智通财经APP注意到，标普500指数或许已经反弹，但摩根大通分析师警告：别高兴太早，涨势恐难持久。
投行分析师指出，动能股正经历四十年最猛烈的抛售潮之一，短短三周内便抹去了两年的累计涨幅。其中超大盘股受创最深，拖累标普500指数市值蒸发5.8万亿美元，而40%的损失源自此前表现最佳的动能股阵营。
过去两年间，高利率环境、美国经济韧性和人工智能热潮合力推动市场持续攀升。但分析师强调，随着经济增长放缓和政策不确定性加剧，这些驱动因素正变得摇摇欲坠。
投资者正涌向公用事业、保险和金融服务等避险资产，推动相关股票估值创历史新高。不过小摩认为，这尚不能定义为全面的价值股风格切换，既没有经济基本面重大重构的迹象，也看不到美联储会立即转向宽松。
若市场真的从高利率叙事转向增长放缓逻辑呢？摩根大通发出预警：当前动能股的抛售进程可能仅完成三分之一。
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