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。昨天的信中贊揚了美聯儲主席杰伊?鮑威爾(Jay Powell)對經濟擴張的信心。我們的時機一如既往地完美。就在我們發表文章幾個小時后，一份特別糟糕的制造業ISM報告出爐了。該指數中的就業分項是最弱的部分。市場隨之陷入困境，尤其是半導體股票（見下文），它們因一些糟糕的盈利報告而受到驚嚇。市場收盤后，亞馬遜(Amazon)公布了一個穩健的季度業績，但預測卻令人失望，情況并未好轉。更糟糕的是，英特爾的財報令人毛骨悚然。謝天謝地，蘋果(Apple)的數據還不錯。要處理的事情太多了。請通過電子郵件發送整潔的解釋：robert.armstrong@ft.com和aiden.reiter@ft.com。