美国国债收益率持续飙升，现在是时候卖出FAANG了吗？ _东方财富网

概括

[USbondyieldscontinuetosoarisittimetosellFAANG?】Inshortintheprocessofrecoveryfromhistoricallowsintheyieldbasisgrowthstocksmaybesoldmorebutthisshouldnotberegardedasathreattowell-knowntechnologystocksInouropiniontechnologystocksarestillinabullmarketThebasicgrowthstoryofthesegrowthtechnologystockshasnotbeenaffectedThejust-concludedfinancialreportingseasoncanprovethis95%oftechnologycompanies’profitsexceededexpectationswhile88%ofcompanies’revenueexceededexpectations(Britishisfinancialsituation)

Inflation isGrowth stocksThe biggest enemy.

In recent days, considering the soaringBondYields, inflation, the beast seems to be on the rise.Expectations for more economic stimulus policies from the Biden administration and positive signs of curbing the epidemic are driving the worldinterest rateHigher, as of this writing, the U.S. benchmark ten-year periodNational debtThe yield is at a one-year high of 1.39%.

The surge in yields largely reflectsinvestmentExpectations of a strong economic recovery, and when this happens, the central bank may still cancelcurrencyStimulus measures have made stocks a less profitable investment option, especially high-growth technology stocks.

Large American stocks represented by a basket of FAANG stocksTechnology stocks(Including Facebook (NASDAQ:FB),apple (NASDAQ:AAPL)、Amazon (NASDAQ:AMZN)、Netflix(NASDAQ:NFLX), Google (NASDAQ:GOOG)), after experiencing explosive growth during the epidemic, are now more susceptible to rising bond yields. With more and more evidence of the strong recovery of the US economy in the second quarter, these stocks are also increasingly under greater pressure.

trackNasdaqThe Invesco QQQ Trust (NASDAQ:QQQ) of the 100 index has underperformed the S&P 500 in recent weeks.According to the market data of Investing.com, after a month of steady fluctuations, the index on MondayfundFell more than 2%.

Potential inflation andinterest rateThe impact of the rise on the stock market depends to a large extent on the rate at which yields rise.According to a media surveyreportDisplay, multipleAnalystIt is expected that as investors begin toMidlandReserve for future interest rate hikes, 10-year periodU.S. TreasuriesThe rate of return will reach 1.5%-2% by the end of this year.

And as inflation expectations rise,Wall StreetAnalysts also have different views on the impact of inflationary pressures on US stocks.The most worrying result may bemarketRepeating the situation in 2013, whenMidlandChairman Bernanke’s mere hint that QE will be reduced has led to a sharp rise in bond yields and the stock marketPlummet。

Sebastien Galy, senior macro strategist at Nordea Asset Management, presented a report titled “Little taper tantrum” (Little taper tantrum).research reportChina pointed out that “after four months of disappointment, the U.S. retail sales situation has improved, and 1.9 trillion yuanUSDThe fiscal stimulus package will be released with a high probability, and these have improvedMidlandThe possibility of reducing QE by the reserve. “

However, it is worth noting that although growth stocks have adjustment prospects, the actual situation is still very favorable for their business.First of all, there is no sign that the Federal Reserve will tighten monetary policy.enterpriseProvides a lifeline.

　　BarclaysEmmanuel Cau, a strategist at, said that the steepening of the yield curve is “a typical phenomenon in the early stages of the cycle.” Rising and rising industries, such as bulkProduct,Evenbank, And now they all seem to be overbought. However, at this stage, “we believe that the increase in yields is more a confirmation of the stock market bull market, not a threat, so the market should continue to buy.”

to sum up

As the yield basis recovers from historical lows, growth stocks may be sold more, but this should not be seen as a threat to well-known technology stocks. In our view, technology stocks are still in a bull market.

The basic growth story of these growth technology stocks has not been affected. The just-ending financial reporting season can prove this point. 95% of the technologythe companyprofitAll exceeded expectations, and at the same time, 88% of the company’s revenue exceeded expectations.

(Source: Yingwei Finance)

(Editor in charge: DF387)