The extraordinary rally in markets, since their plunge in the very first stages of the coronavirus pandemic, was based on two reasonable assumptions. One was that lockdowns would permanently change how we live our lives — benefiting, above all, the technology giants. The other was that central banks would be unable to raise interest rates from emergency levels, at least for the foreseeable future. The fall in the value of the tech-heavy Nasdaq Composite index during the past few weeks demonstrates that both are now being tested. That might be bad for tech investors but, ultimately, it reflects good news for everyone else.
自新冠大流行最初階段的暴跌以來，市場出現了非同尋常的反彈，這種反彈是基于兩個合理的假設。一是封鎖將永久地改變我們的生活方式——尤其有利于科技巨頭。另一個假設是，至少在可預見的未來，央行將無法上調緊急狀態下的低利率。以科技股為主的納斯達克綜合指數(Nasdaq Composite index)過去幾周的下跌表明，這兩點現在都面臨考驗。這可能對科技企業的投資者不利，但對其他所有人來說最終是好消息。