美联储降息受到质疑，美元上涨势头强劲。上周，美国市场受到两个主要主题的影响：即将上任的美国政府贸易政策的不确定性和强劲的美国经济数据的影响。最初的市场混乱，由有关关税的模糊信号驱动，造成了巨大的波动。

Dollar Gains Momentum as Fed Cuts Come Into Question.The US markets last week were shaped by two dominant themes: uncertainty surrounding trade policies of the incoming US administration and the impact of robust US economic data. Initial market confusion, driven by ambiguous signals regarding tariffs, created significant volatility.

下一周：美国表现更出色。强于预期的美国就业报告强化了“美国例外论”的模因，并使美元兑大多数G10货币创下新高。衍生品市场将美联储的下一次降息推迟到了9月。

Week Ahead: More US Outperformance.The stronger-than-expected US employment report reinforced the "American exceptionalism" meme and sent the greenback to new highs against most of the G10 currencies. The derivatives markets pushed out the next Fed cut into September.

在纽约，道琼斯指数周五下跌679点，跌幅1.59%。旅游公司（-4.24%）、高盛（-3.35%）和美国运通（-3.01%）领跌。

In New York, the Dow Jones Index decreased 679 points or 1.59 percent on Friday. Losses were driven by Travelers Companies (-4.24%), Goldman Sachs (-3.35%) and American Express (-3.01%).

周五，美国股市收盘大幅下跌，此前一份强于预期的就业报告抑制了人们对美联储在2025年进一步降息的预期。标准普尔500指数和纳斯达克100指数均下跌1.5%，道琼斯指数暴跌近700点。12月的就业报告显示，劳动力市场强劲，新增就业25.6万人，失业率降至4.1%，超过预期。这引发了人们对美联储可能在更长时间内保持加息的担忧。与此同时，密歇根大学的消费者信心指数显示通胀预期不断上升。金融、房地产和科技股领跌，英伟达下跌近3%。在企业方面，达美航空公司的股价在超过盈利和收入预测后飙升9%，而沃尔格林公司在强劲的盈利业绩后飙升27.5%。本周，标准普尔500指数下跌1.9%，纳斯达克指数下跌2.2%，道琼斯指数下跌1.8%。

US Equities closed sharply lower on Friday, following a stronger-than-expected jobs report that dampened expectations for further interest rate cuts by the Federal Reserve in 2025. The S&P 500 and Nasdaq 100 both dropped 1.5%, while the Dow Jones plunged almost 700 points. The December jobs report showed a robust labor market, with 256,000 new jobs and a decline in the unemployment rate to 4.1%, surpassing forecasts. This raised concerns that the Fed could keep rates elevated for a longer period. Meanwhile, the University of Michigan’s consumer sentiment index showed growing inflation expectations. Financials, real estate, and tech stocks led the declines, with Nvidia falling nearly 3%. On the corporate front, shares of Delta Air Lines soared 9% after exceeding earnings and revenue forecasts, while Walgreens surged 27.5% following strong earnings results. For the week, the S&P 500 lost 1.9%, the Nasdaq dropped 2.2%, and the Dow declined 1.8%.