The extraordinary rally in markets, since their plunge in the very first stages of the coronavirus pandemic, was based on two reasonable assumptions. One was that lockdowns would permanently change how we live our lives — benefiting, above all, the technology giants. The other was that central banks would be unable to raise interest rates from emergency levels, at least for the foreseeable future. The fall in the value of the tech-heavy Nasdaq Composite index during the past few weeks demonstrates that both are now being tested. That might be bad for tech investors but, ultimately, it reflects good news for everyone else.
自新冠大流行最初阶段的暴跌以来，市场出现了非同寻常的反弹，这种反弹是基于两个合理的假设。一是封锁将永久地改变我们的生活方式——尤其有利于科技巨头。另一个假设是，至少在可预见的未来，央行将无法上调紧急状态下的低利率。以科技股为主的纳斯达克综合指数(Nasdaq Composite index)过去几周的下跌表明，这两点现在都面临考验。这可能对科技企业的投资者不利，但对其他所有人来说最终是好消息。