曼谷——银行和能源公司周二引领股市大范围回调，道琼斯工业平均指数下跌逾470点，抹去了上周的市场涨幅。
标准普尔500下跌了0.9%。加上周一的损失，超过了基准指数上周的涨幅。道琼斯指数下跌1.4%，为2月26日以来最糟糕的一天。国债收益率大多小幅走高。
市场本周迄今的低迷反映出投资者对通胀正在上升的担忧日益加剧。通货膨胀的任何显著加速都将拖累整个市场，并可能阻碍更广泛的经济复苏。此次抛售发生在政府将于周三公布的消费者通胀关键指标之前。
大宗商品价格一直在上涨，尤其是铜和铂等工业金属，以及汽油和原油等能源商品。科技股的大部分估值来自这些公司预计将获得的未来利润，如果通胀降低这些利润的价值，科技股的价值就会降低。
大型科技公司连续第二天出现最大跌幅。尽管如此，今年迄今为止标准普尔500表现最佳的金融和能源公司跌幅最大。除了工业部门之外，这些部门一直是投资者的最爱，他们押注经济将继续从这场流行病中复苏。当投资者变得谨慎时，随着时间的推移获得最大收益的股票大幅下跌并不少见。
“昨天，人们只是在观望是什么导致市场下跌，”CFRA首席投资策略师萨姆·斯托瓦尔说。“今天的问题是，‘哎呀，这可能比我预期的要多。’所以投资者说，‘让我尽可能地获利吧。’"
标准普尔500指数下跌36.33点，至4152.19点。道琼斯指数下跌473.66点，至34，269.16点。蓝筹股指数周五连续第三天创下历史新高。纳斯达克指数下跌12.43点，跌幅0.1%，至13，389.43点。
小公司股票也放弃了一些阵地。罗素2000指数下跌5.71点，跌幅0.3%，至2206.99点。
自今年早些时候债券收益率飙升以来，通胀一直是投资者关注的问题，尽管自那以来收益率基本稳定。10年期美国国债收益率稳定在1.61%。分析师表示，尽管美联储(Federal Reserve)做出了保证，美国上周的就业数据也远低于预期，但投资者已重新关注价格飙升的潜力，以迫使各国央行逐步缩减大规模刺激计划和超低利率。
北方信托财富管理公司(Northern Trust Wealth Management)的国家投资组合顾问苏尼塔托马斯(Sunitha Thomas)表示，随着经济复苏，市场正在经历一段“消化”期，并在强劲运行后将进行一些整合。她说，鉴于强劲的经济复苏以及公司收益的飙升，通胀上升并不罕见。
大宗商品通胀上升已开始推高一些消费品的价格。尽管如此，分析师预计，尽管就业市场落后，但增长将是温和的，并与经济增长挂钩。随着人们接种疫苗和企业重新开业，消费者信心和零售销售正在恢复。
其他市场也出现了通胀信号。上月，中国公布了自2017年10月以来最大幅度的生产者价格上涨，原因是供应紧张蔓延至制造业。
与此同时，最新一轮企业盈利报告显示，今年前三个月，许多不同行业和行业出现了广泛的复苏。这在很大程度上是在报告发布前就已经预料到的，投资者现在离下一轮大规模业绩还很遥远。
Stocks pull back on Wall Street as inflation concerns grow
BANGKOK -- Banks and energy companies led a broad pullback for stocks Tuesday, knocking the Dow Jones Industrial Average more than 470 points lower and wiping out the market's gains from last week.
The S&P 500 lost 0.9%. That, plus its losses Monday, outweigh the benchmark index’s gains last week. The Dow sank 1.4%, its worst day since Feb. 26. Treasury yields mostly edged higher.
The market's downturn so far this week reflects growing worries among investors that inflation is rising. Any significant acceleration of inflation would be a drag on the overall market and could crimp the broader economic recovery. The selling comes ahead of a key measure of inflation at the consumer level due to be released by the government Wednesday.
Commodity prices have been rising, particularly for industrial metals such as copper and platinum, as well as for energy commodities like gasoline and crude oil. Tech stocks, which get most of their valuation from the future profits those companies are expected to earn, become less valuable if inflation decreases the value of those earnings.
Big technology companies were among the biggest decliners for a second straight day. Still, financial and energy companies, the best-performing sectors of the S&P 500 so far this year, fell the most. These sectors, in addition to industrials, have been favorites of investors betting that the economy will continue to recover from the pandemic. It's not uncommon for the stocks that have notched the biggest gains over time to fall sharply when investors turn cautious.
“Yesterday, people were just watching to see what’s causing the market to move downward," said Sam Stovall, chief investment strategist at CFRA. “Today the question is, ‘gee, maybe this could be more than I was expecting it to be,’ so investors are saying ‘let me take profits while I can.'”
The S&P 500 index lost 36.33 points to 4,152.19. The Dow fell 473.66 points to 34,269.16. The blue chip index hit an all-time high on Friday for the third straight day. The Nasdaq lost 12.43 points, or 0.1%, to 13,389.43.
Small company stocks also gave up some ground. The Russell 2000 index fell 5.71 points, or 0.3%, to 2,206.99.
Inflation has been a concern for investors since bond yields spiked earlier this year, though yields have mostly stabilized since then. The yield on the 10-year Treasury was steady at 1.61%. Despite reassurances from the Federal Reserve and a much weaker-than-expected U.S. jobs reading last week, investors have refocused on the potential for surging prices to pressure central banks into tapering off on their massive stimulus and ultra-low interest rates, analysts said.
The market is going through a period of “digestion” as the economy recovers and is due for some consolidation following a strong run, said Sunitha Thomas, national portfolio advisor at Northern Trust Wealth Management. Rising inflation isn't unusual given the strong economic recovery along with a surge in company earnings, she said.
Rising inflation in commodities has begun to push prices for some consumer products higher. Still, analysts expect increases to be mild and tied to the growing economy, even as the jobs market lags behind. Consumer confidence and retail sales are regaining ground as people get vaccinated and businesses reopen.
Signals of inflation have popped up in other markets. China reported its strongest increase in producer prices since October 2017 last month, as supply constraints cascaded into manufacturing.
Meanwhile, the most recent round of corporate earnings reports showed a broad recovery touching many different sectors and industries during the the first three months of the year. Much of that was anticipated ahead of the reports and investors are now far off from the next big round of results.
