2025年6月，美国批发库存环比增长0.1%，达到9063亿美元，略低于预测的0.2%的增长，但从5月0.3%的下降中反弹。耐用品库存小幅上涨0.1%，从上月0.7%的下降中恢复过来，而非耐用品库存在6月上涨0.4%后上涨0.1%。6月份批发库存同比增长1.3%，略低于预估的1.5%。

US wholesale inventories rose by 0.1% month-over-month to $906.3 billion in June 2025, down slightly from an advance estimate of a 0.2% increase, but rebounding from a 0.3% decline in May. Durable goods inventories edged up 0.1%, recovering from a 0.7% drop the previous month, while nondurable goods inventories went up 0.1%, following a 0.4% gain in June. On a year-over-year basis, wholesale inventories were up 1.3% in June, down slightly from the advance estimate of 1.5%.

美元试图找到稳定的基础。自上周五的非农就业数据以来，美元一直在被抹去，从DXY的100.00里程碑回落到97.00的高位。

US Dollar Tries to Find Stable Ground.Since last Friday's Non-Farm Payrolls number, the Greenback has been getting obliterated, retreating from the 100.00 landmark in the DXY to touching high 97.00 levels.

周四，美国股市上涨，标准普尔500指数上涨0.6%，纳斯达克指数上涨0.9%，道琼斯指数飙升近270点，投资者正在评估最新的关税动态和公司新闻。特朗普总统宣布对进口半导体征收100%关税，不包括“在美国建造”的公司，这提振了市场情绪。作为回应，英伟达、博通和AMD分别上涨了1.6%、1.2%和2.5%。苹果公司在宣布计划在美国再投资1000亿美元后也上涨了2.6%。与此同时，一系列影响几乎所有美国贸易伙伴的关税今天生效。对乌克兰-俄罗斯冲突进展的乐观情绪也支撑了市场。在企业方面，礼来公司股价下跌13%，此前该公司公布了令人失望的减肥药研究结果。在特朗普总统公开要求其首席执行官辞职后，英特尔股价下跌超过1.5%。

Stocks in the US were higher on Thursday, with the S&P 500 adding 0.6%, the Nasdaq rising 0.9% and the Dow Jones soaring nearly 270 points, as investors assess the latest tariff developments and corporate news. Market sentiment was buoyed by President Trump’s announcement of a 100% tariff on imported semiconductors—excluding companies that are “building in the US.” In response, Nvidia, Broadcom and AMD rose 1.6%, 1.2% and 2.5% respectively. Apple also gained 2.6% after announcing plans to invest an additional $100 billion in the US. Meanwhile, a broad set of tariffs affecting nearly all US trading partners came into effect today. Optimism over progress in the Ukraine-Russia conflict also supported markets. On the corporate front, Eli Lilly shares tumbled 13% after the company released disappointing study results for its weight-loss pill. Intel fell more than 1.5% after President Trump publicly called for the resignation of its CEO.

美国曼海姆二手车价值指数在6月份飙升1.6%后，于2025年7月环比下降0.5%。Cox Automotive经济与工业洞察高级总监Jeremy Robb表示：“今年批发升值趋势继续有点不稳定，因为关税激发了二手市场对担心价格上涨的客户的需求。”。中型轿车（-0.1%）、豪华车（-0.3%）、SUV（-0.8%）和紧凑型轿车（-1%）的价格下降，而卡车的价格上涨了0.2%。电动汽车价值下降了0.7%，而非电动汽车价值上升了0.1%。二手车价格同比上涨2.9%，为前四个月最低，此前6月份上涨6.3%。奢侈品板块连续第六个月涨幅最大，增长6.8%。电动汽车价值在过去四个月连续显示出同比增长趋势，与2024年同期相比增长了8.3%，而非电动汽车增长了2.4%。

The US Manheim Used Vehicle Value Index declined 0.5% month-over-month in July 2025, following a 1.6% surge in June. “Wholesale appreciation trends have continued to be a bit more volatile this year as tariffs have stirred demand in used markets for customers worried about price increases” said Jeremy Robb, senior director of Economic and Industry Insights at Cox Automotive. Prices declined for mid-size sedans (-0.1%), the luxury segment (-0.3%), SUVs (-0.8%) and compact cars (-1%) while prices for trucks were up 0.2%. EV values were down 0.7% while non-EVs increased by 0.1%. Year-on-year, used car prices increased 2.9%, the least in the previous four months, following a 6.3% jump in June. The luxury segment rose the most for the sixth month in a row, increasing by 6.8%. EV values have shown higher year-over-year appreciation trends for the last four months consecutively and were higher by 8.3% against the same month in 2024, while non-EVs rose by 2.4%.