Good morning. Yesterday’s letter praised Federal Reserve chair Jay Powell’s confidence in the economic expansion. Our timing was perfect as usual. Just a few hours after we published, a particularly ugly manufacturing ISM report landed. The employment subcomponent of the index was the weakest bit. A rough day on markets followed, especially for semiconductor stocks (see below), which had gotten a scare from some poor earnings reports. Things got no better when, after the markets closed, Amazon reported a solid quarter but an underwhelming forecast. Worse, Intel’s earnings report was a horror. Apple’s numbers were fine, thank goodness. It’s a lot to process. Please email with a tidy interpretation: robert.armstrong@ft.com and aiden.reiter@ft.com.
早上好。昨天的信中赞扬了美联储主席杰伊•鲍威尔(Jay Powell)对manbetx20客户端下载 扩张的信心。我们的时机一如既往地完美。就在我们发表文章几个小时后，一份特别糟糕的制造业ISM报告出炉了。该指数中的就业分项是最弱的部分。市场随之陷入困境，尤其是半导体股票（见下文），它们因一些糟糕的盈利报告而受到惊吓。市场收盘后，亚马逊(Amazon)公布了一个稳健的季度业绩，但预测却令人失望，情况并未好转。更糟糕的是，英特尔的财报令人毛骨悚然。谢天谢地，苹果(Apple)的数据还不错。要处理的事情太多了。请通过电子邮件发送整洁的解释：robert.armstrong@ft.com和aiden.reiter@ft.com。