美股週報(7.25) | 流動性修復行情遭遇Snap暴雷，市場情緒再度悲觀；美國7月Markit服務業PMI 47大幅不及預期，7月加息75個基點已不再確定無疑；本週巨頭財報來襲，市場或波動加劇
上週美股雖然週五回調，但整體仍收漲。標普周漲2.55%，納指漲3.33%，道指漲1.95%。由於估值上普遍壓力不大，宏觀上温和衰退邏輯走穩，科技股普遍出現流動性修復行情。美國十年國債收益率續跌16個基點，收報2.76%，與兩年期國債收益率息差-22個基點。恐慌指數VIX本週跌5%。油價期貨跌勢難止，WTI原油本週收跌2.45%。現貨黃金本週反彈，收漲1.18%，報1727.66美元/盎司。美元指數高位回落，收跌1.34%，報106.56。
美國7月Markit製造業PMI初值錄得52.3，創2020年8月以來新低；服務業PMI初值錄得47，創2020年6月以來新低。經濟學家分析稱，美國經濟正在令人擔憂地惡化，隨着生活成本上漲、利率上升和經濟前景日益黯淡，製造業陷入停滯，服務業從疫情中反彈的勢頭出現逆轉。訂單減少速度加快，7月份積壓工作數量大幅下降，反映出相對於需求增長而言，運營能力過剩。除非需求復甦，否則未來幾個月製造業和服務業的產出將進一步下降。
週五Snap發佈財報暴雷，財報顯示截至6月底第二季，Snap錄得收入11.1億美元，同比增長13%，小幅低於市場預期的11.4億元；虧損4.22億美元，高於市場預期的3.4億美元。截至週五收盤，Snap大跌39%，並拖累谷歌、Meta分別跌5.8%和7.6%。
有市場分析認為，越來越多的證據表明，經濟放緩正在衝擊數字廣吿支出。Snap股價大幅下跌意味着，廣吿商削減預算的幅度遠超出市場預期。該公司將這一趨勢歸因於廣泛的經濟不確定性，拖累谷歌、Meta等廣吿業務佔比較大的科技公司也大幅下跌。據估計，受蘋果公司去年的用户隱私政策調整影響，Meta、Google、Snap等科技巨頭在2022年的營收將減少近160億美元。其中Meta受到的影響最大，今年營收將因此而減少128億美元，相當於本年度公司總營收的9.7%。
Snap暴雷的另一連帶影響為半導體板塊，市場擔憂互聯網廠商由於業績壓力將削減數據中心的資本支出，這將顯著影響英偉達等芯片廠商。
行業板塊方面，標普11大板塊收漲居多。在特斯拉帶動下，可選消費板塊大漲6.8%，高科技板塊漲3.7%。原材料和工業板塊收漲4.2%，能源板塊漲3.7%。通信板塊漲1%，必選消費漲0.36%。醫療和公用板塊收跌，分別跌0.26%和0.47%。
本週重點數據與事件：
週二谷歌和微軟將發佈財報；日本公佈6月貨幣政策紀要。
週三Meta發佈財報；美國公佈6月耐用品訂單數據。
週四蘋果和亞馬遜發佈財報；美聯儲將公佈利率決議及政策聲明。
週五歐元區將公佈7月CPI數據；美國公佈6月核心PCE物價指數。
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