美国股票市场在2025年创历史新高,但面临关税、美联储利率和技术支配地位等挑战。 US stock markets hit record highs in 2025, but face challenges like tariffs, Fed rates, and tech dominance.

美国股票市场在2025年上半年创历史新高,但若干挑战可能影响到业绩。 US stock markets have seen record highs in the first half of 2025, but several challenges could affect performance. 主要关切包括抬高成本和削减利润的关税、美联储削减利率、大技术公司的主导地位、股票估值的增加、对美国资产的吸引力的怀疑以及潜在的地缘政治风险。 Key concerns include tariffs driving up costs and cutting into profits, Federal Reserve rate cuts, the dominance of big tech companies, increased stock valuations, doubts about the attractiveness of US assets, and potential geopolitical risks. 这些因素可能在下半年造成波动性和不确定性。 These factors could introduce volatility and uncertainty in the second half of the year.