周二，由于劳动力市场出现新的担忧，以及对人工智能估值是否符合基本面的持续怀疑，美国股指大多下跌。标准普尔500指数和纳斯达克100指数徘徊在红色，道琼斯指数上涨200点。ADP的数据显示，截至10月的大部分时间，平均每周有11250个工作岗位流失，巩固了其他私人来源发布的悲观劳动力报告。与此同时，在软银出售其在英伟达的全部58亿美元股份以资助其他人工智能企业后，受人工智能资本支出飙升影响的股票仍面临近期泡沫担忧的压力。英伟达下跌3%，而甲骨文、Meta和特斯拉下跌超过1.5%。此外，CoreWeave在令人失望的指引下下跌了14%。尽管如此，由于对美国政府关门可能在本周结束的希望挥之不去，大盘涨跌互现。众议院将在参议院批准一项临时拨款法案后对其进行投票。

US stock indices were mostly lower on Tuesday amid fresh labor market concerns and continued skepticism on whether AI valuations are warranted by fundamentals. The S&P 500 and the Nasdaq 100 hovered in the red, while the Dow gained 200 points. Data from the ADP indicated an average of 11,250 jobs were lost per week through most of October, consolidating the wave of pessimistic labour reports released by other private sources. In the meantime, stocks with exposure to soaring AI capital expenditures remained under pressure from recent concerns of frothiness after SoftBank sold its entire $5.8 billion stake in Nvidia to fund other AI ventures. Nvidia dropped 3%, while Oracle, Meta, and Tesla fell more than 1.5%. Also, CoreWeave sank 14% after disappointing on its guidance. Still, broader stocks were mixed amid lingering hopes that the US government shutdown may end this week. The House of Representatives is due to vote on a temporary funding bill after it was approved by the Senate.

周二，由于对美国劳动力市场的新担忧以及对人工智能估值是否符合基本面的持续怀疑，美国股市期货大多下跌。标普500指数和纳斯达克100指数的合约小幅下跌，而道琼斯指数的合约则持平。ADP的数据显示，截至10月的大部分时间，平均每周有11250个工作岗位流失，巩固了其他私人来源发布的悲观劳动力数据。与此同时，在软银出售其在英伟达的全部58亿美元股份以资助其他人工智能企业后，受人工智能资本支出飙升影响的股票仍面临近期泡沫担忧的压力。英伟达期货下跌2%，而甲骨文、Meta和特斯拉下跌超过1.5%。尽管如此，由于对美国政府关门可能在本周结束的希望挥之不去，大盘涨跌互现。众议院将在参议院批准一项临时拨款法案后对其进行投票。

US equity futures were mostly lower on Tuesday amid fresh concerns for the US labor market and continued skepticism on whether AI valuations are warranted by fundamentals. Contracts tracking the S&P 500 and the Nasdaq 100 were slightly lower, while those for the Dow were flat. Data from the ADP indicated an average of 11,250 jobs were lost per week through most of October, consolidating the wave of pessimistic labour data released by other private sources. In the meantime, stocks with exposure to soaring AI capital expenditures remained under pressure from recent concerns of frothiness after SoftBank sold its entire $5.8 billion stake in Nvidia to fund other AI ventures. Nvidia futures were 2% down, while Oracle, Meta, and Tesla fell more than 1.5%. Still, broader stocks were mixed amid lingering hopes that the US government shutdown may end this week. The House of Representatives is due to vote on a temporary funding bill after it was approved by the Senate.

ADP研究所与斯坦福数字经济实验室合作发布的ADP全国就业报告显示，在截至2025年10月25日的四周内，美国私营雇主平均每周裁员11250人，表明劳动力市场在下半月继续失去动力。最新数据与上周的ADP月度报告形成鲜明对比，该报告显示，经过两个月的下降，10月份私营部门就业人数小幅增长4.2万人。然而，该报告仅涵盖了月中期间的数据，错过了最后几周出现的疲软趋势。

US private employers cut an average of 11,250 jobs per week during the four weeks ending October 25, 2025, indicating that the labor market continued to lose momentum through the latter half of the month, according to the ADP National Employment Report, produced by ADP Research Institute in collaboration with the Stanford Digital Economy Lab. The latest data contrasts with last week’s ADP monthly report, which showed modest private-sector job growth of 42,000 in October following two months of declines. That report, however, only covered data through the mid-month period, missing the weakening trend seen in the final weeks.

ADP就业变化4周平均值为-11.25K。ADP就业变化4周平均值为-11.25K

ADP Employment Change 4-week Average comes in at -11.25K.ADP Employment Change 4-week Average comes in at -11.25K