修复

6) 金融体系的“信用担忧”仍在（海外银行相关风险事件发酵）

• 影响谁：金融股、顺周期与高杠杆资产
• 为什么：一旦信用利差扩大，市场会同时压估值与压风险偏好
• 交易上怎么用：金融没企稳前，指数想走趋势行情会更难；更适合做“结构对冲”（资源/防御 vs 科技/金融）

AI/科技公司追踪（至少 12 家，给出涨跌与原因）

说明：

• 美股采用上一交易日（2026-02-27）收盘涨跌。
• 港股/中概采用 2026-03-02 港股收盘口径（来自港股现货行情抓取）。

美股（2026-02-27 收盘）：

• NVDA -4.16%：财报后资金继续纠结“AI投入回报/竞争格局”，并带动芯片链走弱（同时叠加风险偏好收缩）
• AMD -1.70%：随半导体板块回撤，受NVDA拖累的链条效应更明显
• MSFT -2.24%：利率/通胀预期抬头时，云/软件这类长久期资产更容易被减仓
• AAPL -3.21%：风险规避下，硬件链条更容易被当作“去风险”标的处理
• GOOGL +1.42%：在科技内部分化中相对抗跌（资金偏好更“现金流/确定性”的龙头）
• META -1.34%：总体随科技走弱，风险偏好收缩下弹性更容易被卖
• AMZN +1.00%：OpenAI 融资与合作消息对云算力/生态预期有支撑，抵消了科技盘整体压力
• TSM -0.59%：芯片链整体风险偏好下降，资金继续从“高beta半导体”撤到防御
• ASML -0.90%：同上，属于“AI链条的贝塔回撤”
• AVGO -0.67%：受芯片链情绪压制（NVDA回撤与AI不确定性强化）
• ORCL -3.27%：在科技系统性回撤里偏弱，市场对企业IT预算与估值更敏感

港股/中概（2026-03-02 收盘）：

• 阿里巴巴-W
• (09988) -4.55%：科网权重集体回撤，风险偏好收缩时平台股往往最先被减仓
• 美团-W
• (03690) -4.62%：同为高权重平台，受指数拖累明显
• 小米-W
• (01810) -5.04%：科技硬件链条在“风险规避 + 美元走强”叙事下承压
• 百度-SW
• (09888) -4.20%：AI叙事降温时，市场对AI相关估值更挑剔
• 快手-W
• (01024) -3.34%：互联网内容赛道随科网整体走弱
• 京东-SW
• (09618) -2.97%：消费电商链条在风险偏好下滑时易出现估值压缩
• 舜宇光学
• (02382) -5.06%：消费电子链条波动加大，属于“风险收缩时的高弹性品种”

（对照组，说明“钱往哪儿去”）：

• 中海油
• (00883) +5.61%：油价冲击直接受益，成为港股里最确定的“地缘/通胀对冲”品种之一
• 比亚迪股份
• (01211) +4.37%：在港股弱势里走出相对强势，更像“独立交易/资金抱团”的体现

财报雷达（未来 7 天：2026-03-02 至 2026-03-09）

数据来源：Nasdaq Earnings Calendar API（按日期拉取）。如果你需要更全的覆盖（比如非美上市），需要额外接入港交所/交易所公告源。

• 03/02（盘后/盘前）：MDB（MongoDB，盘后）、TUYA（涂鸦智能，盘前）
• 03/03：CRWD（CrowdStrike，盘后）
• 03/04：AVGO（Broadcom，盘后）、OKTA（Okta，盘后）
• 03/05：BABA（Alibaba，盘前）、JD（JD.com，盘前）、BILI（Bilibili，盘前）、MRVL（Marvell，盘后）
• 03/09：ORCL（Oracle，盘后）

交易上怎么用（很实在的版本）：

• AI链条：AVGO/MRVL/ORCL 的指引往往会直接反馈到“算力/网络/企业IT”预期，比单日指数波动更重要。
• 中概：BABA/JD/BILI 属于“宏观情绪 + 财报预期”双重驱动，建议用仓位和对冲把波动锁住（尤其在油价/美元波动期）。

明日关注与可执行策略（偏多 / 偏空 / 观望，给触发条件）

偏多（做多结构，不盲目加杠杆）：

• 触发条件：油价从高位回落（至少不再创新高）+ 港股科网止跌（09988/03690/01810不再集体破位）
• 执行：A股偏“资源 + 军工/航运”仍可持有但不追涨；美股若晚间开盘走稳，优先做“能源相对强于科技”的配对（多XLE、空XLK），而不是直接追纳指

偏空（风险对冲/减仓）：

• 触发条件：Brent 再次快速拉升并逼近/突破上方关键区间（市场继续交易“霍尔木兹中断”）+ 美债收益率回升（通胀预期抬头）
• 执行：降低高估值科技/平台暴露；用半导体ETF（SOXX/SMH）或纳指相关工具做保护性对冲；港股以回避科网权重为主

观望（等信号，先活下来）：

• 触发条件：油价、美元、利率三者同时剧烈波动（典型的“信息密集但方向不清”阶段）
• 执行：不做方向赌局，做仓位管理：把风险集中度降下来，等“两会定调 + 地缘风险方向”更清晰再做趋势单

原文

数据留档：A股（finance-data/market-overview.sh + 同花顺行业/概念）

• A股指数数据来自本地脚本（AkShare）：/root/openclawskills/skills/finance-data/market-overview.sh
• 行业涨跌幅来自 AkShare（同花顺行业概览）；概念涨跌幅来自同花顺概念页的公开数据

A股指数（收盘）摘要：

• 上证指数 4182.59（+0.47%），高 4188.77，低 4131.37
• 深证成指 14465.79（-0.20%），高 14509.69，低 14285.67
• 创业板指 3294.16（-0.49%），高 3319.91，低 3257.05
• 沪深300 4728.67（+0.38%），高 4735.41，低 4667.28

行业涨跌幅（Top3 / Bottom3）：

• Top3：油气开采及服务（+12.23%）、贵金属（+10.69%）、石油加工贸易（+5.33%）
• Bottom3：文化传媒（-4.12%）、游戏（-4.07%）、影视院线（-4.02%）

概念涨跌幅（Top3 / Bottom3）：

• Top3：可燃冰（+8.90%）、页岩气（+5.45%）、俄乌冲突概念（+5.23%）
• Bottom3：无人零售（-4.41%）、Sora概念(文生视频)（-4.31%）、知识产权保护（-4.26%）

数据留档：港股/美股（Stooq）

恒生指数（^HSI，2026-03-02）：

• Open 26288.11 / High 26401.46 / Low 25883.56 / Close 26059.85

代表性ETF（2800.HK，Stooq 最新可得 2026-02-27）：

• Open 26.64 / High 26.94 / Low 26.58 / Close 26.90

美股指数（上一交易日 2026-02-27）：

• ^SPX：Open 6856.54 / High 6882.96 / Low 6831.74 / Close 6878.88
• ^NDX：Open 24808.00 / High 24987.96 / Low 24747.25 / Close 24960.04
• ^DJI：Open 49253.57 / High 49253.57 / Low 48678.78 / Close 48977.92

原文：Reuters | Oil surges, stocks slide, dollar rallies as conflict grips Middle East

来源： https://www.reuters.com/world/china/global-markets-global-markets-2026-03-01/

• Summary

• Companies

• Brent up sharply on supply concerns, off early peak
• Trump says strikes on Iran could last four weeks
• Dollar jumps on euro, Treasury yields rise from near 11mth low
• S&P 500 futures slide, Europe’s STOXX 600 down nearly 2%

LONDON/SYDNEY, March 2 (Reuters) - Oil prices surged, the dollar jumped and shares slid on Monday as military conflict in the Middle East looked set to last for weeks, threatening to upend a global economic recovery and perhaps reignite inflation.

Brent jumped around 10% to $79.90 a barrel, though it had briefly topped $82.00 at one stage, while U.S. crude climbed 8.2% to $72.64 per barrel. Safe-haven gold rose 2.6% to $5,413 an ounce.

Israel launched new air strikes targeting Tehran and expanded its military campaign to include attacks on Iran-backed Hezbollah militants in Lebanon on Monday, as U.S. President Donald Trump signalled the U.S.-Israeli military assault on Iranian targets could continue for weeks.

Meanwhile, Iran’s state media said a new wave of missiles was being launched from central parts of Iran towards “enemy locations”.

All eyes were on the Strait of Hormuz, through which around a fifth of the world’s seaborne oil trade flows and 20% of its liquefied natural gas. While the vital waterway has not yet been blocked, marine tracking sites showed tankers piling up on either side of the strait, wary o

f attack or maybe unable to get insurance for the voyage.

“At least in the short term, the disruption to global energy supply is substantial, (and) this clearly adds upside risks to the oil price,” said Michael Langham, emerging markets economist at Aberdeen Investments.

He added, however, that “a global oil price shock is not the intention of the Trump administration ahead of U.S. mid-term elections in November”.

A prolonged spike in oil prices would risk reigniting inflationary pressures globally, while also acting as a tax on business and consumers that could dampen demand.

OPEC+ did agree a modest oil output boost of 206,000 barrels per day for April on Sunday, but a lot of that product still has to get out of the Middle East by tanker.

STOCKS TUMBLE

Stock markets around the world tumbled. Europe’s broad STOXX 600 slid 1.7%, (.STOXX) after Asia Pacific ex Japan shares had fallen 1.8%. (..MIAPJ0000PUS) U.S. S&P 500 futures were down 1.5%.

Banks were to the fore, given worries about the impact on economic growth, down 3.6% in Europe, (.SX7P) and energy-sensitive stocks such as airlines skidded, down 5% in Europe. (.SXTP) Tech stocks also fell in Europe and Asia as investors dumped the riskier parts of their portfol

io.

Energy stocks were big gainers, however, up 4% in Europe to a new record high (.SXEP) with energy giants BP (BP.L) and Shell (SHEL.L) each nearly 6% higher, while European defence stocks also gained 1.3%. (.SXPARO)

In the Middle East, the UAE and Kuwait temporarily closed their stock markets citing “exceptional circumstances”.

And Chinese blue-chips (.CSI300) were a rare gainer, up 0.4% though the country does get much of its seaborne oil imports from the Middle East.

THE DOLLAR IS BACK

In currency markets, the euro and pound were each down around 1% at $1.1704 and $1.3347 respectively.

The dollar was by far the biggest gainer, rallying even on safe havens such as the Swiss franc and Japanese yen. It climbed 0.6% on the Japanese yen and 0.5% on the Swiss franc to 157 yen and 0.7733 francs.

“The dollar’s correlation to risk is back,” said Jordan Rochester, head of fixed income and currency strategy EMEA at Mizuho.

“After nearly a year post Liberation Day of FX correlations being junk and macro frameworks out the window - this new geopolitical crisis has snapped us back to normal.”

The dollar’s traditional role as a global safe-haven currency had been challenged by erratic U.S. policymaking. The energy moves were also relevant for currency markets given the U.S. is a net energy exporter while both Europe and Japan rely heavily on imports.

In bond markets, 10-year Treasury yields nudged slightly higher to 3.969%. They briefly touched an 11-month low of 3.926% in early trade on a rush to safety, but reversed course with traders seemingly concentrating on the inflationary impact of higher oil prices and how it could

make the Federal Reserve less likely to cut rates.

Bonds had gained a bid on Friday when UK mortgage lender MFS was placed into administration following allegations of financial irregularities. Its collapse stoked wider credit fears, with well-known big banks among its lenders. MFS had borrowed 2 billion pounds ($2.69 billion).

That was also still weighing on banking stocks on Monday.

Investors also have to weather a squall of U.S. economic data this week, including the ISM survey of manufacturing, retail sales and the always vital payrolls report.

Any weakness could shake confidence in the economy after a disappointing fourth quarter, but would also likely narrow the odds on rate cuts from the Federal Reserve.

Markets currently imply a 50% chance of an easing in June and about 58 basis points of cuts this year.

Reporting by Wayne Cole in Sydney and Alun John in Europe; Editing by Sam Holmes and Shri Navaratnam

原文：Reuters | Oil prices expected to stay high for days, all eyes on Strait of Hormuz flows

来源： https://www.reuters.com/business/energy/oil-prices-expected-stay-high-days-all-eyes-strait-hormuz-flows-2026-03-02/

Oil tankers pass through the Strait of Hormuz, December 21, 2018. REUTERS/Hamad I Mohammed/File Photo

March 2 (Reuters) - Analysts expect oil prices to remain elevated over the coming days with conflict escalating in the Middle East, as they assess the impact to supplies, especially flows through the Strait of Hormuz, a conduit for more than 20% of global oil.

Crude futures surged more than 8% on Monday to multi-month highs in the first trading after the U.S. and Israel launched attacks on Iran and killed its Supreme Leader Ali Khamenei, with Tehran striking back against Israel and at least seven other countries.

Attacks have damaged tankers, and many ship owners, oil majors and trading houses suspended crude oil, fuel and liquefied natural gas shipments via the Strait of Hormuz.

• Citi analysts see Brent trading between $80 and $90 per barrel over at least the coming week in their base case, they said in a note. The bank expects prices to pull back to $70 a barrel on de-escalation.
• Goldman Sachs estimates an $18 per barrel real-time risk premium in crude prices, the bank said in a note on Sunday. It expects this estimated impact to moderate to a $4 premium if only 50% of flows through the Strait of Hormuz are halted for a month.
• “However, oil prices can rise substantially more if the market demands a premium for the risk of more persistent supply disruptions,” Goldman Sachs analysts said in a note.
• Wood Mackenzie said oil prices could potentially exceed $100 per barrel if tanker flows through the Strait aren’t quickly restored.
• “The disruption creates a dual supply shock: not only are current exports through the Strait halted, but OPEC+ additional volumes and ultimately most of OPEC’s spare capacity - typically a key lever for balancing the global oil market - are inaccessible while the waterway remains closed,” WoodMac analysts said in a note.
• OPEC+ agreed to raise output by 206,000 barrels per day for April.
• Societe Generale analysts said on Monday the most likely scenario for oil prices is a short-lived spike, followed by a partial retracement as markets judge supply continuity to be credible.
• Bernstein raised its 2026 Brent oil price assumption from $65/bbl to $80/bbl, but sees prices reaching $120/bbl to $150/bbl in an extreme case of prolonged conflict.

Reporting by Kavya Balaraman; Additional reporting by Ishaan Arora and Pablo Sinha; Editing by Sonali Paul

原文：Reuters | Wall St notches monthly declines on combined AI, tariff, geopolitical uncertainty

来源： https://www.reuters.com/business/us-stock-futures-falter-ai-jitters-nasdaq-braces-steep-monthly-fall-2026-02-27/

• Summary

• Companies

• Indexes down: Dow 1.05%, S&P 500 0.43%, Nasdaq 0.92%
• Financials fall on worries over lending standards
• Fintech company Block surges on plan to cut 4,000 jobs on AI bet
• Netflix climbs after ending Warner Bros Discovery pursuit

NEW YORK, Feb 27 (Reuters) - Financial and tech stocks were hit hard by a handful of persistent investor worries on Friday, with U.S. stocks suffering their largest monthly percentage declines in a year.

All three major indexes ended decisively lower and posted steep weekly declines, with the blue-chip Dow logging its biggest weekly drop since mid-November. The selloff was driven by uncertainty over costs and disruption related to artificial intelligence, revived tariff uncertain

ties and simmering geopolitical tensions.

The S&P 500 and the Nasdaq logged their steepest monthly declines since March 2025, while the Dow eked out its tenth straight month of gains, its longest winning streak since the ten-month run that ended in January 2018.

“To wrap up the month of February, we were reminded there are still some cracks out there,” said Ryan Detrick, chief market strategist at Carson Group in Omaha, Nebraska. “Adding to the day’s weakness was the hotter inflation data, potentially pushing back on the idea of a dovish

Fed later this year.”

“It’s been a rough go in February, but corporate America is looking at over a 14% gain in earnings in the fourth quarter,” Detrick added. “The reality is that earnings drive long-term stock gains and this was a very impressive earnings season.”

Financial stocks (.SPSY) slid following reports that Barclays, Jefferies (JEF.N), Wells Fargo (WFC.N) and other banks face potential losses related to the collapse of UK mortgage provider Market Financial Solutions Ltd, amid broader concerns about lending standards. Wells Fargo,

Jefferies and U.S.-listed shares of Barclays dropped between 4.0% and 9.3%.

Tech shares (.SPLRCT) also continued to weigh on the indexes as lingering fears related to AI dragged chips (.SOX) and software down 1.2% and 1.5%, respectively.

Defensive sectors such as consumer staples (.SPLRCS), healthcare (.SPXHC) and utilities (.SPLRCU) were the session’s clear outperformers.

“This is a classic risk-off environment where the pure defensive areas are finding some strength while the market is turning its head on some of the more cyclical growth areas that are clearly lagging,” Detrick said.

On the economics front, a hotter-than-expected Producer Price Index reading fortified expectations that the U.S. Federal Reserve is unlikely to cut its key interest rate in the near term.

Financial markets are currently pricing in a 94.1% probability that the central bank will leave the Fed funds target rate in the 3.50% to 3.75% range at its upcoming monetary policy meeting in March, according to CME’s FedWatch tool.

Inflation gauges

The Dow Jones Industrial Average (.DJI) fell 521.28 points, or 1.05%, to 48,977.92, the S&P 500 (.SPX) lost 29.98 points, or 0.43%, to 6,878.88 and the Nasdaq Composite (.IXIC) lost 210.17 points, or 0.92%, to 22,668.21.

Of the 11 major sectors in the S&P 500, healthcare (.SPXHC) and energy (.SPNY) - with a boost from rising crude prices - led the gainers, while only financial and technology stocks suffered percentage losses.

Nvidia (NVDA.O) slid 4.2%, extending the previous session’s 5.5% drop despite solid earnings, a sign of persistent unease over emergent AI technology.

Zscaler (ZS.O) plunged 12.2% after the cloud security firm reported a wider net loss in the second quarter.

Netflix (NFLX.O) jumped 13.8% as investors cheered its decision to exit the fight for Warner Bros Discovery (WBD.O), which dropped 2.2%. Paramount Skydance (PSKY.O), WBD’s likely buyer, soared by 20.8%.

Block (XYZ.N) surged 16.8% after the payments firm said it would axe nearly half its workforce, as part of its effort to embed AI across operations.

Dell (DELL.N) shot up 21.9% after the PC maker said it expects revenue from its key AI-optimized servers business to in fiscal year 2027 and promised to return more cash to shareholders.

Declining issues outnumbered advancers by a 1.31-to-1 ratio on the NYSE. There were 564 new highs and 121 new lows on the NYSE.

On the Nasdaq, 1,594 stocks rose and 3,158 fell as declining issues outnumbered advancers by a 1.98-to-1 ratio.

The S&P 500 posted 49 new 52-week highs and 2 new lows while the Nasdaq Composite recorded 78 new highs and 127 new lows.

Volume on U.S. exchanges was 20.85 billion shares, compared with the 20.19 billion average for the full session over the last 20 trading days.

Reporting by Stephen Culp in New York; Additional reporting by Shashwat Chauhan and Ragini Mathur in Bengaluru; Editing by Matthew Lewis

原文：Reuters | US producer prices increase strongly in January

来源： https://www.reuters.com/business/us-producer-prices-increase-more-than-expected-january-2026-02-27/

• Summary

• Producer Price Index increases 0.5% in January
• Excluding food and energy, goods prices jump 0.7%
• Economists forecasting strong core PCE inflation for January

WASHINGTON, Feb 27 (Reuters) - U.S. producer prices accelerated in January, with the cost of goods outside the volatile food and energy category increasing by the most in more than three and a half years as businesses passed on import tariffs and raised prices at the start of 202

6.

The stronger-than-expected increase in the Producer Price Index reported by the Labor Department on Friday reinforced economists’ expectations that the Federal Reserve would not resume cutting interest rates before its June 16-17 meeting. The PPI was boosted by a widening in marg

ins, including for professional and commercial equipment wholesaling as well as apparel, footwear, and accessories retailing.

Some components, like domestic airfares and healthcare, which go into the calculation of the Personal Consumption Expenditures price indexes, the inflation measures tracked by the U.S. central bank for its 2% target, increased solidly last month.

Economists estimated the so-called core PCE inflation, excluding food and energy, increased by as much as 0.5% on a monthly basis in January after rounding. That measure rose 0.4% in December, which was the biggest advance in 10 months.

“Wider margins for producers could add some upside for consumer costs in coming months as firms pass along higher costs for services,” said Ben Ayers, senior economist at Nationwide. “Given still-buoyant core inflation and the recent firming of job gains, we expect the Fed to rem

ain on pause during its upcoming March meeting.”

The PPI for final demand rose 0.5% last month after advancing by a downwardly revised 0.4% in December, the Labor Department’s Bureau of Labor Statistics said. Economists polled by Reuters had forecast the PPI would gain 0.3% after a previously reported 0.5% increase in December.

In the 12 months through January, the PPI increased 2.9% after rising 3.0% in December. The moderation in the year-on-year producer inflation rate reflected the dropping out of last year’s high readings from the calculation.

Core PPI rose 0.8% last month after gaining 0.6% in December. Core producer inflation increased 3.6% on a year-over-year basis. The report was delayed by a brief shutdown of the federal government that ended early this month.

Services prices jumped 0.8% in January, reflecting a 2.5% increase in trade services, which measure changes in margins received by wholesalers and retailers. Margins for professional and commercial equipment wholesaling surged 14.4%, indicating businesses were passing on tariffs.

Prices also rose for chemicals and allied products wholesaling, bundled wired telecommunications access services, health, beauty and optical goods retailing, and food and alcohol retailing. Transportation and warehousing services prices climbed 1.0%, but the cost of services less

trade, transportation and warehousing was unchanged.

PPI breakdown

TARIFF-RELATED PRICE INCREASES

“The problem last month appeared to be tariff-related,” said Paul Ashworth, chief North America economist at Capital Economics. “If we exclude trade and transportation, other core services prices were unchanged.”

The PPI report contributed to a stock market drop on Wall Street. The dollar slipped against a basket of currencies. U.S. Treasury yields mostly fell.

The U.S. Supreme Court last Friday struck down the sweeping tariffs that President Donald Trump had pursued under a law meant for use in national emergencies. However, Trump swiftly imposed a 10% global tariff for 150 days to replace some of the emergency duties and then announce

d it would rise to 15%.

Within the services category, airline fares increased 2.6% and the cost of portfolio management fees rose 1.5%. Prices for physician care soared 0.8%, but the cost of hospital outpatient care fell 0.9% while inpatient care increased 0.2%. The wholesale cost of hotel and motel roo

ms decreased 4.1%. These are among the components that feed into core PCE inflation.

Producer goods prices fell 0.3%, with the cost of energy declining 2.7% amid a 5.5% drop in gasoline. Wholesale food prices decreased 1.5%, pulled down by a 10.5% plunge in the cost of fresh fruits and melons. The Trump administration has rolled back some tariffs on fruit and veg

etables to lower costs for consumers. Egg prices crashed 63.9%, but the cost of beef and veal increased 1.1%.

Wholesale prices of private capital equipment rose 0.6%, a rise likely related to data center construction for artificial intelligence. The cost of government purchased capital equipment shot up 2.6%, which some economists attributed to either increased spending by the Department

of Homeland Security to aid deportations of migrants or defense-related outlays.

Core producer goods prices vaulted 0.7%, the biggest gain since May 2022, after rising 0.4% in December. They advanced 4.2% on a year-over-year basis, the largest increase since March 2023.

Economists’ forecasts for the increase in core PCE inflation in January ranged from 0.37% to 0.49%. Core PCE inflation is estimated to have advanced by as much as 3.1% last month on a year-over-year basis, which would be the largest gain in nearly two years, after rising 3.0% in

December. The government will publish the delayed January PCE inflation report on March 13.

“While there may be some Fed officials willing to write off this recent firming as a combination of residual seasonality and temporary tariff effects, we suspect it will reinforce the caution and continued concerns about sticky above-target inflation that a majority of FOMC (Fede

ral Open Market Committee) participants expressed in the most recent minutes,” said Michael Hanson, an economist at JPMorgan.

Inflation gauges

Reporting by Lucia Mutikani; Editing by Chizu Nomiyama, Andrea Ricci and Paul Simao

原文：Reuters | Nvidia shares fall as investors fret over returns, look past strong results

来源： https://www.reuters.com/business/nvidia-shares-open-firmer-frankfurt-higher-earnings-forecast-2026-02-26/

Feb 26 (Reuters) - Nvidia’s shares fell on Thursday as investors looked past strong earnings, wary that the chip designer continues to channel capital into expanding the AI ecosystem, the payoffs for which are still unclear, rather than boosting shareholder returns.

Its shares (NVDA.O) slid 4% to $187.6 and dragged other chip stocks including Broadcom (AVGO.O) and Advanced Micro Devices (AMD.O) lower. The stock closed at a three-month high on Wednesday.

The bearish reaction reflects growing concerns about whether Nvidia’s record-setting momentum can hold as rivals push new AI accelerators, hyperscalers invest in custom silicon and the broader AI spending cycle becomes more uneven.

“Nvidia once again exceeded expectations but the competitive picture is also shifting as companies like Meta diversify toward AMD (Advanced Micro Devices) and the big cloud players invest more in custom silicon,” said Jacob Bourne, analyst at eMarketer.

“This puts a focus on Nvidia’s guidance for what the future holds in terms of maintaining its dominance as the AI buildout matures and questions around enterprise ROI (return on investment) intensify.”

Hyperscalers including Meta Platforms (META.O) - a major customer - have forecast total capital expenditure of at least $630 billion in 2026, with most of it earmarked for data centers and processors.

Nvidia’s shares also fell below technical support levels around their 50- and 100-day moving averages, which could be indicative of more selling pressure.

A line chart showing Nvidia’s share price and 50 and 200 day moving averages

To an analyst’s question during a post-earnings call on whether the company was looking to give back shareholders some of the $100 billion cash it was likely to generate this year, Nvidia Chief Financial Officer Colette Kress said the company wanted to keep investing in the AI ec

osystem.

The world’s most valuable company said it expects fiscal first-quarter sales of $78 billion, plus or minus 2%, compared with analysts’ average estimate of $72.60 billion, according to data compiled by LSEG.

“For about the 5th time in the last 3 years, there appear to be generalist concerns that growth will slow, despite near-term acceleration and the clear increase in model usage that is starting to have a major impact on productivity,” Morgan Stanley equity strategist Joseph Moore

said in a note.

Massive demand from AI infrastructure has also fuelled concerns about a global memory chip supply crunch.

Nvidia dismissed questions on whether supply shortfalls at its chip contract maker TSMC (2330.TW) would hamper growth, stating it had secured enough chip inventory and capacity to meet demand beyond the next several quarters, but did reveal that it will affect its gaming business

.

The company’s price-to-earnings (PE) ratio is currently 24.5 times forward earnings, down from 34.6 on October 29 when it hit $5 trillion in market capitalization for the first time, as per LSEG DataStream.

It is also well below Advanced Micro Devices’ (AMD.O) PE ratio of 28.8 and Intel’s (INTC.O) 81.4.

Reporting by Rashika Singh and Kanishka Ajmera in Bengaluru, Danilo Masoni in Milan; Editing by Elaine Hardcastle, Arun Koyyur and Maju Samuel

原文：InvestingLive | China Two Sessions 2026: growth target, fiscal stance and 15th plan signals in focus

来源： https://investinglive.com/news/china-two-sessions-2026-growth-target-fiscal-stance-and-15th-plan-signals-in-focus-20260226/

China’s Two Sessions (4–11 March) is shaping up as a “targets + 15th plan signalling” event, more about direction and policy bias than a single mega-stimulus headline.

Summary:

• China’s “Two Sessions” will open in Beijing on 4 March (CPPCC) and 5 March 2026 (NPC), with the headline policy statement coming via the Government Work Report by Premier Li Qiang on 5 March.
• 2026 is a key “bridge year” into the 15th five-year plan (2026–2030), with authorities preparing plan-related documents for March deliberations and public signalling.
• Market focus is on whether Beijing marks down the GDP target from “around 5%” to ~4.5%–5%, which would formalise the shift toward “quality/security” framing and lower the bar for big-bang stimulus.
• A fiscal deficit ratio around ~4% of GDP is widely discussed as the “base case”, with support potentially pushed via special bond issuance / quasi-fiscal channels and targeted spending rather than a headline-deficit surge.
• Domestic-demand support (trade-ins/vouchers, services consumption, welfare) is expected to feature, but the policy tone is likely to keep emphasising industrial upgrading, innovation and security amid US–China tech friction.
• Watch for language on the property downturn, local-government finances, and “financial sector serving the real economy” as Beijing tries to lift confidence without reigniting leverage.

China’s annual “Two Sessions” will convene in Beijing in early March, with the advisory CPPCC opening on 4 March and the national legislature, the NPC, beginning on 5 March. The focal point for markets is the Government Work Report, delivered by Premier Li Qiang on the NPC’s open

ing day, which typically sets the year’s headline targets and policy tasks and provides the clearest public read of Beijing’s macro stance.

This year matters more than usual because it also serves as the on-ramp to the 15th five-year plan (2026–2030). While the plan’s full detail is built through Party and state processes, officials have already been workshopping plan-related and work-report drafts ahead of March, me

aning investors should expect heavier-than-normal signalling on medium-term priorities, especially around industrial upgrading, technology self-reliance and economic security.

On the near-term macro call, a key debate is whether Beijing trims the 2026 GDP growth target from “around 5%” to a range closer to 4.5%–5%. A formal step-down would underline the shift toward “high-quality growth” and reduce the political pressure for a large, broad-based stimul

us package.

Fiscal messaging is likely to balance support and discipline. Analysts broadly look for a headline deficit ratio around recent levels (often discussed near ~4% of GDP), with incremental support delivered through targeted programs and government-linked financing channels rather th

an a single dramatic deficit expansion. Alongside that, watch for any refreshed language on boosting domestic demand and improving social support, and for cues on how forcefully Beijing wants finance to channel credit into priority “future industries” while containing property an

d local-debt risks.

数据留档：Nasdaq Earnings Calendar API（未来 7 天）

• https://api.nasdaq.com/api/calendar/earnings?date=2026-03-02
• https://api.nasdaq.com/api/calendar/earnings?date=2026-03-03
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• https://api.nasdaq.com/api/calendar/earnings?date=2026-03-08
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