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Finance & economics
财经版块
Markets turmoil
市场动荡
Everyone’s a loser
没有赢家
Even the Trump-friendly stocks are suffering
即使是亲特朗普股票也表现不佳。
What are the Trumpiest firms?
哪些公司最具特朗普风格？
One way to answer the question is by looking at companies in the president’s orbit, such as Tesla, owned by Elon Musk, his billionaire adviser, or the eponymous Trump Media & Technology Group.
回答这个问题的一种方法是看看环绕总统周围的公司，比如特斯拉，老板是特朗普的亿万富翁顾问埃隆·马斯克，或者与总统同名的特朗普媒体与科技集团。
Another way is to look at firms that saw their prices surge the day after Donald Trump’s election victory, when the biggest gainers included Palantir, a defence contractor; Apollo Global Management and Capital One, two financial giants; and yes, Tesla.
另一种方法是观察在唐纳德·特朗普胜选后哪些公司的股价飙升，其中涨幅最大的包括国防承包商帕兰提尔、两家金融巨头阿波罗全球管理和第一资本，当然，还有特斯拉。
Since then, the S&P 500 index has peaked, in February, and then fallen by more than 8%.
从那以后，标普500指数在2月份达到顶峰，随后下跌超过8%。
In light of Mr Trump’s many tariff announcements, and seeming disregard for the stockmarket’s poor performance, this is unsurprising.
鉴于特朗普多次宣布关税政策，并且似乎对股市的糟糕表现漠不关心，这种下跌并不令人意外。
What is more surprising is that even the firms investors had expected to thrive under the new administration are struggling.
令人惊讶的是，即使是投资者预计在新政府领导下会蓬勃发展的公司，现在也在苦苦挣扎。
Consider the performance of two baskets of stocks: one formed of “Trump winners” (the 43% of the S&P 500 that outperformed the index after his election victory); the other made up of “Trump losers” (the 57% that underperformed).
考虑两组股票的表现：一组是“特朗普赢家”（在他胜选后，表现优于标普500指数的其中43%的股票），另一组是“特朗普输家”（表现不佳的剩余的57%的股票）。
In the weeks following the election, the winners remained up by about 8% against the losers.
在大选结束后的几周里，赢家相对于输家仍然保持着大约8%的优势。
Since then, the dynamic has switched.
从那以后，形势发生了变化。
Indeed, the gap between over- and under-performers has now closed.
事实上，表现优异者与表现不佳者之间的差距现已缩小。
This is different from Mr Trump’s first term, when early beneficiaries, including banks and defence firms, continued to perform well.
这与特朗普第一个任期的情况不同，当时，包括银行和国防公司在内的早期受益者继续表现良好。
After the recent election, investors had thought the president would hold off on tariffs until he had introduced tax cuts, which would have lifted corporate earnings.
在最近的选举之后，投资者曾认为，总统会推迟实施关税，直到推出减税政策，减税将增加企业盈利。
Instead, his immediate tariff enthusiasm has hurt early winners in industrials and the consumer sector, which had been expected to benefit from deregulation and economic growth, and now face trade woes and policy uncertainty.
相反，特朗普立即对关税充满热情，伤害了工业和消费领域的早期赢家，这些领域原本预计会从放松管制和经济增长中受益，现在却面临贸易困境和政策不确定性。
Tech firms, which also soared early on, have been brought down by a sell-off sparked by China’s artificial-intelligence progress.
科技公司在早期也曾股价大幅上涨，却因中国人工智能进展引发的股票抛售而下跌。
Meanwhile, Tesla is suffering from its association with Mr Trump, as European consumers eschew its vehicles.
与此同时，特斯拉因其与特朗普的联系而受到负面影响，欧洲消费者开始回避其车辆。
Other putative Trump darlings present a mixed picture.
其他被认为是特朗普宠儿的公司情况各不相同。
Bitcoin—buoyed by the president’s engagement with the crypto crowd and his promise to create a “strategic crypto reserve”—remains well above its pre-election price.
比特币的股价仍然远高于选举前的价格，总统与加密货币群体的互动，以及创建“战略加密货币储备”的承诺推动比特币股价保持高位。
So do security-related firms such as CoreCivic and The GEO Group, a pair of private prison managers, and Palantir.
与安全相关的公司也是如此，例如美国惩教公司和GEO集团（这两家是私人监狱管理公司），以及帕兰提尔。
The same cannot be said about Trump Media & Technology Group, shares in which began to tank well before news about tariffs.
而特朗普媒体与科技集团的情况则大不相同，该集团的股价在有关税消息之前就已经开始大幅下跌。
Either investors have lost faith in Mr Trump’s ability to deliver for his favourites, or the nature of Trump-friendly stocks has fundamentally changed.
要么是投资者已经对特朗普为其支持者带来利益的能力失去了信心，要么是亲特朗普股票的性质已经发生了根本性变化。
