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Hamiah
04-20
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The Record Stock Market Rests on Some Big One-Offs
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02:50
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Jerome Powell Says He Will Continue To Serve As A Fed Governor, Calls Trump Criticism ‘Unprecedented’
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He mentioned the recent pickup in inflation and the high level of uncertainty in the economic outlook because of the conflict in the Middle East. The economy is expanding at a solid pace, he noted.This item is part of a Wall Street Journal live coverage event. The full stream can be found by searching P/WSJL .","content":"<html><head></head><body><p style=\"text-align: start;\">Federal Reserve Chair Jerome Powell on Wednesday said he will stay on the Board of Governors for an indefinite period while a probe into the renovation of the central bank’s headquarters continues.</p><p style=\"text-align: start;\">“I’ve said that I will not leave the board until this investigation is well and truly over with transparency and finality, and I stand by that. I’m encouraged by recent developments, and I’m watching the remaining steps in this process carefully,” Powell said near the beginning of his post-meeting news conference.</p><p style=\"text-align: start;\">“My decisions on these matters will continue to be guided entirely by what I believe is in the best interest of the institution and the people we serve after my term as chair ends on May 15, and will continue to serve as a governor for a period of time to be determined,” he added.</p><p style=\"text-align: start;\">The statement resolves for the moment a key question that hovered over the Federal Open Market Committee meeting.</p><p style=\"text-align: start;\">Markets already had largely expected to keep its key interest rate steady, with the bigger question over Powell’s future.</p><p style=\"text-align: start;\">The chair, who has served eight years, congratulated his appointed successor Kevin Warsh, whose nominee cleared a pivotal hurdle earlier Wednesday when the Senate Banking Committee voted to move Warsh forward to the full floor for a vote.</p><p>“I plan to keep a low profile as a governor,” Powell said. “There’s only ever one chair ... When Kevin Marsh is confirmed and sworn in, he will be that chair.”</p><p>Beyond Warsh, Powell addressed the intense criticism he has faced from President Donald Trump, who appointed Powell to the job during his first term in office.</p><p style=\"text-align: start;\">Powell called the criticism “unprecedented in our 113-year history” and said he worries about the impact on the institution.</p><p style=\"text-align: start;\">“I worry that these attacks are battering the institution and putting at risk the thing that really matters to the public, which is the ability to conduct monetary policies without taking into consideration political factors,” he said. “It is so important for our economy, for the people that we serve, that they can depend, over time, on a central bank that operates that way, free of political influence.”</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Jerome Powell Says He Will Continue To Serve As A Fed Governor, Calls Trump Criticism ‘Unprecedented’</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nJerome Powell Says He Will Continue To Serve As A Fed Governor, Calls Trump Criticism ‘Unprecedented’\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2026-04-30 02:36</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p style=\"text-align: start;\">Federal Reserve Chair Jerome Powell on Wednesday said he will stay on the Board of Governors for an indefinite period while a probe into the renovation of the central bank’s headquarters continues.</p><p style=\"text-align: start;\">“I’ve said that I will not leave the board until this investigation is well and truly over with transparency and finality, and I stand by that. I’m encouraged by recent developments, and I’m watching the remaining steps in this process carefully,” Powell said near the beginning of his post-meeting news conference.</p><p style=\"text-align: start;\">“My decisions on these matters will continue to be guided entirely by what I believe is in the best interest of the institution and the people we serve after my term as chair ends on May 15, and will continue to serve as a governor for a period of time to be determined,” he added.</p><p style=\"text-align: start;\">The statement resolves for the moment a key question that hovered over the Federal Open Market Committee meeting.</p><p style=\"text-align: start;\">Markets already had largely expected to keep its key interest rate steady, with the bigger question over Powell’s future.</p><p style=\"text-align: start;\">The chair, who has served eight years, congratulated his appointed successor Kevin Warsh, whose nominee cleared a pivotal hurdle earlier Wednesday when the Senate Banking Committee voted to move Warsh forward to the full floor for a vote.</p><p>“I plan to keep a low profile as a governor,” Powell said. “There’s only ever one chair ... When Kevin Marsh is confirmed and sworn in, he will be that chair.”</p><p>Beyond Warsh, Powell addressed the intense criticism he has faced from President Donald Trump, who appointed Powell to the job during his first term in office.</p><p style=\"text-align: start;\">Powell called the criticism “unprecedented in our 113-year history” and said he worries about the impact on the institution.</p><p style=\"text-align: start;\">“I worry that these attacks are battering the institution and putting at risk the thing that really matters to the public, which is the ability to conduct monetary policies without taking into consideration political factors,” he said. “It is so important for our economy, for the people that we serve, that they can depend, over time, on a central bank that operates that way, free of political influence.”</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SPYU":"MAX S&P 500 4X Leveraged ETN","SSO":"2倍做多标普500ETF-ProShares","SDOW":"三倍做空道指30ETF-ProShares","DMAX":"ISHARES LARGE CAP MAX BUFFER DEC ETF","TLTW":"iShares 20+ Year Treasury Bond Buywrite Strategy ETF","DOG":"道指ETF-ProShares做空","UPRO":"三倍做多标普500ETF-ProShares","SDS":"两倍做空标普500 ETF-ProShares","DDM":"2倍做多道指ETF-ProShares","IVV":"标普500ETF-iShares",".DJI":"道琼斯","SPXL":"三倍做多标普500ETF-Direxion","DIA":"道琼斯ETF",".IXIC":"NASDAQ Composite","SPY":"标普500ETF","HIBL":"Direxion Daily S&P 500 High Beta Bull 3X Shares","DXD":"两倍做空道琼30指数ETF-ProShares","TLT":"20+年以上美国国债ETF-iShares","UDOW":"三倍做多道指30ETF-ProShares","BK4588":"碎股",".SPX":"S&P 500 Index","SMAX":"ISHARES LARGE CAP MAX BUFFER SEP ETF","SPXS":"三倍做空标普500ETF-Direxion","SPYH":"Neos S&P 500 Hedged Equity Income ETF","SPUU":"Direxion Daily S&P 500 Bull 2x Shares","VOO":"Vanguard标普500ETF","SPXU":"三倍做空标普500ETF-ProShares","SPDN":"Direxion Daily S&P 500 Bear 1X Shares","YSPY":"GraniteShares YieldBOOST SPY ETF","SPYM":"投资组合标普500指数ETF-SPDR","MMAX":"iShares Large Cap Max Buffer Mar ETF","SPYQ":"2倍做多SPY Quarterly ETF-Tradr","BK4096":"电气部件与设备","TMF":"3倍做多20年期以上国债ETF-Direxion","SH":"做空标普500-Proshares","BK4585":"ETF&股票定投概念"},"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2631540384","content_text":"Federal Reserve Chair Jerome Powell on Wednesday said he will stay on the Board of Governors for an indefinite period while a probe into the renovation of the central bank’s headquarters continues.“I’ve said that I will not leave the board until this investigation is well and truly over with transparency and finality, and I stand by that. I’m encouraged by recent developments, and I’m watching the remaining steps in this process carefully,” Powell said near the beginning of his post-meeting news conference.“My decisions on these matters will continue to be guided entirely by what I believe is in the best interest of the institution and the people we serve after my term as chair ends on May 15, and will continue to serve as a governor for a period of time to be determined,” he added.The statement resolves for the moment a key question that hovered over the Federal Open Market Committee meeting.Markets already had largely expected to keep its key interest rate steady, with the bigger question over Powell’s future.The chair, who has served eight years, congratulated his appointed successor Kevin Warsh, whose nominee cleared a pivotal hurdle earlier Wednesday when the Senate Banking Committee voted to move Warsh forward to the full floor for a vote.“I plan to keep a low profile as a governor,” Powell said. “There’s only ever one chair ... When Kevin Marsh is confirmed and sworn in, he will be that chair.”Beyond Warsh, Powell addressed the intense criticism he has faced from President Donald Trump, who appointed Powell to the job during his first term in office.Powell called the criticism “unprecedented in our 113-year history” and said he worries about the impact on the institution.“I worry that these attacks are battering the institution and putting at risk the thing that really matters to the public, which is the ability to conduct monetary policies without taking into consideration political factors,” he said. “It is so important for our economy, for the people that we serve, that they can depend, over time, on a central bank that operates that way, free of political influence.”","news_type":1,"symbols_score_info":{"SPYM":0.6,"US12M.BOND":1.5,".SPX":2,"DOG":0.6,"SPUU":0.6,"US6M.BOND":1.5,"US3Y.BOND":1.5,"US5Y.BOND":1.5,"SPY":0.6,"DMAX":0.6,"TLTW":0.6,"YSPY":0.6,"US30Y.BOND":1.5,"UPRO":0.6,"SPXL":0.6,"SPDN":0.6,"IVV":0.6,"UDOW":0.6,"TMF":0.6,"US10Y.BOND":1.5,"SPYQ":0.6,"SPXU":0.6,"TLT":0.6,"DDM":0.6,"US2Y.BOND":1.5,"SPYU":0.6,"DIA":0.6,"SSO":0.6,"SMAX":0.6,"SDOW":0.6,"MMAX":0.6,".DJI":2,".IXIC":2,"SPYH":0.6,"VOO":0.6,"US7Y.BOND":1.5,"HIBL":0.6,"SPXS":0.6,"SDS":0.6,"DXD":0.6,"SH":0.6}},"isVote":1,"tweetType":1,"viewCount":56,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":555702834352384,"gmtCreate":1776680505062,"gmtModify":1776681756618,"author":{"id":"4225866006134732","authorId":"4225866006134732","name":"Hamiah","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4225866006134732","authorIdStr":"4225866006134732"},"themes":[],"title":"","htmlText":"Share your opinion about this news…","listText":"Share your opinion about this news…","text":"Share your opinion about this news…","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/555702834352384","repostId":"2628276885","repostType":2,"repost":{"id":"2628276885","kind":"highlight","weMediaInfo":{"introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"media_name":"Dow Jones","id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"pubTimestamp":1776655320,"share":"https://ttm.financial/m/news/2628276885?lang=en_US&edition=fundamental","pubTime":"2026-04-20 11:22","market":"sg","language":"en","title":"The Record Stock Market Rests on Some Big One-Offs","url":"https://stock-news.laohu8.com/highlight/detail?id=2628276885","media":"Dow Jones","summary":"It's six months, give or take, since AI excitement drove stock valuations above their 2020 bubble high to reach the highest since 2000, the peak of the dot-com bubble.Something odd has happened since: Valuations, measured as the price-to-earnings or PE ratio, have plunged, while stocks rose to a record high this week.This isn't just unusual. It is unprecedented in data back to 1985. Valuations have never fallen so much over six months without stocks falling too.It helps to understand the basic mechanics of the PE ratio. The most useful version, the forward PE, measures a company's stock price against how much Wall Street analysts on average expect the company to earn in profit over the next year. At its October peak, the S&P 500 PE ratio was above 23.A related way to measure PE is to adjust it for how fast a company's profits are expected to grow. Do this for the eight biggest tech and AI stocks and they were cheaper on the so-called PE-to-growth ratio early this past week than they'v","content":"<html><head></head><body><p>There are two significant reasons earnings expectations have soared—and they are both probably temporary.</p><p>It's six months, give or take, since AI excitement drove stock valuations above their 2020 bubble high to reach the highest since 2000, the peak of the dot-com bubble.</p><p>Something odd has happened since: Valuations, measured as the price-to-earnings or PE ratio, have plunged, while stocks rose to a record high this week.</p><p>This isn't just unusual. It is unprecedented in data back to 1985. Valuations have never fallen so much over six months without stocks falling too.</p><p>It helps to understand the basic mechanics of the PE ratio. The most useful version, the forward PE, measures a company's stock price against how much Wall Street analysts on average expect the company to earn in profit over the next year. At its October peak, the S&P 500 PE ratio was above 23.</p><p>The reason for the recent drop in valuation is also unusual: The E part of the PE ratio, companies' expected earnings, has soared. Because stock prices have made only small gains -- the S&P 500 is up 3% from its high in October -- the PE ratio has dropped, meaning shares are less expensive than back then. The rebound has lifted the index back up to 22 times, after dropping below 20 times, though both are higher than the long-term average of 16.</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/fd8fab36f75b1a9c900318ab673c2480\" tg-width=\"584\" tg-height=\"465\"/></p><p>In the past, the norm was that when earnings expectations rose a lot, shareholders got very excited, and shares rose even more, so the stock was more highly valued.</p><p>Big drops in valuations were bad news: Until now they've always been because earnings expectations soured even more than share prices fell, often because of a recession.</p><p>This time, there are two big reasons earnings expectations have soared -- and they are both probably temporary. The first is that microchip prices have soared because of huge artificial-intelligence demand. The second is the war in Iran, which has given energy companies a huge boost.</p><p>The question for investors: Do the stocks that have benefited from these one-off boosts really offer better value now?</p><p>The bull case for the AI stocks is that they are moving from a speculative trade closer to a reality where the technology makes real money.</p><p>In the months up to last October, AI-related stocks -- especially suppliers to data centers -- soared in the hope of something great, pushing up valuations while earnings predictions lagged behind.</p><p>In the past six months, stock prices gained little while analysts began to predict big profits. This brought their forward PE ratios back down from very expensive to be more reasonably priced. AI stocks, on this view, are proving their ability to grow into their valuations.</p><p>A related way to measure PE is to adjust it for how fast a company's profits are expected to grow. Do this for the eight biggest tech and AI stocks and they were cheaper on the so-called PE-to-growth (PEG) ratio early this past week than they've been since 2013, according to Scott Chronert, head of U.S. equity strategy at Citigroup.</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/6c5e6beaa310dde4f650b38efaf6b365\" tg-width=\"584\" tg-height=\"467\"/></p><p>The bear case against AI stocks is that growth hopes are still far too high, data-center projections are way ahead of reality, Big Tech has gone from being capital-light to capital-hungry, and Wall Street forecasts are little better than guesswork anyway. On top of that, it's just plain weird that the risks of the Iran war's reigniting seem to have been forgotten by equity investors.</p><p>There's a middle path, neatly illustrated by Micron Technology, which makes fast-memory chips needed for AI. Soaring sales have far outstripped predictions and enabled the firm to jack up prices and profit margins. In October, the median analyst expected earnings of $19 a share in 2027. Now, they predict $101 a share. But as estimated 2027 earnings quintupled, the shares a bit more than doubled, so the PE ratio plunged.</p><p>That lower valuation doesn't mean the stock is cheap. Rather, it means superhigh profits are expected to be temporary. More capacity will eventually come online, as it always does in the highly cyclical memory-chip industry, and prices will drop. Data-center demand must eventually slow, too, as needs are met.</p><p>If data-center construction keeps going for years, and investors prove willing to finance it, that's great for Micron, <a href=\"https://laohu8.com/S/NVDA\">Nvidia</a> and other providers of the modern-day versions of picks and shovels for the AI gold rush. If AI breakthroughs reduce computing needs, or if AI adoption disappoints the high hopes of investors, it's terrible. A valuation based only on the next 12 months doesn't tell us whether to buy or sell, because a slowdown is likely only the year after, or further out.</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/d4de74fa408fbf214977731f2e0bad39\" tg-width=\"588\" tg-height=\"465\"/></p><p>Something similar applies to how oil stocks have behaved during the Iran war. The soaring oil price as first Iran and then the U.S. prevented oil exports from the Persian Gulf naturally led to higher earnings forecasts for big oil companies. Earnings for the three oil majors 12 months ahead are expected to be about a third higher than they were at the end of February.</p><p>Initially, Big Oil shares soared, as the prospect of war profits had investors salivating. But even as share prices rose, valuations were slightly down -- and this month the cease-fire led shares to slump back to where they started, even as profit forecasts rose further. The sector's forward PE has dropped from 23.8 times earnings before the war to 15.6 times.</p><p>As with chip makers, a temporary boost to earnings is welcome for shareholders. But what investors really want is a rise in profit every year. Oil futures were already prepared for the price to come back down, and it fell fast on Friday on news of the Strait of Hormuz reopening -- although Iran said it was closed again on Saturday, while markets were shut.</p><p>Current prices for both the AI stocks and oil are based on the market's best guess for the two themes of the moment: Data-center building and the Iran war. This has made the market look cheaper than before. But it wouldn't take much -- the AI boom's turning to bust or a peace deal in the Gulf -- to make today's cheapness look expensive in retrospect.</p><p></p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The Record Stock Market Rests on Some Big One-Offs</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe Record Stock Market Rests on Some Big One-Offs\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2026-04-20 11:22</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>There are two significant reasons earnings expectations have soared—and they are both probably temporary.</p><p>It's six months, give or take, since AI excitement drove stock valuations above their 2020 bubble high to reach the highest since 2000, the peak of the dot-com bubble.</p><p>Something odd has happened since: Valuations, measured as the price-to-earnings or PE ratio, have plunged, while stocks rose to a record high this week.</p><p>This isn't just unusual. It is unprecedented in data back to 1985. Valuations have never fallen so much over six months without stocks falling too.</p><p>It helps to understand the basic mechanics of the PE ratio. The most useful version, the forward PE, measures a company's stock price against how much Wall Street analysts on average expect the company to earn in profit over the next year. At its October peak, the S&P 500 PE ratio was above 23.</p><p>The reason for the recent drop in valuation is also unusual: The E part of the PE ratio, companies' expected earnings, has soared. Because stock prices have made only small gains -- the S&P 500 is up 3% from its high in October -- the PE ratio has dropped, meaning shares are less expensive than back then. The rebound has lifted the index back up to 22 times, after dropping below 20 times, though both are higher than the long-term average of 16.</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/fd8fab36f75b1a9c900318ab673c2480\" tg-width=\"584\" tg-height=\"465\"/></p><p>In the past, the norm was that when earnings expectations rose a lot, shareholders got very excited, and shares rose even more, so the stock was more highly valued.</p><p>Big drops in valuations were bad news: Until now they've always been because earnings expectations soured even more than share prices fell, often because of a recession.</p><p>This time, there are two big reasons earnings expectations have soared -- and they are both probably temporary. The first is that microchip prices have soared because of huge artificial-intelligence demand. The second is the war in Iran, which has given energy companies a huge boost.</p><p>The question for investors: Do the stocks that have benefited from these one-off boosts really offer better value now?</p><p>The bull case for the AI stocks is that they are moving from a speculative trade closer to a reality where the technology makes real money.</p><p>In the months up to last October, AI-related stocks -- especially suppliers to data centers -- soared in the hope of something great, pushing up valuations while earnings predictions lagged behind.</p><p>In the past six months, stock prices gained little while analysts began to predict big profits. This brought their forward PE ratios back down from very expensive to be more reasonably priced. AI stocks, on this view, are proving their ability to grow into their valuations.</p><p>A related way to measure PE is to adjust it for how fast a company's profits are expected to grow. Do this for the eight biggest tech and AI stocks and they were cheaper on the so-called PE-to-growth (PEG) ratio early this past week than they've been since 2013, according to Scott Chronert, head of U.S. equity strategy at Citigroup.</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/6c5e6beaa310dde4f650b38efaf6b365\" tg-width=\"584\" tg-height=\"467\"/></p><p>The bear case against AI stocks is that growth hopes are still far too high, data-center projections are way ahead of reality, Big Tech has gone from being capital-light to capital-hungry, and Wall Street forecasts are little better than guesswork anyway. On top of that, it's just plain weird that the risks of the Iran war's reigniting seem to have been forgotten by equity investors.</p><p>There's a middle path, neatly illustrated by Micron Technology, which makes fast-memory chips needed for AI. Soaring sales have far outstripped predictions and enabled the firm to jack up prices and profit margins. In October, the median analyst expected earnings of $19 a share in 2027. Now, they predict $101 a share. But as estimated 2027 earnings quintupled, the shares a bit more than doubled, so the PE ratio plunged.</p><p>That lower valuation doesn't mean the stock is cheap. Rather, it means superhigh profits are expected to be temporary. More capacity will eventually come online, as it always does in the highly cyclical memory-chip industry, and prices will drop. Data-center demand must eventually slow, too, as needs are met.</p><p>If data-center construction keeps going for years, and investors prove willing to finance it, that's great for Micron, <a href=\"https://laohu8.com/S/NVDA\">Nvidia</a> and other providers of the modern-day versions of picks and shovels for the AI gold rush. If AI breakthroughs reduce computing needs, or if AI adoption disappoints the high hopes of investors, it's terrible. A valuation based only on the next 12 months doesn't tell us whether to buy or sell, because a slowdown is likely only the year after, or further out.</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/d4de74fa408fbf214977731f2e0bad39\" tg-width=\"588\" tg-height=\"465\"/></p><p>Something similar applies to how oil stocks have behaved during the Iran war. The soaring oil price as first Iran and then the U.S. prevented oil exports from the Persian Gulf naturally led to higher earnings forecasts for big oil companies. Earnings for the three oil majors 12 months ahead are expected to be about a third higher than they were at the end of February.</p><p>Initially, Big Oil shares soared, as the prospect of war profits had investors salivating. But even as share prices rose, valuations were slightly down -- and this month the cease-fire led shares to slump back to where they started, even as profit forecasts rose further. The sector's forward PE has dropped from 23.8 times earnings before the war to 15.6 times.</p><p>As with chip makers, a temporary boost to earnings is welcome for shareholders. But what investors really want is a rise in profit every year. Oil futures were already prepared for the price to come back down, and it fell fast on Friday on news of the Strait of Hormuz reopening -- although Iran said it was closed again on Saturday, while markets were shut.</p><p>Current prices for both the AI stocks and oil are based on the market's best guess for the two themes of the moment: Data-center building and the Iran war. This has made the market look cheaper than before. But it wouldn't take much -- the AI boom's turning to bust or a peace deal in the Gulf -- to make today's cheapness look expensive in retrospect.</p><p></p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BK4528":"SaaS概念","IE00BMG7P587.USD":"LEGG MASON CLEARBRIDGE GLOBAL INFRASTRUCTURE INCOM \"A\" (USD) INC","IE00BMG7P819.SGD":"Legg Mason ClearBridge - Global Infrastructure Income A Mdis SGD-H Plus","BK4588":"碎股","IE00BMG7P926.USD":"Legg Mason ClearBridge - Global Infrastructure Income A Acc USD","IE00BMG7P694.USD":"Legg Mason ClearBridge - Global Infrastructure Income A Mdis USD Plus","BK4585":"ETF&股票定投概念","BK4023":"应用软件","LU2346227817.USD":"BGF SUSTAINABLE GLOBAL INFRASTRUCTURE \"A2\" (USD) ACC","BK4208":"复合型公用事业","IE00BD4GTV84.USD":"LEGG MASON CLEARBRIDGEINFRASTRUCTURE VALUE \"A\" (USDHDG) ACC","NVDA":"英伟达","IE00BD4GTW91.USD":"LEGG MASON CLEARBRIDGEINFRASTRUCTURE VALUE \"A\" (USDHDG) INC","IE00BD4GTT62.SGD":"Legg Mason ClearBridge Infrastructure Value A SGD-H (mdis) plus","BK4543":"AI","LU2500361329.USD":"NORDEA 1 GLOBAL SUSTAINABLE LISTED REAL ASSETS \"B\" (USD) ACC","BK4551":"寇图资本持仓","BK4587":"ChatGPT概念"},"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2628276885","content_text":"There are two significant reasons earnings expectations have soared—and they are both probably temporary.It's six months, give or take, since AI excitement drove stock valuations above their 2020 bubble high to reach the highest since 2000, the peak of the dot-com bubble.Something odd has happened since: Valuations, measured as the price-to-earnings or PE ratio, have plunged, while stocks rose to a record high this week.This isn't just unusual. It is unprecedented in data back to 1985. Valuations have never fallen so much over six months without stocks falling too.It helps to understand the basic mechanics of the PE ratio. The most useful version, the forward PE, measures a company's stock price against how much Wall Street analysts on average expect the company to earn in profit over the next year. At its October peak, the S&P 500 PE ratio was above 23.The reason for the recent drop in valuation is also unusual: The E part of the PE ratio, companies' expected earnings, has soared. Because stock prices have made only small gains -- the S&P 500 is up 3% from its high in October -- the PE ratio has dropped, meaning shares are less expensive than back then. The rebound has lifted the index back up to 22 times, after dropping below 20 times, though both are higher than the long-term average of 16.In the past, the norm was that when earnings expectations rose a lot, shareholders got very excited, and shares rose even more, so the stock was more highly valued.Big drops in valuations were bad news: Until now they've always been because earnings expectations soured even more than share prices fell, often because of a recession.This time, there are two big reasons earnings expectations have soared -- and they are both probably temporary. The first is that microchip prices have soared because of huge artificial-intelligence demand. The second is the war in Iran, which has given energy companies a huge boost.The question for investors: Do the stocks that have benefited from these one-off boosts really offer better value now?The bull case for the AI stocks is that they are moving from a speculative trade closer to a reality where the technology makes real money.In the months up to last October, AI-related stocks -- especially suppliers to data centers -- soared in the hope of something great, pushing up valuations while earnings predictions lagged behind.In the past six months, stock prices gained little while analysts began to predict big profits. This brought their forward PE ratios back down from very expensive to be more reasonably priced. AI stocks, on this view, are proving their ability to grow into their valuations.A related way to measure PE is to adjust it for how fast a company's profits are expected to grow. Do this for the eight biggest tech and AI stocks and they were cheaper on the so-called PE-to-growth (PEG) ratio early this past week than they've been since 2013, according to Scott Chronert, head of U.S. equity strategy at Citigroup.The bear case against AI stocks is that growth hopes are still far too high, data-center projections are way ahead of reality, Big Tech has gone from being capital-light to capital-hungry, and Wall Street forecasts are little better than guesswork anyway. On top of that, it's just plain weird that the risks of the Iran war's reigniting seem to have been forgotten by equity investors.There's a middle path, neatly illustrated by Micron Technology, which makes fast-memory chips needed for AI. Soaring sales have far outstripped predictions and enabled the firm to jack up prices and profit margins. In October, the median analyst expected earnings of $19 a share in 2027. Now, they predict $101 a share. But as estimated 2027 earnings quintupled, the shares a bit more than doubled, so the PE ratio plunged.That lower valuation doesn't mean the stock is cheap. Rather, it means superhigh profits are expected to be temporary. More capacity will eventually come online, as it always does in the highly cyclical memory-chip industry, and prices will drop. Data-center demand must eventually slow, too, as needs are met.If data-center construction keeps going for years, and investors prove willing to finance it, that's great for Micron, Nvidia and other providers of the modern-day versions of picks and shovels for the AI gold rush. If AI breakthroughs reduce computing needs, or if AI adoption disappoints the high hopes of investors, it's terrible. A valuation based only on the next 12 months doesn't tell us whether to buy or sell, because a slowdown is likely only the year after, or further out.Something similar applies to how oil stocks have behaved during the Iran war. The soaring oil price as first Iran and then the U.S. prevented oil exports from the Persian Gulf naturally led to higher earnings forecasts for big oil companies. Earnings for the three oil majors 12 months ahead are expected to be about a third higher than they were at the end of February.Initially, Big Oil shares soared, as the prospect of war profits had investors salivating. But even as share prices rose, valuations were slightly down -- and this month the cease-fire led shares to slump back to where they started, even as profit forecasts rose further. The sector's forward PE has dropped from 23.8 times earnings before the war to 15.6 times.As with chip makers, a temporary boost to earnings is welcome for shareholders. But what investors really want is a rise in profit every year. Oil futures were already prepared for the price to come back down, and it fell fast on Friday on news of the Strait of Hormuz reopening -- although Iran said it was closed again on Saturday, while markets were shut.Current prices for both the AI stocks and oil are based on the market's best guess for the two themes of the moment: Data-center building and the Iran war. This has made the market look cheaper than before. But it wouldn't take much -- the AI boom's turning to bust or a peace deal in the Gulf -- to make today's cheapness look expensive in retrospect.","news_type":1,"symbols_score_info":{"NVDA":2}},"isVote":1,"tweetType":1,"viewCount":211,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":555702834352384,"gmtCreate":1776680505062,"gmtModify":1776681756618,"author":{"id":"4225866006134732","authorId":"4225866006134732","name":"Hamiah","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4225866006134732","authorIdStr":"4225866006134732"},"themes":[],"title":"","htmlText":"Share your opinion about this news…","listText":"Share your opinion about this news…","text":"Share your opinion about this news…","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/555702834352384","repostId":"2628276885","repostType":2,"repost":{"id":"2628276885","kind":"highlight","weMediaInfo":{"introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"media_name":"Dow Jones","id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"pubTimestamp":1776655320,"share":"https://ttm.financial/m/news/2628276885?lang=en_US&edition=fundamental","pubTime":"2026-04-20 11:22","market":"sg","language":"en","title":"The Record Stock Market Rests on Some Big One-Offs","url":"https://stock-news.laohu8.com/highlight/detail?id=2628276885","media":"Dow Jones","summary":"It's six months, give or take, since AI excitement drove stock valuations above their 2020 bubble high to reach the highest since 2000, the peak of the dot-com bubble.Something odd has happened since: Valuations, measured as the price-to-earnings or PE ratio, have plunged, while stocks rose to a record high this week.This isn't just unusual. It is unprecedented in data back to 1985. Valuations have never fallen so much over six months without stocks falling too.It helps to understand the basic mechanics of the PE ratio. The most useful version, the forward PE, measures a company's stock price against how much Wall Street analysts on average expect the company to earn in profit over the next year. At its October peak, the S&P 500 PE ratio was above 23.A related way to measure PE is to adjust it for how fast a company's profits are expected to grow. Do this for the eight biggest tech and AI stocks and they were cheaper on the so-called PE-to-growth ratio early this past week than they'v","content":"<html><head></head><body><p>There are two significant reasons earnings expectations have soared—and they are both probably temporary.</p><p>It's six months, give or take, since AI excitement drove stock valuations above their 2020 bubble high to reach the highest since 2000, the peak of the dot-com bubble.</p><p>Something odd has happened since: Valuations, measured as the price-to-earnings or PE ratio, have plunged, while stocks rose to a record high this week.</p><p>This isn't just unusual. It is unprecedented in data back to 1985. Valuations have never fallen so much over six months without stocks falling too.</p><p>It helps to understand the basic mechanics of the PE ratio. The most useful version, the forward PE, measures a company's stock price against how much Wall Street analysts on average expect the company to earn in profit over the next year. At its October peak, the S&P 500 PE ratio was above 23.</p><p>The reason for the recent drop in valuation is also unusual: The E part of the PE ratio, companies' expected earnings, has soared. Because stock prices have made only small gains -- the S&P 500 is up 3% from its high in October -- the PE ratio has dropped, meaning shares are less expensive than back then. The rebound has lifted the index back up to 22 times, after dropping below 20 times, though both are higher than the long-term average of 16.</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/fd8fab36f75b1a9c900318ab673c2480\" tg-width=\"584\" tg-height=\"465\"/></p><p>In the past, the norm was that when earnings expectations rose a lot, shareholders got very excited, and shares rose even more, so the stock was more highly valued.</p><p>Big drops in valuations were bad news: Until now they've always been because earnings expectations soured even more than share prices fell, often because of a recession.</p><p>This time, there are two big reasons earnings expectations have soared -- and they are both probably temporary. The first is that microchip prices have soared because of huge artificial-intelligence demand. The second is the war in Iran, which has given energy companies a huge boost.</p><p>The question for investors: Do the stocks that have benefited from these one-off boosts really offer better value now?</p><p>The bull case for the AI stocks is that they are moving from a speculative trade closer to a reality where the technology makes real money.</p><p>In the months up to last October, AI-related stocks -- especially suppliers to data centers -- soared in the hope of something great, pushing up valuations while earnings predictions lagged behind.</p><p>In the past six months, stock prices gained little while analysts began to predict big profits. This brought their forward PE ratios back down from very expensive to be more reasonably priced. AI stocks, on this view, are proving their ability to grow into their valuations.</p><p>A related way to measure PE is to adjust it for how fast a company's profits are expected to grow. Do this for the eight biggest tech and AI stocks and they were cheaper on the so-called PE-to-growth (PEG) ratio early this past week than they've been since 2013, according to Scott Chronert, head of U.S. equity strategy at Citigroup.</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/6c5e6beaa310dde4f650b38efaf6b365\" tg-width=\"584\" tg-height=\"467\"/></p><p>The bear case against AI stocks is that growth hopes are still far too high, data-center projections are way ahead of reality, Big Tech has gone from being capital-light to capital-hungry, and Wall Street forecasts are little better than guesswork anyway. On top of that, it's just plain weird that the risks of the Iran war's reigniting seem to have been forgotten by equity investors.</p><p>There's a middle path, neatly illustrated by Micron Technology, which makes fast-memory chips needed for AI. Soaring sales have far outstripped predictions and enabled the firm to jack up prices and profit margins. In October, the median analyst expected earnings of $19 a share in 2027. Now, they predict $101 a share. But as estimated 2027 earnings quintupled, the shares a bit more than doubled, so the PE ratio plunged.</p><p>That lower valuation doesn't mean the stock is cheap. Rather, it means superhigh profits are expected to be temporary. More capacity will eventually come online, as it always does in the highly cyclical memory-chip industry, and prices will drop. Data-center demand must eventually slow, too, as needs are met.</p><p>If data-center construction keeps going for years, and investors prove willing to finance it, that's great for Micron, <a href=\"https://laohu8.com/S/NVDA\">Nvidia</a> and other providers of the modern-day versions of picks and shovels for the AI gold rush. If AI breakthroughs reduce computing needs, or if AI adoption disappoints the high hopes of investors, it's terrible. A valuation based only on the next 12 months doesn't tell us whether to buy or sell, because a slowdown is likely only the year after, or further out.</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/d4de74fa408fbf214977731f2e0bad39\" tg-width=\"588\" tg-height=\"465\"/></p><p>Something similar applies to how oil stocks have behaved during the Iran war. The soaring oil price as first Iran and then the U.S. prevented oil exports from the Persian Gulf naturally led to higher earnings forecasts for big oil companies. Earnings for the three oil majors 12 months ahead are expected to be about a third higher than they were at the end of February.</p><p>Initially, Big Oil shares soared, as the prospect of war profits had investors salivating. But even as share prices rose, valuations were slightly down -- and this month the cease-fire led shares to slump back to where they started, even as profit forecasts rose further. The sector's forward PE has dropped from 23.8 times earnings before the war to 15.6 times.</p><p>As with chip makers, a temporary boost to earnings is welcome for shareholders. But what investors really want is a rise in profit every year. Oil futures were already prepared for the price to come back down, and it fell fast on Friday on news of the Strait of Hormuz reopening -- although Iran said it was closed again on Saturday, while markets were shut.</p><p>Current prices for both the AI stocks and oil are based on the market's best guess for the two themes of the moment: Data-center building and the Iran war. This has made the market look cheaper than before. But it wouldn't take much -- the AI boom's turning to bust or a peace deal in the Gulf -- to make today's cheapness look expensive in retrospect.</p><p></p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The Record Stock Market Rests on Some Big One-Offs</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe Record Stock Market Rests on Some Big One-Offs\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2026-04-20 11:22</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>There are two significant reasons earnings expectations have soared—and they are both probably temporary.</p><p>It's six months, give or take, since AI excitement drove stock valuations above their 2020 bubble high to reach the highest since 2000, the peak of the dot-com bubble.</p><p>Something odd has happened since: Valuations, measured as the price-to-earnings or PE ratio, have plunged, while stocks rose to a record high this week.</p><p>This isn't just unusual. It is unprecedented in data back to 1985. Valuations have never fallen so much over six months without stocks falling too.</p><p>It helps to understand the basic mechanics of the PE ratio. The most useful version, the forward PE, measures a company's stock price against how much Wall Street analysts on average expect the company to earn in profit over the next year. At its October peak, the S&P 500 PE ratio was above 23.</p><p>The reason for the recent drop in valuation is also unusual: The E part of the PE ratio, companies' expected earnings, has soared. Because stock prices have made only small gains -- the S&P 500 is up 3% from its high in October -- the PE ratio has dropped, meaning shares are less expensive than back then. The rebound has lifted the index back up to 22 times, after dropping below 20 times, though both are higher than the long-term average of 16.</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/fd8fab36f75b1a9c900318ab673c2480\" tg-width=\"584\" tg-height=\"465\"/></p><p>In the past, the norm was that when earnings expectations rose a lot, shareholders got very excited, and shares rose even more, so the stock was more highly valued.</p><p>Big drops in valuations were bad news: Until now they've always been because earnings expectations soured even more than share prices fell, often because of a recession.</p><p>This time, there are two big reasons earnings expectations have soared -- and they are both probably temporary. The first is that microchip prices have soared because of huge artificial-intelligence demand. The second is the war in Iran, which has given energy companies a huge boost.</p><p>The question for investors: Do the stocks that have benefited from these one-off boosts really offer better value now?</p><p>The bull case for the AI stocks is that they are moving from a speculative trade closer to a reality where the technology makes real money.</p><p>In the months up to last October, AI-related stocks -- especially suppliers to data centers -- soared in the hope of something great, pushing up valuations while earnings predictions lagged behind.</p><p>In the past six months, stock prices gained little while analysts began to predict big profits. This brought their forward PE ratios back down from very expensive to be more reasonably priced. AI stocks, on this view, are proving their ability to grow into their valuations.</p><p>A related way to measure PE is to adjust it for how fast a company's profits are expected to grow. Do this for the eight biggest tech and AI stocks and they were cheaper on the so-called PE-to-growth (PEG) ratio early this past week than they've been since 2013, according to Scott Chronert, head of U.S. equity strategy at Citigroup.</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/6c5e6beaa310dde4f650b38efaf6b365\" tg-width=\"584\" tg-height=\"467\"/></p><p>The bear case against AI stocks is that growth hopes are still far too high, data-center projections are way ahead of reality, Big Tech has gone from being capital-light to capital-hungry, and Wall Street forecasts are little better than guesswork anyway. On top of that, it's just plain weird that the risks of the Iran war's reigniting seem to have been forgotten by equity investors.</p><p>There's a middle path, neatly illustrated by Micron Technology, which makes fast-memory chips needed for AI. Soaring sales have far outstripped predictions and enabled the firm to jack up prices and profit margins. In October, the median analyst expected earnings of $19 a share in 2027. Now, they predict $101 a share. But as estimated 2027 earnings quintupled, the shares a bit more than doubled, so the PE ratio plunged.</p><p>That lower valuation doesn't mean the stock is cheap. Rather, it means superhigh profits are expected to be temporary. More capacity will eventually come online, as it always does in the highly cyclical memory-chip industry, and prices will drop. Data-center demand must eventually slow, too, as needs are met.</p><p>If data-center construction keeps going for years, and investors prove willing to finance it, that's great for Micron, <a href=\"https://laohu8.com/S/NVDA\">Nvidia</a> and other providers of the modern-day versions of picks and shovels for the AI gold rush. If AI breakthroughs reduce computing needs, or if AI adoption disappoints the high hopes of investors, it's terrible. A valuation based only on the next 12 months doesn't tell us whether to buy or sell, because a slowdown is likely only the year after, or further out.</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/d4de74fa408fbf214977731f2e0bad39\" tg-width=\"588\" tg-height=\"465\"/></p><p>Something similar applies to how oil stocks have behaved during the Iran war. The soaring oil price as first Iran and then the U.S. prevented oil exports from the Persian Gulf naturally led to higher earnings forecasts for big oil companies. Earnings for the three oil majors 12 months ahead are expected to be about a third higher than they were at the end of February.</p><p>Initially, Big Oil shares soared, as the prospect of war profits had investors salivating. But even as share prices rose, valuations were slightly down -- and this month the cease-fire led shares to slump back to where they started, even as profit forecasts rose further. The sector's forward PE has dropped from 23.8 times earnings before the war to 15.6 times.</p><p>As with chip makers, a temporary boost to earnings is welcome for shareholders. But what investors really want is a rise in profit every year. Oil futures were already prepared for the price to come back down, and it fell fast on Friday on news of the Strait of Hormuz reopening -- although Iran said it was closed again on Saturday, while markets were shut.</p><p>Current prices for both the AI stocks and oil are based on the market's best guess for the two themes of the moment: Data-center building and the Iran war. This has made the market look cheaper than before. But it wouldn't take much -- the AI boom's turning to bust or a peace deal in the Gulf -- to make today's cheapness look expensive in retrospect.</p><p></p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BK4528":"SaaS概念","IE00BMG7P587.USD":"LEGG MASON CLEARBRIDGE GLOBAL INFRASTRUCTURE INCOM \"A\" (USD) INC","IE00BMG7P819.SGD":"Legg Mason ClearBridge - Global Infrastructure Income A Mdis SGD-H Plus","BK4588":"碎股","IE00BMG7P926.USD":"Legg Mason ClearBridge - Global Infrastructure Income A Acc USD","IE00BMG7P694.USD":"Legg Mason ClearBridge - Global Infrastructure Income A Mdis USD Plus","BK4585":"ETF&股票定投概念","BK4023":"应用软件","LU2346227817.USD":"BGF SUSTAINABLE GLOBAL INFRASTRUCTURE \"A2\" (USD) ACC","BK4208":"复合型公用事业","IE00BD4GTV84.USD":"LEGG MASON CLEARBRIDGEINFRASTRUCTURE VALUE \"A\" (USDHDG) ACC","NVDA":"英伟达","IE00BD4GTW91.USD":"LEGG MASON CLEARBRIDGEINFRASTRUCTURE VALUE \"A\" (USDHDG) INC","IE00BD4GTT62.SGD":"Legg Mason ClearBridge Infrastructure Value A SGD-H (mdis) plus","BK4543":"AI","LU2500361329.USD":"NORDEA 1 GLOBAL SUSTAINABLE LISTED REAL ASSETS \"B\" (USD) ACC","BK4551":"寇图资本持仓","BK4587":"ChatGPT概念"},"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2628276885","content_text":"There are two significant reasons earnings expectations have soared—and they are both probably temporary.It's six months, give or take, since AI excitement drove stock valuations above their 2020 bubble high to reach the highest since 2000, the peak of the dot-com bubble.Something odd has happened since: Valuations, measured as the price-to-earnings or PE ratio, have plunged, while stocks rose to a record high this week.This isn't just unusual. It is unprecedented in data back to 1985. Valuations have never fallen so much over six months without stocks falling too.It helps to understand the basic mechanics of the PE ratio. The most useful version, the forward PE, measures a company's stock price against how much Wall Street analysts on average expect the company to earn in profit over the next year. At its October peak, the S&P 500 PE ratio was above 23.The reason for the recent drop in valuation is also unusual: The E part of the PE ratio, companies' expected earnings, has soared. Because stock prices have made only small gains -- the S&P 500 is up 3% from its high in October -- the PE ratio has dropped, meaning shares are less expensive than back then. The rebound has lifted the index back up to 22 times, after dropping below 20 times, though both are higher than the long-term average of 16.In the past, the norm was that when earnings expectations rose a lot, shareholders got very excited, and shares rose even more, so the stock was more highly valued.Big drops in valuations were bad news: Until now they've always been because earnings expectations soured even more than share prices fell, often because of a recession.This time, there are two big reasons earnings expectations have soared -- and they are both probably temporary. The first is that microchip prices have soared because of huge artificial-intelligence demand. The second is the war in Iran, which has given energy companies a huge boost.The question for investors: Do the stocks that have benefited from these one-off boosts really offer better value now?The bull case for the AI stocks is that they are moving from a speculative trade closer to a reality where the technology makes real money.In the months up to last October, AI-related stocks -- especially suppliers to data centers -- soared in the hope of something great, pushing up valuations while earnings predictions lagged behind.In the past six months, stock prices gained little while analysts began to predict big profits. This brought their forward PE ratios back down from very expensive to be more reasonably priced. AI stocks, on this view, are proving their ability to grow into their valuations.A related way to measure PE is to adjust it for how fast a company's profits are expected to grow. Do this for the eight biggest tech and AI stocks and they were cheaper on the so-called PE-to-growth (PEG) ratio early this past week than they've been since 2013, according to Scott Chronert, head of U.S. equity strategy at Citigroup.The bear case against AI stocks is that growth hopes are still far too high, data-center projections are way ahead of reality, Big Tech has gone from being capital-light to capital-hungry, and Wall Street forecasts are little better than guesswork anyway. On top of that, it's just plain weird that the risks of the Iran war's reigniting seem to have been forgotten by equity investors.There's a middle path, neatly illustrated by Micron Technology, which makes fast-memory chips needed for AI. Soaring sales have far outstripped predictions and enabled the firm to jack up prices and profit margins. In October, the median analyst expected earnings of $19 a share in 2027. Now, they predict $101 a share. But as estimated 2027 earnings quintupled, the shares a bit more than doubled, so the PE ratio plunged.That lower valuation doesn't mean the stock is cheap. Rather, it means superhigh profits are expected to be temporary. More capacity will eventually come online, as it always does in the highly cyclical memory-chip industry, and prices will drop. Data-center demand must eventually slow, too, as needs are met.If data-center construction keeps going for years, and investors prove willing to finance it, that's great for Micron, Nvidia and other providers of the modern-day versions of picks and shovels for the AI gold rush. If AI breakthroughs reduce computing needs, or if AI adoption disappoints the high hopes of investors, it's terrible. A valuation based only on the next 12 months doesn't tell us whether to buy or sell, because a slowdown is likely only the year after, or further out.Something similar applies to how oil stocks have behaved during the Iran war. The soaring oil price as first Iran and then the U.S. prevented oil exports from the Persian Gulf naturally led to higher earnings forecasts for big oil companies. Earnings for the three oil majors 12 months ahead are expected to be about a third higher than they were at the end of February.Initially, Big Oil shares soared, as the prospect of war profits had investors salivating. But even as share prices rose, valuations were slightly down -- and this month the cease-fire led shares to slump back to where they started, even as profit forecasts rose further. The sector's forward PE has dropped from 23.8 times earnings before the war to 15.6 times.As with chip makers, a temporary boost to earnings is welcome for shareholders. But what investors really want is a rise in profit every year. Oil futures were already prepared for the price to come back down, and it fell fast on Friday on news of the Strait of Hormuz reopening -- although Iran said it was closed again on Saturday, while markets were shut.Current prices for both the AI stocks and oil are based on the market's best guess for the two themes of the moment: Data-center building and the Iran war. This has made the market look cheaper than before. But it wouldn't take much -- the AI boom's turning to bust or a peace deal in the Gulf -- to make today's cheapness look expensive in retrospect.","news_type":1,"symbols_score_info":{"NVDA":2}},"isVote":1,"tweetType":1,"viewCount":211,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":558927125676872,"gmtCreate":1777488641127,"gmtModify":1777489576599,"author":{"id":"4225866006134732","authorId":"4225866006134732","name":"Hamiah","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4225866006134732","authorIdStr":"4225866006134732"},"themes":[],"title":"","htmlText":"Share your opinion about this news…","listText":"Share your opinion about this news…","text":"Share your opinion about this news…","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/558927125676872","repostId":"2631540384","repostType":2,"repost":{"id":"2631540384","kind":"highlight","weMediaInfo":{"introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"media_name":"Dow Jones","id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"pubTimestamp":1777487760,"share":"https://ttm.financial/m/news/2631540384?lang=en_US&edition=fundamental","pubTime":"2026-04-30 02:36","market":"hk","language":"en","title":"Jerome Powell Says He Will Continue To Serve As A Fed Governor, Calls Trump Criticism ‘Unprecedented’","url":"https://stock-news.laohu8.com/highlight/detail?id=2631540384","media":"Dow Jones","summary":"Jerome Powell kicked off his final press conference as Federal Reserve chair going over the economic developments highlighted in the Federal Open Market Committee's statement. He mentioned the recent pickup in inflation and the high level of uncertainty in the economic outlook because of the conflict in the Middle East. The economy is expanding at a solid pace, he noted.This item is part of a Wall Street Journal live coverage event. The full stream can be found by searching P/WSJL .","content":"<html><head></head><body><p style=\"text-align: start;\">Federal Reserve Chair Jerome Powell on Wednesday said he will stay on the Board of Governors for an indefinite period while a probe into the renovation of the central bank’s headquarters continues.</p><p style=\"text-align: start;\">“I’ve said that I will not leave the board until this investigation is well and truly over with transparency and finality, and I stand by that. I’m encouraged by recent developments, and I’m watching the remaining steps in this process carefully,” Powell said near the beginning of his post-meeting news conference.</p><p style=\"text-align: start;\">“My decisions on these matters will continue to be guided entirely by what I believe is in the best interest of the institution and the people we serve after my term as chair ends on May 15, and will continue to serve as a governor for a period of time to be determined,” he added.</p><p style=\"text-align: start;\">The statement resolves for the moment a key question that hovered over the Federal Open Market Committee meeting.</p><p style=\"text-align: start;\">Markets already had largely expected to keep its key interest rate steady, with the bigger question over Powell’s future.</p><p style=\"text-align: start;\">The chair, who has served eight years, congratulated his appointed successor Kevin Warsh, whose nominee cleared a pivotal hurdle earlier Wednesday when the Senate Banking Committee voted to move Warsh forward to the full floor for a vote.</p><p>“I plan to keep a low profile as a governor,” Powell said. “There’s only ever one chair ... When Kevin Marsh is confirmed and sworn in, he will be that chair.”</p><p>Beyond Warsh, Powell addressed the intense criticism he has faced from President Donald Trump, who appointed Powell to the job during his first term in office.</p><p style=\"text-align: start;\">Powell called the criticism “unprecedented in our 113-year history” and said he worries about the impact on the institution.</p><p style=\"text-align: start;\">“I worry that these attacks are battering the institution and putting at risk the thing that really matters to the public, which is the ability to conduct monetary policies without taking into consideration political factors,” he said. “It is so important for our economy, for the people that we serve, that they can depend, over time, on a central bank that operates that way, free of political influence.”</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Jerome Powell Says He Will Continue To Serve As A Fed Governor, Calls Trump Criticism ‘Unprecedented’</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nJerome Powell Says He Will Continue To Serve As A Fed Governor, Calls Trump Criticism ‘Unprecedented’\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2026-04-30 02:36</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p style=\"text-align: start;\">Federal Reserve Chair Jerome Powell on Wednesday said he will stay on the Board of Governors for an indefinite period while a probe into the renovation of the central bank’s headquarters continues.</p><p style=\"text-align: start;\">“I’ve said that I will not leave the board until this investigation is well and truly over with transparency and finality, and I stand by that. I’m encouraged by recent developments, and I’m watching the remaining steps in this process carefully,” Powell said near the beginning of his post-meeting news conference.</p><p style=\"text-align: start;\">“My decisions on these matters will continue to be guided entirely by what I believe is in the best interest of the institution and the people we serve after my term as chair ends on May 15, and will continue to serve as a governor for a period of time to be determined,” he added.</p><p style=\"text-align: start;\">The statement resolves for the moment a key question that hovered over the Federal Open Market Committee meeting.</p><p style=\"text-align: start;\">Markets already had largely expected to keep its key interest rate steady, with the bigger question over Powell’s future.</p><p style=\"text-align: start;\">The chair, who has served eight years, congratulated his appointed successor Kevin Warsh, whose nominee cleared a pivotal hurdle earlier Wednesday when the Senate Banking Committee voted to move Warsh forward to the full floor for a vote.</p><p>“I plan to keep a low profile as a governor,” Powell said. “There’s only ever one chair ... When Kevin Marsh is confirmed and sworn in, he will be that chair.”</p><p>Beyond Warsh, Powell addressed the intense criticism he has faced from President Donald Trump, who appointed Powell to the job during his first term in office.</p><p style=\"text-align: start;\">Powell called the criticism “unprecedented in our 113-year history” and said he worries about the impact on the institution.</p><p style=\"text-align: start;\">“I worry that these attacks are battering the institution and putting at risk the thing that really matters to the public, which is the ability to conduct monetary policies without taking into consideration political factors,” he said. “It is so important for our economy, for the people that we serve, that they can depend, over time, on a central bank that operates that way, free of political influence.”</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SPYU":"MAX S&P 500 4X Leveraged ETN","SSO":"2倍做多标普500ETF-ProShares","SDOW":"三倍做空道指30ETF-ProShares","DMAX":"ISHARES LARGE CAP MAX BUFFER DEC ETF","TLTW":"iShares 20+ Year Treasury Bond Buywrite Strategy ETF","DOG":"道指ETF-ProShares做空","UPRO":"三倍做多标普500ETF-ProShares","SDS":"两倍做空标普500 ETF-ProShares","DDM":"2倍做多道指ETF-ProShares","IVV":"标普500ETF-iShares",".DJI":"道琼斯","SPXL":"三倍做多标普500ETF-Direxion","DIA":"道琼斯ETF",".IXIC":"NASDAQ Composite","SPY":"标普500ETF","HIBL":"Direxion Daily S&P 500 High Beta Bull 3X Shares","DXD":"两倍做空道琼30指数ETF-ProShares","TLT":"20+年以上美国国债ETF-iShares","UDOW":"三倍做多道指30ETF-ProShares","BK4588":"碎股",".SPX":"S&P 500 Index","SMAX":"ISHARES LARGE CAP MAX BUFFER SEP ETF","SPXS":"三倍做空标普500ETF-Direxion","SPYH":"Neos S&P 500 Hedged Equity Income ETF","SPUU":"Direxion Daily S&P 500 Bull 2x Shares","VOO":"Vanguard标普500ETF","SPXU":"三倍做空标普500ETF-ProShares","SPDN":"Direxion Daily S&P 500 Bear 1X Shares","YSPY":"GraniteShares YieldBOOST SPY ETF","SPYM":"投资组合标普500指数ETF-SPDR","MMAX":"iShares Large Cap Max Buffer Mar ETF","SPYQ":"2倍做多SPY Quarterly ETF-Tradr","BK4096":"电气部件与设备","TMF":"3倍做多20年期以上国债ETF-Direxion","SH":"做空标普500-Proshares","BK4585":"ETF&股票定投概念"},"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2631540384","content_text":"Federal Reserve Chair Jerome Powell on Wednesday said he will stay on the Board of Governors for an indefinite period while a probe into the renovation of the central bank’s headquarters continues.“I’ve said that I will not leave the board until this investigation is well and truly over with transparency and finality, and I stand by that. I’m encouraged by recent developments, and I’m watching the remaining steps in this process carefully,” Powell said near the beginning of his post-meeting news conference.“My decisions on these matters will continue to be guided entirely by what I believe is in the best interest of the institution and the people we serve after my term as chair ends on May 15, and will continue to serve as a governor for a period of time to be determined,” he added.The statement resolves for the moment a key question that hovered over the Federal Open Market Committee meeting.Markets already had largely expected to keep its key interest rate steady, with the bigger question over Powell’s future.The chair, who has served eight years, congratulated his appointed successor Kevin Warsh, whose nominee cleared a pivotal hurdle earlier Wednesday when the Senate Banking Committee voted to move Warsh forward to the full floor for a vote.“I plan to keep a low profile as a governor,” Powell said. “There’s only ever one chair ... When Kevin Marsh is confirmed and sworn in, he will be that chair.”Beyond Warsh, Powell addressed the intense criticism he has faced from President Donald Trump, who appointed Powell to the job during his first term in office.Powell called the criticism “unprecedented in our 113-year history” and said he worries about the impact on the institution.“I worry that these attacks are battering the institution and putting at risk the thing that really matters to the public, which is the ability to conduct monetary policies without taking into consideration political factors,” he said. “It is so important for our economy, for the people that we serve, that they can depend, over time, on a central bank that operates that way, free of political influence.”","news_type":1,"symbols_score_info":{"SPYM":0.6,"US12M.BOND":1.5,".SPX":2,"DOG":0.6,"SPUU":0.6,"US6M.BOND":1.5,"US3Y.BOND":1.5,"US5Y.BOND":1.5,"SPY":0.6,"DMAX":0.6,"TLTW":0.6,"YSPY":0.6,"US30Y.BOND":1.5,"UPRO":0.6,"SPXL":0.6,"SPDN":0.6,"IVV":0.6,"UDOW":0.6,"TMF":0.6,"US10Y.BOND":1.5,"SPYQ":0.6,"SPXU":0.6,"TLT":0.6,"DDM":0.6,"US2Y.BOND":1.5,"SPYU":0.6,"DIA":0.6,"SSO":0.6,"SMAX":0.6,"SDOW":0.6,"MMAX":0.6,".DJI":2,".IXIC":2,"SPYH":0.6,"VOO":0.6,"US7Y.BOND":1.5,"HIBL":0.6,"SPXS":0.6,"SDS":0.6,"DXD":0.6,"SH":0.6}},"isVote":1,"tweetType":1,"viewCount":56,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}
