EN： The preposition 'in' is used here to specify the domain or sector in which the 'sell-off' occurred. In financial contexts, 'in' often connects a market action (like a rise, fall, or sell-off) to the specific asset class or industry affected.
中文： 介词「in」在此处用于指定「抛售」发生的领域或板块。在财经语境中，「in」常用于将市场行为（如上涨、下跌或抛售）与受影响的特定资产类别或行业联系起来。
We observed a sudden drop in housing prices last month.
我们上个月观察到房价突然下跌。
EN： The simple past tense ('shook') is used to describe a completed action that occurred at a specific time in the past ('on Tuesday'). 'Shook' is the irregular past tense form of the verb 'shake'.
中文： 一般过去时（「shook」）用于描述在过去特定时间（「周二」）已经完成的动作。「Shook」是动词「shake」的不规则过去式变化。
The unexpected news shook the entire industry yesterday.
这则出乎意料的消息昨天震惊了整个行业。
EN： In financial journalism, dramatic verbs like 'shook', 'slammed', or 'plunged' are commonly used to describe market movements. This reflects the high-stakes, fast-paced nature of global stock markets where investor sentiment can shift rapidly.
中文： 在財經新聞中，經常會使用如「shook」（震驚）、「slammed」（重擊）或「plunged」（暴跌）等戲劇性的動詞來描述市場波動。這反映了全球股市高風險、快節奏的本質，其中投資人情緒可能會迅速轉變。
EN： The present perfect tense ('have started') is used to describe an action that began in the past and has relevance or continues to the present moment. It is formed with 'have/has' + past participle.
中文： 现在完成时（have started）用于描述一个在过去开始，且与现在有密切关系或持续到现在的动作。其结构为「have/has + 过去分词」。
We have already started the project.
我们已经开始这个项目了。
EN： The conjunction 'whether' is used to introduce a noun clause (dependent clause) expressing doubt or choice between alternatives, often acting as the object of verbs like 'question' or 'wonder'.
中文： 连接词「whether」（是否）用于引导名词性从句（从属从句），表示怀疑或在不同选项中做选择，常作为「question」（质疑）或「wonder」（想知道）等动词的宾语。
She wonders whether the store is open today.
她想知道这家店今天是否有营业。
EN： In financial markets, the term 'valuation' refers to the analytical process of determining the current (or projected) worth of an asset or a company. When tech valuations soar rapidly, it often sparks debates among global investors about whether a speculative bubble is forming, reminiscent of the dot-com era.
中文： 在金融市場中，「估值」（valuation）是指評估資產或公司當前（或預期）價值的分析過程。當科技股估值迅速飆升時，往往會引發全球投資人對於是否正在形成投機泡沫的爭論，這讓人聯想到2000年代初期的網路泡沫時期。
EN： The compound adjective 'tech-heavy' is formed by combining a noun ('tech') and an adjective ('heavy') with a hyphen. This structure is commonly used in English to modify a noun, functioning as a single adjective.
中文： 复合形容词「tech-heavy」（以科技股为主的）是由名词（tech）和形容词（heavy）用连字符结合而成。这种结构在英文中常用来修饰名词，其功能相当于单个形容词。
The export-heavy economy is vulnerable to global trade tensions.
这个以出口为主的经济体很容易受到全球贸易紧张局势的影响。
EN： The coordinating conjunction 'and' is used here to connect two independent clauses: 'The tech-heavy Nasdaq index opened two percent lower' and 'the Dow and S&P 500 also fell at opening'. A comma is placed before 'and' because it connects two complete thoughts.
中文： 并列连词「and」在此处用于连接两个独立分句：「The tech-heavy Nasdaq index opened two percent lower」与「the Dow and S&P 500 also fell at opening」。在「and」之前加上逗号，是因为它连接了两个完整的概念。
The stock market closed early, and investors remained cautious.
股市提早收盘，且投资者保持谨慎。
EN： The Nasdaq, Dow (Dow Jones Industrial Average), and S&P 500 are the three most closely watched stock market indices in the United States. The Nasdaq is famous for its high concentration of technology and growth stocks, making it highly sensitive to news about artificial intelligence and tech sector earnings.
中文： 納斯達克（Nasdaq）、道瓊工業指數（Dow）和標普500指數（S&P 500）是美國最受關注的三大股市指數。納斯達克以高度集中科技股和成長股而聞名，因此對人工智慧和科技產業財報等消息極為敏感。
EN： The Past Perfect tense (had + past participle) is used to describe an action that was completed before another point in time or event in the past. In this sentence, 'had hit' indicates that the stock indices reached record highs before the recent market sell-off occurred.
中文： 过去完成时（had + 过去分词）用于描述在过去某个时间点或事件之前已经完成的动作。在本句中，「had hit」表示股指在最近的抛售潮发生之前，就已经创下了历史新高。
The company had already launched its new product before the market crashed.
在市场崩盘之前，该公司就已经推出了新产品。
EN： The prepositional phrase 'because of' is used to introduce a reason or cause. It must be followed by a noun, pronoun, or noun phrase (e.g., 'strong interest'), unlike 'because' which is followed by a full clause with a subject and verb.
中文： 介词短语「because of」用于引出原因。其后必须接名词、代词或名词短语（例如「strong interest」），与后面接完整主语和动词从句的「because」不同。
The flight was delayed because of the heavy rain.
由于暴雨，航班延误了。
EN： In US financial markets, the 'three major indices' refer to the Dow Jones Industrial Average (the Dow), the S&P 500, and the Nasdaq Composite. They are widely regarded as the primary indicators of the overall health of the US stock market and economy.
中文： 在美國金融市場中，「三大指數」指的是道瓊工業指數（the Dow）、標普500指數（S&P 500）和納斯達克綜合指數（Nasdaq）。它們被廣泛視為衡量美國股市和整體經濟健康狀況的主要指標。
EN： The present perfect tense ('have warned') is used here to describe an action that happened at an unspecified time in the past and has relevance to the present situation. It is formed with 'have/has' + past participle.
中文： 现在完成时（have warned）在此用于描述过去某个不确定时间点发生、且与现在情况相关的动作。其结构为「have/has + 过去分词」。
Many experts have warned about the risks of rapid technological change.
许多专家已经对技术快速变革的风险提出了警告。
EN： The noun clause starting with 'that' ('that the rush... could be a bubble') acts as the direct object of the verb 'warned'. It contains a complete sentence structure (subject + verb + complement) to express the content of the warning.
中文： 由「that」引导的名词性从句（that the rush... could be a bubble）作为动词「warned」的直接宾语。它包含一个完整的句子结构（主语 + 动词 + 补语），用来表达警告的具体内容。
She believes that the project will succeed.
她相信这个项目会成功。
EN： The term 'bubble' in economics refers to a situation where the prices of assets (like tech stocks) rise far above their actual value, often driven by hype or speculation, before rapidly collapsing (bursting). This is a direct reference to historical events like the 'dot-com bubble' of the early 2000s.
中文： 經濟學中的「bubble」（泡沫）是指資產（如科技股）價格因炒作或投機而遠高於其實際價值的現象，通常隨後會迅速崩潰（破裂）。這直接讓人聯想到 2000 年代初期的「網路泡沫」（dot-com bubble）。
EN： The verb pattern 'compare A to B' is used to point out similarities between two different things, or to liken one thing to another.
中文： 动词短语「compare A to B」（将 A 比作 B）用于指出两个不同事物之间的相似之处，或将某事与另一事进行类比。
Scientists compare the brain to a powerful computer.
科学家将大脑比作一台功能强大的电脑。
EN： The relative clause 'that burst in the early 2000s' uses the relative pronoun 'that' as the subject to modify the noun phrase 'the dot-com bubble'. 'Burst' is in its past tense form here (burst-burst-burst).
中文： 关系从句「that burst in the early 2000s」使用关系代词「that」作为主语，用来修饰名词短语「the dot-com bubble」（互联网泡沫）。这里的「burst」为过去式动词（三态同形）。
EN： The 'dot-com bubble' (also known as the Internet bubble) was a rapid rise in U.S. technology stock equity valuations fueled by investments in Internet-based companies in the late 1990s. The bubble burst in 2000–2002, causing massive financial losses and the collapse of many tech startups. It remains a classic historical reference point for market speculation.
中文： 「網路泡沫」（dot-com bubble，又稱網際網路泡沫）是指 1990 年代末期，因網際網路相關企業投資過熱，導致美國科技股估值急遽飆升的現象。該泡沫於 2000 年至 2002 年間破裂，造成巨大的財務損失及眾多科技新創公司倒閉。至今，它仍是市場投機行為的經典歷史參考案例。
EN： The phrasal verb 'make up' is used to describe the parts or members that form a whole. It is often followed by a percentage, fraction, or proportion to show composition.
中文： 短语动词「make up」用于描述组成整体的部分或成员。其后通常接百分比、分数或比例，用以表示结构组成（占……比例）。
Local residents make up sixty percent of the workforce.
当地居民占了劳动人口的百分之六十。
EN： The possessive form ('s) is applied to proper nouns representing organizations or indices (e.g., 'S&P 500's') to indicate ownership or association with a particular attribute like 'total value'.
中文： 所有格符号（'s）可用于代表机构或指数的专有名词（例如「S&P 500's」），以表示其所有权或与特定属性（如「总市值」）的关联。
The company's future looks very bright.
这家公司的未来前景看好。
EN： The 'S&P 500' (Standard & Poor's 500) is a stock market index tracking the stock performance of 500 of the largest companies listed on stock exchanges in the United States. The mention of 'Seven technology companies' refers to the 'Magnificent Seven' (Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia, and Tesla), which have come to dominate the US stock market due to the boom in AI technology.
中文： 「標普500指數」（S&P 500）是追蹤美國證券交易所上市的500家最大公司股票表現的股市指數。句中提到的「七家科技公司」指的是「科技七巨頭」（Magnificent Seven，包括 Alphabet、Amazon、Apple、Meta、Microsoft、Nvidia 和 Tesla），由於人工智慧（AI）技術的蓬勃發展，它們在美國股市中佔據了極大的主導地位。
EN： The structure 'make + object + adjective' is a causative construction where 'make' (使、讓) causes the object to enter a specific state described by the adjective.
中文： 「make + 宾语 + 形容词」是一种使役用法，表示「使/让」宾语进入该形容词所描述的状态。
The sudden noise made the baby crying and nervous.
突然的噪音让婴儿感到紧张。
EN： The noun 'reliance' is commonly paired with the preposition 'on' to indicate the entity being depended upon (reliance on something).
中文： 名词「reliance」（依赖）通常与介词「on」搭配，用来表示所依赖的对象（对某事物的依赖）。
Our reliance on fossil fuels must be reduced.
我们对化石燃料的依赖必须减少。
EN： In financial contexts, 'heavy reliance on a single industry' refers to lack of diversification. This is a common concern in stock markets (like the S&P 500) when a few mega-cap tech stocks (often called the 'Magnificent Seven') drive most of the market's gains, making the entire financial system vulnerable to sector-specific shocks.
中文： 在金融領域中，「對單一產業的過度依賴」指的是缺乏分散投資。這在股市（如標普500指數）中是一個常見的隱憂，特別是當少數幾家超大型科技股（通常被稱為「科技七巨頭」）主導了市場的大部分漲幅時，會使整個金融體系更容易受到特定產業波動的衝擊。
EN： Passive Voice (was + past participle): Used when the focus is on the action or the receiver of the action, rather than the doer. In this sentence, 'was triggered' emphasizes the effect (the sell-off) rather than the cause.
中文： 被动语态（was + 过去分词）：当焦点放在动作本身或动作的接受者，而非执行者时使用。在本句中，「was triggered」（被引发）强调的是结果（抛售潮）而非原因。
The window was broken by the wind.
窗户是被风吹破的。
EN： Preposition 'by' for Agent: In passive sentences, the preposition 'by' is used to introduce the person or thing that performs the action (the agent).
中文： 介词「by」引出执行者：在被动语态中，介词「by」用来引出执行该动作的人或事物（施动者）。
The novel was written by a famous author.
这本小说是由一位著名作家所写的。
EN： In financial markets, 'Monday' is often a significant day for market reactions, as it is the first trading day after the weekend. Major news that accumulates over the weekend often triggers sharp movements (like a 'sell-off') when the market opens on Monday morning.
中文： 在金融市場中，「週一」通常是市場反應的關鍵日子，因為這是週末過後的第一個交易日。週末累積的重大新聞往往會在週一早上開盤時引發劇烈的市場波動（例如「拋售潮」）。
EN： Appositives (同位語) are nouns or noun phrases placed next to another noun to identify or explain it. In this sentence, 'the parent company of Google' is an appositive phrase that provides more information about the subject 'Alphabet'. It is set off by commas.
中文： 同位语（Appositives）是紧跟在另一个名词旁边的名词或名词短语，用于解释或补充说明该名词。在本句中，「the parent company of Google」是一个同位语短语，用来补充说明主语「Alphabet」的身份，前后以逗号隔开。
Mr. Smith, my high school English teacher, wrote a book.
史密斯先生，也就是我的高中英语老师，写了一本书。
EN： The superlative adjective 'worst' (the irregular superlative form of 'bad') is used to describe the single most extreme case among three or more things. Here, it describes the single most negative trading day for Alphabet in a period of over a year.
中文： 最高级形容词「worst」（为「bad」的不规则最高级变化）用于描述三个或以上事物中，程度最极端的一个。在此处，它用来形容 Alphabet 在过去一年多以来，表现最差、最惨烈的一个交易日。
This is the worst movie I have ever seen.
这是我看过最烂的电影。
EN： Alphabet Inc. is the multinational conglomerate created through a corporate restructuring of Google in 2015. While consumers know the brand as 'Google', in financial and stock market contexts, it is referred to by its parent company name, 'Alphabet'.
中文： Alphabet 是 2015 年透過 Google 企業重組而成立的跨國集團。雖然一般消費者熟知其品牌名稱為「Google」，但在金融與股市脈絡中，通常會使用其母公司的名稱「Alphabet」來進行指稱。
EN： The non-defining relative clause introduced by ', which' is used to add extra information about the entire preceding clause rather than just the noun before it. In this sentence, 'which' refers to the entire event of 'Two well-known AI researchers leaving the company last week'.
中文： 由「, which」引导的非限制性关系从句，用于对前面整个从句所描述的情况或事件进行补充说明，而非仅修饰紧邻的名词。在此句中，「which」代表「两名知名 AI 研究人员在上周离职」这整件事。
He passed the difficult exam, which surprised everyone.
他通过了那场艰难的考试，这让每个人都感到惊讶。
EN： The past participle 'worried' is used here as an adjective describing the emotional state of the object (investors). It is derived from the transitive verb 'worry' (to cause anxiety to someone).
中文： 过去分词「worried」在此处用作形容词，描述宾语（投资者）的情感状态。它源自及物动词「worry」（使人担心、忧虑）。
The bad news made the clients worried about their investments.
这则坏消息让客户对他们的投资感到忧心。
EN： The preposition 'by' is used to indicate a deadline or the latest time by which something was completed. In financial contexts, 'by the end of [day/month/year]' specifies the point in time when a certain value or change was reached.
中文： 介词「by」用于表示期限，或某事完成的最晚时间点。在财经情境中，「by the end of [星期/月份/年份]」用来明确指出达到某个数值或变化的时间点（在...结束之前/到...为止）。
The company hopes to sign the contract by the end of the week.
该公司希望在周五结束前签署合同。
EN： The verb 'drop' is an intransitive verb here, meaning to decrease in value or amount. It is often followed directly by the amount of decrease (e.g., 'dropped five percent') without needing a preposition like 'by' (though 'dropped by five percent' is also grammatically correct and common).
中文： 动词「drop」在此处为不及物动词，表示数值或数量的下跌。其后通常可以直接接下跌的幅度（例如「dropped five percent」），而不需要加上介词「by」（虽然「dropped by five percent」在语法上也是正确且常见的）。
Temperatures dropped ten degrees overnight.
气温在夜间下降了十度。
EN： In financial news, 'by the end of Monday' typically refers to the closing price of the stock market on Monday (usually 4:00 PM Eastern Time in the US). Alphabet, the parent company of Google, is one of the 'Magnificent Seven' tech giants whose stock performance heavily influences major US indices like the S&P 500.
中文： 在財經新聞中，「by the end of Monday」通常指週一股市收盤時（美國東部時間下午 4:00）。Google 的母公司 Alphabet 是「科技七巨頭」（Magnificent Seven）之一，其股價表現對標普500指數等美國主要股指有著舉足輕重的影響。
EN： Noun Clause as Object (賓語從句): The word 'that' introduces a noun clause functioning as the direct object of the reporting verb 'said'. It contains a complete sentence structure (subject + verb) and 'that' can often be omitted in informal speech.
中文： 名词性从句作宾语：单词「that」引导一个名词性从句，作为转述动词「said」的直接宾语。该从句包含完整的句子结构（主语 + 动词），在非正式口语中「that」通常可以省略。
The report indicated that consumer spending has increased.
报告指出消费者支出有所增加。
EN： Adjective Complement with Preposition (形容詞搭配介係詞): The adjective 'careful' is followed by the preposition 'about' to specify the object of care or concern ('careful about something').
中文： 形容词与介词的搭配：形容词「careful」（谨慎的）后面接介词「about」，用来指定关注或谨慎的对象（对某事感到谨慎）。
We must be careful about the decisions we make.
我们必须对我们所做的决定保持谨慎。
EN： Present Perfect Passive: Formed with 'have/has + been + past participle'. It is used to describe an action that started in the past and has a connection to the present, focusing on the receiver of the action rather than the doer.
中文： 现在完成时被动语态：由「have/has + been + 过去分词」构成。用于描述过去开始且与现在有联系的动作，强调动作的承受者而非执行者。
The decision has been delayed by the committee.
该决定已被委员会推迟。
EN： Passive Voice with 'by': The preposition 'by' is used to introduce the agent (the person or thing performing the action) in a passive sentence.
中文： 使用「by」的被动语态：介词「by」在被动句中用来引出施动者（执行该动作的人或事物）。
The project was approved by the manager.
该项目已获得经理批准。
EN： The 'Federal Reserve' (often referred to as 'the Fed') is the central banking system of the United States. In financial news, signals or statements from the Fed regarding interest rates are highly anticipated and can cause immediate, significant reactions in global stock markets.
中文： 「聯邦準備理事會」（通常簡稱為「美聯儲」或「聯準會」）是美國的中央銀行系統。在財經新聞中，聯準會關於利率的任何訊號或聲明都備受關注，並可能在全體金融市場中引發即時且重大的反應。
EN： The sentence uses a noun clause (that-clause) acting as the direct object of the verb 'suggested'. The conjunction 'that' introduces the clause 'it may raise interest rates...' and is often omitted in informal speech, but kept here for formal clarity.
中文： 本句使用名词性从句（that 从句）作为动词「suggested」（暗示）的直接宾语。连接词「that」引导从句「it may raise interest rates...」，在非正式口语中常被省略，但在此处保留以维持正式语气。
The report suggested that the company would expand its business next year.
该报告暗示该公司明年将扩大业务。
EN： The infinitive phrase 'to fight rising inflation' is used as an adverbial of purpose, explaining 'why' the central bank may raise interest rates. 'To' means 'in order to'.
中文： 不定式短语「to fight rising inflation」用作目的状语，解释美联储「为什么」可能会提高利率。这里的「to」意为「为了」。
She saved money to buy a new laptop.
她存钱是为了买一台新笔记本电脑。
EN： In the United States, 'the central bank' refers to the Federal Reserve (often called 'the Fed'). Its decisions on interest rates are closely watched globally because they heavily influence borrowing costs, stock markets, and economic growth worldwide.
中文： 在美國，「the central bank」（中央銀行）指的是「聯邦準備理事會」（簡稱美聯儲或聯準會）。其對利率的決定受到全球密切關注，因為這會極大地影響全球的借貸成本、股市和經濟增長。
EN： Non-defining relative clauses are introduced by 'which' (preceded by a comma) to add extra information about the entire preceding clause. In this sentence, 'which' refers to the whole situation of 'higher interest rates increasing the cost of borrowing'.
中文： 非限制性关系从句由「which」（前面加上逗号）引导，用来对前面整个从句所描述的情况进行补充说明。在本句中，「which」代表「较高利率增加借贷成本」这整件事。
The company decided to cut its budget, which worried many employees.
公司决定缩减预算，这让许多员工感到担忧。
EN： Comparative adjectives (e.g., 'higher') are used to compare two things. Here, 'higher interest rates' implies rates that are higher than the current or previous levels.
中文： 比较级形容词（例如「higher」）用于比较两件事物。在这里，「higher interest rates」（较高的利率）指的是比目前或先前水平还要高的利率。
Lower prices usually attract more customers to the store.
较低的价格通常会吸引更多顾客光顾这家店。
EN： In financial markets, the decisions of central banks (like the Federal Reserve in the US) regarding interest rates are closely watched. Higher interest rates are a standard tool to combat inflation, but they make borrowing more expensive for companies. This particularly impacts high-growth sectors like technology and AI, which rely heavily on massive capital investments for research and infrastructure.
中文： 在金融市場中，各國央行（如美國的聯邦準備理事會）對利率的決策備受矚目。調高利率是對抗通貨膨脹的標準工具，但這會增加企業的借貸成本。這對於科技和人工智慧（AI）等高成長產業的影響尤為顯著，因為這些產業極度依賴龐大的資金投入來進行研發與基礎建設。
EN： Noun Clause with 'that': The conjunction 'that' introduces a noun clause functioning as the direct object of the reporting verb 'noted'. It reports a statement or fact.
中文： that 引导的名词性从句：连接词「that」在此引导一个名词性从句，作为转述动词「noted」（指出）的直接宾语，用来陈述一个事实或观点。
The report indicated that consumer spending has increased.
报告指出消费者支出有所增加。
EN： Adverbial Clause of Time with 'when': The conjunction 'when' introduces a dependent adverbial clause of time, describing the condition or time under which the action in the main clause occurs.
中文： when 引导的时间状语从句：连接词「when」（当……时）引导一个从属的时间状语从句，用来描述主句动作发生的时间或条件。
When interest rates rise, borrowing money becomes more difficult.
当利率上升时，借钱会变得更加困难。
重要单词附有 IPA 发音、定义、例句和互动式测验。
在本文中： 估值，对资产或公司价值的评估
在本文中： 有合理理由的，事出有因的
在本文中： 基础设施，基础建设
在本文中： 依赖，依靠
在本文中： 触发，引起
在本文中： 分析师
在本文中： 加剧，提高（尤指情绪或效果）
在本文中： 通货膨胀
片语包含类型标示、双语定义、用法说明和例句。
A rapid and large-scale selling of securities or commodities, causing a sharp decline in prices.
抛售，恐慌性卖出
A rapid rise in US technology stock equity valuations fueled by investments in Internet-based companies in the late 1990s.
互联网泡沫
The proportion of a loan that is charged as interest to the borrower, typically expressed as an annual percentage.
利率
To reduce speed or activity; to make something happen more slowly.
放慢，减速，放缓